Correction: Rapala VMC Corporation's Half Year Report H1/2018: Sales and Profitability Grew from Last Year - Strategy Execution Showing Results

TOKYO, Jul 20, 2018 - (ACN Newswire) - The stock exchange release had an incorrect growth percentage on the first page on earnings per share. The original statement stated "Earnings per share was 0.23 EUR (0.15), up 48%." and should have been "Earnings per share was 0.23 EUR (0.15), up 53%."

The full release is below.

Rapala VMC Corporation's Half Year Report H1/2018: Sales and Profitability Grew from Last Year - Strategy Execution Showing Results

January-June (H1) in brief:
- Net sales were 142.5 MEUR, up 1% from previous year (140.9). With comparable exchange rates sales were 6.5% higher than last year.
- Operating profit was 15.3 MEUR (11.0), up 39%.
- Comparable operating profit* was 15.2 MEUR (11.4), up 33%.
- Cash flow from operations was 5.9 MEUR (8.1).
- Gearing was 43.8% (46.8).
- Earnings per share was 0.23 EUR (0.15), up 53%.
- Full year guidance unchanged: Full year net sales with comparable FX rates expected to be above last year's level and comparable operating profit to exceed 15 MEUR.

President and CEO Jussi Ristimaki: "The first six months of the year developed well as our net sales and profitability grew from last year. The underlying consumer demand for our products continued to be strong in North America and after an exceptional year of 2017, our sales to retail grew strongly from last year. We were especially satisfied that Rapala lures was the biggest growth category.

Our profitability increase from last year was driven by strong sales in North America and successful performance improvement initiatives in France and Southeast Asia. Furthermore, production efficiency and footprint optimization of European lure manufacturing units contributed positively to profitability improvement. However, the Indonesian lure operations continued to have a negative profitability impact.

Execution of our strategy of improving profitability, lightening balance sheet and improving operational performance is progressing well. Ongoing lean projects and supply chain management initiatives continue to yield results. Consequently, our inventories decreased organically from last year. The strategic gradual shift from traditional marketing to digital marketing channels progressed. We opened successfully a content driven Rapala e-commerce site in Europe in May to enhance brand experience and to increase customer service. One of our strategic key priorities is to execute a profitability turnaround for the Indonesian lure operations. We have taken new actions during the year and we are determined to generate the profitability turnaround."

Rapala VMC Corporation - Half Year Report H1 2018:

For further information, please contact:
Jussi Ristimaki, President and Chief Executive Officer, +358 9 7562 540
Jan-Elof Cavander, Chief Financial Officer, +358 9 7562 540
Olli Aho, Investor Relations, +358 9 7562 540

A conference call on the first half year result will be arranged today at 1:00 p.m. Finnish time (12:00 noon CET). Please dial +44 (0)330 336 9104 or +1 323 794 2095 or +358 (0)9 7479 0360 (pin code: 181750) five minutes before the beginning of the event. A replay facility will be available for 14 days following the teleconference. The number to dial is +44 (0)207 660 0134 or +1 719 457 0820 or +358 (0)9 8171 0562 (pin code: 1336915). Financial information and teleconference replay facility are available at

Rapala VMC Corporation - Half Year Report H1 2018

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