PR Newswire
KARLSHAMN, Sweden, Feb. 5, 2018
KARLSHAMN, Sweden, Feb. 5, 2018 /PRNewswire/ --
- The Dairy segment continued the strong trend from previous quarters and once again reported high double-digit organic volume growth. All regions showed very strong growth except the Nordics which had another challenging quarter.
- Bakery had another challenging quarter, particularly within Europe and North Latin America. Development in the US continued to be weak. However, there was good growth in Asia, the Nordics and South Latin America.
- Special Nutrition reported high double-digit volume growth with a significantly better product mix compared to the corresponding quarter last year. This was driven by a double-digit volume growth for our Infant Nutrition product range Akonino®. Our other Infant Nutrition product range InFat®, sold through Advanced Lipids AB, a joint venture of AAK and Enzymotec, also showed double-digit volume growth in the quarter.
- Foodservice reported declining volumes in the quarter. This was mainly due to continued challenging market conditions in the Nordics.
- The business area has, as earlier communicated, seen a stronger than projected growth in demand, combined with some production disruptions in Aarhus, Denmark. This has resulted in increased production costs and higher supply chain costs. We have started to see an improvement in our production, however, due to higher volatility in the variations in some of our raw materials and the backlog from 2017 there will be an impact during the first quarter of 2018 as well. From the end of the first quarter 2018 we expect a lower volatility in the variations in these raw materials.
- Despite these challenges profit growth was solid with stable volume development. The mix continued to improve with some organic volume growth for speciality products.
- At the end of the quarter we signed our first commercial contract for TROPICAO™, our chocolate solution for hot climate markets.
Concluding remarks:
"Based on AAK's customer value propositions for health and reduced costs, and our customer product co-development and solutions approach, we continue to remain prudently optimistic about the future. The main drivers are the continued positive underlying development in Food Ingredients and the continued improvement in Chocolate & Confectionery Fats."
The Interim report for the fourth quarter and year-end report 2017 will be presented today, February 5, 2018 at 1 p.m. CET at a press and analyst conference. For participation, please see instructions under the Investor tab at the AAK website,
For further information, please contact:
Fredrik Nilsson
CFO and acting CEO
Mobile: +46-708-95-22-21
E-mail: fredrik.nilsson@aak.com
This information is information that AAK AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Act. The information was submitted for publication, through the agency of the contact person set out above, at 08:50 a.m. CET on February 5, 2018.
AAK is a leading provider of value-adding vegetable oils & fats. Our expertise in lipid technology within foods and special nutrition applications, our wide range of raw materials and our broad process capabilities enable us to develop innovative and value-adding solutions across many industries – Chocolate & Confectionery, Bakery, Dairy, Special Nutrition, Foodservice, Personal Care, and more. AAK's proven expertise is based on more than 140 years of experience within oils & fats. Our unique co-development approach brings our customers' skills and know-how together with our own capabilities and mindset for lasting results. Listed on the NASDAQ OMX Stockholm and with our headquarters in Malmö, Sweden, AAK has 20 different production facilities, sales offices in more than 25 countries and more than 3,300 employees.
We are AAK –
The Co-Development Company.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
The full report (PDF) | |
http://mb.cision.com/Public/871/2444692/97af3a0ad9e44063.pdf | Press release (PDF) |
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SOURCE AAK AB
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