Raisio plc (RAIVV) Earnings Call Transcript & Summary

Dear shareholders, dear participants, year 2020 was very exceptional, as we all know. However, we, at Raisio Group, survived and not only survived, we performed well. The big swings in consumer demand, especially during March, April last year, they were, as said, very exceptional. However, we did our part of our business extremely well. And thanks to our great, flexible and committed organization, we were really able to perform well during these external months at the start of COVID-19 times. Also, the big swings in our foreign currencies, they caused some headache for us. But, however, we survived with that part as well greatly. I would also already, at this point, address my warmest thanks to entire Raisio Group organization of their great commitment during this very difficult year 2020. One of our major and main markets, United Kingdom, had, let's say, difficult political times since summer 2016 after the Brexit vote and there were a lot of uncertainties in the air until Christmas Eve last year. When fortunately, the European Union and the U.K. came into an agreement and we were able to overcome the Brexit period without any disturbances in our market performance. Now we have very good, let's say, road to build our business further in the U.K. Our net sales was practically on the same level than previous year being EUR 233.6 million. And at the same time, we were able to grow our EBIT up to EUR 27.7 million equaling to 11.9 percentage. Looking at our net sales in currency corrected figures. So we were even able to grow a bit and our EBIT grew more than 4% when we look at our performance in local currencies. Also, the cash flow was extremely strong, being almost EUR 35 million. Last year was a year of big investments. We invested EUR 28.5 million into our future. The biggest single investment, which is now just about to be ready and up and running is, of course, the big investment when supporting our strategy. So the plant-based food development and production facility, which is located here in Raisio. Even though the circumstances due to COVID-19 were extremely difficult, so we are -- we have been able to do everything planned in scheduled manner and also in budgeted frames. Regarding our sustainability program, which we internally called Good Food program. So we got great achievements also during the second year of the program. And this is, of course, something which is really in our DNA and is going to be the whole ESG program is really an elementary part of Raisio Group's strategy. After fiscal year 2020, actually, quite recently, we announced a very good acquisition, a perfect fit into our strategy, namely, we acquired a company called Verso Food located here in Finland, the Finnish market leader in plant-based protein foods. With Verso Food, we are able to bring our capabilities further and build also a European foothold in plant-based protein business. At the end, I would once again address my warmest thanks to entire Raisio Group personnel due to their extremely good work during exceptional year 2020. And not to forget all our key stakeholders from sub-suppliers to our trade partners who were really playing the same game with us during the difficult 2020 COVID year. Thank you, once again, wishing you all a better 2021.