Comparable net sales growth was 1% in total and -1% in emerging markets in 2Q 2016.
For 1H 2017, net sales grew to €1,511 million from €1,414 million. Adjusted EBIT was €138.4 million (€135.6 million); EBIT was €138.4 million (€135.4 million) Adjusted EPS was €0.95 (€0.94), and EPS €0.95 (€0.93).
Comparable net sales growth was 2% in total and 1% in emerging markets, but free cash flow weakened to €-12 million from €38 million in 1H 2016.
“Our second quarter comparable net sales growth was 1%,” CEO Jukka Moisio said. “In Europe our business grew well, driven by healthy demand. Quarterly growth in North America was modest due to capacity constraints, which we are addressing with on-going investments. The Flexible Packaging segment’s net sales development was negative due to significant net sales decline in India, where the GST reform weakened demand temporarily. The Group’s comparable growth in emerging markets was negative 1%, and without the Indian impact it would have been approximately 5%.
“Our profitability was good and we had the second best quarter in the company history although we did not break the record achieved in Q2 2016,” Moisio added. “Profitability improved in the Foodservice Europe-Asia-Oceania segment and remained at the previous year level in the Fiber Packaging segment. In 2017, we pursue our growth strategy by building new capabilities to serve our customers better in 2018 and beyond.”