Looking for a specific product?

Make a search for products & suppliers, articles & news.

TINE-profit Lifted by Solid Work of Improvement

Effects of TINE’s on-going improvement project Styrk and favourable exchange rates contributed to a good result for 2015.

Tine StyrkEffects of TINE’s on-going improvement project Styrk and favourable exchange rates contributed to a good result for 2015. In the third quarter of 2015, operating profit was NOK 562 million compared with 458 million in the same period of 2014. Operating quarterly income was 5.551 million, compared to 5.385 million in the same period in 2014.

Revenues in the third quarter grew by 3.1 per cent (up 0.6 per cent adjusted for changes in exchange rates) compared to the third quarter 2014.

- Through all quarters of 2015, TINE has shown solid effort from most areas in the company. This gives results, and I am proud of what we have achieved together. The job from here will be to ensure that all the good work gets a foothold in the organization and that we can point to good results from the improvement in the future. Sales are still marked by the continued decline in sales of fresh milk. But strong sales of Norvegia and TINE Grated Cheese contributed to TINE had value growth in the cheese category in this quarter, says CEO Hanne Refsholt in TINE.


Styrk in line with the schedule

After strengthening was initiated in the Autumn of 2013, a total of 16 of 17 defined subprojects has been started. So far measures intended to provide a full-year effect of NOK 716 million have been implemented. This is in line with the timetable and targets that have been prepared for the project. Implemented effects contributed 93 million of the improvement from third quarter 2014 to 2015.

The weakening of the Norwegian kroner against the US dollar contributed to improved profitability in the export of Jarlsberg®. Exports of whey based powders also had a positive currency effect, but falling world market prices have more than offset this. The weakening of the Norwegian krone against the euro has during the third quarter resulted in higher purchasing costs, and thus reduced the positive effect of exchange rate fluctuations.


Growth in cheese

There was a decline in both volume and value of fresh milk in both the third quarter and year to date. TINE had somewhat greater decline than the overall segment, with lower sales volume of both fresh milk and flavoured fresh milk in the third quarter compared with the same period last year. There is good progress in niche products, especially lactose-adjusted products.

TINE drove value growth in the cheese category in both the third quarter and year to date. Growth in total tab was mainly driven by firm white cheese. For TINE was Norvegia and TINE Grated Cheese drove growth compared to the same period last year.

Associated companies:

Related news

Latest news

BP Awards Schlumberger Contract for Mad Dog 2 Project

Export Conference 2017: A changing world

Register for this year’s most important conference for Norwegian exporters. We can promise you an interesting and inspirational day!

Meet Elkem Silicon Materials at the Ceramics Expo 2017

Elkem Silicon Metrials invites to meet their team at the Ceramics Expo 2017. This is North America’s largest, free-to-attend exhibition for Ceramic manufacturing and applications.

Event - TechnipFMC at Gastech April 4

Most ship owners are now looking very closely at the benefits that digitalization can bring in operational gains.

Deepocean Awarded Surf Contract from BP for the Foinaven Field

DeepOcean today announced that it had received a call-off under its new Master Service Agreement (MSA) with BP Exploration Operating Company Ltd.

Parquet Floor - a Furniture in itself

Read how a Nordic style, maintenance free new floor is a furniture all in itself. 

Haavik in as Sales Director

Tor Henrik Haavik enters the role as Sales Director in Steinsvik AS. Haavik has an engineering education from Høgskolen i Haugesund and has been employed in Steinsvik since 2002. Haavik comes from the position of Sales Man...

Powder Characterization Experts Offer Solutions to Optimize Process Performance

Freeman Technology, the powder characterization specialists, will be exhibiting at the Ceramics Expo for the first time (25 – 27 April, Cleveland, OH, USA). The company offers material characterization solutions aimed at o...