PRFoods unaudited preliminary consolidated turnover in the 2(nd) quarter of the
financial year 2020/2021 amounted to 17.07 million euros. Compared to the
previous quarter i.e. the 1(st) quarter, the sales increased by 33.9%, (1Q
2020/2021: 12.74 million euros), with retail sector increased by 30.7%,
wholesale by 43.6% and HoReCa sector by 14.2%. Compared to last year same
period, sales decreased by 32.9% (2Q 2019/2020: 25.43 million euros), decrease
in HoReCa by 52.7% and in wholesale by 60.9%. Sales increased in retail sector
by 3.2%
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.
End of the year brought Christmas lockdowns around Europe, for example UK was in
full lockdown. In December, price of fresh salmon and trout was at historic 12
year low, which is total anomaly, but reflects the situation in market that is
oversupplied. Arrival of vaccines has given hope that HoReCa will recover during
summer. On positiive side we see the low raw material prices to continue, which
particulary in case of John Ross Jr has helped them to maintain pre-Covid
profitability. The other positive aspect is constant increase of sales to
retail, and also in future we see the role of HoReCa to diminish in our sales.
We adjust our cost base in group companies according to the changed market
situation."
In the second quarter of the financial year, the sales declined in all product
groups compared to the second quarter of the previous financial year. The sales
of fresh fish and fillets' product group that formed 32% of the product
portfolio (2Q 2019/2020: 45%) more than halved compared to the second quarter of
the previous financial year. The sales of smoked products that accounted for
47% (2Q 2019/2020: 36%) declined by 13.4% over the financial years.
+-----------------------------------+--------+--------+-----------+---------+
|Turnover by product groups, mln EUR|2Q 20/21|2Q 19/20|Change, EUR|Change, %|
+-----------------------------------+--------+--------+-----------+---------+
|Fresh fish and fillets |5.51 |11.35 |-5.84 |-51.4% |
+-----------------------------------+--------+--------+-----------+---------+
|Smoked products |7.96 |9.20 |-1.23 |-13.4% |
+-----------------------------------+--------+--------+-----------+---------+
|Other fish products |3.59 |4.88 |-1.29 |-26.4% |
+-----------------------------------+--------+--------+-----------+---------+
|Other revenue |0.00 |0.01 |-0.01 |-90.9% |
+-----------------------------------+--------+--------+-----------+---------+
|Total |17.07 |25.43 |-8.37 |-32.9% |
+-----------------------------------+--------+--------+-----------+---------+
By customer groups, the sales increased in the second quarter in retail chains
by 3.2%. In HoReCa and wholesale sectors the decline was 52.7% and 60.9%,
respectively. The share of retail chains' sales of the second quarter was 57%,
wholesale 20% and HoReCa 17%. In the second quarter of the previous financial
year, the customer groups accounted for 37%, 35% and 24%, respectively.
+----------------------------------+--------+--------+-----------+---------+
|Turnover by client groups, mln EUR|2Q 20/21|2Q 19/20|Change, EUR|Change, %|
+----------------------------------+--------+--------+-----------+---------+
|Retail chains | 9.70| 9.40| 0.30| 3.2%|
+----------------------------------+--------+--------+-----------+---------+
|Wholesale | 3.45| 8.83| -5.38| -60.9%|
+----------------------------------+--------+--------+-----------+---------+
|HoReCa | 2.84| 6.01| -3.16| -52.7%|
+----------------------------------+--------+--------+-----------+---------+
|Other revenue | 1.07| 1.19| -0.12| -10.1%|
+----------------------------------+--------+--------+-----------+---------+
|Total | 17.07| 25.43| -8.37| -32.9%|
+----------------------------------+--------+--------+-----------+---------+
The three largest markets had an aggregated turnover of 14.84 million euros
accounting for 87% of total sales in the 2(nd) quarter of the financial year
compared to the sales of 21.80 million euros and the share of 86% 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|2Q 20/21|2Q 19/20|Change, EUR|Change, %|
+------------------------------+--------+--------+-----------+---------+
|Finland | 11.01| 15.84| -4.83| -30.5%|
+------------------------------+--------+--------+-----------+---------+
|Great Britain | 2.73| 3.46| -0.73| -21.2%|
+------------------------------+--------+--------+-----------+---------+
|Estonia | 1.11| 2.50| -1.39| -55.7%|
+------------------------------+--------+--------+-----------+---------+
|Latvia | 0.74| 1.72| -0.98| -56.9%|
+------------------------------+--------+--------+-----------+---------+
|Other countries | 1.48| 1.92| -0.43| -22.6%|
+------------------------------+--------+--------+-----------+---------+
|Total | 17.07| 25.43| -8.37| -32.9%|
+------------------------------+--------+--------+-----------+---------+
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 452 1470
investor@prfoods.ee
www.prfoods.ee
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