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PREMIA FOODS

Premia Foods Premia Foods

Premia Foods



Company : Premia Foods Compartment : Other
ISIN : EE3100101031 Wire : Thomson Reuters ONE
Document type : Periodic information / 1st Quarter Information    
Publication date : 11/30/2019 5:40:00 PM    

PRF: Consolidated Unaudited Interim Report of AS PRFoods for the 1st quarter and 3 months of 2019/2020 financial year

PRF: Consolidated Unaudited Interim Report of AS PRFoods for the 1st quarter and 3 months of 2019/2020 financial year

OVERVIEW OF ECONOMIC ACTIVITIES

PRFoods’ sales of 1st quarter 2019/2020 financial year was 19.3 million euros. Net profit 0.57 million euros, four times higher than Q3/2018. EBITDA 1.47 million euros, growth 31%.

MANAGEMENT COMMENTARY

We are happy to announce that based on the first quarter of the financial year (3rd quarter of 2019) the restructuring processes commenced within the Group during the last financial year, are demonstrating positive results.

The reporting period was characterized by a general decline in the prices of raw materials of fishery products, resulting in a fall in the prices of fish, fish fillets and smoked products. In spite of the approximately 5% price drop of the Group's main products, we were able to keep the total sales practically at the level of the last year. The third quarter sales for 2019 totalled 19.33 million euros (Q3 2018: 19.39 million euros).

The Group's consolidated EBITDA for the reporting period was 1.47 million euros, an increase of 31% compared to the same period last year, which was mainly affected by the gain from revaluation of biological assets by 0.85 million euros. Operating EBITDA (i.e. excluding one-offs and fish stock revaluation) was 0.73 million euros (Q3 2018: 1.06 million euros). Net profit was 0.57 million euros, almost four times higher than the net profit for the same period last year (Q3 2018: 0.14 million euros).

The Group's manufacturing and sales companies (Heimon Kala, John Ross Jr., Coln Valley Smokery, Trio Trading, Vettel) significantly improved their operational results compared to the same quarter last year; incl. exceeding the planned ones by ca 0.3 million euros in total. The decline in operating EBITDA compared to the previous year was attributable to the weaker performance of the Swedish fish farming unit (Överumans Fisk) due to the decline in the market price of fish, the recovery of which from its lowest level in the last three years is already noticeable.

We are optimistic about getting additional farming licences already in 2020. We will continue to make necessary preparations to increase the farming capacity which in turn would increase the quality raw material supply from our own Estonian fish farms.

PRFoods’ focus has been on improving cash flow from operating activities, which is reflected in Q3 2019 positive cash flow from operating activities in the amount of 1.3 million euros compared to 0.1 million euros in the same period last year. The Company's net debt was 19.9 million euros as at 30.09.2019 (30.09.2018: 21.9 million euros), which will decrease at the end of the year by repayments of investment loans and higher cash balance due to Christmas sales. As at 30.09.2019, the Group's working capital was negative by 3.0 million euros as current liabilities include liabilities to related parties in the amount of 4.1 million euros, which by their nature are long-term but due to accounting principles shall be reported as current.

We will continue to merge the business operations of the Estonian and Finnish companies and to create synergies, especially in product development and sales both in the domestic and export markets. The merger of the Finnish subsidiaries into one company is proceeding according to plan and Trio Trading Oy and Heimon Kala Oy will be merged into one company, which will continue under the name Heimon Kala Oy. In Estonia we have launched a Finnish-Estonian joint brand – Heimon Kala and for the first time in history we have successfully entered the local retail market with trout farmed in Saaremaa, Estonia.

Regarding the outbreak of listeria that hit the Estonian fishing industry, we can confirm that PRFoods companies have passed all additional controls successfully. The biggest role here is played by our internal quality and food safety controls in our companies, including the day-to-day controls in our own laboratories from the purchase of raw fish to the dispatch of the product from the factory.

The launch of John Ross Jr.'s renewed brand started at the end of the quarter and we expect significant growth in the UK market in the coming quarters.

In order to achieve our goals in the coming periods, the Group has engaged a strengthened management team of professionals. PRFoods team has done excellent job in developing our business and profitability. PRFoods’ balance sheet, production and customer base are strong, and we look optimistically towards future.

Big changes are always challenging for people in the company and I am very thankful that our team has enthusiastically embraced the changes and given their best.

KEY RATIOS

INCOME STATEMENT 

mln EUR3Q 20192Q 20191Q 20194Q 20183Q 20182Q 20181Q 2018
Sales19,321.518.126.719.422.122.7
Gross profit2,62.12.14.73.01.82.4
EBITDA from operations0,70.30.22.41.1-0.20.7
EBITDA1,50.3-0.50.81.10.30.6
EBIT1,0-0.3-1.00.20.6-0.20.1
EBT0,8-0.4-1.20.00.4-0.5-0.2
Net profit (-loss)0,6-0.6-1.20.20.1-1.1-0.2
Gross margin13,4%9.8%11.7%17.7%15.2%7.9%10.6%
Operational EBITDA margin3,8%1.4%1.1%9.1%5.4%-1.1%3.1%
EBITDA margin7,6%1.4%-2.5%2.9%5.8%1.2%2.5%
EBIT margin5,0%-1.2%-5.6%0.9%3.0%-1.1%0.2%
EBT margin3,9%-2.0%-6.5%0.1%1.8%-2.3%-0.9%
Net margin2,9%-3.0%-6.6%0.8%0.7%-5.1%-1.0%
Operating expense ratio13,4%11.7%14.1%11.2%13.5%12.0%10.5%

BALANCE SHEET

mln EUR30.09.2019 30.06.201931.03.201931.12.201830.09.201830.06.201831.03.2018
Net debt19,920.518.720.021.918.116.7
Equity22,821.923.324.224.123.324.3
Working capital-3,0-3.1-1.61.02.02.84.6
Assets62,462.563.565.564.565.566.4
Liquidity ratio0,9x0.9x0.9x1.0x1.1x1.1x1.2x
Equity ratio36,5%35.0%36.7%37.0%37.4%35.6%36.6%
Gearing ratio46,6%48.3%44.5%45.2%47.6%43.7%40.7%
Debt to total assets0,6x0.7x0.6x0.6x0.6x0.6x0.6x
Net debt to EBITDA5,4x5.1x5.4x5.1x3.8x3.1x2.6x
ROE-4,5%-6.5%-8.2%-4.0%0.1%0.2%8.6%
ROA-1,6%-2.3%-3.0%-1.5%0.0%0.1%4.1%

Consolidated Statement of Financial Position

Thousand euros30.09.201930.09.201830.06.2019
ASSETS   
Cash and cash equivalents2 3272 7882 583
Receivables and prepayments3 9414 2195 300
Inventories11 03511 78211 980
Biological assets7 0477 8254 924
Total current assets24 35026 61424 787
    
Deferred income tax582641
Long-term financial investments202134202
Tangible fixed assets14 53614 52814 535
Intangible assets23 26123 19522 969
Total non-current assets38 05737 88337 747
TOTAL ASSETS62 40764 49762 534
    
EQUITY AND LIABILITIES   
Loans and borrowings13 46713 24213 502
Payables13 79611 17914 105
Government grants126242234
Total current liabilities27 38924 66327 841
    
Loans and borrowings8 74511 4809 540
Payables190519190
Deferred tax liabilities2 1922 4262 010
Government grants1 1401 3061 087
Total non-current liabilities12 26715 73112 827
TOTAL LIABILITIES39 65640 39440 668
    
Share capital7 7377 7377 737
Share premium14 00714 00714 007
Treasury shares-390-390-390
Statutory capital reserve514851
Currency translation reserve3031-214
Retained profit (-loss)6362 00466
Equity attributable to parent22 07123 43721 257
Non-controlling interest680666609
TOTAL EQUITY22 75124 10321 866
TOTAL EQUITY AND LIABILITIES62 40764 49762 534

Consolidated Statement of Profit or Loss And Other Comprehensive Income

Thousand euros3Q 20193Q 201812m 2018/201912m 2017/2018
Sales19 32919 39385,72794,871
Cost of goods sold-16 747-16 437-73,830-81,694
Gross profit2 5822 95611,89713,177
     
Operating expenses-2 598-2 623-10,702-10,007
  Selling and distribution expenses-1 792-1 843-7,499-7,125
  Administrative expenses-806-780-3,203-2,882
Other income / expense12816783-162
Fair value adjustment on biological assets84673-1,744-674
Operating profit (loss)958573-4662,334
Financial income/-expenses-203-222-776-936
Profit (loss) before tax755351-1,2421,398
Income tax-185-209-230-399
Net profit (loss) for the period570142-1,472999
     
Net profit (loss) attributable to:    
Owners of the company51399-1 4581,001
Non-controlling interests5743-14-2
Total net profit (loss)570142-1,472999
     
Other comprehensive income (loss) that may subsequently be classified to profit or loss:    
Foreign currency translation differences31524-221-410
Total comprehensive income (expense)885166-1,693589
     
Total comprehensive income (expense) attributable to:    
Owners of the Company828123-1 679591
Non-controlling interests5743-14-2
Total comprehensive income (expense) for the period885166-1 693589
     
Profit (loss) per share (EUR)0,020,00-0,040,02
     
Diluted profit (loss) per share (EUR)0,020,00-0,040,02

Indrek Kasela

 AS PRFoods

 Member of the Management Board

 Phone: +372 452 1470

 investor@prfoods.ee

 www.prfoods.ee

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