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hkscan oyj-a shs (HKSAV) Details

HKScan Oyj, together with its subsidiaries, produces, markets, and sells pork, beef, poultry and lamb products, processed meats, and convenience foods to the retail, food service, industrial, and export customers. It offers white meat, red meat, cold cuts, organic chicken, fresh and frozen pork products, salami chips, and sausages, as well as eggs. The company sells its products under the HK, Kariniemen, Portti, Rakvere, Tallegg, Rigas Miesnieks, Jelgava, Klaipedos Maistas, Scan, Pärsons, Rose, and Sokolów brand names. It also exports its products to approximately 50 countries. The company was formerly known as HK Ruokatalo Group and changed its name to HKScan Corporation in January 2007. HKScan Oyj was founded in 1913 and is headquartered in Turku, Finland. HKScan Oyj is a subsidiary of LSO Osuuskunta.

7,404 Employees
Last Reported Date: 11/5/14
Founded in 1913

hkscan oyj-a shs (HKSAV) Top Compensated Officers

Chief Executive Officer, President and Member...
Total Annual Compensation: €676.0K
Compensation as of Fiscal Year 2013.

hkscan oyj-a shs (HKSAV) Key Developments

HKScan Group Plans to Restructure Production Set-Up in Denmark

HKScan Group continues to streamline its operational footprint. The group aims to improve operational efficiency by restructuring its production capacity in Denmark, where the group has production facilities in Vinderup and Skovsgaard. The planned actions will create an efficient production platform supporting the group’s strategic goal of boosting profitable growth. The restructuring will centralize poultry slaughtering and cutting at the modern Vinderup facility. The investments and rebuild completed at Vinderup over the past two years have increased HKScan’s slaughtering and deboning capacity, resulting in excess capacity. Packaging and warehousing will remain based in Skovsgaard. Scheduled for completion by the end of March 2015, the restructuring will result in a net headcount reduction of approximately 85-95 employees in total, involving reorganization both in Skovsgaard and Vinderup. The plan is a subject to statutory negotiations, which will begin on January 6, 2015. The targeted annualized cost reduction and profit improvement is in excess of EUR 5 million, including efficiency measures related to the production restructuring. The impact is targeted to materialize from the second quarter 2015 onwards. The restructuring causes a non-recurring cost of EUR 1.6 million, which will be reported in the fourth quarter of 2014.

HKScan Group Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Year 2014

HKScan Group reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net sales of EUR 498.4 million against EUR 526.9 million a year ago. Operating profit was EUR 7.3 million against EUR 7.0 million a year ago. Profit before taxes was EUR 5.8 million against EUR 5.3 million a year ago. Profit for the period was EUR 5.6 million against EUR 7.0 million a year ago. Diluted and undiluted EPS from continuing operations was EUR 0.10 against EUR 0.12 a year ago. For the nine months, the company reported net sales of EUR 1,465.6 million against EUR 1,565.3 million a year ago. Operating profit was EUR 48.3 million against EUR 0.9 million a year ago. Profit before taxes was EUR 46.9 million against loss before taxes was EUR 1.1 million a year ago. Profit for the period was EUR 52.0 million against EUR 3.3 million a year ago. Diluted and undiluted EPS from continuing operations was EUR 0.97 against EUR 0.06 a year ago. Cash flow from operating activities was EUR 16.7 million against EUR 17.5 million a year ago. Net debt was EUR 170.9 million against EUR 419.3 million a year ago. For the year 2014, the company expects the comparable operating profit (EBIT) margin for 2014 to be 0.5% to 1.0%. The last quarter is expected to be the strongest. The full-year reported operating profit including non-recurring items is estimated to be significantly higher as a result of the sale of HKScan's shares in Saturn Nordic Holding AB.

HKScan Plans Major Production Investments in Western Finland and Rakvere, Estonia

The HKScan Board of Directors has given the permission to proceed with planning two major investment projects. The first is a prospective EUR 35 million-EUR 65 million facility in western Finland, and the other is a EUR 20 million production facility to be located in Rakvere, Estonia. The production facility will enable HKScan to develop its branded offering for growing segments, enhance its product quality, improve working conditions and safety, and reduce environmental impacts. The investment projects will also support HKScan in streamlining its production structure, integrating its technology and thereby improving operational efficiency. The final sum to be invested in the chicken facility in western Finland will be EUR 35-EUR 65 million depending on which option is chosen. HKScan will review whether to renovate and expand the existing Eura facility or whether to build a wholly new plant in a different location in western Finland. The intent is to modernize HKScan’s chicken slaughtering, cutting and production processes. Technology will enable HKScan to develop new products for changing consumer preferences, as well as to significantly improve productivity and energy and material efficiency. The planning stage is scheduled to run through summer 2015. The investment planned for Rakvere, Estonia amounts to roughly EUR 20 million. The final sum will depend on which option is chosen. HKScan provisionally plans to add a new 10,000 m y production facility alongside its existing plant in Rakvere. The new facility is to be equipped with advanced technology suited to producing value-added products for growing product segments. The planned investment is geared particularly toward developing the offering of the new Group brand, Flodins. The planning phase is scheduled to run through spring 2015.


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