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Rieber & Søn ASA (OSL:RIE) 1. Half-year Accounts/2. Quarter Accounts 2008

Rieber & Søn ASA (OSL:RIE) Rieber & Søn reports higher profits compared with last year's second quarter. The Group has compensated for increased costs through higher prices, and at the same time internal improvements are making a positive contribution to results.

Sales in the second quarter totalled NOK 1 213m, reflecting growth of 7.1% compared with the same period last year, while EBITDA showed an improvement of NOK 25m with profits standing at NOK 114m.

- As expected, the price increases to the customers is fully reflected in the second quarter accounts. The price increases have been necessary to compensate for the increased cost of raw materials which have become considerably more expensive since the second half of 2006, says acting CEO Tor Lund.

Further Lund emphasizes that the raw material markets are still volatile and in most areas raw material prices are significantly higher than they were a year ago. A good wage settlement for employees in all the countries where the Group operates and a historically high national wage settlement in the Norwegian agricultural sector cause Lund to mean that there is a need for further price increases.

- The second quarter results have benefited from internal improvements within the Group. The main improvement - the"Harmo" project - relates to the coordination and optimalisation of raw material purchases and the number of suppliers, says Lund. The project will continue with the focus on harmonisation of packaging solutions and covering every area of Group activity.

Velbekomme

Velbekomme has been a success. The total market for chilled ready-made dishes in Norway is still growing strong. At the same time Toro has strengthened its market share in this category. In the 12-week period up to 22 June Toro had 16.5% of the market, against 14.5% in the 12 weeks up to 30 March. While the introduction of new products has contributed to the good progress, it has also led to overconsumption of production costs.

In Denmark the total market is still in an early stage of development and calls for patience. DKB has increased its distribution significantly and introduced new variants, and this is reflected in increased sales in the second quarter. But at the same time, the sharply rising cost of raw materials presents challenges in relation to profitability.

New CEO

Changes are imminent in the management of Rieber & Søn. Patrik Andersson will take up his position as CEO on 19 August 2008. Andersson has 12 years' experience from Unilever, with three years as the head of Wasabröd. He comes from the position of President North Europe Division of Swedish Match.

Acting CEO Tor Lund will return to his position as financial director with effect from the same date.

Other key figures

Accumulated sales in the first half-year were 5.8% up at NOK 2 408m (2 276m), while EBITDA for the same period totalled NOK 244m (242m).

EBIT amounted to NOK 61m in the second quarter (35m), which was a clear improvement on last year's poor second quarter figure, while the figure for the first half-year was NOK 135m (148m). The operating margin in the second quarter was 5% (3.1%), while the accumulated figure for the first six months of the year was 5.6% (6.5%). The sale of an unlisted shareholding in the Czech Republic added NOK 6m to net financial items in the second quarter.

Earnings per share (EPS) in the second quarter amounted to NOK 0.45 (0.18), while the figure for the first half-year was NOK 0.96 (1.32).

Contacts: Tor Lund - Acting CEO Tel.: (+47) 95272810 Geir Mikalsen - Director of Communications and IR Tel.: (+47) 90620851

Facts about Rieber & Søn ASA

Rieber & Søn is one of Norway's leading food conglomerates. The main markets are the Nordic countries and Eastern Europe, where the Group has considerable market shares. Rieber & Søn develop products based on local taste, and shall inspire people to prepare exciting and tasty food in an easier way.

Rieber & Søn have leading brands such as Toro, Denja, Mr.Lee, King Oscar, Vossafår, Vestlandslefsa, Sopps, Black Boy, Trondhjems (Norway), Mrs Cheng's og Frödinge (Sweden), K og Bähncke (Denmark), Delecta (Poland), Vitana (Czech Rep. and Slovakia) og Chaka (Russia).

Rieber & Søn had a revenue of 4,6 billion Norwegian kroner in 2007. The Group has a workforce of 3 700 (1 150 of these in Norway). Rieber & Søn have production in Norway, Sweden, Denmark, The Netherlands, Poland, Czech Rep. and Russia. In addition the Group has sales organisations in Germany, Great Britain, Slovakia, Belgium and US.

LINK: http://hugin.info/121/R/1243249/267671.pdf

LINK: http://hugin.info/121/R/1243249/267672.pdf
Rieber & Søn ASA

http://www.rieberson.no

ISIN: NO0004951104

Stock Identifier: XOSL.RIE

US: RIEBF.PK

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