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Avaldamise aeg 30 nov 2018 08:58:00 +0200
Manused
PRFoods-10001384931-en.pdf
PRFoods-10001384933-et.pdf
Keeleversioonid
Keel English
Valuuta
Pealkiri PRF: Consolidated Unaudited Interim Report of AS PRFoods for 3rd quarter of 2018 and 3 months of 2018/2019 financial year
Tekst
Overview of the economic activities

Management commentary

We  remind you that since we changed our financial year, the last financial year
was  extended to  18 months. The  financial year  that began on 01.07.2018 is of
standard length and ends 30.06.2019. In the report, the comparable data from the
3(rd) quarter of 2017 is used.

The Q3 results of PRFoods indicate that the chosen strategy is bearing fruit. We
took  the direction to margin improvement  and discontinuing activities in lower
margin  sectors and this has started to manifest itself in results. Gross profit
growth  by 21% is very positive. We have also increased our own brand's share in
retail, including in Estonia. The UK sales have been impacted by a very volatile
UK  Sterling since Brexit vote. Q3 operating  results and EBITDA was impacted by
one-time  bonuses paid for  previous financial year,  that temporarily hiked our
labour  costs. Considering that  the major salary  increases in the company took
place  last year, we do  not see any short-term  pressure on wages. We have also
started  to consolidate parallel functions in the group companies and moving the
group's support services to regions with more optimal costs.

New  investments programme is on track and from 2019 we are moving to only using
environmentally sustainable packaging, starting from Estonia first.

Biomass  revaluation was significantly lower compared  to same period last year.
There  are mainly two reasons for that, we started the season with lower biomass
volume  and the biomass growth in the beginning of the season was slower, but at
the  same time better weather in Q3 allowed for additional growth and we delayed
most of harvesting until November. Hence the biomass revaluation was transferred
to Q4.

3 months consolidated results are as follows:

  * Unaudited consolidated revenue 19.39 million euros, an increase by +1.40
    million euros, i.e. +7.8%.
  * Gross margin 15.2%, an increase by +1.6 percentage points i.e. +11.9%.
  * Positive impact from revaluation of biological assets +0.07 million euros
    (3Q 2017: positive impact +1.07 million euros).
  * Negative effect of one-offs to the result -0.01 million euros (3Q 2017:
    negative influence -0.28 million euros).
  * EBITDA from operations +1.06 million euros, a decrease by -0.15 million
    euros.
  * EBITDA +1.12 million euros, a decrease by -0.88 million euros (without one-
    off effects EBITDA +1.13 million euros, a decrease by -1.15 million euros).
  * The operating profit +0.57 million euros, a decrease by -0.95 million euros
    (without one-off effects operating profit +0.58 million euros, a decrease by
    -1.22 million euros).
  * Net profit +0.14 million euros, a decrease by -0.97 million euros (without
    one-off effects net profit +0.15 million euros, a decrease by -1.23 million
    euros).

Q4  forecast  meets  the  management's  expectations  and the management remains
positive about the outlook and improved profitability.

Quarterly presentation will be published on our website latest at 7(th) of
December.


KEY RATIOS

  Income Statement, EUR mln   Q3 2018   Q3 2017   18m 2017/2018
----------------------------------------------------------------
  Sales                          19.4      18.0           118.5
----------------------------------------------------------------
  Gross profit                    3.0       2.5            14.7
----------------------------------------------------------------
  EBITDA from operations          1.1       1.2             5.8
----------------------------------------------------------------
  EBITDA                          1.1       2.0             4.2
----------------------------------------------------------------
  EBIT                            0.6       1.5             1.5
----------------------------------------------------------------
  EBT                             0.4       1.3             0.5
----------------------------------------------------------------
  Net profit (-loss)              0.1       1.1             0.1
----------------------------------------------------------------
  Gross margin                  15.2%     13.6%           12.4%
----------------------------------------------------------------
  Operational EBITDA margin      5.4%      6.7%            4.9%
----------------------------------------------------------------
  EBITDA margin                  5.8%     11.1%            3.5%
----------------------------------------------------------------
  EBIT margin                    3.0%      8.5%            1.3%
----------------------------------------------------------------
  EBT margin                     1.8%      7.3%            0.4%
----------------------------------------------------------------
  Net margin                     0.7%      6.2%           0.05%
----------------------------------------------------------------
  Operating expense ratio       13.5%     11.1%           10.5%
----------------------------------------------------------------


  Balance Sheet, EUR mln   30.09.2018   30.09.2017   30.06.2018
----------------------------------------------------------------
  Net debt                       21.9         16.7         18.1
----------------------------------------------------------------
  Equity                         24.1         23.7         23.3
----------------------------------------------------------------
  Working capital                 2.0          5.1          2.8
----------------------------------------------------------------
  Assets                         64.5         68.0         65.5
----------------------------------------------------------------
  Liquidity ratio                1.1x         1.2x         1.1x
----------------------------------------------------------------
  Equity ratio                  37.4%        34.9%        35.6%
----------------------------------------------------------------
  Debt to total assets          47.6%        41.3%        43.7%
----------------------------------------------------------------
  Gearing ratio                  0.6x         0.7x         0.6x
----------------------------------------------------------------
  Net debt-to-EBITDA             3.8x         8.0x         3.1x
----------------------------------------------------------------
  ROE                            0.1%        -1.4%         0.2%
----------------------------------------------------------------
  ROA                            0.0%        -0.6%         0.1%
----------------------------------------------------------------


Consolidated statement of financial position

  EUR '000                          30.09.2018   30.09.2017   30.06.2018
-------------------------------------------------------------------------
  ASSETS
-------------------------------------------------------------------------
  Cash and cash equivalents              2,788        6,420        5,960
-------------------------------------------------------------------------
  Receivables and prepayments            4,219        6,102        4,706
-------------------------------------------------------------------------
  Inventories                           11,782        8,641       12,678
-------------------------------------------------------------------------
  Biological assets                      7,825       10,551        6,498
-------------------------------------------------------------------------
  Total current assets                  26,614       31,714       29,842
-------------------------------------------------------------------------

-------------------------------------------------------------------------
  Deferred income tax                       26          226          153
-------------------------------------------------------------------------
  Long-term financial investments          134          102          134
-------------------------------------------------------------------------
  Tangible fixed assets                 14,528       13,562       12,764
-------------------------------------------------------------------------
  Intangible assets                     23,195       22,383       22,604
-------------------------------------------------------------------------
  Total non-current assets              37,883       36,273       35,655
-------------------------------------------------------------------------
  TOTAL ASSETS                          64,497       67,987       65,497
-------------------------------------------------------------------------

-------------------------------------------------------------------------
  EQUITY AND LIABILITIES
-------------------------------------------------------------------------
  Loans and borrowings                  13,242        9,460       12,562
-------------------------------------------------------------------------
  Payables                              11,179       16,831       14,254
-------------------------------------------------------------------------
  Government grants                        242          307          216
-------------------------------------------------------------------------
  Total current liabilities             24,663       26,598       27,032
-------------------------------------------------------------------------

-------------------------------------------------------------------------
  Loans and borrowings                  11,480       13,661       11,487
-------------------------------------------------------------------------
  Payables                                 519            0            0
-------------------------------------------------------------------------
  Deferred tax liabilities               2,426        2,843        2,441
-------------------------------------------------------------------------
  Government grants                      1,306        1,156        1,226
-------------------------------------------------------------------------
  Total non-current liabilities         15,731       17,660       15,154
-------------------------------------------------------------------------
  TOTAL LIABILITIES                     40,394       44,258       42,186
-------------------------------------------------------------------------

-------------------------------------------------------------------------
  Share capital                          7,737        7,737        7,737
-------------------------------------------------------------------------
  Share premium                         14,007       14,007       14,007
-------------------------------------------------------------------------
  Treasury shares                         -390         -390         -390
-------------------------------------------------------------------------
  Statutory capital reserve                 48           48           48
-------------------------------------------------------------------------
  Currency translation reserve              31          344            7
-------------------------------------------------------------------------
  Retained profit (-loss)                2,004        1,988        1,904
-------------------------------------------------------------------------
  Equity attributable to parent         23,437       23,734       23,313
-------------------------------------------------------------------------
  Non-controlling interest                 666           -5           -2
-------------------------------------------------------------------------
  TOTAL EQUITY                          24,103       23,729       23,311
-------------------------------------------------------------------------
  TOTAL EQUITY AND LIABILITIES          64,497       67,987       65,497
-------------------------------------------------------------------------


Consolidated statement of profit or loss and other comprehensive income

 EUR '000                                         Q3 2018 Q3 2017 18m 2017/2018
-------------------------------------------------------------------------------
 Sales                                             19,393  17,990       118,499
-------------------------------------------------------------------------------
 Cost of goods sold                               -16,437 -15,539      -103,811
-------------------------------------------------------------------------------
 Gross profit                                       2,956   2,451        14,688
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Operating expenses                                -2,623  -1,992       -12,423
-------------------------------------------------------------------------------
   Selling and distribution expenses               -1,843  -1,375        -8,841
-------------------------------------------------------------------------------
   Administrative expenses                           -780    -617        -3,582
-------------------------------------------------------------------------------
 Other income                                         238     513         1,059
-------------------------------------------------------------------------------
 Other expenses                                       -71    -523        -1,309
-------------------------------------------------------------------------------
 Fair value adjustment on biological assets            73   1,072          -524
-------------------------------------------------------------------------------
 Operating profit (-loss)                             573   1,521         1,491
-------------------------------------------------------------------------------
 Financial income                                       4       1            10
-------------------------------------------------------------------------------
 Financial expenses                                  -226    -209        -1,034
-------------------------------------------------------------------------------
 Profit (-loss) before tax                            351   1,313           467
-------------------------------------------------------------------------------
 Income tax                                          -209    -205          -410
-------------------------------------------------------------------------------
 Net profit (-loss) for the period                    142   1,108            57
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Net profit (-loss) attributable to:
-------------------------------------------------------------------------------
 Owners of the company                                 99   1,113            59
-------------------------------------------------------------------------------
 Non-controlling interests                             43      -5            -2
-------------------------------------------------------------------------------
 Total net profit (-loss)                             142   1,108            57
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Other comprehensive income (-loss) that may
 subsequently be classified to profit or loss:
-------------------------------------------------------------------------------
 Foreign currency translation differences              24     -76          -421
-------------------------------------------------------------------------------
 Total comprehensive income (-expense)                166   1,032          -364
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Total comprehensive income (-expense)
 attributable to:
-------------------------------------------------------------------------------
 Owners of the Company                                123   1,037          -362
-------------------------------------------------------------------------------
 Non-controlling interests                             43      -5            -2
-------------------------------------------------------------------------------
 Total comprehensive income (-expense) for the
 period                                               166   1,032          -364
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Profit (-loss) per share (EUR)                      0.00    0.03         -0.01
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Diluted profit (-loss) per share (EUR)              0.00    0.03         -0.01
-------------------------------------------------------------------------------


Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 452 1470
investor@prfoods.ee
www.prfoods.ee

Attachment

  * PRF_interim_3m2018_2019 (https://prlibrary-
    eu.nasdaq.com/Resource/Download/185e79e1-bbb7-4a69-8558-7ac1aebef220)