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Apetit Plc
Business ID 0197395-5
Apetit group
Board of Directors' Report and Financial Statements
1.1.2024-31.12.2024
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Board of Directors’ Report
Apetit is a Finnish food industry company that
focuses on plant-based food products and is firmly
rooted in Finnish primary production. Its product
groups include frozen vegetables
,
frozen ready
meals and vegetable oils and rapeseed expeller
.
The company is active in the Finnish and
international food and oilseed product markets.
The Group’s businesses and reporting segments
are Food Solutions and Oilseed Products. In
addition to the two reporting segments, Apetit
reports Group Functions, consisting of the
expenses related to Group management and
strategic projects, that are not allocated to the
business segments.
The Food Solutions segment consists of Apetit
Ruoka Oy. Apetit Kasviöljy Oy is responsible for
Oilseed Products. The result of the associated
company Sucros Ltd is reported below the
operating profit.
Apetit’s shares have been quoted on Nasdaq
Helsinki since 1989, and the company is domiciled
in Säkylä.
Profit And Financial Position
NET SALES AND PROFIT OF CONTINUING
OPERATIONS
Net sales in January–December were EUR 162.6
(175.5) million. Operating profit was EUR 9.3 (7.5)
million. The operating profit includes capitalisation
of fixed costs arising from harvest-time production
in the amount of EUR 0.6 (0.6) million.
The share of the profit of the associated company
Sucros was EUR 1.6 (4.0)
million in January–
December.
Financial income and expenses totalled EUR -0.6 (-
0.2) million.
The profit before taxes was EUR 10.3 (11.3) million,
and taxes on the profit for the period came to EUR
-1.8 (-1.5)
million. Profit for the period came to 8.5
(9.8) million, and earnings per share amounted to
EUR 1.37 (1.56)
CASH FLOWS, FINANCING AND BALANCE
SHEET
Apetit Group’s balance sheet position remained
strong in terms of the equity ratio as well as
liquidity.
The consolidated cash flow from operating
activities amounted to EUR 3.2 (9.7)
million in
January–December. The impact of the change in
working capital was EUR -11.0 (-3.1) million. The
effect of seasonality on the change in working
capital is presented under the heading Seasonality
of operations.
The net cash flow from investing activities was EUR
-6.9 (-6.4)
million. The cash flow from financing
activities came to EUR -6.1 (-4.1)
million, including
EUR 0.0 (0.0) million in net loan repayments and
EUR -4.7 (-3.1)
million in dividend payments.
At the end of the period, the Group’s interest-
bearing liabilities amounted to EUR 7.4 (8.1)
million and liquid assets to EUR 4.1 (14.0) million.
Net interest-bearing liabilities totalled EUR 3.3 (-
5.9)
million.
The consolidated balance sheet total stood at EUR
134.9 (131.1)
million. At the end of the review
period, equity totalled EUR 107.6 (103.5)
million.
The equity ratio was 79.8 (78.9)
per cent, and
gearing was 3.1 (-5.7)
per cent. The Group’s
liquidity is managed by committed credit facilities,
fixed loans and a commercial paper programme.
At the end of the period, the available credit
facilities amounted to EUR 29.0 (29.0) million. The
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total of commercial papers issued stood at EUR
0.0 (0.0) million.
Overview Of Operating Segments
FOOD SOLUTIONS
Net sales in the Food Solutions segment
amounted to EUR 75.8 (73.7)
million in January–
December. Operating profit was EUR 8.1 (5.8)
million.
Investment for the period totalled EUR 2.6 (4.3)
million and was mainly associated with production
efficiency in Säkylä factory.
OILSEED PRODUCTS
Net sales in the Oilseed Products segment were
EUR 87.4 (102.4)
million in January–December.
Operating profit was EUR 4.2 (4.6) million.
Investment for the period totalled EUR 4.4 (1.7)
million and was mainly associated to the new
bottling line and the product development of
rapeseed-based vegetable protein.
DISCONTINUED OPERATIONS
Grain Trade
Net sales in the Grain Trade segment were EUR 0.0
(0.0) million in January–December. Operating
profit was EUR 0.0 (-0.1) million.
Investment for the period totalled EUR 0.0 (0.0)
million.
Value Creation at Apetit
Apetit’s ability to create value is based on strong
integration with Finnish primary production, the
unique value chain, strong and attractive brands
and products, continuous improvement of
operational efficiency, and on sustainable value
chain.
Apetit’s value creation model is described in more
detail in its annual report.
Strategy
STRATEGY PERIOD 2023-2025
Apetit Plc published its strategy for 2023-2025 in
November 2022. Achieving growth from diverse
plant-based food solutions and added-value
products is at the heart of Apetit’s strategy. As the
cornerstone of Apetit’s business, company
continues to invest in cooperation with growers
and in Finnish primary production.
Apetit’s current strengths and competitive
advantages have been identified in the strategy.
Apetit’s operations are based in domestic raw
materials and in plant-based and sustainable food
solutions. Growing the cultivation area of domestic
peas and oilseed plants and investing in added-
value products and added value growth play a
significant role in Apetit’s strategy. Apetit also aims
to increase the use of domestic plant-based
proteins. The phenomena governing the
operating environment support the company’s
strategy.
Strategic focus areas and key measures in 2024
Stronger together
As the cornerstone of our business, we invest in
cooperation with growers and in Finnish primary
production. We strengthen business synergies and
shared processes. We foster a culture of
continuous improvement. We look after our
competitive advantages: our motivated and skilled
employees, strong brand and differentiating
factors.
Key measures in 2024:
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●
Research at the Räpi experimental farm
continued to develop cultivation methods
and variety tests
●
Use of shared resources and interfaces in
continuing operations and the progress of
ERP project shared Group-wide
●
Strengthening the Apetit brand in both
businesses
Diverse plant-based food products
We develop added-value food products and
increase the refining rate in vegetable oil products.
We increase food exports and strengthen our
position in Sweden. We increase the volume and
cultivation area of strategically significant plants.
We make strategic investments to speed up
organic growth. We are open for business
acquisitions to allow inorganic growth.
Key measures in 2024:
●
Construction and deployment of the new
bottling line at the Kantvik vegetable oil
milling plant
●
Strengthening the position in food exports
to Sweden supported by own sales
organisation
●
Project activity and cultivation tests by
RypsiRapsi-foorumi to increase domestic
oilseed production
More domestic plant proteins
We continue the commercialisation of the
BlackGrain rapeseed ingredient towards an
industrial scale. We promote the cultivation of
domestic pulses. We explore opportunities to
produce Finnish pea protein. We use domestic
plant proteins in our own production in diverse
ways.
Key measures in 2024:
●
Progress in BlackGrain development and
start of a study on organizing production
●
Progression to the testing phase in the
project to produce domestic pea protein
●
Increasing the cultivation area of domestic
frozen peas
Sustainable value chain
We promote sustainable primary production and
food choices. We reduce the impact of our
operations on the climate and the environment.
We make sure that our sourcing processes are
transparent and sustainable. We ensure that social
responsibility is realised throughout the value
chain.
Key measures in 2024:
●
Energy transition at Apetit’s production
facilities: reducing energy-related CO2
emissions by 73 per cent from 2019
●
Investing in renewable energy: in 2024, 74
per cent of the energy used by Apetit was
from renewable sources
●
Increased use of recyclable packaging
materials and PEFC-certified paperboard
in products sold in retail
Financial objectives
EBIT will be > EUR 9 million (2024: EUR 9.3
million)
Return on capital employed (ROCE %) > 8%
(2024: 8.3)
Investment
The Group’s investment in non-current assets
came to EUR 9.6 (7.5)
million and was divided as
follows: investment in Food Solutions totalled EUR
2.6 (4.3) million, in Oilseed Products EUR 4.4 (1.7)
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million, in Grain Trade EUR 0.0 (0.0) million and in
Group Functions EUR 2.6 (1.5)
million.
Research and development
Research and development costs of continuous
operations were EUR 2.1 (1.6) million, or 1.3%
(0.9%)
of net sales. In addition, EUR 0.2 (0.3)
million in product development costs was
capitalised on the balance sheet during the
financial year in relation to the development of the
rapeseed ingredient.
In the Food Solutions business, research and
development operations were mainly related to
developing new products and strengthening
cooperation networks that support operations
,
for
example working on the development of food
chain information models.
Apetit improves its products and creating brand
new products to provide easy, delicious plant-
based products for different meal situations for
people who value food that tastes good, is healthy
and is produced responsibly. New products are
developed to match market-specific preferences
and nutritional recommendations, and for
convenient everyday meals.
The new national nutritional recommendations
recommend eating a wide variety of vegetables,
increasing the consumption of vegetables, root
vegetables and legumes, and using vegetable oils
daily. In its products, Apetit pays special attention
to attractive appearance and good taste, in
addition to nutritional values, as only food that is
actually eaten is nourishing.
In the Oilseed Products business, the company
focused on increasing in-depth research and
development. The project to enhance the added
value of rapeseed as a raw material continued,
with Business Finland participated in its funding.
The purpose has been to develop an entirely new
ingredient with high nutritional content for the
international food market. In December 2020, the
European Commission granted a novel food
authorisation for Apetit’s rapeseed powder, the
BlackGrain from Yellow Fields.
Apetit has continued the development of the
production process of BlackGrain and advanced
the beginning of commercial scale production.
Apetit started an analysis for looking into options
for producing the BlackGrain from Yellow Fields
rapeseed powder, a plant protein that contains a
lot of fibre. The analysis assesses potential
partnerships and organizing production by
investment in the Kantvik vegetable oil milling
plant or by purchased services. The analysis is
expected to be completed in 2025.
In 2023, Apetit launched a project to produce
Finnish pea protein. Opportunities for domestic
production are examined for the entire value
chain. In 2024, small-scale testing to produce pea
protein from Finnish raw ingredients has been
made in the pea protein project.
More domestic plant proteins is one of the Apetit’s
strategic focus areas.
Apetit carries out cultivation research and
development operations on its experimental farm
in Köyliö, Säkylä. The objective of research
operations is to secure the open field cultivation of
vegetables by taking proactive measures to adjust
cultivation methods in response to a changing
environment and by providing farmers with the
latest information and expertise. Through these
operations, Apetit is looking for alternatives to
chemical pesticides and seeking ways to improve
soil fertility and water management, for example.
Research topics include optimised crop rotation
and mechanical weed separation. In 2024, the
operations of Räpi's experimental farm focused
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especially on further research into pea varieties.
The aim of the experiments is to find varieties that
can withstand Finland’s changing cultivation
conditions. At Räpi, variety tests were also carried
out on carrots and swedes, for example.
In addition to in-house research and development
activities, Apetit participates in selected research
projects and development programmes
coordinated by various partners. In 2024, the Räpi
experimental farm conducted, among other
things, plant protection product testing on spinach
and variety trials on carrots, peas and swede. As
part of the activities of the RypsiRapsi-Forum,
spring rapeseed and rapeseed were also grown at
Räpi.
Research projects have been ongoing at Räpi,
investigating ways to improve soil growth,
especially from the perspective of vegetable
farming. The research has been conducted
together with the Natural Resources Institute
Finland (LUKE) and the Pyhäjärvi Institute. The
projects provide more practical ways to promote
soil growth condition, control nutrient runoff, and
researched information on the utilization of soil
conditioners and green manure.
LUKE's Viljava vihannesmaa, or VIIVI, project
ended in the fields of Räpi. The project's trials
confirmed the positive effects of using zero-fiber
on soil improvement. Apetit was also involved in
the Green Future of Satakunta project coordinated
by the Pyhäjärvi Institute, whose goals included
developing the cultivation of domestic legumes.
Chickpeas and beans, among other things, have
been cultivated in Räpi as part of the project.
Experimental cultivation of chickpea in Räpi
continues despite the end of the project.
Seasonality of operations
In accordance with the IAS 2 standard, the
historical cost of inventories includes a
systematically allocated portion of the fixed
production overheads. With production focusing
on harvest time, raw materials are mainly
processed into finished products during the
second half of the year when more fixed
production overheads are recognized on the
balance sheet than the other quarters of the year.
Due to this accounting practice, most of the
Group’s annual profit is accrued during the second
half of the year. The timing of end of the harvest
season can affect the comparability between
financial years. The seasonal nature of profit
accumulation is most marked in the Food
Solutions segment and in the associated company
Sucros, where production reflects the crop
harvesting season.
Harvesting seasons also cause seasonal variation
in the amount of working capital tied up in
operations. Working capital tied up in Oilseed
Products is at its highest towards the end of the
year and decreases to its lowest in the summer
before the next harvest season. As production in
the Food Solutions segment is seasonal and
follows the harvest period, the working capital tied
up in operations is at its highest around the turn of
the year in that segment.
Risks, uncertainties and risk management
The Board of Directors of Apetit Plc has confirmed
the Group’s risk management policy and
principles.
The primary goals of Apetit Group are to improve
the company’s profitability and competitiveness
and ensure the financial position of the company.
The purpose of the company’s risk management is
to support the achievement of these goals. Risk
management is part of corporate governance. It is
a systematic tool for the Board of Directors and
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operative management, enabling them to monitor
and assess the achievement of the goals and the
threats and opportunities that affect the company’s
operations.
Aim of Apetit Group’s risk management is to
assess risks in the operating environment in a
predictive manner. Apetit Group classifies risks
into strategic, operative and financial risks and risk
events.
The aim of risk management is to recognise and
assess risks systematically and manage them cost-
efficiently by
●
ensuring that all known risks to personnel,
customers, products, reputation, assets,
human capital and operations are
addressed, always according to law, based
on best available knowledge and with
justifications, taking into account the
current financial situation,
●
meeting the expectations of stakeholders
(owners, customers, personnel, suppliers
and society),
●
ensuring uninterrupted, continuous
operations, and
●
promoting the efficient utilisation of
opportunities and profit potential.
The Board of Directors or the Audit Committee of
Apetit Group monitors the Group’s risk
management process and ensures that it works
efficiently and is comprehensive, approves the
level of the risk management policy, risk bearing
and risk tolerance, and re-assesses these at least
annually.
Business units and Group Functions recognise and
assess risks in their respective areas of
responsibility. The leaders of business units and
Group Functions plan and implement risk
management and monitoring measures and
report on risks in their areas of responsibility,
following the agreed instructions and timetables.
The main operational risks concern the availability
of raw materials, the time lags between purchasing
and use, and fluctuations in raw material prices.
Price risk management is particularly important in
Oilseed Products. The prices of oilseeds are
determined in the world market. In Oilseed
Products, limits are defined for open price risks.
The Group operates in international markets and is
thus exposed to currency risks arising from
changes in exchange rates. Under normal
circumstances, currency risks are low. Financial risk
management is discussed in more detail in Note
24 to the Financial Statements.
Fire, serious process disruptions or other reasons
leading to disruption of production, or defects in
raw materials or final products affecting food
safety can lead to major property damage, losses
from production interruptions, liabilities and other
indirect adverse effects on the company’s
operations. The Group companies guard against
these risks by evaluating their processes through
internal control and other systems and by taking
corrective action where necessary. Insurance
policies are used to cover risks always, when
insurance can be justified on financial or other
grounds.
The assessment of Apetit’s most significant risks
also covers non- financial risks. A typical effect of
the realisation of a non-financial risk would be a
negative reputation effect. Apetit Group’s Code of
Conduct guides all operations in Group. Apetit
requires that all of its employees and suppliers
comply with the Code of Conduct. Climate related
risks are discussed in more detail in the non-
financial information section.
ENVIRONMENTAL RISKS
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Apetit’s operational activities do not involve direct
significant environmental risks. The principal
environmental risks at Apetit’s production facilities
concern potential wastewater and vegetable oil
leaks into the environment and refrigerant leaks.
Environmental risks are managed by means of
internal and external inspections and by
complying with environmental requirements and
monitoring the company’s environmental
performance.
Some of the company’s operations have ISO
14001 environmental management systems.
Apetit has assessed the risks and opportunities
related to its value chain caused by climate change
in accordance with the TCFD framework. Climate-
related risks are discussed in the non-financial
information section.
SOCIAL AND EMPLOYEE-RELATED RISKS
Safety at work is vitally important for Apetit and
one of the central themes of the personnel
strategy. Any occupational accidents are among its
most significant social and employee-related risks.
The company actively provides information about
aspects related to occupational safety, and each
supervisor must complete a training programme
related to safety at work.
Ensuring a competent and motivated workforce
has also been identified among social and
employee-related risks. Apetit’s personnel strategy
focuses on responsible leadership based on the
company’s values and corporate culture, ensuring
the availability of labour by focusing on retention
and attraction factors, improving employees’
occupational well-being and ability to cope with
the demands of work by using a wide range of
work ability management methods, and the
continuous development of strategic and critical
competencies.
RISKS RELATED TO HUMAN RIGHTS
The most significant risks related to human rights
arise from the production chain and are related to
working conditions. Apetit is committed to, and
requires its suppliers to commit to, its ethical
requirements for suppliers, which describe
sustainable operating principles concerning
ethical, social and environmental aspects. Apetit
Group’s ethical supplier requirements are based
on the guidelines of the UN’s Global Compact
initiative.
In its sourcing responsibility guidelines, Apetit has
defined the statements required from suppliers
regarding the management and realisation of
social and environmental responsibility.
RISKS RELATED TO CORRUPTION AND BRIBERY
If Apetit’s employees or stakeholders engage in
unethical operations, this may have a negative
effect on Apetit’s reputation, in addition to having
financial effects. The most important management
method to avoid unethical ways of working is to
increase awareness of ethical operating methods,
for example.
Non-financial information
Responsible operations and a value chain that
enables sustainable food choices are key
competitive advantages for Apetit. Apetit builds its
operations around domestic raw materials and
sustainable practices.
At Apetit, corporate responsibility covers the
continuous improvement of operations
throughout the value chain, from the cultivation
and procurement of raw materials and production
to customers and ultimately to consumers.
Through its actions, Apetit wants to increase the
well-being of both the environment and people.
The idea is also part of the company’s mission:
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Good food for everyone. Locally. Apetit's business
model and value creation are described in more
detail in its annual report.
Achieving growth from diverse plant-based food
solutions and added-value products are at the
heart of Apetit’s strategy for 2023–2025. As the
cornerstone of its business, the company will
continue to invest in cooperation with growers and
in Finnish primary production. The strategic focus
areas include the development of sustainable
Finnish primary production, domestic plant
proteins and a sustainable value chain. The
company’s strategy is supported by the
phenomena that drive changes in the operating
environment. Climate action and sustainable
alternatives are increasingly important factors in
consumption decisions. This supports the demand
for plant-based food products and the promotion
of well-being as a food trend.
MANAGING CORPORATE RESPONSIBILITY
Apetit’s operations are based on the company’s
values, vision and mission. Its sustainability work is
guided by its strategy, operating policy and Code
of Conduct, as well as its procurement principles,
which are based on the UN Global Compact
initiative. Apetit is committed to compliance with
the laws and other regulations of its countries of
operation. Corporate responsibility is managed by
the corporate management as part of its normal
operations.
Apetit seeks to treat all of its stakeholders equally.
Continuous interaction with stakeholders, as well
as an attentiveness to their needs and wishes, is
one of the cornerstones of the company’s
sustainable operations. In cooperation with its key
stakeholders, Apetit has implemented a double
materiality assessment to determine the material
themes of its corporate responsibility.
Sustainable value chain is one of Apetit’s strategic
focus areas: We promote sustainable primary
production and food choices. We reduce the
impact of our operations on the climate and the
environment. We make sure that our sourcing
processes are transparent and sustainable. We
ensure that social responsibility is realised
throughout the value chain.
Apetit seeks to understand the impact of its
operations on people, society and the
environment comprehensively. The company has
identified the environmental impacts of our value
chain and works to reduce them and to promote
the sustainable use of natural resources in the
subject areas identified as material. Apetit collects
systematically key figures and information from the
most material aspects of its corporate
responsibility to continuously develop sustainable
operations.
More information about Apetit’s sustainability work
is available in the corporate responsibility report.
Apetit reports on its sustainable operations in
accordance with the of the Global Reporting
Initiative (GRI) standards.
PROGRESS OF CORPORATE RESPONSIBILITY
WORK
In its corporate responsibility program, Apetit has
set goals for the progress of its corporate
responsibility work. The corporate responsibility
programme is based on sustainable food choices:
Through its operations, Apetit wants to contribute
to a food supply chain that supports the well-
being of people and the environment.
Cultivation development and contract farming
Apetit carries out cultivation research and
development operations on its experimental farm
with the aim of securing the outdoor cultivation of
vegetables by taking proactive measures to adjust
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cultivation methods in response to a changing
environment and by providing farmers with the
latest information and expertise.
In 2024, operations of Apetit’s Räpi experimental
farm focused particularly on further research into
pea varieties. The aim of the experiments is to find
varieties that can withstand Finland’s changing
cultivation conditions.
The focus in operations of the oilseed plant
production development group, RypsiRapsi-
foorumi, was in variety tests carried out as strip
and square tests. In spring 2024, a multi-year
project co-funded by the European Union was
launched with the aim of increasing the cultivation
reliability and volume of turnip rape and rapeseed
in Finland.
The climate impacts of operations
Apetit has reduced the Group’s Scope 1&2
emissions by over 70 per cent from 2019. The
emissions reductions has been achieved by
investing in renewable energy. In 2024, 74 per
cent of all the energy used by Apetit in its
production plants was from renewable sources.
Products and packaging solutions
The novelty products of Apetit for 2024 included,
among other things, new frozen vegetable mixes,
plant- and fish -based balls that make everyday life
easier and frozen pizzas. According to Apetit’s
product policy, the key elements of novelty
products are Finnish origin, plant-based
ingredients and nutritional value.
The new bottling line commissioned at the Kantvik
vegetable oil milling plant enables significant
reduction of plastics used in Apetit's vegetable oil
bottles. From now on, our plastic use will decrease
on average by 41 per cent, taking into account all
three sizes of Apetit’s rapeseed oil plastic bottles.
The amount of recyclable plastic used in Apetit’s
product packaging increased further when
recyclable packaging was introduced for wok
products, frozen peas and frozen spinach, among
others, in 2024.
Social impacts
In the personnel survey conducted in March 2024,
the net recommendation index of eNPS meter was
-2
.
According to the results, the Group’s strengths
include the impact of one's own activities on the
work atmosphere, cooperation with one's
immediate superior, one's own commitment to
working at Apetit, and a safe work environment.
The Säkylä frozen foods plant and Pudasjärvi
frozen pizza factory have the occupational health
and safety system ISO 45001 occupational safety
certificate.
Environment and climate
Apetit Group’s operations are guided by its
operating policy and ethical principles, the goals
of which include responsible environmental
management and the management of
environmental impacts. In its Corporate
responsibility program, Apetit has set goals related
to environmental impact, such as the goal of
reducing its own CO2 emissions by 75 percent
from 2019 to 2025. The Group’s environmental
management system complies with the ISO 14001
standard in the Food Solutions business.
The impacts of Apetit's operations and value chain
on environment and biodiversity arise mainly
indirectly from the primary production of food and
the production of other materials and the
utilization of the natural resources used for them.
Examples of natural capital goods used by Apetit
include clean and nutrient-rich soil, clean water,
crops and seeds, wild fish as well as wood and
other wood fibres. Apetit’s operations depend on
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the maintenance of air and soil quality, the
availability of clean water and the maintenance of
biodiversity. The environmental impacts of the
operations generated by Apetit’s entire value
chain are related to all natural capital
dependencies.
The goal is efficient and safe production that is in
harmony with the environment. The direct
environmental impacts of Apetit’s Food Solutions
business are related to energy and water
consumption and the treatment of process side
streams and waste. In the Oilseed Products
business, environmental impacts are mainly
related to energy consumption and the bleaching
clay used in processing. The company uses
mechanical method for vegetable oil milling. In
addition, all operations generate a certain amount
of packaging waste.
The most significant environmental impacts of
Apetit Group arise from its value chain, especially
from primary production of raw materials.
Environmental impacts also arise from storage and
transport, for example. Apetit is committed to
continuous improvement with regard to
environmental issues.
Apetit participates in the Energy Efficiency
Agreement system of Finnish industries and has
committed to implementing the Food and Drink
Industry Action Plan. The target for improving
energy use in the food industry is 7.5 per cent for
the 2017–2025 agreement period. In 2024
,
Apetit’s energy consumption was 0.5 (0.4) MWh
per tonne produced.
As part of reducing its climate impacts and
increasing its use of renewable energy, Apetit has
commissioned the bioenergy plant built in
conjunction with its vegetable oil milling plant in
Kirkkonummi and deployed new energy solution
to its Säkylä frozen products plant. The energy
solution at Säkylä plant is based on heat recovery
and makes it possible to utilize steam produced by
bioenergy.
All of the electricity used by Apetit Group’s
production facilities has been generated from
renewable energy sources starting from 1 April
2020. The use of energy produced with renewable
natural resources and the development of energy
efficiency have reduced the carbon footprint of
Apetit Group’s Scope 1&2 emissions by over 70
per cent from 2019. In 2024, of all the energy used
at Apetit’s production plants, 74 per cent were
from renewable sources.
All of Apetit’s production facilities that are required
to have an environmental permit are in possession
of a current permit. During the year, there were no
accidents with significant environmental impacts at
the production facilities.
Related with the operations of the Kantvik
vegetable oil milling plant, there have been
several observations of odour nuisances. In 2024,
the odour treatment has functioned as planned.
The pump and piping of the odorous gas
scrubber have been replaced. During the year, an
odour gas analysis was carried out and an odour
management plan was created.
The company is not aware of any significant
individual environmental risks on the balance
sheet date. The Group’s environmental costs were
EUR 1.4 (0.8) million, or 1.4 (0.9) per cent of net
sales.
Environmental aspects are discussed in more
detail in Apetit’s corporate responsibility report.
CLIMATE-RELATED RISKS AND OPPORTUNITIES
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Apetit has carried out a study on the risks and
opportunities related to climate change in
accordance with the recommendations of the
TCFD (Task Force on Climate-related Financial
Disclosures).
The most significant climate-related risks in both of
Apetit’s businesses are harvest risks related to the
procurement of raw material. Extreme weather
phenomena caused by climate change can have a
significant impact on annual harvest levels. Apetit
manages this risk particularly by developing
cultivation methods and conducting tests on
different plant varieties. The financial impacts of
changes in the harvest levels may be significant in
the short term. In the long term, climate change
may also lead to growing disease pressures due to
changes in the cultivation conditions, for example.
The other potential climate-related risks are
associated with regulations governing emissions
and use of materials, for example. Apetit complies
with the current national and EU-level legislation.
The company also monitors and evaluates future
regulations and their impacts on the Group’s
operations. Apetit Group has identified the
reduction of its climate impacts as one of the
material aspects of its corporate responsibility.
Apetit’s most significant climate-related
opportunities are related to changes in consumer
behaviour, with eating habits shifting towards
more plant-based diets and climate-friendly
consumption. Apetit’s sustainable food solutions
and plant-based food products support planetary
health diets very well. Apetit is also developing the
use of diverse plant proteins in its products.
PERSONNEL
Apetit’s personnel strategy focuses on responsible
leadership based on the company’s values and
corporate culture, ensuring the availability of
labour by focusing on retention and attraction
factors, improving employees’ occupational well-
being and ability to cope with the demands of
work by using a wide range of work ability
management methods, and the continuous
development of strategic and critical
competencies.
At Apetit, occupational safety culture is developed
in line with the principle of continuous
improvement. The Group improves the prevention
of accidents through occupational safety
observations and assesses work hazards. In 2024,
special emphasis was placed on familiarizing
supervisors with their safety responsibilities
through training.
The Säkylä frozen foods plant and Pudasjärvi
frozen pizza factory have the occupational health
and safety system ISO 45001 occupational safety
certificate.
In 2024, there were 20 (14) occupational accidents
that led to at least a one-day absence. The
accident frequency rate was 29 (20). Commuting
accidents are also included in occupational
accidents. Apetit aims for zero accidents.
Apetit seeks to reduce sickness absences. In 2024
,
the sickness absence rate was 6.2 (4.8) per cent.
The sickness absence rate is the sickness absence
time in relation to the theoretical regular working
time.
Apetit monitors well-being at work and employee
satisfaction by means of a Group-wide well-being
at work survey, for example. In the survey, the
personnel assess their experiences of personal
well-being at work, the work atmosphere, safety at
work, social support and supervisory work. In the
personnel survey conducted in March 2024, the
net recommendation index of eNPS meter was -2
13
(7). The next survey will be conducted in March
2025.
In January–December 2024., the continuing
operations had 315 (298) employees in full-time
equivalents. Apetit Group had 367 (338)
employees at the end of December, including all
types of employment. The number of employees
at Apetit’s Säkylä plant varies during the year
based on the harvest seasons.
The salaries and other remuneration paid to the
employees of continued operations in 2024
amounted to EUR 17.6 (17.1)
million.
Aspects related to personnel are discussed in
more detail in the People section of Apetit’s
annual report.
QUALITY AND PRODUCT SAFETY
Product quality and product safety are key factors
in Apetit’s operations. Apetit Group’s production
facilities in Säkylä, Kantvik and Pudasjärvi have
food safety systems certified in accordance with
the GFSI standard: BRCGS in Säkylä and food
safety systems according to FSSC 22000 standard
in Kantvik and Pudasjärvi. Pudasjärvi was also
granted a BRCGS certificate in autumn 2024. The
Säkylä and Kantvik plants also have their own
laboratories for ensuring product safety.
The most significant risks related to product safety
include foreign objects, risks related to allergen
control and the accuracy of the labelling on
product packaging. Apetit carried out 1 (1)
product recalls in 2024.
HUMAN RIGHTS AND THE PREVENTION OF
CORRUPTION AND BRIBERY
Apetit requires its employees and partners to
comply with its Code of Conduct. Apetit ensures
the fair and equal treatment of employees by
operating in line with the principles of its equality
plan.
Apetit’s Code of Conduct prohibits the
acceptance of direct or indirect bribes, as well as
other benefits that can be regarded as bribes to
acquire or maintain business operations. Apetit’s
employees are required to familiarise themselves
and comply with the Code of Conduct and report
any deviations from the Code of Conduct via a
designated whistleblowing channel. Four (4)
reports were submitted via the whistleblowing
channel in 2024
,
related to work community skills,
well-being at work and management. The matters
have been handled within the company.
In addition, Apetit’s employees must not seek to
ensure favourable decisions or services from the
authorities through illegal means. Apetit’s
employees must also avoid situations that are in
conflict or may be construed to be in conflict with
the personal and business interests of the
employee. Apetit provides training on the key
principles of competition legislation to all office
employees to ensure fair and transparent
competition on the market.
Apetit’s operating policy and ethical principles are
supplemented by its ethical requirements for
suppliers, which cover aspects related to laws and
regulations, the environment, business ethics,
forced and child labour, discrimination and
oppression, the work environment and social
conditions.
No human rights violations or corruption or
bribery cases were reported in 2024.
14
Corporate Governance
Corporate Governance Statement and
Remuneration Report
Apetit’s Corporate Governance Statement and
Remuneration Report will be published in
conjunction with the publication of the Annual
Report during the week 11. The statement and the
report will be available on Apetit’s website after
their publication.
Annual General Meeting 2024
Apetit Plc’s Annual General Meeting was held in
Säkylä on 11 April 2024. The Annual General
Meeting adopted the parent company’s financial
statements and the consolidated financial
statements, and discharged the members of the
Supervisory Board, the Board of Directors and the
CEO from liability for the financial year 2023.
DECISIONS OF THE ANNUAL GENERAL
MEETING 2024
Dividend distribution
The AGM decided according to the Board of
Director’s proposal that a dividend of EUR 0.75
per share be paid for the financial year 2023. The
dividend was paid on 23 April 2024. No dividend
will be paid on shares held by the company.
Remuneration Report for Governing Bodies
The Annual General Meeting decided to, in
accordance with the Board of Director’s proposal,
adopt the Remuneration Report for 2023 for the
governing bodies. According to the Companies
Act, the decision is advisory. The Remuneration
Report is available on the company’s website at
apetit.fi/en/corporate -governance/remuneration/.
Processing of the Company’s Remuneration Policy
The Annual General Meeting decided, in
accordance with the Board of Director’s proposal,
to approve Apetit Plc’s Remuneration Policy. In
accordance with the Limited Liability Companies
Act, the resolution is advisory
.
The Remuneration
Policy is available on the company’s website
at apetit.fi/en/corporate-
governance/remuneration.
Election of the Supervisory Board, the Nomination
Committee of the Supervisory Board and the
auditors and deciding on their fees
The Annual General Meeting decided that the
Supervisory Board will have 16 members elected
by the Annual General Meeting.
The Annual General Meeting decided, in
accordance with the Supervisory Board’s
Nomination Committee’s proposal, that the
remuneration remain unchanged. The monthly fee
paid to the Supervisory Board’s chairman is EUR
1,000, and to the deputy chairman EUR 665. The
meeting allowance paid to the members of the
Supervisory Board and the members of the
Supervisory Board´s Nomination Committee is
EUR 300. In addition, compensation for travelling
expenses are paid in accordance with the general
travel rules of Apetit Plc.
5 persons were appointed as re-elected to replace
members of the Supervisory Board completing
their term and 2 persons were elected as new
members.
The Annual General Meeting decided to re-elect
Kirsi Ahlgren, Nicolas Berner, Harri Eela, Jari
Nevavuori ja Markku Pärssinen and to elect Jonas
Laxåback and Marja-Leena Siiri as a new member
to the Supervisory Board. Markku Pärssinen and
Jonas Laxåback were exceptionally elected for a
15
term of one year in order to level out the
separation turns.
Nicolas Berner was re-elected as the member of
the Supervisory Board's Nomination Committee
and Jari Laaninen was elected as a new member
of the Supervisory Board's Nomination
Committee.
According to the Board of Director’s proposal two
auditors were elected for the company. According
to the Board of Director’s proposal Ernst & Young
Oy, authorized public accountants, with Erika
Grönlund, APA as the auditor with principal
responsibility and Osmo Valovirta, APA were re-
elected as auditors. The auditors were elected
until the end of the 2025 Annual General Meeting.
The auditors’ fees are paid according to an invoice
approved by the company.
Authorising the Board of Directors to decide on the
repurchase of the company’s own shares
In accordance with the Board of Director’s
proposal the Annual General Meeting decided to
authorize the Board of Directors to decide on the
repurchase of a maximum of 80,000 (eighty
thousand) of the company’s own shares using the
unrestricted equity of the company representing
about 1,27 per cent of all the shares in the
company. The authorization includes the right to
accept company’s own shares as a pledge.
The authorization is valid until the closing of the
Annual General Meeting 2025, however no longer
than until 31 May 2025. The authorization replaces
the earlier authorization for repurchasing the
Company’s shares given on 13 April 2023.
Amendment of the Articles of Association
The Annual General Meeting decided to approve
the amendments of the Articles of Association. In
accordance with the proposal, Articles 2, 3, 4, 7, 8,
9, 10, 11 and 12 of the Articles of Association were
amended and a new Article 8 was added to the
Articles of Association.
The essential change in the new Articles of
Association is that the Annual General Meeting will
elect the Board of Directors, the Chair, and the
Deputy Chair of the Board of Directors.
Organisation of the Supervisory Board and election
of the Board of Directors
At its meeting on 18 April 2024, Apetit Plc’s
Supervisory Board elected Harri Eela as its
Chairman and Juha Junnila as the Deputy
Chairman.
The Supervisory Board decided to elect six
members to Apetit Plc's Board of Directors. Lasse
Aho, Annikka Hurme, Antti Korpiniemi, Niko
Simula and Kati Sulin were re-elected, and Heli
Arantola was elected as a new member as the
members of the Board of Directors. Lasse Aho was
appointed as the Chairman and Niko Simula as the
Deputy Chairman of the Board of Directors.
It was decided that the Board members will be
paid an annual remuneration of EUR 30,000 and
that the Chairman and Deputy Chairman will
receive an annual remuneration of EUR 55,000
and EUR 35,000, respectively. The remuneration
will be paid in cash monthly. It was also decided
that the Chairman and Deputy Chairman of the
Board of Directors and Members of the Board's
committees will be paid a meeting allowance of
EUR 700 and members of the Board of Directors
EUR 500, respectively.
Changes in the Board of Directors
At its meeting on 18 April 2024
,
Apetit Plc’s
Supervisory Board elected Heli Arantola as a new
member of the Board.
16
Tero Hemmilä served as a member of the Board
until 18 April 2024.
Shares and share ownership
SHARES, SHARE CAPITAL AND TRADING
The shares of Apetit Plc are all in one series. All
shares carry the same voting and dividend rights.
The Articles of Association specify that the number
of votes a shareholder is entitled to exercise
cannot exceed one tenth of the votes represented
at a general meeting. At both the beginning and
the end of the financial year, the total number of
shares issued by the company stood at 6,317,576
and the registered share capital totalled EUR
12,635,152. The minimum amount of share capital
is EUR 10 million, and the maximum amount is
EUR 40 million.
TREASURY SHARES
At the end of the review period, the company held
a total of 109,273 treasury shares. These treasury
shares represent 1.7 per cent of the company’s
total number of shares and votes. The company’s
treasury shares carry no voting or dividend rights.
FLAGGING ANNOUNCEMENTS
Apetit did not receive any flagging
announcements during the financial year 2024.
SHARE PRICE AND TRADING
The number of Apetit Plc shares traded on the
stock exchange during the review period was
307,847 (550,902), representing 4.9 (8.7) per cent
of the total number of shares. The highest share
price quoted was EUR 15.00 (13.50) and the
lowest was EUR 12.50 (10.10). The average price
of shares traded was EUR 13.60 (12.35). The share
turnover for the period was EUR 4.2 (6.8) million.
At the end of the review period, the market
capitalisation was EUR 88.1 (83.1) million.
MANAGERS’ TRANSACTIONS
Apetit’s managers’ transactions related to Apetit’s
securities during the review period have been
published as stock exchange releases and can be
read on the company’s website.
Material events of the accounting period
The merger of Apetit Kasviöljy Ltd and its
subsidiary Apetit Kantvik Ltd, 100 % owned by
Apetit Kasviöljy Ltd, took place at 31 December
2023.
Short-term risks
The most significant short-term risks for Apetit
Group are related to the management of raw
material price changes, the availability of raw
materials, the harvest quality and quantity of
oilseed plants and field vegetables, the
functioning of the financing markets, the solvency
of customers, the delivery performance of
suppliers and service providers, and changes in
the Group’s business areas and customer
relationships.
Events after the end of the financial year
The company had no significant events after the
end of the financial year.
Assessment of expected future development
Group’s operating result is estimated to slightly
decrease from the comparison year (EUR 9.3
million in 2024).
Board of Directors’ proposals concerning profit
measures and distribution of other
unrestricted equity
The Board of Directors of Apetit Plc aims to ensure
that the company’s shares provide shareholders
17
with a good return on investment and retain their
value. In line with its dividend policy, the company
will distribute at least 40-60 per cent of the profit
for the financial year in dividends.
The parent company’s distributable funds totalled
EUR 49,334,350.95 on 31 December 2024, after
adding the profit for the financial year, EUR
5,590,874.17. The Board of Directors proposes to
the Annual General Meeting that a dividend of
EUR 0.75 per share be paid. The dividend
corresponding to this proposal is EUR
4,738,182.00 for all the company shares on the
balance sheet date and EUR 4,656,227.25 for the
shares in external ownership. No significant
changes have taken place in the financial standing
of the company since the end of the financial year.
The company’s liquidity is good, and the Board
deems that the company’s solvency will not be
jeopardised by the proposed distribution of
dividends. No dividend will be paid on shares held
by the company.
18
Consolidated Statement of Comprehensive Income
EUR million
Note
1-12/2024
1-12/2023
Continuing Operations
Net sales
(2)
Other operating income
(4)
Material and services
(7)
-104.9
-121.4
Employee benefits expense
(5)
-21.3
-20.9
Depreciation and amortisation
(2,8)
-6.6
-5.7
Impairment
(2,8)
-0.0
Other operating expenses
(4)
-22.1
-21.1
Operating profit
(2)
Financial income
(9)
Financial expenses
(9)
-1.0
-0.8
Share of profit/loss accounted for using the
equity method
(14)
Profit/loss before tax
Tax on income from operations
(10)
-1.8
-1.5
Profit/loss from continuing operations
Profit/loss from discontinued operations
(3)
-0.0
Profit/loss for the period
Profit attributable to:
Owners of the parent company
EUR million
Note
1-12/2024
1-12/2023
Earnings per share calculated on profit
attributable to equity holders of the parent
Earnings per share, basic, Continuing
Operations
Earnings per share, basic, Discontinued
Operations
-0.00
Earnings per share, basic
(12)
Earnings per share, diluted, Continuing
Operations
Earnings per share, diluted, Discontinued
Operations
-0.00
Earnings per share, diluted
(12)
Other comprehensive income:
Exchange differences on translating foreign
operations
Cash flow hedges
(24)
Items that may be reclassified subsequently to
profit or loss
Other comprehensive income for the year net
of tax
Total comprehensive income
Total comprehensive income attributable to:
19
EUR million
Note
1-12/2024
1-12/2023
Owners of the parent company
20
Consolidated Statement of Financial
Position
EUR million
Note
31.12.2024
31.12.2023
ASSETS
NON-CURRENT ASSETS
Intangible assets
(13)
Goodwill
(13)
Property, plant, equipment
(13)
Right-of-use assets
(13)
Shares in associated companies
(14)
Other non-current financial assets
(15)
Deferred tax assets
(11)
NON-CURRENT ASSETS
CURRENT ASSETS
Inventories
(17)
Trade receivables and other receivables
(16)
Tax receivable, income tax
Cash and cash equivalents
(18)
CURRENT ASSETS
ASSETS
EQUITY AND LIABILITIES
Share capital
(19)
EUR million
Note
31.12.2024
31.12.2023
Share premium
(19)
Unrestricted equity reserve
(19)
Treasury shares
(19)
-1.6
-1.2
Hedging reserve
-0.1
Other reserves
Retained earnings without profit/loss for the
period
Profit/loss for the period
Equity attributable to owners of the parent
company
TOTAL EQUITY
NON-CURRENT LIABILITIES
Deferred tax liabilities
(11)
Non-current liabilities, interest-bearing
(22)
Liabilities from defined benefit plan
(20)
NON-CURRENT LIABILITIES
CURRENT LIABILITIES
Current interest-bearing liabilities
(22)
Trade Payables and Other Liabilities
(23)
CURRENT LIABILITIES
21
EUR million
Note
31.12.2024
31.12.2023
LIABILITIES
(2)
EUR million
Note
31.12.2024
31.12.2023
EQUITY AND LIABILITIES
22
Consolidated Statement of Cash Flows
EUR million
Note
1-12/2024
1-12/2023
Cash flows from operating activities
Profit/loss for the period
Adjustments to cash flow from operating
activities *
Working capital changes **
-11.0
-3.1
Interest paid
-0.8
-0.6
Interest received
Other financial items
-0.2
-0.1
Income taxes paid
-0.8
-0.0
Net cash from operating activities
Cash flows from investing activities
Purchase of tangible and intangible assets
-9.5
-7.5
Proceeds from sale of tangible and intangible
assets
Purchase of other investments
-0.4
-0.2
Proceeds from disposal of discontinued
operations
Dividends received
Net cash used in investing activities
-6.9
-6.4
Cash flows from financing activities
Purchase of treasury shares
-0.4
-0.2
Proceeds from sale of treasury shares
EUR million
Note
1-12/2024
1-12/2023
Addition / deduction of current borrowings
(22)
-0.0
Payment of lease liabilities
(22)
-1.3
-1.0
Dividends paid
-4.7
-3.1
Addition / deduction of cash equivalents
Net cash used in financing activities
-6.1
-4.1
Net change in cash and cash equivalents
-9.9
-0.8
Cash and cash equivalents at the beginning of
the period
(18)
Cash and cash equivalents at the end of the
period
(18)
Adjustments to cash flow from operating
activities *
Depreciation, amortisation and impairment
Gains and losses of disposals of fixed assets
and other non-current assets
-0.2
Share of profit/loss accounted for using the
equity method
(14)
-1.5
-4.0
Other non-cash items
-0.2
-0.1
Financial income and expenses
Tax on income from operations
(10)
Other adjustments
-0.0
23
EUR million
Note
1-12/2024
1-12/2023
Total
Working capital changes **
Increase / decrease in inventories
-11.7
-4.7
EUR million
Note
1-12/2024
1-12/2023
Increase / decrease in accounts receivables
Increase / decrease in trade payables
Total
-11.0
-3.1
24
Consolidated Statement of Changes in Equity
EUR million
Share capital
Share
premium
Unrestricted
equity
reserve
Treasury
shares
Hedging
reserve
Other
reserves
Retained
earnings
Total equity
Equity 1.1.2024
-1.2
-0.1
Profit/loss for the period
Cash flow hedges
Other comprehensive income for
the year net of tax
Comprehensive income
Dividend distribution
-4.7
-4.7
Share-based payments
-0.4
-0.3
Other changes
Changes in equity total
-0.4
Equity 31.12.2024
-1.6
25
EUR million
Share capital
Share
premium
Unrestricted
equity
reserve
Treasury
shares
Hedging
reserve
Other
reserves
Retained
earnings
Total equity
Equity 1.1.2023
-1.1
-1.1
Profit/loss for the period
Cash flow hedges
Translation differences
Other comprehensive income for
the year net of tax
Comprehensive income
Dividend distribution
-3.1
-3.1
Share-based payments
-0.1
Other changes
-0.0
-0.0
-0.2
-0.2
Changes in equity total
-0.1
Equity 31.12.2023
-1.2
-0.1
26
Note 1. Accounting principles
Company details
Company name
Parent company
Business entity
Company home
Company country
Registered address
Main industry
Main operating country
On 12 February 2025, the Apetit Plc Board of
Directors approved the financial statements for
publication. According to the Finnish Companies
Act, shareholders have the option of approving or
rejecting the financial statements at the Annual
General Meeting held after their publication. The
Annual General Meeting can also decide to
amend the financial statements.
Main operations
Apetit Plc is a food industry company listed on the
Nasdaq Helsinki Ltd. The trading code of the share
is APETIT. Apetit’s continuing operations are Food
Solutions and Oilseed Products. In addition, Apetit
reports Group Functions, consisting of the
expenses related to Group management and
strategic projects, that are not allocated to the
business segments.
Grain Trade is reported as a discontinued
operation starting from the Q1/2022 Business
Review. The divestment of the Estonian grain trade
business to Scandagra was completed on 10
March 2022, and the divestment of the Lithuanian
business was completed on 31 March 2022. The
divestment of the Finnish operations of the Grain
Trade business to Berner Ltd was completed on 31
May 2022.
Operating segments
Food Solutions
Apetit Ruoka Oy: Frozen foods
Oilseed Products
Apetit Kasviöljy Oy: Vegetable oils and protein
feed
Apetit Kantvik Oy**: Manufacture of vegetables
oils and protein feed
Group Functions
Apetit Oyj: Group management, strategic projects
and listing on the stock exchange
Lännen Sokeri Oy: Non-operative company
Grains Business
Apetit Kasviöljy Oy*: Trade in grains, oil seeds and
animal feedstuff
*Activities ended
** Merged during 2023
Associated companies
Sucros group: Manufacture, marketing and sales
of sugar
Foodwest Oy: Food product development
company
Accounting principles
Basis of preparation
The consolidated financial statements have been
prepared in accordance with the International
Financial Reporting Standards (IFRS) complying
the IAS and IFRS standards as well as the SIC and
IFRIC interpretations valid on the date of the
financial statement. The International Reporting
Standards refer to standards and their
interpretations approved for adoption within the
EU in accordance with the procedure enacted in
EC regulation 1606/2002. The notes to the
consolidated financial statements are also in
accordance with Finnish accounting and company
legislation. The consolidated financial statements
have been drawn up based on historic acquisition
costs, except for those financial assets and
27
liabilities which are recognised in income at fair
value and derivative financial instruments
measured at fair value.
Preparation of the financial statements in
accordance with the IFRS standards requires the
Group’s management to make certain
assessments and exercise judgement in applying
the accounting principles. Details of the
judgements made by the management in
applying the accounting principles observed by
the Group, and of those aspects which have the
greatest impact on the figures reported in the
financial statements, are given below under the
heading ‘Accounting principles requiring
executive judgement and the main uncertainties
concerning the assessments made’.
Consolidation principles
Control is created if the Group is exposed to a
variable return on the investee or is entitled to its
variable return and is also able to exercise its
power over the investee and thereby affect the
amount of return received. Acquisition of
subsidiaries is accounted for using the acquisition
cost method. Acquisition cost is the aggregate of
the consideration given at fair value at the time of
acquisition and the amount of liabilities incurred
or liabilities assumed. Identifiable assets and
liabilities acquired in a business combination are
measured initially at fair value at the time of
acquisition, regardless of the amount of any
minority interest. The amount by which the
acquisition cost exceeds the Group's share of the
fair value of the identifiable net assets acquired is
recognized as goodwill. If the acquisition cost is
less than the fair value of the net assets of the
acquired subsidiary, this difference is recognized
directly in the income statement.
Subsidiaries are fully consolidated from the date
on which control is transferred to the Group and
the consolidation ends on the date that control
ceases.
Intra-group transactions, receivables and liabilities
as well as unrealised gains from intra-group
transactions are eliminated in the consolidated
financial statements. Unrealised losses are also
eliminated unless the transaction indicates that the
value of the transferred asset is impaired.
Associates are companies in which the Group has
significant influence. Significant influence is
exercised when the Group owns more than 20% of
the voting rights of the company or otherwise has
significant influence but not control. Associates are
consolidated in the consolidated financial
statements using the equity method. If the Group's
share of the losses of the associate exceeds the
carrying amount of the investment, the investment
is recorded in the balance sheet at zero value and
the excess of the carrying amount is not
aggregated unless the Group is committed to
meeting the obligations of the associates.
Unrealised gains between the Group and the
associate have been eliminated in accordance with
the Group's shareholding. An associate's
investment includes goodwill arising from its
acquisition.
Assets held for sale and discontinued operations
Non-current assets and assets and liabilities
related to discontinued operations are classified as
held for sale if their carrying amounts are
expected to be recovered primarily through sale
rather than through continuing use. Classification
as held for sale requires that the following criteria
are met; the sale is highly probable, the asset is
available for immediate sale in its present
condition subject to usual and customary terms,
the management is committed to the sale, and the
sale is expected to be completed within one year
from the date of classification.
Prior to classification as held for sale, the assets or
assets and liabilities related to a disposal group in
28
question are measured according to the
respective IFRS standards. From the date of
classification, non-current assets held for sale are
measured at the lower of the carrying amount and
the fair value less costs to sell, and the recognition
of depreciation and amortization is discontinued.
A discontinued operation is a component of an
entity that either has been disposed of, or is
classified as held for sale, and represents a
separate major line of business or geographical
area of operations, is part of a single coordinated
plan to dispose of a separate major line of
business or geographical area of operations or is a
subsidiary acquired exclusively with a view to
resale.
The result from the discontinued operations is
shown separately in the consolidated statement of
income and the comparison figures are restated
accordingly. Non-current assets held for sale are
presented in the statement of financial position
separately from other items. The comparison
figures for the statement of financial position are
not restated.
Foreign currency items
The figures for the financial performance and
standing of each of the Group’s units are
measured in the currency of the unit’s principal
operating environment (‘functional currency’). The
consolidated financial statements are presented in
euros, which is the functional and reporting
currency of the Group’s parent company. Foreign
currency transactions are recognised as amounts
denominated in the functional currency using the
rate prevailing on the transaction date. At the
balance sheet date, monetary receivables and
payables are translated using the closing rate.
Exchange differences arising from translation are
recognised in the income statement. Exchange
gains and losses from operating activities are
included in the corresponding items above the
operating profit.
The income statements of foreign subsidiaries
have been translated into euros using average
rates for the reporting period, and their balance
sheets translated using the closing rates. The
exchange difference due to the use of average
rates in the income statement translations and
closing rates in the balance sheet translations is
recognised as a separate item under shareholders’
equity.
In preparing the consolidated financial statements,
the translation difference due to exchange rate
fluctuations, regarding the shareholders’ equity of
the subsidiaries and associates, is recognised via
other comprehensive income in the translation
differences of the consolidated shareholders’
equity. If a foreign subsidiary or associate is
disposed of, the accrued translation difference is
recognised in the income statement under profit
or loss.
Net sales and revenue recognition
Sales are recognised at the value that reflects the
compensation the company expects to receive
from its customers when control is transferred. The
Group’s sales in all business segments take place
at a single time.
Food Solutions segment sells frozen vegetables
and frozen ready meals to retail chains and food
wholesalers operating in Finland and European
Union. Finland is the main market area.
Oilseed Products segment sells vegetable oils and
expeller. Sales focus on Finland, but there are also
sales to the European Union and third countries.
Grain Trade that is reported as discontinuing
operation sold grains, oilseeds and feed raw
materials mainly in Finland and within the
European Union, but also in other markets. The
largest one-off sales were maritime shipments that
were recognised as revenue once control has
29
been transferred to the buyer. Foreign grain trade
complied with international delivery and trading
terms and conditions, with monetary
compensation mainly being transferred at the time
of revenue recognition. Grain trade in Finland was
primarily based on selling on credit in line with
regular terms and conditions.
The Group has factored a significant part of
Finnish trade receivables to a financial institution,
which bears e.g. the customer’s credit risk. Foreign
credit sales are either factored or hedged with
credit insurance. The sale of receivables to a
financial institution and the use of credit insurance
reduces the Group's counterparty risk. Factored
receivables are not included in the consolidated
balance sheet.
Customary terms of payment apply to selling on
credit. Some sales include customary bonus or
marketing support obligations, which are assessed
on an agreement level and recognised in the
income statement and in the balance sheet on
accrual basis. The Group’s sales do not involve
material guarantees or other liabilities.
Interest income is recognized using the effective
interest method and dividend income when the
right to the dividend is recorded.
Pension liabilities
A defined contribution plan is a pension plan
under which the group pays fixed contributions
into a separate entity. The group has no legal or
constructive obligations to pay further
contributions if the fund does not hold sufficient
assets to pay all employees the benefits relating to
employee service in the current and prior periods.
A defined benefit plan is a pension plan that is not
a defined contribution plan.
Typically, defined benefit plans define an amount
of pension benefit that an employee will receive
on retirement, usually dependent on one or more
factors such as age, years of service and
compensation.
The liability recognised in the balance sheet in
respect of defined benefit pension plans is the
present value of the defined benefit obligation at
the end of the reporting period less the fair value
of plan assets. The defined benefit obligation is
calculated annually by independent actuaries
using the projected unit credit method. The
present value of the defined benefit obligation is
determined by discounting the estimated future
cash outflows using interest rates of high-quality
corporate bonds that are denominated in the
currency in which the benefits will be paid, and
that have terms to maturity approximating to the
terms of the related pension obligation. In
countries where there is no deep market in such
bonds, the market rates on government bonds are
used.
Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions
are charged or credited to equity in other
comprehensive income in the period in which they
arise. Past-service costs are recognised
immediately in income.
For defined contribution plans, the group pays
contributions to publicly or privately administered
pension insurance plans on a mandatory,
contractual or voluntary basis. The group has no
further payment obligations once the
contributions have been paid. The contributions
are recognised as employee benefit expense
when they are due. Prepaid contributions are
recognised as an asset to the extent that a cash
refund or a reduction in the future payments is
available
Share-based payments
The fair value of the share-based payments is
determined at the grant date. The expense is
30
recognized evenly over the vesting period. The fair
value of the payments settled in shares is
determined based on Apetit Plc’s share price at
the stock exchange at the grant date deducted by
expected dividends. The payments settled in cash
are remeasured at each reporting date until the
settlement. Apetit Plc share-based payments
include only non-market-based performance
criteria such as profitability conditions. The total
amount to be expensed over the vesting period is
determined based on the estimate of the number
of the shares that are expected to be vested by the
end of the vesting period. The impact of the
revision of original estimates is recognized in the
statement of income. On a cumulative basis
expense is recognized only to the extent that
share-based payments have finally vested. For
payments settled in shares the expense is
recognized against equity and for payments
settled in cash the expense is recognized against
liabilities/cash.
Provisions
A provision is recognised when the Group has a
legal or constructive obligation based on a past
event and it is probable that the fulfilment of this
obligation will require a contribution, and the
amount of the obligation can be reliably
estimated. Provisions are valued at the present
value of the costs required to cover the obligation.
Provisions are made in connection with
operational restructuring, onerous contracts,
litigation and environmental and tax risks. A
restructuring provision is recognised when a
detailed and appropriate plan has been drawn up
for it, sufficient grounds have been given to expect
that the restructuring will occur, and information
has been issued on it.
Income taxes
Income taxes recognised in the consolidated
income statement comprise taxes levied on an
accrual basis on the reporting period results of
Group companies, based on the taxable profits
calculated for each Group company in accordance
with the local tax regulations, as well as tax
adjustments from previous periods and changes in
deferred tax.
Deferred tax assets and liabilities are calculated on
the temporary differences between the taxable
values and the book values of assets and liabilities,
in accordance with the liability method. Deferred
taxes are recognised in the financial statements
using the tax rates that apply up to the balance
sheet date.
The most material temporary differences arise
from fixed assets, lease agreements, consolidation,
inventories, unused tax losses and revaluation of
derivative financial instruments. Deferred tax
assets are recognised up to an amount where it is
probable that they can be utilized against future
taxable profits. Deferred taxes are not recognised
on goodwill which is not tax deductible.
In the case of derivative financial instruments
covered by hedge accounting and available-for-
sale financial assets, the deferred taxes related to
value adjustments recognised directly under the
statement of comprehensive income are also
recognised directly under the statement of
comprehensive income.
Deferred tax assets and liabilities are offset when
there is a legally enforceable right to set off tax
assets against tax liabilities and when the accrued
income taxes are levied on the same tax authority.
Borrowing costs
Borrowing costs are recognised under the
expenses for the period in which they arose.
Directly attributable borrowing costs related to the
acquisition, construction or production of a
qualifying asset, for example, factory building, are
31
capitalised. Where clearly linked to a specific loan,
transaction costs arising directly from loans are
included in the loan’s original amortised cost and
divided into a series of interest expenses using the
effective interest method.
Research and development costs
Research costs is expensed as incurred.
Development costs are recognised on the
statement of financial position when all the
following criteria are met:
●
research and development phases can be
separated from each other
●
completion is technically feasible so that
the asset can be used or sold
●
completion is certain and the asset will be
either used or sold
●
it can be demonstrated that the asset will
generate probable future economic
benefit and that the company has the
adequate resources to use or sell the
intangible asset
●
development expenditure can be reliably
measured
If the development expenditure does not meet all
the above criteria, it is expensed as incurred.
Intangible assets
Goodwill
Goodwill corresponds to that part of the cost of
acquiring the company which is more than the
Group’s share of the fair value of the acquired
company’s net assets on the acquisition date.
Goodwill is tested annually for impairment. For this
purpose, goodwill is allocated to appropriate cash
generating units. Goodwill is valued at historic
acquisition cost less any impairment. In the case of
associated company, goodwill is included in their
investment value. Goodwill generated through
acquisitions of foreign business combinations is
measured in the currency of the foreign
operations and translated using the period end
rates.
Other intangible assets
An intangible asset is recognised in the balance
sheet at the original acquisition cost in a case
where the cost can be determined reliably, and it
is likely that an expected financial benefit derived
from the asset will turn out to be to the company’s
benefit.
Patents, trademarks and other intangible assets
with a limited useful life are capitalised in the
balance sheet and amortised on a straight-line
basis over the period of their useful lives.
Intangible assets do not include assets with an
unlimited useful life.
Depreciation period for intangible assets:
Development costs 5 years
Other intangible assets 5–10 years
Assets whose useful life has not yet expired and
fully depreciated fixed assets that are still used in
operating activities are included in the acquisition
cost of assets. Similar principles apply to
accumulated depreciation.
Subsequent expenditure relating to intangible
assets is recognised as an asset only if its financial
benefit to the company exceeds the originally
estimated level of performance. Otherwise, the
expenditure is recognised as a cost at the time it is
incurred.
Property, plant and equipment
Property, plant and equipment have been
measured at historic acquisition cost less
depreciation and impairment. These assets are
subject to straight-line depreciation over the
period of their useful lives. The residual value of
the assets and their useful lives are reviewed each
time the financial statements are prepared and,
when necessary, are adjusted to reflect any change
32
in the economic benefits expected. Land is not
subject to depreciation.
The estimated useful lives are as follows:
Property and plant 10–40 years
Machinery and equipment 5–15 years
Property, plant and equipment are no longer
depreciated when they are classified as assets held
for sale.
Assets whose useful life has not yet expired and
fully depreciated fixed assets that are still used in
operating activities are included in the acquisition
cost of assets. Similar principles apply to
accumulated depreciation. Repair and
maintenance costs of tangible assets are
recognised as expenses when incurred.
Government grants
Government grants received for the acquisition of
fixed assets are recognised as deductions in the
book values for property, plant and equipment.
The grants are released to profit through smaller
depreciations during the use of the asset in
question.
Leases
Lease agreements are valued to present value by
discounting contractual lease payments. The
discount rate used in the valuation is the Group's
incremental borrowing rate The maturity of a lease
agreement is assessed on a contract-by-contract
basis and the option to extend is used only when it
is highly probable that such option is to be
exercised. The present value of the agreement is
recognized in the balance sheet as a right-of-use
asset and a right-of-use liability.
Right-of-use assets depreciated on a straight-line
basis over the lease term. The rent payments are
allocated to the principal and financial expenses.
Financial expenses are calculated from the
remaining right-of-use liability using the Group's
incremental borrowing rate.
The Group uses the exemptions permitted by the
standard and does not apply the standard to
under 12 months short-term and low-value leases.
Therefore, payments for short-term leases and low
value leases are recognized as expenses on an
accrual basis.
Impairment
The book values for assets are assessed for any
signs of impairment. If there are signs of
impairment, an estimate is determined for the
amount recoverable on the asset. An impairment
loss is recognised if the balance sheet value of the
asset or the cash-generating unit exceeds the
recoverable amount. Impairment losses are
recognised in the income statement.
The impairment loss of a cash-generating unit is
first allocated to reducing the goodwill attributed
to the unit, and then to reducing other assets of
the unit on a pro rata basis.
The recoverable amount of intangible, tangible
and right-of-use assets is determined at the higher
of the fair value less costs to sell and the value in
use. In determining the value in use, the estimated
future cash flows are discounted to their present
value based on discount rates applying to the
average pre-tax capital costs of the cash-
generating unit in question. The discount rates
take also into account any special risk associated
with the cash-generating units.
Impairment losses on tangible, right-of-use and
intangible assets other than goodwill are reversed
if a change has occurred in the estimates used in
determining the recoverable amount of the asset.
The amount by which an impairment loss is
reversed is no more than the book value (less
depreciation) that would have been determined
33
for the asset if no impairment loss had been
recognised on it in previous years. Impairment
losses recognised on goodwill are not reversed.
Inventories
Inventories have been measured at the lower of
acquisition cost and net realizable value. The net
realizable value is the estimated selling price in the
ordinary course of business, after deduction of the
estimated costs of completion and the estimated
costs necessary to make the sale.
The value of inventories has been determined
using the weighted average price method or
standard costing method and includes all direct
costs of acquisition and other indirect costs to be
allocated. The cost of each inventory item
produced comprises not only the purchase costs
of materials, direct labour costs and other direct
costs, but also a proportion of production
overheads, but not selling or financing costs. The
value of inventories has been reduced for
obsolescent assets.
Financial instruments
The Group’s financial assets are classified into the
following categories: financial assets measured at
amortised cost and financial assets recognised at
fair value through the income statement. This
classification is based on the business model
according to which the financial asset is managed
and on agreement-based cash flow properties.
Transaction costs are included in the original book
value of the financial assets for items not
measured at fair value through the income
statement. All purchases and sales of financial
assets are recognised on the transaction date.
Financial assets recognised at fair value through
the income statement include derivatives not
covered by hedge accounting and publicly listed
shares. Financial assets recognised at amortised
cost include trade receivables and certain other
receivables.
The Group may sell trade receivables to financing
companies. Sold trade receivables are
derecognised on the consolidated balance sheet
once payment for the trade receivables has been
received from the buyer and all material risks and
benefits related to ownership have been
transferred to the buyer.
Cash and cash equivalents in the balance sheet
and cash flow statement comprise cash, bank
deposits from which withdrawals can be made and
other short-term highly liquid investments. Items
classified in cash and cash equivalents have a
maximum of three months maturity from the
acquisition date.
The Group’s financial liabilities are classified as
financial liabilities recognised at amortised cost
and financial liabilities recognised at fair value
through the income statement. Financial liabilities
recognised at amortised cost include trade
payables and other liabilities and loans. Financial
liabilities recognised at fair value through the
income statement include derivatives that do not
meet the criteria for hedge accounting. Unrealised
and realised gains and losses related to changes
in the fair values of such derivatives are recognised
through the income statement for the period
during which they arise.
Financial assets and liabilities recognised at fair
values are measured primarily using publicly
quoted prices. Market prices are normally
available for commodity derivatives used by the
Group. If publicly quoted prices are not available,
fair value is measured with standardized valuation
methods using for example interest rates and
discounted cash flows and price quotations from
market counterparties.
Financial liabilities are originally recognised at fair
value less transaction costs directly related to the
34
acquisition or issuance of the item in question.
Financial liabilities, excluding derivative liabilities,
are later measured at amortised cost using the
effective interest method. Financial liabilities are
included in non-current and current liabilities, and
they may be interest-bearing or non-interest-
bearing.
The Group determines impairment of financial
assets measured at amortised cost based on
expected credit losses. The estimate of a valuation
allowance concerning expected credit losses is
based on experiences of actual credit losses,
considering the financial conditions at the time of
examination and an estimate of future
expectations. Trade receivables are derecognised
on the balance sheet as final credit losses once it is
no longer reasonable to expect payment for them.
An indication of final payment failure is for
example a payment being overdue by more than
90 days. If payment is later received for items
recognised as final credit losses, the payment is
recognised as offset on the same line in the
income statement.
Derivative financial instruments are initially
recognised at fair value on the date a contract is
entered into and are subsequently re-measured at
their fair value. The Group applies cash flow hedge
accounting to certain interest rate swaps, forward
currency and commodity derivative contracts.
When hedging is initiated, the financial
relationship between hedging instruments and
hedged items is documented and whether
changes in the cash flows of hedged items are
expected to offset the changes in the cash flows of
hedging instruments. In addition, the objectives of
risk management and strategies for taking
hedging actions are documented. The hedged
cash flow must be highly probable, and the cash
flow must ultimately affect the income statement.
For hedges that meet the terms for hedge
accounting, the effective portion of the change in
fair value of a hedge is recognised in the
statement of comprehensive income until the
hedged transaction affects the income statement.
Any residual ineffective portion for interest rate
and currency derivatives is recognised to financial
items and for commodity derivatives to other
operating income or expenses. The cumulative
change in fair value recognised in other
comprehensive income is recognised to purchases
or sales or financial items based on their nature on
the same date that the cash flow from the hedged
transaction is recognised in the income statement.
When a derivative financial instrument expires, is
sold or does not meet the hedge accounting
criteria, the cumulative change in the fair value of
the hedging instrument will remain in the hedge
reserve and is recognised in income statement on
the same date that the cash flow of the hedged
item is recognised in the income statement. The
cumulative fair values of the hedging instruments
are transferred immediately from the hedge
reserve to other operating income or expense or
financial items based on their nature if the hedged
cash flow is no longer expected to occur.
Despite certain hedging relationships fulfil the
effective hedging requirements of the Group’s risk
management policy, the Group does not apply
hedge accounting to all transactions done in
hedging purpose. These instruments’ fair value
changes are recognised in other operating income
or expense or financial items based on their
nature.
Equity
Purchases of own shares are deducted from equity
attributable to shareholders of the parent
company up till the shares are cancelled or
transferred back to circulation. Dividend
distribution to the company’s shareholders is
recognised as a liability in the Group’s financial
statements in the period in which the dividends
are approved by the company’s shareholders.
35
Accounting principles requiring executive
judgement and the main uncertainties concerning
the assessments made
In preparing the consolidated financial statements
in accordance with international accounting
practices, the company’s management has had to
make assessments and assumptions that affect the
amount of assets, liabilities, income and expenses
recognised in the accounts and the contingencies
presented. These assessments and assumptions
are based on experience and on other reasonable
suppositions that are believed to be realistic in the
circumstances that constitute the basis for the
estimates of items recognised in the financial
statements. The outcome may deviate from these
estimates.
The Group tests annually goodwill from the
associated company Sucros Oy and from Frozen
foods products for possible impairment and
assesses any indication of impairment. The
recoverable amounts of units that generate cash
flow are based on value in use calculations. These
calculations require the use of estimates.
Determination of the fair value of tangible and
intangible assets acquired in business
combinations requires estimations by
management and is often based on assessment of
asset cash flows.
The utilization of deferred tax assets against future
taxable income is assessed annually based on
management's assessment.
Other assessments including management
judgement are mainly related to restructuring
plans, the extent of obsolescent inventories,
environmental, litigation and tax risks.
Preparation of financial statements in ESEF format
The financial statements are reported in electronic
ESEF format. The main statements of the financial
statements and disclosures are marked with the
XBRL taxonomy. The ESEF format financial
statements have been reviewed by the auditor.
New IFRS standards and IFRIC interpretations
The new IFRS standards, amendments to
standards and IFRIC interpretations effective after
the end of the financial year are not expected to
have a material impact on the Group.
36
Note 1. Accounting principles
Company details
Company name Apetit Plc
Parent company Apetit Plc
Business entity Plc
Company home Säkylä
Company country Finland
Registered address PL 100, 27801 Säkylä
Main industry Food manufacturing
Main operating country Finland
On 12 February 2025, the Apetit Plc Board of
Directors approved the financial statements for
publication. According to the Finnish Companies
Act, shareholders have the option of approving or
rejecting the financial statements at the Annual
General Meeting held after their publication. The
Annual General Meeting can also decide to
amend the financial statements.
Main operations
Apetit Plc is a food industry company listed on the
Nasdaq Helsinki Ltd. The trading code of the share
is APETIT. Apetit’s continuing operations are Food
Solutions and Oilseed Products. In addition, Apetit
reports Group Functions, consisting of the
expenses related to Group management and
strategic projects, that are not allocated to the
business segments.
Grain Trade is reported as a discontinued
operation starting from the Q1/2022 Business
Review. The divestment of the Estonian grain trade
business to Scandagra was completed on 10
March 2022, and the divestment of the Lithuanian
business was completed on 31 March 2022. The
divestment of the Finnish operations of the Grain
Trade business to Berner Ltd was completed on 31
May 2022.
Operating segments
Food Solutions
Apetit Ruoka Oy: Frozen foods
Oilseed Products
Apetit Kasviöljy Oy: Vegetable oils and protein
feed
Apetit Kantvik Oy**: Manufacture of vegetables
oils and protein feed
Group Functions
Apetit Oyj: Group management, strategic projects
and listing on the stock exchange
Lännen Sokeri Oy: Non-operative company
Grains Business
Apetit Kasviöljy Oy*: Trade in grains, oil seeds and
animal feedstuff
*Activities ended
** Merged during 2023
Associated companies
Sucros group: Manufacture, marketing and sales
of sugar
Foodwest Oy: Food product development
company
Accounting principles
Basis of preparation
The consolidated financial statements have been
prepared in accordance with the International
Financial Reporting Standards (IFRS) complying
the IAS and IFRS standards as well as the SIC and
IFRIC interpretations valid on the date of the
financial statement. The International Reporting
Standards refer to standards and their
interpretations approved for adoption within the
EU in accordance with the procedure enacted in
EC regulation 1606/2002. The notes to the
consolidated financial statements are also in
accordance with Finnish accounting and company
legislation. The consolidated financial statements
have been drawn up based on historic acquisition
37
costs, except for those financial assets and
liabilities which are recognised in income at fair
value and derivative financial instruments
measured at fair value.
Preparation of the financial statements in
accordance with the IFRS standards requires the
Group’s management to make certain
assessments and exercise judgement in applying
the accounting principles. Details of the
judgements made by the management in
applying the accounting principles observed by
the Group, and of those aspects which have the
greatest impact on the figures reported in the
financial statements, are given below under the
heading ‘Accounting principles requiring
executive judgement and the main uncertainties
concerning the assessments made’.
Consolidation principles
Control is created if the Group is exposed to a
variable return on the investee or is entitled to its
variable return and is also able to exercise its
power over the investee and thereby affect the
amount of return received. Acquisition of
subsidiaries is accounted for using the acquisition
cost method. Acquisition cost is the aggregate of
the consideration given at fair value at the time of
acquisition and the amount of liabilities incurred
or liabilities assumed. Identifiable assets and
liabilities acquired in a business combination are
measured initially at fair value at the time of
acquisition, regardless of the amount of any
minority interest. The amount by which the
acquisition cost exceeds the Group's share of the
fair value of the identifiable net assets acquired is
recognized as goodwill. If the acquisition cost is
less than the fair value of the net assets of the
acquired subsidiary, this difference is recognized
directly in the income statement.
Subsidiaries are fully consolidated from the date
on which control is transferred to the Group and
the consolidation ends on the date that control
ceases.
Intra-group transactions, receivables and liabilities
as well as unrealised gains from intra-group
transactions are eliminated in the consolidated
financial statements. Unrealised losses are also
eliminated unless the transaction indicates that the
value of the transferred asset is impaired.
Associates are companies in which the Group has
significant influence. Significant influence is
exercised when the Group owns more than 20% of
the voting rights of the company or otherwise has
significant influence but not control. Associates are
consolidated in the consolidated financial
statements using the equity method. If the Group's
share of the losses of the associate exceeds the
carrying amount of the investment, the investment
is recorded in the balance sheet at zero value and
the excess of the carrying amount is not
aggregated unless the Group is committed to
meeting the obligations of the associates.
Unrealised gains between the Group and the
associate have been eliminated in accordance with
the Group's shareholding. An associate's
investment includes goodwill arising from its
acquisition.
Assets held for sale and discontinued operations
Non-current assets and assets and liabilities
related to discontinued operations are classified as
held for sale if their carrying amounts are
expected to be recovered primarily through sale
rather than through continuing use. Classification
as held for sale requires that the following criteria
are met; the sale is highly probable, the asset is
available for immediate sale in its present
condition subject to usual and customary terms,
the management is committed to the sale, and the
sale is expected to be completed within one year
from the date of classification.
38
Prior to classification as held for sale, the assets or
assets and liabilities related to a disposal group in
question are measured according to the
respective IFRS standards. From the date of
classification, non-current assets held for sale are
measured at the lower of the carrying amount and
the fair value less costs to sell, and the recognition
of depreciation and amortization is discontinued.
A discontinued operation is a component of an
entity that either has been disposed of, or is
classified as held for sale, and represents a
separate major line of business or geographical
area of operations, is part of a single coordinated
plan to dispose of a separate major line of
business or geographical area of operations or is a
subsidiary acquired exclusively with a view to
resale.
The result from the discontinued operations is
shown separately in the consolidated statement of
income and the comparison figures are restated
accordingly. Non-current assets held for sale are
presented in the statement of financial position
separately from other items. The comparison
figures for the statement of financial position are
not restated.
Foreign currency items
The figures for the financial performance and
standing of each of the Group’s units are
measured in the currency of the unit’s principal
operating environment (‘functional currency’). The
consolidated financial statements are presented in
euros, which is the functional and reporting
currency of the Group’s parent company. Foreign
currency transactions are recognised as amounts
denominated in the functional currency using the
rate prevailing on the transaction date. At the
balance sheet date, monetary receivables and
payables are translated using the closing rate.
Exchange differences arising from translation are
recognised in the income statement. Exchange
gains and losses from operating activities are
included in the corresponding items above the
operating profit.
The income statements of foreign subsidiaries
have been translated into euros using average
rates for the reporting period, and their balance
sheets translated using the closing rates. The
exchange difference due to the use of average
rates in the income statement translations and
closing rates in the balance sheet translations is
recognised as a separate item under shareholders’
equity.
In preparing the consolidated financial statements,
the translation difference due to exchange rate
fluctuations, regarding the shareholders’ equity of
the subsidiaries and associates, is recognised via
other comprehensive income in the translation
differences of the consolidated shareholders’
equity. If a foreign subsidiary or associate is
disposed of, the accrued translation difference is
recognised in the income statement under profit
or loss.
Net sales and revenue recognition
Sales are recognised at the value that reflects the
compensation the company expects to receive
from its customers when control is transferred. The
Group’s sales in all business segments take place
at a single time.
Food Solutions segment sells frozen vegetables
and frozen ready meals to retail chains and food
wholesalers operating in Finland and European
Union. Finland is the main market area.
Oilseed Products segment sells vegetable oils and
expeller. Sales focus on Finland, but there are also
sales to the European Union and third countries.
Grain Trade that is reported as discontinuing
operation sold grains, oilseeds and feed raw
39
materials mainly in Finland and within the
European Union, but also in other markets. The
largest one-off sales were maritime shipments that
were recognised as revenue once control has
been transferred to the buyer. Foreign grain trade
complied with international delivery and trading
terms and conditions, with monetary
compensation mainly being transferred at the time
of revenue recognition. Grain trade in Finland was
primarily based on selling on credit in line with
regular terms and conditions.
The Group has factored a significant part of
Finnish trade receivables to a financial institution,
which bears e.g. the customer’s credit risk. Foreign
credit sales are either factored or hedged with
credit insurance. The sale of receivables to a
financial institution and the use of credit insurance
reduces the Group's counterparty risk. Factored
receivables are not included in the consolidated
balance sheet.
Customary terms of payment apply to selling on
credit. Some sales include customary bonus or
marketing support obligations, which are assessed
on an agreement level and recognised in the
income statement and in the balance sheet on
accrual basis. The Group’s sales do not involve
material guarantees or other liabilities.
Interest income is recognized using the effective
interest method and dividend income when the
right to the dividend is recorded.
Pension liabilities
A defined contribution plan is a pension plan
under which the group pays fixed contributions
into a separate entity. The group has no legal or
constructive obligations to pay further
contributions if the fund does not hold sufficient
assets to pay all employees the benefits relating to
employee service in the current and prior periods.
A defined benefit plan is a pension plan that is not
a defined contribution plan.
Typically, defined benefit plans define an amount
of pension benefit that an employee will receive
on retirement, usually dependent on one or more
factors such as age, years of service and
compensation.
The liability recognised in the balance sheet in
respect of defined benefit pension plans is the
present value of the defined benefit obligation at
the end of the reporting period less the fair value
of plan assets. The defined benefit obligation is
calculated annually by independent actuaries
using the projected unit credit method. The
present value of the defined benefit obligation is
determined by discounting the estimated future
cash outflows using interest rates of high-quality
corporate bonds that are denominated in the
currency in which the benefits will be paid, and
that have terms to maturity approximating to the
terms of the related pension obligation. In
countries where there is no deep market in such
bonds, the market rates on government bonds are
used.
Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions
are charged or credited to equity in other
comprehensive income in the period in which they
arise. Past-service costs are recognised
immediately in income.
For defined contribution plans, the group pays
contributions to publicly or privately administered
pension insurance plans on a mandatory,
contractual or voluntary basis. The group has no
further payment obligations once the
contributions have been paid. The contributions
are recognised as employee benefit expense
when they are due. Prepaid contributions are
recognised as an asset to the extent that a cash
refund or a reduction in the future payments is
available
40
Share-based payments
The fair value of the share-based payments is
determined at the grant date. The expense is
recognized evenly over the vesting period. The fair
value of the payments settled in shares is
determined based on Apetit Plc’s share price at
the stock exchange at the grant date deducted by
expected dividends. The payments settled in cash
are remeasured at each reporting date until the
settlement. Apetit Plc share-based payments
include only non-market-based performance
criteria such as profitability conditions. The total
amount to be expensed over the vesting period is
determined based on the estimate of the number
of the shares that are expected to be vested by the
end of the vesting period. The impact of the
revision of original estimates is recognized in the
statement of income. On a cumulative basis
expense is recognized only to the extent that
share-based payments have finally vested. For
payments settled in shares the expense is
recognized against equity and for payments
settled in cash the expense is recognized against
liabilities/cash.
Provisions
A provision is recognised when the Group has a
legal or constructive obligation based on a past
event and it is probable that the fulfilment of this
obligation will require a contribution, and the
amount of the obligation can be reliably
estimated. Provisions are valued at the present
value of the costs required to cover the obligation.
Provisions are made in connection with
operational restructuring, onerous contracts,
litigation and environmental and tax risks. A
restructuring provision is recognised when a
detailed and appropriate plan has been drawn up
for it, sufficient grounds have been given to expect
that the restructuring will occur, and information
has been issued on it.
Income taxes
Income taxes recognised in the consolidated
income statement comprise taxes levied on an
accrual basis on the reporting period results of
Group companies, based on the taxable profits
calculated for each Group company in accordance
with the local tax regulations, as well as tax
adjustments from previous periods and changes in
deferred tax.
Deferred tax assets and liabilities are calculated on
the temporary differences between the taxable
values and the book values of assets and liabilities,
in accordance with the liability method. Deferred
taxes are recognised in the financial statements
using the tax rates that apply up to the balance
sheet date.
The most material temporary differences arise
from fixed assets, lease agreements, consolidation,
inventories, unused tax losses and revaluation of
derivative financial instruments. Deferred tax
assets are recognised up to an amount where it is
probable that they can be utilized against future
taxable profits. Deferred taxes are not recognised
on goodwill which is not tax deductible.
In the case of derivative financial instruments
covered by hedge accounting and available-for-
sale financial assets, the deferred taxes related to
value adjustments recognised directly under the
statement of comprehensive income are also
recognised directly under the statement of
comprehensive income.
Deferred tax assets and liabilities are offset when
there is a legally enforceable right to set off tax
assets against tax liabilities and when the accrued
income taxes are levied on the same tax authority.
Borrowing costs
Borrowing costs are recognised under the
expenses for the period in which they arose.
41
Directly attributable borrowing costs related to the
acquisition, construction or production of a
qualifying asset, for example, factory building, are
capitalised. Where clearly linked to a specific loan,
transaction costs arising directly from loans are
included in the loan’s original amortised cost and
divided into a series of interest expenses using the
effective interest method.
Research and development costs
Research costs is expensed as incurred.
Development costs are recognised on the
statement of financial position when all the
following criteria are met:
●
research and development phases can be
separated from each other
●
completion is technically feasible so that
the asset can be used or sold
●
completion is certain and the asset will be
either used or sold
●
it can be demonstrated that the asset will
generate probable future economic
benefit and that the company has the
adequate resources to use or sell the
intangible asset
●
development expenditure can be reliably
measured
If the development expenditure does not meet all
the above criteria, it is expensed as incurred.
Intangible assets
Goodwill
Goodwill corresponds to that part of the cost of
acquiring the company which is more than the
Group’s share of the fair value of the acquired
company’s net assets on the acquisition date.
Goodwill is tested annually for impairment. For this
purpose, goodwill is allocated to appropriate cash
generating units. Goodwill is valued at historic
acquisition cost less any impairment. In the case of
associated company, goodwill is included in their
investment value. Goodwill generated through
acquisitions of foreign business combinations is
measured in the currency of the foreign
operations and translated using the period end
rates.
Other intangible assets
An intangible asset is recognised in the balance
sheet at the original acquisition cost in a case
where the cost can be determined reliably, and it
is likely that an expected financial benefit derived
from the asset will turn out to be to the company’s
benefit.
Patents, trademarks and other intangible assets
with a limited useful life are capitalised in the
balance sheet and amortised on a straight-line
basis over the period of their useful lives.
Intangible assets do not include assets with an
unlimited useful life.
Depreciation period for intangible assets:
Development costs 5 years
Other intangible assets 5–10 years
Assets whose useful life has not yet expired and
fully depreciated fixed assets that are still used in
operating activities are included in the acquisition
cost of assets. Similar principles apply to
accumulated depreciation.
Subsequent expenditure relating to intangible
assets is recognised as an asset only if its financial
benefit to the company exceeds the originally
estimated level of performance. Otherwise, the
expenditure is recognised as a cost at the time it is
incurred.
Property, plant and equipment
Property, plant and equipment have been
measured at historic acquisition cost less
depreciation and impairment. These assets are
subject to straight-line depreciation over the
42
period of their useful lives. The residual value of
the assets and their useful lives are reviewed each
time the financial statements are prepared and,
when necessary, are adjusted to reflect any change
in the economic benefits expected. Land is not
subject to depreciation.
The estimated useful lives are as follows:
Property and plant 10–40 years
Machinery and equipment 5–15 years
Property, plant and equipment are no longer
depreciated when they are classified as assets held
for sale.
Assets whose useful life has not yet expired and
fully depreciated fixed assets that are still used in
operating activities are included in the acquisition
cost of assets. Similar principles apply to
accumulated depreciation. Repair and
maintenance costs of tangible assets are
recognised as expenses when incurred.
Government grants
Government grants received for the acquisition of
fixed assets are recognised as deductions in the
book values for property, plant and equipment.
The grants are released to profit through smaller
depreciations during the use of the asset in
question.
Leases
Lease agreements are valued to present value by
discounting contractual lease payments. The
discount rate used in the valuation is the Group's
incremental borrowing rate The maturity of a lease
agreement is assessed on a contract-by-contract
basis and the option to extend is used only when it
is highly probable that such option is to be
exercised. The present value of the agreement is
recognized in the balance sheet as a right-of-use
asset and a right-of-use liability.
Right-of-use assets depreciated on a straight-line
basis over the lease term. The rent payments are
allocated to the principal and financial expenses.
Financial expenses are calculated from the
remaining right-of-use liability using the Group's
incremental borrowing rate.
The Group uses the exemptions permitted by the
standard and does not apply the standard to
under 12 months short-term and low-value leases.
Therefore, payments for short-term leases and low
value leases are recognized as expenses on an
accrual basis.
Impairment
The book values for assets are assessed for any
signs of impairment. If there are signs of
impairment, an estimate is determined for the
amount recoverable on the asset. An impairment
loss is recognised if the balance sheet value of the
asset or the cash-generating unit exceeds the
recoverable amount. Impairment losses are
recognised in the income statement.
The impairment loss of a cash-generating unit is
first allocated to reducing the goodwill attributed
to the unit, and then to reducing other assets of
the unit on a pro rata basis.
The recoverable amount of intangible, tangible
and right-of-use assets is determined at the higher
of the fair value less costs to sell and the value in
use. In determining the value in use, the estimated
future cash flows are discounted to their present
value based on discount rates applying to the
average pre-tax capital costs of the cash-
generating unit in question. The discount rates
take also into account any special risk associated
with the cash-generating units.
Impairment losses on tangible, right-of-use and
intangible assets other than goodwill are reversed
if a change has occurred in the estimates used in
43
determining the recoverable amount of the asset.
The amount by which an impairment loss is
reversed is no more than the book value (less
depreciation) that would have been determined
for the asset if no impairment loss had been
recognised on it in previous years. Impairment
losses recognised on goodwill are not reversed.
Inventories
Inventories have been measured at the lower of
acquisition cost and net realizable value. The net
realizable value is the estimated selling price in the
ordinary course of business, after deduction of the
estimated costs of completion and the estimated
costs necessary to make the sale.
The value of inventories has been determined
using the weighted average price method or
standard costing method and includes all direct
costs of acquisition and other indirect costs to be
allocated. The cost of each inventory item
produced comprises not only the purchase costs
of materials, direct labour costs and other direct
costs, but also a proportion of production
overheads, but not selling or financing costs. The
value of inventories has been reduced for
obsolescent assets.
Financial instruments
The Group’s financial assets are classified into the
following categories: financial assets measured at
amortised cost and financial assets recognised at
fair value through the income statement. This
classification is based on the business model
according to which the financial asset is managed
and on agreement-based cash flow properties.
Transaction costs are included in the original book
value of the financial assets for items not
measured at fair value through the income
statement. All purchases and sales of financial
assets are recognised on the transaction date.
Financial assets recognised at fair value through
the income statement include derivatives not
covered by hedge accounting and publicly listed
shares. Financial assets recognised at amortised
cost include trade receivables and certain other
receivables.
The Group may sell trade receivables to financing
companies. Sold trade receivables are
derecognised on the consolidated balance sheet
once payment for the trade receivables has been
received from the buyer and all material risks and
benefits related to ownership have been
transferred to the buyer.
Cash and cash equivalents in the balance sheet
and cash flow statement comprise cash, bank
deposits from which withdrawals can be made and
other short-term highly liquid investments. Items
classified in cash and cash equivalents have a
maximum of three months maturity from the
acquisition date.
The Group’s financial liabilities are classified as
financial liabilities recognised at amortised cost
and financial liabilities recognised at fair value
through the income statement. Financial liabilities
recognised at amortised cost include trade
payables and other liabilities and loans. Financial
liabilities recognised at fair value through the
income statement include derivatives that do not
meet the criteria for hedge accounting. Unrealised
and realised gains and losses related to changes
in the fair values of such derivatives are recognised
through the income statement for the period
during which they arise.
Financial assets and liabilities recognised at fair
values are measured primarily using publicly
quoted prices. Market prices are normally
available for commodity derivatives used by the
Group. If publicly quoted prices are not available,
fair value is measured with standardized valuation
methods using for example interest rates and
discounted cash flows and price quotations from
market counterparties.
44
Financial liabilities are originally recognised at fair
value less transaction costs directly related to the
acquisition or issuance of the item in question.
Financial liabilities, excluding derivative liabilities,
are later measured at amortised cost using the
effective interest method. Financial liabilities are
included in non-current and current liabilities, and
they may be interest-bearing or non-interest-
bearing. The Group determines impairment of
financial assets measured at amortised cost based
on expected credit losses. The estimate of a
valuation allowance concerning expected credit
losses is based on experiences of actual credit
losses, considering the financial conditions at the
time of examination and an estimate of future
expectations. Trade receivables are derecognised
on the balance sheet as final credit losses once it is
no longer reasonable to expect payment for them.
An indication of final payment failure is for
example a payment being overdue by more than
90 days. If payment is later received for items
recognised as final credit losses, the payment is
recognised as offset on the same line in the
income statement.
Derivative financial instruments are initially
recognised at fair value on the date a contract is
entered into and are subsequently re-measured at
their fair value. The Group applies cash flow hedge
accounting to certain interest rate swaps, forward
currency and commodity derivative contracts.
When hedging is initiated, the financial
relationship between hedging instruments and
hedged items is documented and whether
changes in the cash flows of hedged items are
expected to offset the changes in the cash flows of
hedging instruments. In addition, the objectives of
risk management and strategies for taking
hedging actions are documented. The hedged
cash flow must be highly probable, and the cash
flow must ultimately affect the income statement.
For hedges that meet the terms for hedge
accounting, the effective portion of the change in
fair value of a hedge is recognised in the
statement of comprehensive income until the
hedged transaction affects the income statement.
Any residual ineffective portion for interest rate
and currency derivatives is recognised to financial
items and for commodity derivatives to other
operating income or expenses. The cumulative
change in fair value recognised in other
comprehensive income is recognised to purchases
or sales or financial items based on their nature on
the same date that the cash flow from the hedged
transaction is recognised in the income statement.
When a derivative financial instrument expires, is
sold or does not meet the hedge accounting
criteria, the cumulative change in the fair value of
the hedging instrument will remain in the hedge
reserve and is recognised in income statement on
the same date that the cash flow of the hedged
item is recognised in the income statement. The
cumulative fair values of the hedging instruments
are transferred immediately from the hedge
reserve to other operating income or expense or
financial items based on their nature if the hedged
cash flow is no longer expected to occur.
Despite certain hedging relationships fulfil the
effective hedging requirements of the Group’s risk
management policy, the Group does not apply
hedge accounting to all transactions done in
hedging purpose. These instruments’ fair value
changes are recognised in other operating income
or expense or financial items based on their
nature.
Equity
Purchases of own shares are deducted from equity
attributable to shareholders of the parent
company up till the shares are cancelled or
transferred back to circulation. Dividend
distribution to the company’s shareholders is
recognised as a liability in the Group’s financial
45
statements in the period in which the dividends
are approved by the company’s shareholders.
Accounting principles requiring executive
judgement and the main uncertainties concerning
the assessments made
In preparing the consolidated financial statements
in accordance with international accounting
practices, the company’s management has had to
make assessments and assumptions that affect the
amount of assets, liabilities, income and expenses
recognised in the accounts and the contingencies
presented. These assessments and assumptions
are based on experience and on other reasonable
suppositions that are believed to be realistic in the
circumstances that constitute the basis for the
estimates of items recognised in the financial
statements. The outcome may deviate from these
estimates.
The Group tests annually goodwill from the
associated company Sucros Oy and from Frozen
foods products for possible impairment and
assesses any indication of impairment. The
recoverable amounts of units that generate cash
flow are based on value in use calculations. These
calculations require the use of estimates.
Determination of the fair value of tangible and
intangible assets acquired in business
combinations requires estimations by
management and is often based on assessment of
asset cash flows.
The utilization of deferred tax assets against future
taxable income is assessed annually based on
management's assessment.
Other assessments including management
judgement are mainly related to restructuring
plans, the extent of obsolescent inventories,
environmental, litigation and tax risks.
Preparation of financial statements in ESEF format
The financial statements are reported in electronic
ESEF format. The main statements of the financial
statements and disclosures are marked with the
XBRL taxonomy. The ESEF format financial
statements have been reviewed by the auditor.
New IFRS standards and IFRIC interpretations
The new IFRS standards, amendments to
standards and IFRIC interpretations effective after
the end of the financial year are not expected to
have a material impact on the Group.
46
Note 2. Operating segments
The segment information is based on the Group's organisation and management reporting structure.
Apetit’s continuing operations are Food Solutions and Oilseed Products. In addition, Apetit reports Group Functions, consisting of the expenses related to
Group management, strategic projects and listing on the stock exchange, that are not allocated to the business segments.
Grain Trade is reported as a discontinued operation starting from the Q1/2022 Business Review. The divestment of the Estonian grain trade business to
Scandagra was completed on 10 March 2022, and the divestment of the Lithuanian business was completed on 31 March 2022. The divestment of the Finnish
operations of the Grain Trade business to Berner Ltd was completed on 31 May 2022.
Intra-group sales take place at arm’s length prices. The assets and liabilities of a segment are such items of the business operations that the segment uses in its
business operations or that can be allocated to a segment on reasonable basis. Tax and financing items together with items common to the whole Group are
unallocated assets and liabilities. Reported figures are based on IFRS standards.
Apetit Plc reports group management fees in net sales due to a change in the classification of a business area. Comparative information has been updated to
reflect the changed reporting method.
1-12/2024
EUR Million
Food Solutions
Oilseed Products
Group Functions
Continuing
Operations
Discontinued
Operations
Apetit Group
Segment net sales
75.8
87.4
1.3
164.5
-
164.5
Intra-group net sales
-0.0
-0.5
-1.3
-1.8
-
-1.8
Net sales
75.8
86.9
-
162.6
-
162.6
Operating profit
8.1
4.2
-3.0
9.3
-
9.3
Assets
57.3
46.3
-
103.6
-
103.6
Unallocated
31.3
Total assets
57.3
46.3
-
103.6
-
134.9
47
Liabilities
19.4
7.4
-
26.8
-
26.8
Unallocated
0.6
Total liabilities
19.4
7.4
-
26.8
-
27.3
Gross investments in non-current assets
2.6
4.4
2.6
9.6
-
9.6
Business acquisitions and other investments
-
-
0.4
0.4
-
0.4
Depreciation and amortisation
4.3
1.9
0.5
6.6
-
6.6
Personnel, FTE
246
54
15
315
-
315
1-12/2023
EUR Million
Food Solutions
Oilseed Products
Group Functions
Continuing
Operations
Discontinued
Operations
Apetit Group
Segment net sales
73.7
102.4
1.2
177.3
-
177.3
Intra-group net sales
-0.0
-0.6
-1.2
-1.8
-
-1.8
Net sales
73.7
101.8
-
175.5
-
175.5
Operating profit
5.8
4.6
-2.9
7.5
-0.1
7.5
Assets
56.4
33.8
-
90.2
-
90.2
Unallocated
40.9
Total assets
56.4
33.8
-
90.2
-
131.1
Liabilities
20.8
5.8
-
26.6
-
26.6
Unallocated
1.0
48
Total liabilities
20.8
5.8
-
26.6
-
27.6
Gross investments in non-current assets
4.3
1.7
1.5
7.5
-
7.5
Business acquisitions and other investments
0.2
-
-
0.2
-
0.2
Depreciation and amortisation
3.7
1.6
0.4
5.7
-
5.7
Impairment
-
0.0
-
0.0
-
0.0
Personnel, FTE
236
50
13
298
-
298
Geographical information
Net sales
Non-current
assets
EUR Million
1-12/2024
1-12/2023
31.12.2024
31.12.2023
Finland
134.0
143.0
76.1
74.9
Norway
17.0
19.5
-
-
Sweden
8.8
6.7
-
-
Other countries
2.8
6.2
-
-
Total
162.6
175.5
76.1
74.9
The group has one customer whose turnover exceeded 10% of the entire group's turnover. The turnover of this customer was 32.0 million euros (19.7%) and it
was accumulated from the Food Solutions and Oilseed Products segments.
49
Note 3. Discontinued operations and non-current assets
held for sale
Discontinued operations
Discontinued operations includes the Grain Trading business unit, which was
classified as a discontinued operation in March 2022. On March 23, 2022,
Apetit announced that it had agreed to sell Avena's domestic grain trading
business and the grain warehouses and port operations located in Finland to
Berner Ltd. The transaction was completed on May 31, 2022. Already on
December 28, 2021, Apetit announced that its subsidiary Avena Nordic Grain
had agreed to sell the Baltic operations of the Grain Trade business unit to the
Scandagra Group, including the business of Avena's Estonian and Lithuanian
companies. The transaction with Scandagra Group was completed in March
2022.
Result from discontinued operations
EUR million
1-12/2024
1-12/2023
Other income and expense items
-
-0.1
Operating profit
-
-0.1
Financial income and expense
-
-0.0
Profit/loss before tax
-
-0.1
Tax on income from operations
-
0.1
Profit/loss for the period
-
-0.0
Cash flow
EUR million
1-12/2024
1-12/2023
Net cash from operating activities
-
-0.0
Net cash used in financing activities
-
0.0
50
Other operating income and expenses
EUR million
1-12/2024
1-12/2023
Other operating income
Government subsidies
0.1
0.1
Gain on disposal of non-current assets,
tangibles
0.2
0.0
Rental income
0.2
0.2
Other operating income
1.1
0.9
Total
1.6
1.2
Other operating expenses
Rents and leases
1.1
1.6
Administrative expenses
1.3
1.2
IT and communication expenses
1.9
1.7
Sales and marketing expenses
2.9
2.7
Maintenance expenses
6.0
5.1
Other selling expenses
4.3
4.5
Other items
4.6
4.4
Total
22.1
21.1
Audit fees paid by the Group to its
independent auditor
Regular statutory audit services
0.2
0.2
Other statutory audit services
0.0
0.0
Other services
0.0
-
Total
0.2
0.2
Note 5. Employee benefits expense
EUR million
1-12/2024
1-12/2023
Salaries and fees
17.6
17.1
Pension expenses
3.2
3.0
Other employee benefit
0.5
0.9
Total
21.3
20.9
Note 6. R&D expenses
EUR million
1-12/2024
1-12/2023
R & D expenses
2.1
1.6
% of the net sales
1.3
0.9
R & D costs capitalised in the balance sheet
0.2
0.3
Total
3.6
2.7
Note 7. Materials and services
51
EUR million
1-12/2024
1-12/2023
Purchases during the period
112.4
122.1
Change in stocks
-11.7
-4.7
External services
4.3
4.0
Total
104.9
121.4
Note 8. Depreciation, amortisation and impairment
EUR million
1-12/2024
1-12/2023
Depreciation
Intangible assets
0.5
0.3
Buildings
1.4
1.4
Machinery and equipment
3.3
2.9
Right-of-use assets
1.4
1.1
Other tangible assets
0.0
0.0
Total
6.6
5.7
Impairment
Tangible assets
-
0.0
Total
-
0.0
Note 9. Financing income and expenses
EUR million
1-12/2024
1-12/2023
Finance income
Interest income
0.1
0.3
Foreign exchange gain
0.0
0.0
Other financial income
0.3
0.2
Total
0.4
0.5
EUR million
1-12/2024
1-12/2023
Finance expenses
Interest on borrowings from others
0.5
0.5
Foreign exchange loss
0.0
0.0
Other financial expenses
0.5
0.3
Total
1.0
0.8
Note 10. Income taxes
EUR million
1-12/2024
1-12/2023
Tax on income from operations
Tax on income from operations
-0.0
-0.0
Change in deferred tax asset
-0.7
-0.9
Change in deferred tax liability
-1.0
-0.6
Total
-1.8
-1.5
Tax calculation
52
Accounting profit before taxes
10.3
11.3
Tax at the domestic rate
-2.1
-2.3
Effect of associated company results
0.3
0.8
Other items
-0.0
-0.0
Taxes in income statement
-1.8
-1.5
Income tax expense is attributable to
Continuing operations
-1.8
-1.5
Discontinued operations
-
0.1
Total
-1.8
-1.4
53
Note 11. Deferred tax assets and liabilities
Reconciliation of deferred tax assets and liabilities to balance
sheet
EUR million
1.1.2024
Recognised in
income
statement
Recognised in
other
comprehensiv
e income
Recognised
directly in
equity
Businesses
divested
31.12.2024
Deferred tax assets
Carry forward of unused tax losses
2.4
-1.2
-
-
-
1.2
Deferred depreciation
0.5
-0.1
-
-
-
0.4
Intangible and tangible assets
0.0
0.0
-
-
-
0.0
Other items
0.2
-0.0
-
-
-
0.1
Total deferred tax assets
3.1
-1.3
-
-
-
1.8
Offset against deferred tax liabilities
-1.6
-1.8
Net deferred tax assets
1.5
-1.3
-
-
-
0.0
Deferred tax liabilities
Accumulated depreciation difference
-0.3
-0.3
-
-
-
-0.5
Inventories
-0.8
-0.1
-
-
-
-1.0
Intangible and tangible assets
-0.4
-
-
-
-
-0.4
Derivative instruments
-0.0
-
-0.1
-
-
-0.1
Other items
-0.0
-
-0.1
-
-
-0.1
Total deferred tax liabilities
-1.6
-0.4
-0.2
-
-
-2.1
54
Offset against deferred tax assets
1.6
1.8
Net deferred tax liabilities
0.0
-0.4
-0.2
-
-
-0.4
Apetit has not unrecognised deferred tax assets related to taxable losses. The taxable losses will expire in 2027 - 2033. Apetit has assessed if there will be
sufficient taxable profit against which the losses can be utilised. The Group has estimated that the deferred tax assets will be fully recoverable during the next few
years. The group has 0.3 million other deferred tax assets not recognised in the balance sheet.
EUR million
1.1.2023
Recognised in
income
statement
Recognised in
other
comprehensiv
e income
Recognised
directly in
equity
Businesses
divested
31.12.2023
Deferred tax assets
Carry forward of unused tax losses
3.3
-0.9
-
-
-
2.4
Deferred depreciation
0.5
-0.0
-
-
-
0.5
Intangible and tangible assets
0.0
0.0
-
-
-
0.0
Derivative instruments
0.2
-
-0.2
-
-
-
Other items
0.2
-0.0
-
-
-
0.2
Total deferred tax assets
4.2
-0.9
-0.2
-
-
3.1
Offset against deferred tax liabilities
-1.0
-1.6
Net deferred tax assets
3.2
-0.9
-0.2
-
-
1.5
Deferred tax liabilities
55
Accumulated depreciation difference
0.1
-0.4
-
-
-
-0.3
Inventories
-0.7
-0.1
-
-
-
-0.8
Intangible and tangible assets
-0.4
-
-
-
-
-0.4
Derivative instruments
-
-
-0.0
-
-
-0.0
Other items
-0.1
0.1
-
-
-
-0.0
Total deferred tax liabilities
-1.1
-0.5
-0.0
-
-
-1.6
Offset against deferred tax assets
1.0
1.6
Net deferred tax liabilities
-0.1
-0.5
-0.0
-
-
0.0
56
Note 12. Earnings per share
Basic earnings per share is calculated by dividing the result for the financial
year attributable to the shareholders of the parent company by weighted
average number of the shares outstanding. The outstanding shares do not
include treasury shares in possession of the company. Diluted earnings per
share is calculated by dividing the result for the financial year attributable to the
shareholders of the parent company by diluted weighted average number of
the shares outstanding.
Earnings per share are diluted by the matching share plan issued for the key
personnel.
EUR million
1-12/2024
1-12/2023
Result attributable to the shareholders of the
parent company, continuing operations
8.5
9.8
Result attributable to the shareholders of the
parent company, discontinued operations
-
-0.0
Result attributable to the shareholders of the
parent company, Group
8.5
9.7
Weighted average number of outstanding
shares, basic (pcs)
6,210,916
6,250,366
Weighted average number of outstanding
shares, diluted (pcs)
6,232,249
6,268,877
Basic earnings per share, continuing
operations (EUR/share)
1.37
1.56
Basic earnings per share, discontinued
operations (EUR/share)
-
-0.00
Basic earnings per share, Group (EUR/share)
1.37
1.56
Diluted earnings per share, continuing
operations (EUR/share)
1.36
1.56
Diluted earnings per share, discontinued
operations (EUR/share)
-
-0.00
Diluted earnings per share, Group (EUR/share)
1.36
1.55
Note 13. Intangible and tangible assets, leases and
goodwill
Goodwill and impairment testing
Goodwill has been allocated to the following cash-generating units or groups
of units:
EUR million
31.12.2024
31.12.2023
Frozen products
0.4
0.4
Total
0.4
0.4
57
In impairment testing, the recoverable amount from operating activities is
determined baed on value in use calculations. Expected future cash flows are
based on management-approved forecasts and are given for a five-year
period, and cash flows beyond this are extrapolated using a growth factor of
1%.
Frozen product goodwill impairment testing
The key variables in the value in use calculation are forecasted net sales, gross
margin, EBIT, change in working capital and discount rate. The pre-tax
discount rate used is 8.1%. In Frozen products the value in use exceeded the
carrying amount of the tested assets by a wide margin and significant negative
change in any of the key variables would not result to an impairment.
Sucros Group goodwill impairment testing
The key variables used in the calculation of value in use are forecasted net
sales, gross margin, EBIT, change in working capital and discount rate. The pre-
tax discount rate used is 7.8%. The value in use of Sucros was in line with the
carrying amount of the assets being tested. No goodwill has been allocated to
the Sucros Group.
58
Intangible assets
EUR million
Development
costs
Other intangible
assets
Advance
payments for
intengible assets
Goodwill
Total
Acquisition cost 1.1.2024
1.7
11.4
1.5
0.4
14.9
Correction to the acquisition cost 1 Jan
0.0
0.5
-
-
0.5
Additions
0.2
2.4
0.4
-
3.0
Disposals
-
-3.3
-
-
-3.3
Reclassifications
-
1.4
-1.5
-
-0.1
Acquisition cost 31.12.2024
1.9
12.5
0.4
0.4
15.1
Cumulative amortisation and impairment 1.1.2024
-0.6
-11.1
-
-
-11.7
Correction to cumulative amortisation and impairment 1.1
-0.0
-0.5
-
-
-0.5
Cumulative amortisation on disposals and reclassifications
-
3.3
-
-
3.3
Amortisation
-0.3
-0.2
-
-
-0.5
Cumulative amortisation and impairment 31.12.2024
-0.9
-8.6
-
-
-9.5
Carrying amount 1.1.2024
1.1
0.3
1.5
0.4
3.3
Carrying amount 31.12.2024
0.9
3.9
0.4
0.4
5.6
59
EUR million
Development
costs
Other intangible
assets
Advance
payments for
intengible assets
Goodwill
Total
Acquisition cost 1.1.2023
1.4
11.2
0.0
0.4
12.9
Additions
0.3
0.1
1.5
-
2.0
Reclassifications
-
0.1
0.0
-
0.1
Acquisition cost 31.12.2023
1.7
11.4
1.5
0.4
14.9
Cumulative amortisation and impairment 1.1.2023
-0.5
-10.9
-
-
-11.3
Cumulative amortisation on disposals and reclassifications
-
-0.1
-
-
-0.1
Amortisation
-0.1
-0.2
-
-
-0.3
Cumulative amortisation and impairment 31.12.2023
-0.6
-11.1
-
-
-11.7
Carrying amount 1.1.2023
0.9
0.3
0.0
0.4
1.6
Carrying amount 31.12.2023
1.1
0.3
1.5
0.4
3.3
60
Tangible assets
EUR million
Land and
water
Land and
water, right-
of-use
Buildings
and
structures
Buildings
and
structures,
right-of-use
Machinery
and
equipment
Machinery
and
equipment,
right-of-use
Other
tangible
assets
Advance
payments
and work in
progress
Total
Acquisition cost 1.1.2024
3.0
-
41.5
6.2
58.7
7.2
0.4
2.1
119.1
Correction to the acquisition cost 1 Jan
-
-
0.1
-
14.1
-
0.1
-
14.3
Additions
0.1
-
1.4
0.6
5.0
0.0
-
0.2
7.3
Disposals
-0.2
-
-0.1
-
-0.8
-
-
-
-1.2
Reclassifications
-
-
0.1
-
2.0
-
-
-2.1
-
Acquisition cost 31.12.2024
2.8
-
43.1
6.9
78.9
7.2
0.5
0.2
139.6
Cumulative amortisation and impairment
1.1.2024
-0.2
-
-27.8
-4.7
-38.6
-0.6
-0.2
-
-72.3
Correction to the accumulated amortisation
and impairment 1 Jan
-
-
-0.1
-
-14.1
-
-0.1
-
-14.3
Cumulative amortisation on disposals and
reclassifications
0.2
-
0.1
-
0.8
-
-
-
1.1
Amortisation
-
-
-1.4
-0.9
-3.3
-0.5
-0.0
-
-6.1
Cumulative amortisation and impairment
31.12.2024
-
-
-29.2
-5.7
-55.2
-1.2
-0.4
-
-91.5
61
Carrying amount 1.1.2024
2.8
-
13.7
1.5
20.0
6.6
0.2
2.1
46.9
Carrying amount 31.12.2024
2.8
-
13.9
1.2
23.8
6.1
0.1
0.2
48.0
EUR million
Land and
water
Land and
water, right-
of-use
Buildings
and
structures
Buildings
and
structures,
right-of-use
Machinery
and
equipment
Machinery
and
equipment,
right-of-use
Other
tangible
assets
Advance
payments
and work in
progress
Total
Acquisition cost 1.1.2023
3.0
-
41.4
5.8
54.9
0.6
0.4
0.4
106.5
Additions
-
-
0.2
0.5
3.3
6.5
-
2.1
12.6
Disposals
-0.0
-
-
-
-0.2
-
-
-0.0
-0.2
Reclassifications
-
-
-0.0
-
0.7
-
-
-0.4
0.2
Acquisition cost 31.12.2023
3.0
-
41.5
6.2
58.7
7.2
0.4
2.1
119.1
Cumulative amortisation and impairment
1.1.2023
-0.2
-
-26.4
-3.9
-35.7
-0.4
-0.2
-
-66.8
Cumulative amortisation on disposals and
reclassifications
-
-
0.0
-
-0.1
-
0.0
-
-0.1
Amortisation
-
-
-1.4
-0.8
-2.9
-0.2
-0.0
-
-5.4
Cumulative amortisation and impairment
31.12.2023
-0.2
-
-27.8
-4.7
-38.6
-0.6
-0.2
-
-72.3
Carrying amount 1.1.2023
2.8
-
15.0
1.9
19.2
0.2
0.2
0.4
39.7
Carrying amount 31.12.2023
2.8
-
13.7
1.5
20.0
6.6
0.2
2.1
46.9
62
Leases
Amounts recognised in balance sheet
EUR million
31.12.2024
31.12.2023
Right-of-use assets
Buildings and structures
1.2
1.5
Machinery and equipment
6.1
6.6
Total
7.3
8.0
Lease liabilities
Non-current lease liability, interest-bearing
5.9
6.5
Current lease liability, interest bearing
1.5
1.6
Total
7.4
8.1
Expected maturity analysis of lease liabilities is presented in note 24.
Amounts recognised in income statement
EUR million
1-12/2024
1-12/2023
Depreciation of right-of-use assets
Buildings and structures
0.9
0.8
Machinery and equipment
0.5
0.2
Total
1.4
1.0
Interest expenses
0.3
0.1
Expenses relating to short-term leases
0.0
0.0
Expenses relating to leases of low value
0.0
0.0
Expenses relating to variable lease payments
1.3
1.2
Cash outflow for leases
2.8
2.7
The Group's leasing activities and related accounting principles
The Group leases land, warehouses, offices, equipment and vehicles. Rental
contracts are typically concluded for fixed periods of 2 months to 15 years but
may have extension options as described below.
Contracts may contain both lease and non-lease components. The Group
allocates the consideration in the contract to the lease and non-lease
components based on their relative stand-alone prices.
63
The terms of the leases are negotiated on a case-by-case basis. Leases do not
include covenants other than the lessor's interest on the leased assets. Leased
assets are not used as collateral for loans.
Accounting principles of lease agreements are described in detail in Note 1.
Accounting principles
Variable lease payments
Some warehouse leases contain variable payment terms that are linked to
volume generating from stock movements through the warehouse. Variable
lease payments that depend on volume are recognised in the income
statement in the period in which the condition that triggers those payments
occurs.
Extension and termination options
Extension and termination options are included in a number of lease
agreements. Options are used to maximise operational flexibility in terms of
managing the assets used in the group's operations. The majority of extension
and termination options held are exercisable only by the Group and not by the
respective lessor.
Critical judgements in determining the lease term
All facts and circumstances that create an economic incentive to exercise an
extension option or not exercise a termination option are assessed when
defining the lease period. Extension options (or periods after termination
options) are only included in the lease period if the lease is reasonably certain
to be extended (or to be terminated).
Residual value guarantees
The Group has no residual value guarantees.
64
Note 14. Shares in associated companies
EUR million
31.12.2024
31.12.2023
Book value, 1 January
22.8
20.1
Share of results for the period
1.5
4.0
Dividends received
-2.8
-1.3
Book value, 31 December
21.6
22.8
Group's holding in Sucros Group totals to 20 %.
Associated companies are consolidated using the equity method and they do
not have public quotations.
Principles of goodwill impairment testing have been presented in Note 13.
Financial information for material associated company
Sucros Group's financial year ends on February 28. Sucros Group has been
consolidated based on the interim financial statement per 31.12.2024
Sucros Group's published FAS-financial
statement
EUR million
03/2023-
02/2024
03/2022-
02/2023
Non-current assets
26.6
23.6
Current assets
114.5
106.8
Cash and cash equivalents
2.3
2.3
Asset
143.3
132.7
Equity
105.5
98.3
Deferred tax liability
2.2
1.3
Current liabilities
35.6
33.0
Equity and liabilities
143.3
132.7
Net sales
189.8
122.0
Operating income and expenses
-173.1
-115.5
Operating result
16.7
6.5
Financial income and expenses
0.2
0.1
Taxes
-3.2
-0.1
Profit / loss for the period
13.8
6.5
Breakdown of Sucros holdings in the consolidated financial statements
EUR million
31.12.2024
31.12.2023
Book value, 1 January
22.5
19.8
Profit / loss for the period
1.6
4.0
Dividends received
-2.8
-1.3
Book value, 31 December
21.3
22.5
65
Note 15. Other non - current financial assets
EUR million
31.12.2024
31.12.2023
Connection fees
0.5
0.5
Investments in shares of unlisted companies
0.4
0.0
Total
0.9
0.5
Note 16. Trade receivables and other current
receivables
EUR million
31.12.2024
31.12.2023
Trade receivables
5.8
6.7
Receivables based on derivative instruments
0.7
0.1
Accrued income and deferred expenses
0.2
0.4
Other receivables
0.3
0.0
Trade receivables from associates
0.2
0.2
Total
7.3
7.4
The substantial items in the accrued income and deferred expenses and other
receivables are related to raw material purchases and accruals of employment
benefits.
During the financial year the Group has not recorded credit losses on trade
receivables.
Note 17. Inventories
EUR million
31.12.2024
31.12.2023
Raw materials and consumables
25.2
14.8
Work in progress
8.1
7.3
Finished goods
13.3
12.8
Total
46.6
34.8
A write-down of EUR 0.0 (0.1) million in inventory value was booked to
correspond the net realisation value.
Note 18. Cash and cash equivalents
EUR million
31.12.2024
31.12.2023
Other current financial assets
2.4
4.1
Cash and cash equivalents
1.7
9.9
Total
4.1
14.0
Note 19. Shareholders' equity
EUR million
31.12.2024
31.12.2023
Number of shares
6,317,576
6,317,576
Outstanding shares
6,208,303
6,235,801
66
Number of own shares
109,273
81,775
Own shares' share of the company's share
capital and voting rights
1.7
1.3
Acquisition cost of own shares
-1.6
-1.2
Share capital
12.6
12.6
Share premium
23.4
23.4
Total
36.0
36.0
The fully paid and registered share capital of the company at the end of the
financial year was EUR 12,635,152.
Descriptions of the funds in equity
Translation differences
The translation differences reserve includes translation differences arising from
the translation of the financial statements prepared in foreign currency.
Fair value reserve
The fair value reserve includes a hedging reserve for the revaluation of the fair
values of derivative instruments used for cash flow hedges.
Invested non-restricted equity capital
The invested non-restricted equity capital includes the share subscription price
to the extent that it is not recognised in the share capital. The amount consists
of the directed share issue related to the matching share plans carried out in
2021, in which a total of 8,000 shares were subscribed at the price of 13.91
euro per share and in 2023, in which a total of 10,000 shares were subscribed
at the price of 12.24 euro per share.
Other reserves
Other reserves consist of the parent company's contingency reserve that
includes a portion transferred from retained earnings by decision of the Annual
General Meeting.
Own shares
Apetit Plc's Annual General Meeting held on April 13, 2023 authorized the
Board of Directors to repurchase the company's own shares. Altogether no
more than 80,000 shares may be repurchased using company's retaining
earnings. A total of 18 507 shares were purchased by Apetit Plc in 2023. The
total amount paid to acquire shares amounted to EUR 238,484.05. A total of
27 498 shares were purchased by Apetit Plc in 2024. The total amount paid to
acquire shares amounted to EUR 366,038.25.
Dividends
After the date of the financial statement the Board of Directors
has proposed a dividend per EUR/share to be paid.
67
For details on changes in equity, see statement of changes in shareholders'
equity.
Note 20. Defined benefit plan obligations
EUR million
2024
2023
Pension obligations 1 Jan.
0.2
0.2
Increases / decreases
-0.1
-0.0
Pension obligations 31 Dec.
0.1
0.2
Pension obligations relate mainly to defined benefit pension plans.
Apetit Group’s most significant benefit plans are in the parent company. Parent
company’s plans include 39 pensioners. Plans are administered in pension
companies.
EUR million
2024
2023
Pension liability recognised in the balance
sheet
Present value of funded obligations
1.0
1.1
Fair value of plan assets
0.8
0.9
Net liability (+) / asset (-)
0.1
0.2
Change in the defined benefit obligation
Defined benefit obligation in the beginning of
the year
1.1
1.2
Interest expenses
0.0
0.0
Actuarial gains (-) and losses (+)
-0.0
-0.0
Benefits paid
-0.1
-0.2
Defined benefit obligation at the end of the
year
1.0
1.1
Change in plan assets
Plan assets in the beginning of the year
0.9
1.0
Interest income
0.0
0.0
Contributions paid into the plans
0.1
0.1
Benefits paid
-0.1
-0.2
Plan assets at the end of the year
0.8
0.9
EUR million
2024
2023
Defined benefit expense in income statement
Interest cost on pension obligation
0.0
0.0
interest income on plan assets
-0.0
-0.0
Pension expense recognised in income
statement
0.0
0.0
68
The amounts recognised in equity
Gains and losses from change of financial
assumptions
-0.0
0.0
Experience gains and losses
0.0
-0.0
Return on plan assets excluding interest
-0.0
0.0
Remeasurements of post-employment benefit
obligations
-0.0
0.0
Significant actuarial assumptions
Discount rate (%)
3.2
3.2
Pension growth rate (%)
2.3
2.5
Inflation (%)
2.2
2.2
Pension liability
Changes in the assumptions, sensitivity 2024
Increase %
Decline %
Discount rate, change 0,5%
-2.9
3.1
Pension payments growth rate, change 0.25 %
1.4
-1.4
Life expectancy, change 5%
-2.7
2.9
Pension liability
Changes in the assumptions, sensitivity 2023
Increase %
Decline %
Discount rate, change 0,5%
-2.9
3.1
Pension payments growth rate, change 0.25 %
1.4
-1.4
Life expectancy, change 5%
-2.7
2.9
Sensitivity analysis relate to Apetit plc's benefit plan.
Note 21. Share-based payments
Share - based incentive plan 2023-2025
The Board of Directors of Apetit Plc (“Apetit”) has decided on the
establishment of a long-term matching share scheme 2023–2025 and on the
establishment of a performance-based share scheme 2023–2025, whereupon
the possible rewards will be paid as a combination of Apetit Plc’s shares and
cash. The members of the Group Management Team, HR Director and
Communications and Sustainability Director, currently seven people, are
entitled to participate in the long-term matching share incentive scheme at the
beginning thereof. The members of the Group Management Team, currently
five people, are entitled to participate the performance-based share incentive
scheme at the beginning thereof.
Matching share plan
69
The Matching Share Plan comprises of the key personnel’s personal investment
in the company's shares and of their right to receive one additional share
without consideration for each self-acquired and retained company share as
described in more detail below, after the earning period ends on 15 June
2025, as well as a cash reward corresponding to the number of shares to be
issued. The purpose of the cash reward is to cover the taxes and tax-like
payments to the key personnel arising from the issuance of shares.
The matching shares and the related cash portion shall be paid to the
participants when the payment conditions are met, approximately on 15 June
2025, in a manner decided by the Board of Directors of Apetit Plc.
A maximum of 10,000 new shares or shares held by the company can be
issued as additional shares and the cash reward corresponding to the same
number of shares can be given within the Matching Share Plan. The maximum
value of the plan, including the shares and the portion to be paid in cash, is
approximately EUR 0.3 million calculated based on the average share price on
the trading day preceding this release.
Performance share plan
In the Performance Share Plan, the potential receipt and amount of the reward
is based on the operating profit, ROCE-%, reduction of CO2 emissions,
development of workplace safety and success of the ERP renewal project of
the Apetit Group from 1 January 2023 to 31 December 2025 and the person's
continued employment or service relationship with the company.
If the set performance targets are achieved in full, the maximum amount of
share rewards to be transferred under the plan is 34,000 new shares or treasury
shares held by the company, and the cash reward corresponding to the
number of shares in a manner decided by the Board of Directors. The purpose
of the portion to be paid in cash is to cover taxes and tax-like charges to the
key personnel arising from the portion to be issued in shares.
Share - based incentive plan 2023-2025
Matching
share plan
2023-2025
Performance
share plan
2023-2025
Maximum number of shares granted, pcs
10,000
34,000
Grant date
13/03/2023
16/02/2023
Vesting period ends
15/06/2025
31/12/2025
Life time of the plan, years
2.3
2.9
70
Remaining life time at the balance sheet date,
years
0.5
1.0
Employment condition
Yes
Yes
Requirement of own-purchase and holding of
shares
Yes
No
Other non-market based performance
conditions
No
Yes
Settlement method
50%/50% in
shares/cash
50%/50% in
shares/cash
Valuation principles
Share price at grant date, eur
12.24
10.83
Expected dividends per share during the
vesting period, eur per share
1.50
1.50
Fair value in accordance with IFRS 2 at grant
date, eur per share
10.74
9.33
Maximum value of the scheme at grant date,
1000 eur
215
634
Changes during the period, shares
Amount outstanding at the beginning of the
period
10,000
34,000
Granted during the period
-
-
Forfeited during the period
-
-
Expired during the period
-
-
Vested during the period
-
-
Outstanding at the end of the period
10,000
34,000
EUR 1 000
Recognized as an expense against equity
during the period
48
41
Recognized as an expense during the period,
against liability
48
41
Total expense during the financial year
95
81
Debt balance at the end of reporting period
88
81
71
Note 22. Interest-bearing liabilities
EUR million
-
-
-
-
31.12.2024
31.12.2023
Non-current liabilities, interest-bearing
Non-current lease liability, interest-bearing
5.9
6.5
Total
5.9
6.5
Current liabilities, interest bearing
Current lease liability, interest bearing
1.5
1.6
Total
1.5
1.6
Reconciliation Interest-bearing liabilities
EUR million
Commercial
papers
Non-current
loans from
credit
institutions
Current loans
from credit
institutions
Non-current
lease liabilities
Current lease
liabilities
Total
Interest-bearing liabilities 1.1.2024
-
-
-
6.5
1.6
8.1
Lease liabilities additions / (-) disposals
-
-
-
-0.6
-0.1
-0.7
Interest-bearing liabilities 31.12.2024
-
-
-
5.9
1.5
7.4
EUR million
Commercial
papers
Non-current
loans from
credit
institutions
Current loans
from credit
institutions
Non-current
lease liabilities
Current lease
liabilities
Total
72
Interest-bearing liabilities 1.1.2023
-
-
-
1.2
0.9
2.1
Lease liabilities additions / (-) disposals
-
-
-
6.3
0.7
7.0
Cash flows
-
-
-
-1.1
0.1
-1.0
Interest-bearing liabilities 31.12.2023
-
-
-
6.5
1.6
8.1
73
Note 23. Trade payables and other liabilities
EUR million
31.12.2024
31.12.2023
Current
Trade payables
8.5
8.1
Payables to associated companies
0.1
0.2
Accrued expenses and deferred income
7.9
8.8
Other liabilities
2.8
2.1
Total
19.4
19.3
The material items in accrued expenses and deferred income consist of
personnel expenses and accruals of material purchases.
Liabilities related to contracts with customers
included in accrued expenses
0.4
0.3
Note 24. Financial risk management
The Group is exposed to various financial risks in its normal business operations.
The aim of the Group’s risk management is to minimize the adverse effects of
changes in the financial markets on its financial performance. The main financial
risks relate to liquidity, interest rate, currency, pricing and counterparty risks. The
Group uses derivative financial instruments to hedge against currency, price and
interest rate risks.
The financial risk management principles observed by the Group are subject to
approval by the Board of Directors of Apetit Plc, and the practical
implementation of these principles is the responsibility of the Financing
Department, together with the business unit management.
1. Market risks
Interest rate risk
EUR million
31.12.2024
31.12.2023
Other current financial assets
2.4
4.1
Cash and cash equivalents
1.7
9.9
At the end of the financial year the Group had no issed commercial papers and
loans from financial institutions
Other short-term financial assets consist of liquid interest investments.
Sensitivity to interest rate risk arising from financial instruments
With the balance sheet structure on 31 December, a rise of one percentage
point in interest rates would have increased Group’s net result by EUR 0.1 (0.1)
million and the equity by EUR 0.1 (0.1) million. The effect of interest rate
decreasing one percentage point would have been the opposite.
74
Commodity risk
The Group is exposed to commodity risks associated with the availability of raw
materials, the time difference between procurement and sales, and price
fluctuations. The business units are responsible for managing their commodity
risks in accordance with the risk management principles. Hedge accounting is
mostly applied when hedging the raw material risk.
The most significant commodity risks of Oilseed products relate to rapeseed.
The business units have defined risk limits to stay inside. Quoted commodity
futures and forward agreements are used to manage the risk exposure. The main
commodities of Oilseeds products business unit have functional derivative
markets such as CME (CBOT) and Euronext (Matif), and the hedging
relationships are mostly effective. Even then, hedging may be implemented. The
Group's exposure to raw material risk and the maturity of the hedging derivative
instruments, respectively, are less than 12 months. All instruments have
published market prices at the balance sheet date on the commodity exchanges
mentioned above.
Food Solutions commodity risks arise from store chains’ pricing periods, where
prices are fixed for the entire pricing period. Commodity risk is mostly controlled
by purchase and sales functions’ co-operation.
From the beginning of the year 2022, the Group's Finnish companies have
entered a several years long fixed-price electricity purchase agreement.
Electricity risk management is guided by a separate electricity procurement risk
policy.
Sensitivity to commodity risk arising from financial instruments
EUR million
31.12.2024
31.12.2023
Derivative based commodity prices increase by 10%
Effect on equity
-0.7
1.4
Derivative based commodity prices decrease by 10%
Affect on equity
0.3
-2.1
When cash flow hedge accounting is applied, the change in the fair value of
derivative financial instruments is assumed to be recorded fully in equity.
Currency Risk
The Group operates in international markets and is thus exposed to currency
risks arising from changes in exchange rates. The Group’s currency risks concern
sales, purchases and balance sheet items denominated in foreign currencies
(transaction risk).
75
The principle followed by the Group is to hedge the original transaction risk in
the case of all financially significant currency positions. Hedging can also be
made against a probable future open currency position. The instruments
available in currency hedging are forward currency contracts and currency
options. The Group’s business units are responsible for currency risk hedging.
Currency hedging is guided by the risk management policy specifically defined
for the purpose and this is monitored by the Group’s Financing Department,
together with the business unit management.
At the closing date of the financial statement the Group had no significant
currency positions.
Fair value hierarchy on financial assets and liabilities valued at fair value
EUR million
Level 1
Level 2
Level 3
Total
Assets 31.12.2024
Other current financial assets
2.4
-
-
2.4
Liabilities 31.12.2023
Other current financial assets
4.1
-
-
4.1
Assets 31.12.2024
Commodity derivatives, hedge accounting
-0.4
-
-
-0.4
Liabilities 31.12.2023
Commodity derivatives, hedge accounting
-0.4
-
-
-0.4
During the year there has not been any transfers between levels 1 and 2.
Level 1 fair values are based on prices obtained from active markets.
Level 2 fair values are based on other input data and commonly accepted fair
value models. The input data is based on observable market prices.
Level 3 fair values are mostly based on other input data that are not for the most
part based on observable market prices, instead management estimates and
commonly accepted fair value models.
Nominal values of derivative instruments
EUR million
31.12.2024
31.12.2023
Commodity derivatives, cash flow hedge
accounting
22.2
20.2
Other information related to cash flow hedge
76
The Group applies cash flow hedge accounting to commodity derivatives.
Derivatives expire within one year. Profit and loss statement effects of cash flow
hedges are materially netted against the opposing fair value change of the
hedged item.
EUR million
1-12/2024
1-12/2023
Cash flow hedges recognised in equity
0.6
1.2
Taxes related to cash flow hedges booked in
equity
-0.1
-0.2
Derivatives related to purchases and other
operating income and expense
-1.1
-4.7
Taxes related to cash flow hedges booked in
profit and loss
0.2
0.9
2. Credit risk
Derivative financial instruments are only entered into with domestic and foreign
counterparties that have a good credit rating. Commodity derivative instruments
can be entered into on the appropriate commodity exchanges if necessary.
Liquid assets may be invested within the approved limits in targets with a good
credit rating.
To minimize the operational credit risk, the business units endeavour to obtain
collateral security, as credit insurance in the event that a customer’s credit rating
so requires.
The Group’s management evaluates that there are no significant customer,
geographical or counterparty concentrations in the Group’s credit and
counterparty risks. The sale of receivables to a financial institution and the use of
credit insurance for some other trade receivables reduces the Group's
counterparty risk.
Aging of Group’s receivables
EUR million
31.12.2024
31.12.2023
Not due
7.0
7.2
0 - 3 months past due
0.3
0.2
4 - 6 months past due
0.0
0.1
Over 6 months past due
-
0.0
Total
7.3
7.4
3. Liquidity risk
77
The liquidity risk is the risk that the company may not have sufficient liquid assets
or be unable to acquire enough funds to meet the needs of its business
operations. The aim of liquidity risk management is to maintain sufficient liquid
funds and credit facilities to ensure that there is always enough financing for the
Group’s business operations. The cash flows of the Group companies are netted
with the aid of the Group’s internal bank and Group accounts. To manage
liquidity, the Group has a commercial paper programme worth EUR 100.0
(100.0) million and long-term binding credit facilities agreed with financial
institutions; a total of EUR 29.0 (29.0) million was available in credit at the closing
date of the financial statement. The long-term share of the limit is EUR 25.0
(25.0) million. There were no commercial papers issued during the financial
period. Liquidity risk management is the responsibility of the parent company’s
Financing Department.
Group’s derivative liabilities, trade payables and interest-bearing loan
repayments and interest cash flows
31.12.2024
1 - 5
> 5
EUR million
month
month
years
years
Lease liabilities
-0.4
-1.2
-3.3
-4.5
Trade payables
-8.3
-0.3
-
-
Derivative liabilities
-0.4
0.0
-
-
Total
-9.1
-1.5
-3.3
-4.5
31.12.2023
1 - 5
> 5
EUR million
month
month
years
years
Lease liabilities
-0.4
-1.2
-3.6
-5.0
Trade payables
-8.0
-0.4
-
-
Derivative liabilities
-0.2
-0.1
-
-
Total
-8.7
-1.7
-3.6
-5.0
4. Capital risk management
The main objective for capital risk management is to secure the Group’s
operational preconditions in all circumstances. The capital structure of the Group
is reviewed by the Board of Directors on a regular basis. Apetit plc does not have
a public credit rating.
The amounts of the Group’s interest-bearing debts can fluctuate significantly
during the year due to a seasonality of the employed working capital. Normally
the employed working capital is at highest level during the latter part of the year
and at lowest level during spring and summer.
EUR million
31.12.2024
31.12.2023
Interest Bearing liabilities
7.4
8.1
Other current financial assets
2.4
4.1
Cash and cash equivalents
1.7
9.9
Interest bearing net liabilities
3.3
-5.9
Equity
107.6
103.5
78
Interest-bearing net debt and equity total
110.9
97.6
Net gearing
3.1 %
-5.7 %
Equity Ratio
79.8 %
78.9 %
Note 25. Collateral, contingent liabilities, contingent
assets and other commitments
EUR million
31.12.2024
31.12.2023
Pledges given for debts
Guarantees
2.2
2.2
Binding agreements not recognised in the
balance sheet
Within one year
1.0
0.8
After one year but not more than five years
0.9
1.2
After more than five years
1.4
1.6
Total
3.2
3.5
Investment commitments
Food Solutions
2.1
1.1
Oilseed products
0.3
2.2
Group functions
1.0
1.7
Other contingent liabilities
Liability to adjust value added tax on property investments
The Group is liable to adjust value added tax deductions on the 2015-2024
property investments, if the taxable use of the properties decreases. The
maximum value of the liability is EUR 1.7 (1.8) million and the liability is valid
until 2034.
Note 26. Related party transactions
Parent company and subsidiary
relations of the Group
Domicile
Group's share
of ownership
%
Group's share
of votes %
Apetit plc (parent company)
Finland
100.0
100.0
Apetit Ruoka Oy
Finland
100.0
100.0
Apetit Kasviöljy Oy
Finland
100.0
100.0
Finland
100.0
100.0
Non-operative company:
Lännen Sokeri Oy
Finland
100.0
100.0
* Merged during 2023
79
Salaries, wages and benefits of the administrative bodies of the Group
The administrative bodies consist of the members of the Supervisory Board, the
Board of Directors, the CEO and other members of the corporate management
of the parent company.
EUR 1000
1-12/2024
1-12/2023
Supervisory Board
Harri Eela, chairman of the
Supervisory Board
20
17
Juha Junnila, deputy chairman of the
Supervisory Board from 18 April 2024
11
-
Maisa Mikola, deputy chairman of the
Supervisory Board until April 18 2024
7
14
Other members of the Supervisory
Board
30
18
The salaries, fees and fringe benefits of the members of the Board of Directors,
the President and CEO and the other members of the Management Team were
as follows on an accrual basis:
EUR 1000
1-12/2024
1-12/2023
Board
Lasse Aho, chairman of the Board
62
54
Niko Simula, deputy chairman of the
Board
43
34
Heli Arantola, member of the Board
from April 11 2024
27
-
Annikka Hurme, member of the
Board
36
30
Antti Korpiniemi, member of the
Board
37
28
Kati Sulin, member of the Board
37
28
Tero Hemmilä, member of the Board
until 11 April 2024
10
19
Management
Esa Mäki, CEO
515
450
Corporate management, four
members
851
737
80
The remuneration and incentive plans for management are made up of
monetary remuneration, fringe and pension benefits, and performance-related
compensation settled in cash and shares, by which the degree of success for the
year is measured. The level of these plans is compared annually with the general
market level. The Board of Directors of Apetit plc decides on the principles for
the remuneration and incentive plans for the CEO and other members of the
management. The Board also confirms annually the indicators to be used for
the plans and their level in relation to the targets set. The indicators also include
key figures connected with annual budgets. In 2022, indicators for the CEO and
management were among others the Group´s and applicable business unit's
EBIT. The maximum amount of performance-related compensation
corresponds to 50 per cent of annual salary in the case of the CEO, and 33 per
cent of annual salary for other management.
The agreed retirement age for the CEO is 63 years.
Post–employment benefits
EUR 1 000
1-12/2024
1-12/2023
Amount recognized as an expense
due to retirement benefit
Esa Mäki, CEO
35
38
The key conditions of the CEO’s terms of service are defined in his contract. The
period of notice for the CEO is twelve months.
The Group did not have any loan receivables from the group key management
during the financial periods.
Transactions with related parties
EUR million
1-12/2024
1-12/2023
Sales to associated companies
0.9
0.9
Purchases from associated
companies
1.2
2.2
Trade receivables and other
receivables from associated
companies
0.2
0.2
Trade payables and other liabilities to
associated companies
0.2
0.2
Sales to other related parties
0.0
0.2
Purchases from other related parties
0.2
1.2
Receivables from other related
parties
-
0.0
Liabilities to other related parties
0.1
0.2
The sales of goods and services to related parties are based on valid market
prices.
Purchases and liabilities with other related parties relate mostly to agricultural
product purchases from members of the Supervisory Board.
81
Note 27. Changes in accounting policies
There have not been any significant changes in the principles in preparing
the financial statements.
Note 28. Events since the end of the financial year
The Group is not aware of any events of material importance after the
balance sheet date that might have affected the preparation of the financial
statements.
82
Parent company income statement, FAS
EUR 1000
Note
1-12/2024
1-12/2023
Net sales
(1)
1,276
1,182
Other operating income
(2)
835
637
Personnel expenses
(3)
-2,376
-2,369
Depreciation, amortisation and
impairment
(4)
-212
-114
Other operating expenses
(5)
-2,414
-2,888
Operating profit / loss
-2,891
-3,551
Financial income and expenses
(6)
4,360
3,111
Profit / loss before appropriations and
taxes
1,469
-440
Group contributions
5,000
2,800
Change in depreciation difference
-204
35
Change in deferred tax assets
(7)
-674
-317
Net profit / loss
5,591
2,078
83
Parent company balance sheet, FAS
EUR 1000
Note
31.12.2024
31.12.2023
ASSETS
Long-term assets
Intangible assets
(8)
3,873
1,582
Tangible assets
(9)
3,020
3,072
Investments in Group companies
(10,11)
31,538
31,538
Investments in associated companies
(10,11)
12,158
12,158
Other investments and receivables
(10,11)
404
16
Total long-term assets
50,994
48,365
Short-term assets
Long-term receivables
(12)
7,234
9,263
Deferred tax assets
(14)
422
1,096
Current receivables
(13)
32,061
18,040
Cash and cash equivalents
2,772
13,049
Total short-term assets
42,490
41,448
Total assets
93,484
89,814
SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity
(15)
Share capital
12,635
12,635
Share premium account
23,391
23,391
Invested non-restricted equity capital
234
234
Contingency reserve
7,232
7,232
Retained earnings
36,278
39,222
Profit / loss for the period
5,591
2,078
Total equity
85,360
84,791
Appropriations
204
-
Liabilities
(16)
Long-term non-interest-bearing
liabilities
501
577
Current interest-bearing liabilities
5,662
2,606
Current non-interest-bearing liabilities
1,757
1,839
Total liabilities
7,920
5,022
Total equity and liabilities
93,484
89,814
84
Parent company statement of cash flows, FAS
EUR 1000
1-12/2024
1-12/2023
Cash flow from operating activities
Profit before extraordinary items
1,469
-440
Adjustments *)
-4,321
-2,353
Change in non-interest-bearing current
receivables
-322
-1,336
Change in non-interest-bearing current
liabilities
-82
1,086
Cash flow from operating activities before
financial items and taxes
-3,256
-3,043
Interests paid
-159
-91
Interests received
1,767
1,896
Cash flow from operating activities (A)
-1,648
-1,238
Cash flow from investing activities
Investments in tangible and intangible assets
-2,489
-1,541
Proceeds from sales of tangible and intangible
assets
210
7
Investments in other investments
-388
-
Proceeds from disposals of other investments
-
3
Dividends received
2,752
1,306
Cash flow from investing activities (B)
84
-224
Cash flow before financing
-1,564
-1,462
Cash flow from financing activities
Acquisition of own shares
-366
-238
Sale of own shares
-
122
Change in long-term loans
-
-3
Change in short-term loans
-
-9
Change in subsidiary financing
-9,547
1,953
Change in group bank account
3,056
3,437
Dividends paid
-4,656
-3,127
Group contributions
2,800
1,600
Cash flow from financing activities (C)
-8,713
3,735
Net increase/decrease in cash and cash
equivalents (A+B+C)
-10,277
2,272
Cash and cash equivalents at beginning of
financial year
13,049
10,777
Cash and cash equivalents at end of financial
year
2,772
13,049
*) Adjustments
85
Depreciation, amortisation and impairment
212
114
Financial income and expenses
-4,360
-3,111
Gains and losses on sales of tangible and
intangible assets
-173
1
Other non-cash items
-
643
Total
-4,321
-2,353
86
Accounting principles, FAS
Reclassification of net sales reporting
Apetit Plc reports the group management fees as net sales because of
change in company's industry classification. The comparison data has been
updated accordingly.
Valuation of fixed assets
Fixed assets have been capitalised at their acquisition cost less accumulated
depreciation. Fixed assets have been depreciated on a straight-line basis
according to plan, based on useful economic life.
Foreign currency items
Receivables and payables denominated in foreign currencies have been
translated into euros at the European Central Bank middle rate on the
closing day. Exchange rate differences caused by short-term receivables and
liabilities have been charged to the profit and loss account. Unrealised
exchange rate losses and gains of long-term receivables and liabilities have
also been charged to the profit and loss account.
Deferred tax assets and liabilities
Deferred tax assets from confirmed losses have been recognised in the
balance sheet for the following years using the tax rate confirmed at the
balance sheet date.
Other temporary differences arising from deferred tax liabilities and assets
are presented on a net basis in the notes.
Derivative contracts
In line with its risk management policy, the company uses a variety of
derivatives for hedging against a number of risks arising from foreign
currencies, interest rates and commodity prices. The market values of
derivatives are entered under derivative contracts in the other notes to the
accounts and indicate what the result would have been if the derivative
position had been closed at market prices on the date of closing of the
accounts.
Unrealised losses on derivative instruments are recognised in financial costs.
Unrealised gains are not recognised in profit and loss statement, gains are
recognised on financial income at the moment when derivative instrument is
realised.
Pension arrangements
87
Statutory pension coverage for corporate personnel is covered by pension
insurance. Special pension insurance policies provide additional pension
coverage under the Trust rules for former employees and retired staff
previously covered by the Lännen Tehtaat Staff Pension Trust.
The CEO has a voluntary defined contribution supplementary pension plan.
88
Notes to the parent company financial statement, FAS
89
1. Net sales
EUR 1000
1-12/2024
1-12/2023
Group management fee, domestic
1,276
1,182
Total
1,276
1,182
2. Other operating income
EUR 1000
1-12/2024
1-12/2023
Gains from sales of non-current assets
173
6
Rental income
378
363
Service fees
159
154
Other
125
114
Total
835
637
3. Personnel expenses and average number of
personnel
EUR 1000
1-12/2024
1-12/2023
Personnel expenses
Wages and salaries
1,905
1,905
Pension expenses
353
305
Other social security expenses
118
159
Total
2,376
2,369
Salaries, wages and benefits of the administrative bodies are presented in
Note 27 of the Notes to the consolidated financial statements.
Personnel, FTE
15
14
The pension commitments to the members of the Board of Directors and the
CEO:
The retirement age of the CEO is 63 years.
4. Depreciation, amortisation and impairments
Tangible and intangible assets have been capitalised at their acquisition cost
less accumulated depreciation. Tangible and intangible assets are subject to
straight-line depreciation and amortisation over the period of their useful lives.
Depreciation and amortisation have been applied since the month the asset
was taken into use.
Depreciation and amortisation periods:
Intangible rights
5 or 10 years
Other capitalised long-term expenses
5 or 10 years
90
Buildings and structure
20-30 years
Other buildings and constructions
5 or 10 years
Machinery and equipment
5 or 10 years
The basis for depreciation and amortisation has not changed.
EUR 1000
1-12/2024
1-12/2023
Depreciation and amortisation according to
plan
Intangible rights
4
4
Other capitalised long-term expenses
143
31
Buildings and structure
65
78
Total
212
114
5. Other operating expenses
EUR 1000
1-12/2024
1-12/2023
Other operating expenses
Merger loss
-
643
Rental expenses
204
162
Administrative expenses
1,556
1,600
Other operating expenses
654
483
Total
2,414
2,888
Audit fees
Annual audit
65
75
Other services
10
-
Total
75
75
6. Financial income and expenses
EUR 1000
1-12/2024
1-12/2023
Dividend income
From associated company
2,751
1,306
From others
1
1
Total
2,752
1,306
Interest income from long-term investments
From Group companies
831
846
Other interest and financial income
From Group companies
801
665
Interest incomes from others
135
340
Other financial incomes from others
-
44
Total
936
1,050
Financial income, total
4,519
3,202
Interest expenses and other financial expenses
91
To Group companies
3
2
Interest expenses to others
19
0
Other financial expenses to others
137
89
Total
159
91
Financial expenses total
159
91
Financial income and expenses, total
4,360
3,111
7. Income taxes
EUR 1000
1-12/2024
1-12/2023
Change in deferred tax assets
-674
-317
Total
-674
-317
92
8. Long-term intangible assets
EUR 1000
Intangible rights
Other capitlised long-
term expenses
Construction in
progress
Total
Acquisition cost 1.1.2024
63
232
1,530
1,825
Additions
-
2,180
363
2,543
Disposals
-25
-14
-
-40
Transfers between items
-
1,426
-1,530
-104
Acquisition cost 31.12.2024
38
3,823
363
4,224
Accumulated amortisation 1.1.2024
-56
-187
-
-243
Disposals, accumulated amortisation
25
14
-
40
Amortisation for the period
-4
-143
-
-147
Accumulated amortisation 31.12.2024
-35
-316
-
-351
Book value 1.1.2024
7
45
1,530
1,582
Book value 31.12.2024
3
3,508
363
3,873
EUR 1000
Intangible rights
Other capitlised long-
term expenses
Construction in
progress
Total
Acquisition cost 1.1.2023
63
221
-
284
Additions
-
10
1,530
1,541
Acquisition cost 31.12.2023
63
232
1,530
1,825
93
Accumulated amortisation 1.1.2023
-52
-156
-
-208
Amortisation for the period
-4
-31
-
-35
Accumulated amortisation 31.12.2023
-56
-187
-
-243
Book value 1.1.2023
11
66
-
76
Book value 31.12.2023
7
45
1,530
1,582
94
9. Long-term tangible assets
EUR 1000
Land and water
areas
Buildings and
structures
Machinery and
equipment
Other tangible
assets
Construction in
progress
Total
Acquisition cost 1.1.2024
2,148
5,348
251
57
-
7,805
Additions
50
-
-
-
-
50
Disposals
-37
-61
-
-
-
-98
Acquisition cost 31.12.2024
2,161
5,288
251
57
-
7,757
Accumulated depreciation 1.1.2024
-
-4,482
-251
-
-
-4,733
Disposals and transfers, accumulated depreciation
-
61
-
-
-
61
Depreciation for the period
-
-65
-
-
-
-65
Accumulated depreciation 31.12.2024
-
-4,486
-251
-
-
-4,737
Book value 1.1.2024
2,148
866
-
57
-
3,072
Book value 31.12.2024
2,161
802
-
57
-
3,020
EUR 1000
Land and water
areas
Buildings and
structures
Machinery and
equipment
Other tangible
assets
Construction in
progress
Total
Acquisition cost 1.1.2023
2,157
5,348
251
57
-
7,814
Disposals
-9
-
-
-
-
-9
Acquisition cost 31.12.2023
2,148
5,348
251
57
-
7,805
95
Accumulated depreciation 1.1.2023
-
-4,404
-251
-
-
-4,655
Depreciation for the period
-
-78
-
-
-
-78
Accumulated depreciation 31.12.2023
-
-4,482
-251
-
-
-4,733
Book value 1.1.2023
2,157
945
-
57
-
3,159
Book value 31.12.2023
2,148
866
-
57
-
3,072
Carrying amount of land includes revaluations of 1.7 M€
96
10. Investments
EUR 1000
Holdings in Group
companies
Holdings in
associated
companies
Other investments
Other receivables
Total
Acquisition cost 1.1.2024
31,538
12,158
12
4
43,712
Additions
-
-
381
8
388
Book value 31.12.2024
31,538
12,158
393
12
44,100
EUR 1000
Holdings in Group
companies
Holdings in
associated
companies
Other investments
Other receivables
Total
Acquisition cost 1.1.2023
32,178
12,158
12
6
44,355
Additions
1,545
-
-
-
1,545
Disposals
-2,186
-
-
-3
-2,188
Book value 31.12.2023
31,538
12,158
12
4
43,712
97
11. Shares of Group companies, associated companies
and other shares and receivables
Domicile
Holding-%
Group companies
Apetit Ruoka Oy
Säkylä
100.0
Apetit Kasviöljy Oy
Helsinki
100.0
Lännen Sokeri Oy, lepäävä yhtiö
Säkylä
100.0
Associated companies
Sucros Oy
Helsinki
20.0
Foodwest Oy
Seinäjoki
18.4
EUR 1000
Bookvalue
Other shares, holdings and long-term
receivables
Unquoted shares and holdings
393
Connection fees, long-term receivables
12
Total
404
12. Long-term receivables
EUR 1000
31.12.2024
31.12.2023
Loans receivables from Group companies *)
6,733
8,686
Other receivables
501
577
Total
7,234
9,263
13. Short-term receivables
EUR 1000
31.12.2024
31.12.2023
Accounts receivable
42
30
Amounts owed by the Group companies
Accounts receivable
2,459
2,184
Loans receivable *)
24,453
12,953
Group contribution receivables
5,000
2,800
Other receivables
10
-
Total
31,922
17,937
Amounts owed by the associated companies
Accounts receivable
Accounts receivable
20
18
Total
20
18
Other receivables from others
Other
78
55
Total
78
55
98
Short-term receivables total
32,061
18,040
*) The company has granted loans to companies in the group. The total
amount of investment loans is EUR 8,7 million and the remaining loan term is
4-5 years. The investment loans are repaid in equal instalments once a year
and interest is paid quarterly. The interest rate on the investment loans is tied
to Euribor 6 months + 3.7% margin. The total amount of working capital loans
is EUR 22,5 million and the loan term is less than one year. The working capital
loan can be withdrawn and repaid freely within the maximum loan amount,
which is EUR 25,0 million. The interest is paid quarterly and is tied to Euribor 3
months + 1.6% margin. A 0.3% fee is paid quarterly on the unwithdrawn
portion.
14. Deferred tax assets
EUR 1000
31.12.2024
31.12.2023
Deferred tax assets, carry forward of unused tax
losses
422
1,096
A change in deferred tax assets of EUR -678,255.03 (-317,646.38) has been
recorded from the result for the financial year.
The net amount of the off-balance sheet deferred tax liability is EUR 64.418,05
15. Changes in shareholders’ equity
EUR 1000
31.12.2024
31.12.2023
Share capital 1 Jan.
12,635
12,635
Share capital 31 Dec.
12,635
12,635
Share premium account 1 Jan.
23,391
23,391
Share premium account 31 Dec.
23,391
23,391
Contingency reserve 1 Jan.
7,232
7,232
Contingency reserve 31 Dec.
7,232
7,232
Invested non-restricted equity capital 1.1
234
234
Invested non-restricted equity capital 31.12
234
234
Retained earnings 1 Jan.
39,222
41,916
Transfer from previous year's profit
2,078
672
Dividends paid
-4,656
-3,127
Amount paid for own shares
-366
-238
Retained earnings 31 Dec.
36,278
39,222
Profit / loss for the financial year
5,591
2,078
99
Shareholders’ equity 31 Dec.
85,360
84,791
Distributable funds
Contingency reserve
7,232
7,232
Invested non-restricted equity capital
234
234
Retained earnings
36,278
39,222
Profit for the financial year
5,591
2,078
Distributable funds 31 Dec.
49,334
48,766
16. Liabilities
EUR 1000
31.12.2024
31.12.2023
Long-term liabilities
Provisions for pensions
501
577
Total
501
577
Short-term liabilities
Trade payables
405
495
Total
405
495
Amounts owed to Group companies
Trade payables
205
18
Other liabilities
70
61
Group account liabilities
5,662
2,606
Total
5,937
2,686
Amounts owed to associated companies
Trade payables
3
4
Other liabilities
Tax account payable
211
256
Accrued expenses and deferred income
Personnel expenses
716
838
Accruals of expenses
148
166
Total
864
1,004
Long-term non-interest-bearing liabilities
501
577
Short-term liabilities, interest-bearing, total
5,662
2,606
Short-term liabilities, non-interest-bearing, total
1,757
1,839
Total
7,920
5,022
17. Contingent liabilities
100
EUR 1000
31.12.2024
31.12.2023
Lease liabilities
Falling due during the following year
181
180
Falling due at later date
-
178
Other lease liabilities
Falling due during the following year
13
16
Falling due at later date
-
14
Other liabilities
Guarantees
51
51
Contingent liabilities on behalf of the Group
companies
Guarantees
2,155
2,155
Liabilities total
2,400
2,593
Outstanding derivative instruments
Other liabilities
The company is required to review the VAT deductions it has made for real
estate investments completed in 2015-2024 if the taxable use of the property
decreases during the review period. The maximum liability is EUR 147,466.48
and the last review year is 2034.
101
Proposal of the Board of Directors for the distribution of profits
The parent company’s distributable funds totalled EUR 49,334,350.95 on 31 December 2024, of which EUR 5,590,874.17 is profit for the financial year.
The Board of Directors will propose to the Annual General Meeting that the distributable funds will be distributed as a dividend of EUR 0.75 per share i.e. a total of at
fi
nancial statement date for the entire number of shares EUR 4,738,182.00 and the number of shares owned by outside the company EUR 4,656,227.25.
No significant changes have taken place in the financial position of the parent company since the end of the financial year. The company’s liquidity is good, and the
Board deems that the company’s solvency will not be jeopardised by the proposed distribution of dividends. No dividend will be paid on the company's own shares.
Signatures to the Board of Directors’ report and financial statements
Säkylä 12 February 2025
Lasse Aho Niko Simula Heli Arantola An auditor’s report has been issued today
Chairman Säkylä 12 February 2025
Annikka Hurme Antti Korpiniemi Kati Sulin Authorised Public Accountants
Esa Mäki Osmo Valovirta, KHT Erika Grönlund, KHT
CEO
102
AUDITOR’S REPORT (Translation of the Finnish original)
To the Annual General Meeting of Apetit Oyj
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Apetit Oyj (business identity code 0197395-5) for the
year ended 31 December, 2024. The financial statements comprise the consolidated balance sheet,
statement of comprehensive income, statement of changes in equity, statement of cash flows and
notes, including material accounting policy information, as well as the parent company’s balance
sheet, income statement, statement of cash flows and notes.
In our opinion
●
the consolidated financial statements give a true and fair view of the group’s financial
position , financial performance and cash flows in accordance with IFRS Accounting
Standards as adopted by the EU.
●
the financial statements give a true and fair view of the parent company’s financial
performance and financial position in accordance with the laws and regulations
governing the preparation of financial statements in Finland and comply with statutory
requirements.
Our opinion is consistent with the additional report submitted to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities
under good auditing practice are further described in the
Auditor’s Responsibilities for the Audit of
Financial Statements
We are independent of the parent company and of the group companies in accordance with the
ethical requirements that are applicable in Finland and are relevant to our audit, and we have
fulfilled our other ethical responsibilities in accordance with these requirements.
In our best knowledge and understanding, the non-audit services that we have provided to the
parent company and group companies are in compliance with laws and regulations applicable in
Finland regarding these services, and we have not provided any prohibited non-audit services
referred to in Article 5(1) of regulation (EU) 537/2014. The non-audit services that we have provided
have been disclosed in note 4. to the consolidated financial statements.
103
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.
We have fulfilled the responsibilities described in the
Auditor’s responsibilities for the Audit of the
Financial Statements
audit included the performance of procedures designed to respond to our assessment of the risks of
material misstatement of the financial statements. The results of our audit procedures, including the
procedures performed to address the matters below, provide the basis for our audit opinion on the
accompanying financial statements.
We have also addressed the risk of management override of internal controls. This includes
consideration of whether there was evidence of management bias that represented a risk of
material misstatement due to fraud.
Key Audit Matter
Revenue Recogniti on
We refer to the Group’s accounting policies
and the note 2
The group's net sales consist mainly of the
sales of frozen food and oil seed products.
The Group satisfies its agreed performance
obligations and recognizes revenue when
control over product is transferred to a
customer.
Revenue recognition is considered as a key
audit matter because revenues are a key
performance measure which could create an
incentive for revenue to be recognized
prematurely. Revenue recognition was also
determined to be a significant risk of material
misstatement referred to in EU Regulation No
537/2014, point (c) of Article 10(2).
How our audit addressed the Key
Audit Matter
Our audit procedures to address the risk of
material misstatement in respect of revenue
recognition included among others:
●
We assessed the appropriateness of
the group’s accounting policies over
revenue recognition compared to
IFRS standards.
●
We familiarized ourselves with the
group’s processes and controls over
timing of revenue recognition.
●
We tested the correct timing of
revenue recognition by using
analytical procedures and
transaction level testing. Our
procedures included data analytics,
obtaining external confirmations
and transaction level testing before
and after the balance sheet date as
well as inspection of credit notes
issued after the balance sheet date.
104
●
We considered the appropriateness
of the
group’s disclosures in respect of
revenues.
Valuation of shares in associated
companies
We refer to Group’s accounting policies and
notes 13 and 14
As of balance sheet date December 31, 2024
shares in associated companies amounted to
21,6 M€ in the Group’s balance sheet
consisting mainly of ownership in Sucros
group.
The management has prepared an
impairment test calculation based on the
value in use of the Group’s net investment in
Sucros. The valuation of shares in associated
companies was a key audit matter because
they constitute a material asset, representing
approximately 16 % of the Group's total
assets, and because the impairment testing
imposes significant estimates and judgement.
We performed, among others, the following
audit procedures:
●
We assessed the basis and
appropriateness of the forecasts
used, like projected profitability and
discount rate.
●
We tested the mathematical
accuracy of the calculation.
●
We involved our valuation
specialists to assist us in evaluating
the appropriateness and suitability
of the methodologies used and in
evaluating the assumptions used in
relation to market and industry
information.
Responsibilities of the Board of Directors and the Managing Director for the Financial
Statements
The Board of Directors and the Managing Director are responsible for the preparation of
consolidated financial statements that give a true and fair view in accordance with IFRS Accounting
Standards as adopted by the EU, and of financial statements that give a true and fair view in
accordance with the laws and regulations governing the preparation of financial statements in
Finland and comply with statutory requirements. The Board of Directors and the Managing Director
are also responsible for such internal control as they determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, the Board of Directors and the Managing Director are
responsible for assessing the parent company’s and the group’s ability to continue as going concern,
disclosing, as applicable, matters relating to going concern and using the going concern basis of
accounting. The financial statements are prepared using the going concern basis of accounting
unless there is an intention to liquidate the parent company or the group or cease operations, or
there is no realistic alternative but to do so.
105
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance on whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with good auditing practice will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of the financial statements.
As part of an audit in accordance with good auditing practice, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
●
Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
●
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the parent company’s or the group’s
internal control.
●
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
●
Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s
use of the going concern basis of accounting and based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the parent company’s or the group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the parent company or the group to cease to continue as
a going concern.
●
Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events so that the financial statements give a true and fair view.
●
Plan and perform the group audit to obtain sufficient appropriate audit evidence
regarding the financial information of the entities or business units within the group as a
basis for forming an opinion on the group financial statements. We are responsible for
the direction, supervision and review of the audit work performed for purposes of the
group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and communicate with them all relationships
and other matters that may reasonably be thought to bear on our independence, and where
applicable, related safeguards.
106
From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.
Other Reporting Requirements
Information on our audit engagement
We were first appointed as auditors by the
Annual General Meeting on May 28, 2021 and our
appointment represents a total period of uninterrupted engagement of four years.
Other information
The Board of Directors and the Managing Director are responsible for the other information. The
other information comprises the report of the Board of Directors and the information included in the
Annual Report, but does not include the financial statements and our auditor’s report thereon. We
have obtained the report of the Board of Directors prior to the date of this auditor’s report, and the
Annual Report is expected to be made available to us after that date.
Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated. With respect to report of the Board of Directors, our
responsibility also includes considering whether the report of the Board of Directors has been
prepared in compliance with the applicable provisions.
In our opinion, the information in the report of the Board of Directors is consistent with the
information in the financial statements and the report of the Board of Directors has been prepared
in compliance with the applicable provisions.
If, based on the work we have performed on the other information that we obtained prior to the
date of this auditor’s report, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Säkylä 12.2.2025
107
Osmo Valovirta Erika Grönlund
Authorized Public Accountant Authorized Public Accountant
108
(Translation of the Finnish original)
Independent Auditor’s Report on the ESEF Consolidated Financial Statements of
Apetit Oyj
To the Board of Directors of Apetit Oyj
We have performed a reasonable assurance engagement on the financial statements
743700RSFZUIQYABYT14-2024-12-31-fi.zi p of Apetit Oyj (y-identifier : 0197395-5) that have
been prepared in accordance with the Commission’s regulatory technical standard for the
financial year ended 31.12.2024.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director are responsible for the preparation of the
company’s report of Board of Directors and financial statements (the ESEF financial statements)
in such a way that they comply with the requirements of the Commission’s regulatory technical
standard. This responsibility includes:
●
preparing the ESEF financial statements in XHTML format in accordance with Article 3
of the Commission’s regulatory technical standard
●
tagging the primary financial statements, notes and company’s identi fication data in
the consolidated financial statements that are included in the ESEF financial
statements with iXBRL tags in accordance with Article 4 of the Commission’s regulatory
technical standard and
●
ensuring the consistency between the ESEF financial statements and the audited
financial statements
The Board of Directors and the Managing Director are also responsible for such internal control
as they determine is necessary to enable the preparation of ESEF financial statements in
accordance the requirements of the Commission’s regulatory technical standard.
Auditor’s Independence and Quality Management
We are independent of the company in accordance with the ethical requirements that
are applicable in Finland and are relevant to the engagement we have performed, and
we have fulfilled our other ethical responsibilities in accordance with these
requirements.
109
The firm applies International Standard on Quality Management (ISQM) 1, which
requires the firm to design, implement and operate a system of quality management
including policies or procedures regarding compliance with ethical requirements,
professional standards and applicable legal and regulatory requirements.
Auditor’s Responsibilities
Our responsibility is to, in accordance with Chapter 7, Sectio n 8 of the Securities Markets Act,
provide assurance on the financial statements that have been prepared in accordance with the
Commission’s technical regulatory standard. We express an opinion on whether the
consolidated financial statements that are included in the ESEF financial statements have been
tagged, in all material respects, in accordance with the requirements of Article 4 of the
Commission's regulatory technical standard.
Our responsibility is to indicate in our opinion to what extent the assurance has been
provided. We conducted a reasonable assurance engagement in accordance with
International Standard on Assurance Engagements (ISAE) 3000.
The engagement includes procedures to obtain evidence on:
●
whether the primary financial statements in the consolidated financial statements that
are included in the ESEF financial statements have been tagged, in all material
respects, with iXBRL tags in accordance with the requirements of Article 4 of the
Commission's regulatory technical standard and
●
whether the notes and company's identification data in the consolidated financial
statements that are included in the ESEF financial statements have been tagged, in all
material respects, with iXBRL tags in accordance with the requirements of Article 4 of
the Commission's regulatory technical standard and
●
whether there is consistency between the ESEF financial statements and the audited
financial statements.
The nature, timing and extent of the selected procedures depend on the auditor’s
judgement. This includes an assessment of the risk of material deviations due to fraud
or error from the requirements of the Commission’s technical regulatory standard.
We believe that the evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets Act is that the primary
financial statements, notes and company's identification data in the consolidated financial
statements that are included in the ESEF financial statements of Apetit Oyj
743700RSFZUIQYABYT14-2024-12-31-fi.zi p for the financial year ended 31.12.2024 have been
tagged, in all material respects, in accordance with the requirements of the Commission's
regulatory technical standard.
110
Our opinion on the audit of the consolidated financial statements of Apetit Oyj for the financial
year ended 31.12.2024 has been expressed in our auditor's report 12.2.2025. With this report
we do not express an opinion on the audit of the consolidated financial statements nor express
another assurance conclusion.
Helsinki 12.3.2025
Ernst & Young Oy
Authorized Public Accountant Firm
Osmo Valovirta
Authorized Public Accountant
111
Key indicators
Financial ratios
Profitability
Continuing operations
EUR million
2024
2023
2022
2021
2020
Net sales
162.6
175.5
181.7
283.9
292.9
Net sales from exports
28.6
32.5
42.4
108.5
134.0
Operating profit
9.3
7.5
3.5
2.8
3.9
% of net sales
5.7
4.3
1.9
1.0
1.3
R & D expenses
2.1
1.6
1.4
1.0
1.0
% of net sales
1.3
0.9
0.8
0.4
0.4
Financial income
(+)/expenses (-), net
-0.6
-0.2
-0.2
-0.4
-0.5
Result before taxes
10.3
11.3
3.8
2.9
3.7
% of net sales
6.3
6.4
2.1
1.0
1.3
Result for the period
8.5
9.8
3.2
2.4
3.1
% of net sales
5.2
5.6
1.7
0.8
1.0
Attributable to
Shareholders of the parent
company
8.5
9.8
3.2
2.4
3.1
Non-controlling interests
-
-
-
-
Finance and financial
position
Group
EUR million
2024
2023
2022
2021
2020
Return on equity, % (ROE)
8.0
9.8
5.5
2.5
3.4
Return on capital employed,
% (ROCE) *
8.3
7.3
5.7
2.4
3.3
Equity ratio, %
79.8
78.9
81.8
59.4
66.5
Net gearing, %
3.1
-5.7
-13.2
26.6
21.7
Non-current assets
76.1
74.9
64.9
68.0
67.7
Inventories
46.6
34.8
30.1
70.8
58.7
Other current assets
12.2
21.4
22.3
18.2
16.3
Shareholders' equity
107.6
103.5
96.0
93.3
95.0
Distributable funds
49.3
48.8
49.9
51.8
55.2
Interest-bearing liabilities
7.4
8.1
2.1
32.3
21.7
Non-interest-bearing
liabilities
19.9
19.5
19.2
31.6
26.1
112
Balance sheet total
134.9
131.1
117.3
157.1
142.8
Other indicators
Continuing operations
EUR million
2024
2023
2022
2021
2020
Gross investments excluding
business acquisitions
9.6
7.5
5.0
6.6
7.8
% of net sales
5.9
4.3
2.8
2.3
2.7
Group
2024
2023
2022
2021
2020
Personnel, FTE
315
298
303
337
343
Share indicators
Group
2024
2023
2022
2021
2020
Earnings per share, EUR
1.37
1.56
0.83
0.38
0.52
Dividend per share, EUR *
0.75
0.75
0.50
0.40
0.50
Dividend per earnings, %
54.9
48.1
60.1
105.4
96.6
Effective dividend yield, % *
5.4
5.7
4.9
3.1
4.7
P/E ratio
10.2
8.4
12.3
33.9
20.8
Shareholders' equity per
share, EUR
17.3
16.6
15.4
15.0
15.3
Share performance, EUR
Lowest price during the year
12.5
10.1
9.6
10.7
7.1
Highest price during the year
15.0
13.5
13.9
14.9
10.8
Average price during the year
13.6
12.4
10.9
13.1
8.9
Share price at the end of the
year
14.0
13.2
10.2
12.9
10.7
Share turnover
Share turnover (1,000 pcs)
308
551
500
1094
1627
Turnover ratio, %
4.9
8.7
7.9
17.3
25.8
Share capital, EUR million
12.6
12.6
12.6
12.6
12.6
Market capitalisation, EUR
million
88.1
84.1
64.4
81.2
67.6
Dividends, EUR million *
4.7
4.7
3.1
2.5
3.1
113
Number of shares
Number of shares
6,317,576
6,317,576
6,317,576
6,317,576
6,317,576
Average adjusted number of
shares
6,210,916
6,250,366
6,239,744
6,234,286
6,223,332
Adjusted number of shares at
the end of the period
6,208,303
6,235,801
6,239,908
6,238,923
6,228,346
Number of own shares
109,273
81,775
77,668
78,653
89,230
* Proposal of the board of
directors
114
Calculation of key indicators
IFRS key figures
Earnings per share
=
Net income attributable to the equity holders
of the parent
Average number of outstanding shares
during financial year
Alternative performance
measures
According to the ESMA (European Securities and Markets Authority)
Guidelines on Alternative Performance Measures, an Alternative Performance
Measure (APM) is understood as a financial measure of historical or future
financial performance, financial position, or cash flows, other than a financial
measure defined or specified in the applicable financial reporting framework.
In addition to IFRS key figures, Apetit uses and reports the following alternative
performance measures:
Return on equity (ROE), %
=
Profit/loss for the period
Total equity (average for the beginning and
end of the period)
=
Operating profit
Return on capital
employed (ROCE), %
Capital employed, average of the last five
quarter ends
Capital employed
=
Equity + interest-bearing liabilities
Equity ratio, %
=
Total equity
Total assets - Advance payments received
Gearing, %
=
Interest-bearing net debt
Total equity
Interest-bearing net
liabilities
=
Interest-bearing liabilities - Cash and cash
equivalents - short term investments
Dividend per earnings, %
=
Dividend per share
Earnings per share
Effective dividend yield, %
=
Dividend per share
Share price at the end of the period
Price/earnings ratio (P/E)
=
Share price at the end of the period
Earnings per share
Shareholders' equity per
share
=
Equity attributable to the equity holders of
the parent company
115
Basic number of outstanding shares on 31
December
Market capitalisation
=
Basic number of outstanding shares x Closing
share price
116
Shareholders and shares
Major Shareholders
Number of
shares
%
Number of
votes
%
Valio's Pension Fund
580,108
9.2
580,108
9.3
Berner Oy
499,667
7.9
499,667
8.0
Eela Esko
392,392
6.2
392,392
6.3
Nordea Nordic Small Cap Fund
369,860
5.9
369,860
6.0
Central Union of Agricultural Producers and Forest Owners
205,485
3.3
205,485
3.3
Poutiainen Juha
110,000
1.7
110,000
1.8
Laakkonen Mikko
102,802
1.6
102,802
1.7
Niemi trust fund SR
100,096
1.6
100,096
1.6
Pharmacies Pension Fund
90,395
1.4
90,395
1.5
Skandinaviska Enskilda Banken ABP, Helsinki Branch
81,524
1.3
81,524
1.3
Top 10 sub-total
2,532,329
40.1
2,532,329
40.8
Nominee-registered shares
130,062
2.1
130,062
2.1
Other shareholders
3,545,912
56.1
3,545,912
57.1
External ownership total
6,208,303
98.3
6,208,303
100.0
Shares owned by the company
109,273
1.7
Total
6,317,576
100.0
Distribution of ownership
117
% of shareholders
% of shares
Companies total
2.2
18.4
Financial and insurance institutions
0.1
6.2
Public organisations
0.2
12.2
Private households
96.3
56.2
Non-profit organisations
0.9
4.9
Foreign owners
0.3
0.1
Nominee-registered
2.1
Total
100.0
Distribution of shareholdings
Shares
Number of
shareholders
pcs
% of
shareholders
Number of
shares pcs
% of shares
1
100.0
7,085
58.0
263,979
4.2
101
500.0
3,802
31.1
923,218
14.6
501
1000.0
761
6.2
567,730
9.0
1001
5000.0
487
4.0
928,296
14.7
5001
10000.0
47
0.4
314,385
5.0
10001
50000.0
26
0.2
492,021
7.8
50001
100000.0
5
0.0
358,264
5.7
100001
500000.0
8
0.1
1,889,575
29.9
500001
1
0.0
580,108
9.2
Total
12,222
100.0
6,317,576
100.0
118