AAK Interim report second quarter 2008

8/12/2008 2:32 AM EST

The Group CEO comment
”Business is developing positively. The specialization strategy is continuing according to plan. Rapidly rising prices of energy, consumables and transport have led to increased costs for which we have not gained full compensation during the second quarter”, says Group CEO Jerker Hartwall in a comment to the report.


Second quarter
• Net turnover +37 %, SEK 4,067 million (2,965).

• Operating profit, excluding non-recurring items and IAS 39 was +13%, SEK 171 million (152), of which insurance compensation received of SEK 81 million has been recognised as income during the second quarter related to the incident in Aarhus, Denmark.

• Including IAS 39 effects of SEK 19 million (-38), operating profit increased to SEK 190 million (-36).

• Earnings per share SEK 2.03 (-1.32).



Six months
• Net turnover +31 %, SEK 7,750 million (5,936).

• Operating profit, excluding non-recurring items and IAS 39 was +20%, SEK 378 million (314), of which insurance compensation received of SEK 216 million has been recognised as income during the first six months related to the incident in Aarhus, Denmark. In addition, during the first quarter SEK 47 million was recognised as income in relation to December 2007.

• Including IAS 39 effects of SEK 155 million (-36), operating profit increased to SEK 580 million (128).

• Earnings per share SEK 7.60 (0.78).