Press release Rotterdam, 14 March 2013

Transcription

1 Press release Rotterdam, 14 March another record year for Acomo - dividend increased by 8% to 0.70 per share Main points 2012 Net profit: 27.0 million (2012: 26.2 million, + 3.3%) Earnings per share: (2011: 1.130, + 2.9%) Proposed total dividend: 0.70 per share (2011: 0.65, + 7.7%) Final dividend 0.55 per share All activities profitable, new record results for Van Rees Group and Snick EuroIngredients and continued strong performance of Catz International and Red River Commodities Group solvency further increased to almost 46% (Y/E 2011: 40.5%) High price levels of food commodities, stronger US Dollar, consumption under pressure Start-up new production facility for sunflower seed products in Lubbock, Texas (November 2012) In 2012, consolidated sales of Amsterdam Commodities N.V. (Acomo) increased by 4% to 593 million (2011: 571 million). Net profits reached 27.0 million, slightly above the 2011 record year (2011: 26.2 million, +3.3%). All group companies were profitable. Catz International, Van Rees Group and Red River Commodities performed strongly, notwithstanding complex economical and trading circumstances, while Snick EuroIngredients showed good progress. Furthermore, the 2012 results were also positively affected by a stronger average US Dollar-Euro exchange rate. Key figures 2012 In million Sales Operating profit (EBIT) Financial income and expenses Corporate income tax Net profit from recurring operations Non-recurring, non-cash items Net profit Shareholders equity (before final dividend) Total assets Solvency 45.9% 40.5% Basic earnings per share (in ) Dividend per share (in ) - total (2012: proposed) Dividend pay-out ratio 60% 58% Equity per share y/e (in ) Return on Equity 23% 29% 1

2 The trading environment was particularly complex in 2012, says managing director Stéphane Holvoet. Prices of food commodities eased following better harvests and declining consumer confidence due to the economic crisis in the West. But increasing demand from emerging countries and a strong US Dollar- Euro exchange rate resulted in price levels remaining at a relatively high level. In these challenging markets our experienced trading teams continued to play an important role in the total value chain, servicing our suppliers and customers. The realized results were outstanding. A summary of the main developments of the net profit compared to 2011 is shown below (x EUR 000): 2

3 Catz International B.V. (Rotterdam; spices, desiccated coconut, nuts, dried fruits) maintained its sales at the 2011 level. The 2012 net profit was almost equal to the 2011 all-time high results. On average, prices of various product groups eased to levels below the 2011 records. In absence of extreme climatic events, harvested volumes increased and contributed to restore the supply of products to more normal levels. All activities within Catz were profitable. Tovano B.V., the 100% subsidiary active in packed nuts and dried fruits, also had a good year. Red River Commodities Inc. (Fargo, USA), active in sourcing, processing and distribution of edible seeds, mainly sunflower seeds, performed strongly despite very challenging market circumstances. The American farm belt states saw historic draughts resulting in uncertainties about yields and quality of harvests of major commodities. We saw unusually fast rising prices of major cash crops, which indirectly affected the sunflower seed business. Despite these developments, Red River further strengthened its market positions in its home markets and recorded higher results. A key milestone was the construction and startup of a new state of the art sunflower seed production in Lubbock, Texas. This large project was realized within just 10 months. The new facility is fully compliant with all modern food safety and environment sustainability standards. 100% subsidiary Red River van Eck (Zevenbergen, NL) also had a very good year in its traditional trade of poppy seeds, while new activities relating to sunflower seed products were started in Europe. Van Rees Group B.V. (Rotterdam), the largest independent global tea sourcing and distribution company, again achieved excellent results. Increasing demand worldwide combined with lower harvests due to draughts resulted in high tea prices. Export markets in the Middle East remained distressed due to political unrest. Total sales volumes were somewhat lower, nevertheless Van Rees was able to slightly improve its 2011 record result. In addition, the stronger average US dollar-euro exchange rate positively affected the profits in Euro. At King Nuts & Raaphorst B.V. in Bodegraven (nuts and rice crackers) volumes and margins remained under pressure for all nuts in the higher price categories as consumers remained very price sensitive. The sales of rice crackers, an important product group for King Nuts, decreased due to lack of products after China had virtually stopped exports following implementation of new EU quality certification requirements. Finally, an important customer going into receivership affected the 2012 results negatively. 3

4 In 2012, the natural food ingredients businesses developed positively. Snick EuroIngredients (Beernem, Belgium) realized significant sales and profit growth by further developing its distribution channels, by adding new product segments and by active involvement in product development for its customers. In addition, the exclusive distribution contract signed with Cargill generated the first positive results. The results of TEFCO EuroIngredients (Bodegraven, NL) stabilized at a relatively low level. Amsterdam Commodities N.V. Active working capital management combined with average lower price levels of food commodities resulted in a reduction of the group s total balance sheet. Total assets as at 31 December 2012 amounted to 266 million (Y/E 2011: 276 million). In 2012, the main financial developments were: Shareholders equity increased by 10 million to 122 million on 31 December 2012 (Y/E 2012: 112 million) after adding the 2012 net profit amounting to 27.0 million and after dividend payments to shareholders amounting to 15.6 million; Total fixed assets increased by approximately 8 million mainly due to capital investments in the new production facility in Lubbock, Texas; Total working capital (mainly inventories, trade receivables and creditors) decreased by almost 21 million reflecting lower price levels of traded products combined with active working capital management. As a direct consequence, total working capital debt reduced by more than 22 million; Solvency as at 31 December 2012 was about 46% (Y/E 2011: 40.5%). Basic earnings per share increased by 3% to (2011: 1.130). Our financial position was further strengthened in 2012 by active working capital management, says CFO Jan ten Kate. Acquisition loans were further reduced and we were able to secure new long-term loans at favorable conditions for our capital investments in the US and Belgium. At the 2012 year end, solvency reached almost 46% which we consider as very robust and our total working capital head room at banks increased by 25 million to 95 million. Ample headroom enables our traders to service our suppliers and customers without concern about the availability of liquidities. This is essential in current trading. 4

5 Dividend Management and Supervisory Board propose to the Shareholders to increase the total 2012 dividend by 7.7% to 0.70 per share (2011: 0.65). This represents a pay-out of 60% of net profits. Taking into account the interim dividend paid in September 2012 of 0.15 per share, the final dividend would therefore amount to 0.55 per share, payable in cash. The following dividend timetable is applicable: 9 May 2013 Ex-dividend date 13 May 2013 Dividend record date 23 May 2013 Dividend payment date Current performance The year 2012 saw a reversal in the long rising price trend due to a negative economic climate in general. In the first two months of 2013, global trading activities remained at about the same level as last year with a slightly lower average US Dollar-Euro exchange rate. Given the nature of our activities, it is impossible to forecast the further development of the markets or the results of the Group in However, we are confident that our trading teams will continue to generate profitable results for the shareholders. General meeting of Shareholders The annual general meeting of Shareholders will be held on 7 May 2013 at 10:30 a.m. in the Hilton Hotel in Rotterdam. The 2012 annual report will be published on our website on 26 March Management and Supervisory Board [Ends] 5

6 Editor s note: If you need more information you may contact: Amsterdam Commodities N.V. (Acomo) Creative Venue PR Mr. S.G.J. Holvoet Mr. F. Witte, spokesman WTC, Beursplein 37, 10 th floor Sophialaan 43 Rotterdam 1075 BM Amsterdam <info@acomo.nl> <f.witte@creativevenue.nl> Tel Tel Fax Fax About Amsterdam Commodities N.V. (Acomo) Amsterdam Commodities N.V. (Acomo) is an international group with its principal business the trade and distribution of agricultural products. Our main trading subsidiaries are Catz International B.V. in Rotterdam (100%, spices and food raw materials), Van Rees Group in Rotterdam (100%, tea), Red River Commodities Inc. in Fargo, USA (100%, confectionary sunflower seeds), King Nuts & Raaphorst B.V. in Bodegraven (100%, nuts) and TEFCO & Snick EuroIngredients in Bodegraven and Beernem, Belgium (100%, food ingredients). 6

7 Amsterdam Commodities N.V. Consolidated balance sheet as at 31 December December December 2011 unaudited* unaudited* ASSETS Non-current assets Intangible assets Property, plant and equipment Other investments in companies Deferred tax assets Total non-current assets Current assets Inventories Trade receivables Other receivables Derivative financial instruments Cash and cash equivalents Total current assets Total assets EQUITY AND LIABILITIES Equity attributable to owners of the parent Share capital Share premium reserve Other reserves ( ) (76 856) Retained earnings Total shareholders' equity Non-current liabilities and provisions Borrowings Deferred income tax liabilities Retirement benefit obligations Provisions for other liabilities and charges Total non-current liabilities Current liabilities Trade and other payables Borrowings Tax liabilities Derivative financial instruments Other liabilities and accrued expenses Total current liabilities Total equity and liabilities Shareholders' equity per share

8 Diluted * pending the formal finalisation of the external audit, financials 2012 shown above are unaudited 8

9 Amsterdam Commodities N.V. Consolidated income statement unaudited* unaudited* Sales Cost of goods sold ( ) ( ) Gross profit Personnel costs ( ) ( ) General costs ( ) ( ) Depreciation and impairment charges ( ) ( ) Total cost ( ) ( ) Operating income Interest income Interest expense ( ) ( ) Other financial income and expenses Profit before income tax Corporate income tax ( ) ( ) Net profit from continuing operations Net result from non-recurring items - (633750) TOTAL NET PROFIT EARNINGS PER SHARE Basic earnings per share From continuing operations From non-recurring items - (0.027) Total basic EPS Diluted earnings per share From continuing operations From non-recurring items - (0.027) Total diluted EPS * pending the formal finalisation of the external audit, financials 2012 shown above are unaudited 9