The interim report was (again) a disappointment for me. It cannot be said that Apetit significantly benefited from the change in consumer demand in retail caused by Corona. The operating profit of 0.9 MEUR is practically the same as in the comparison period (0.8 MEUR). The added value brought to shareholders by the new steak patty investment (which cost about 10 million euros) that was put into use in August was still not visible. The profitability of the investment is a question mark. Grain trade is still very volatile and it will again determine how Apetit’s profitability fares this year.
Return on equity is still negative, at -2.1%. Sigh…
Dividends are again paid in a completely different sphere than what the company’s performance is based on. If operational development does not improve soon and significantly, the company’s indebtedness will gradually increase. Now there is no longer anything to sell from the balance sheet to get cash. Or well, maybe I’d be in favor of divesting from the grain trade segment.