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Avaldamise aeg 11 okt 2020 22:38:03 +0300
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Pealkiri PRF: AS PRFoods’ unaudited preliminary consolidated turnover of the 1st quarter and 3 months of the 2020/2021 financial year
Tekst
PRFoods' unaudited preliminary consolidated turnover in the 1(st) quarter of the
financial year of 2020/2021 amounted to 12.74 million euros, a decrease by
34.0% compared to the same period a year ago (1Q 2019/2020: 19.32 million
euros), including sales decrease in retail sector by 1.2%, in HoReCa by 52.2%
and in wholesale by 60.8%. Compared to the previous quarter i.e. the 4(th)
quarter of the previous financial year, the sales decreased by 15.7%, (4Q
2019/2020: 15.11 million euros), with retail and wholesale sectors declining by
19.6% and 35.0% respectively, whereas sales in HoReCa sector increased by 37.7%.

Indrek Kasela, CEO, PRFoods:
?The  impact of COVID-19 continues in fish sector  and as we noted in last sales
announcement, HoReCa sector which gives ca 1/3 of salmon- and troutbusiness both
globally  and regionally, will not recover to previous levels in next 12 months.
To  some extent this is  offset by retail, but  not in adequate amount. This has
created  a situation where there  is too much fish  and production capacities in
the  market, forcing  lot of  producers to  cut prices.  During last  quarter we
forewent  to large extent fresh  fish trading in Finland,  as it would have tied
too much of our working capital in situation where market demand is unstable and
fish  trading margins are low. Although  we saw increased activity in June-July,
the  onset  of  so  called  second  wave  forced  several  countries  to  impose
restrictions  on HoReCa. Luckily we see faster recovery in Asia compared to rest
of  the world and as positive sign we managed to initiate high volume exports to
Japan  from end of last  quarter. This year we  will see contraction in Finland,
growth  in Baltics, particularly in Estonia,  where we have achieved significant
market  share in very short time. John Ross  Jr has managed very well during the
crisis  and kept  its profitability  and price  levels despite  some decrease in
sales.  The  situation  is  more  problematic  in Finland, where retail has been
concentrated in the hands of two largest retail chains and vast majority of fish
products  on the  market are  private label.  The decrease  of Finnish  sales is
attributable  to reduced fresh fish trading and lower prices of products, as the
raw  material has also cheapened - this  is symptomatic to market, where private
label  commands the market share. We will  critically assess our cost base to be
in  line with decreased sales and we  will decrease share of Finnish business in
our sales and expenses."

In  the first quarter of  the financial year, the  sales declined in all product
groups  compared to the first quarter of  the previous financial year. The sales
of  fresh  fish  and  fillets'  product  group  that formed 32.4% of the product
portfolio  (1Q 2019/2020: 41.8%) nearly halved compared  to the first quarter of
the  previous financial  year. The  sales of  smoked products that accounted for
about  half of the total sales  (1Q 2019/2020: 42.0%) declined by 22.3% over the
financial years.

+-----------------------------------+--------+--------+-----------+---------+
|Turnover by product groups, mln EUR|1Q 20/21|1Q 19/20|Change, EUR|Change, %|
+-----------------------------------+--------+--------+-----------+---------+
|Fresh fish and fillets             |4.12    |8.07    |-3.95      |-48.9%   |
+-----------------------------------+--------+--------+-----------+---------+
|Smoked products                    |6.30    |8.11    |-1.81      |-22.3%   |
+-----------------------------------+--------+--------+-----------+---------+
|Other fish products                |2.31    |3.11    |-0.81      |-25.9%   |
+-----------------------------------+--------+--------+-----------+---------+
|Other revenue                      |0.01    |0.02    |-0.01      |-59.7%   |
+-----------------------------------+--------+--------+-----------+---------+
|Total                              |12.74   |19.32   |-6.57      |-34.0%   |
+-----------------------------------+--------+--------+-----------+---------+

By  customer groups, the sales declined in  retail chains by 1.2%, in HoReCa and
wholesale  sectors the decline  was 52.2% and 60.8%, respectively.  The share of
retail  chains' sales of the financial year's total sales was ca 60%, and HoReCa
and  wholesale accounted for ca  20% each. In the first  quarter of the previous
financial  year,  the  customer  groups  accounted  for  41.3%, 24.% and 33.1%,
respectively.

+----------------------------------+--------+--------+-----------+---------+
|Turnover by client groups, mln EUR|1Q 20/21|1Q 19/20|Change, EUR|Change, %|
+----------------------------------+--------+--------+-----------+---------+
|Retail chains                     |    7.43|    7.52|      -0.09|    -1.2%|
+----------------------------------+--------+--------+-----------+---------+
|Wholesale                         |    2.40|    6.14|      -3.74|   -60.8%|
+----------------------------------+--------+--------+-----------+---------+
|HoReCa                            |    2.49|    5.20|      -2.72|   -52.2%|
+----------------------------------+--------+--------+-----------+---------+
|Other revenue                     |    0.42|    0.45|      -0.03|    -6.7%|
+----------------------------------+--------+--------+-----------+---------+
|Total                             |   12.74|   19.32|      -6.57|   -34.0%|
+----------------------------------+--------+--------+-----------+---------+

The  three largest  markets had  an aggregated  turnover of  11.25 million euros
accounting  for 88.3% of total sales in  the 1(st) quarter of the financial year
compared  to the sales of 17.38 million euros and the share of 90.0% in the same
period a year ago. The sales to Latvia continue to account for the largest share
of sales to other countries.

+------------------------------+--------+--------+-----------+---------+
|Turnover by countries, mln EUR|1Q 20/21|1Q 19/20|Change, EUR|Change, %|
+------------------------------+--------+--------+-----------+---------+
|Finland                       |    7.83|   13.14|      -5.31|   -40.4%|
+------------------------------+--------+--------+-----------+---------+
|Great Britain                 |    2.01|    2.79|      -0.77|   -27.7%|
+------------------------------+--------+--------+-----------+---------+
|Estonia                       |    1.41|    1.46|      -0.05|    -3.4%|
+------------------------------+--------+--------+-----------+---------+
|Latvia                        |    0.51|    0.69|      -0.18|   -26.5%|
+------------------------------+--------+--------+-----------+---------+
|Other countries               |    0.98|    1.24|      -0.26|   -20.9%|
+------------------------------+--------+--------+-----------+---------+
|Total                         |   12.74|   19.32|      -6.57|   -34.0%|
+------------------------------+--------+--------+-----------+---------+

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