Market announcement
AS PRFoods
LEI code
529900PFXFO2ZDCRNK93
Size of the entity
Medium group
Economic activities
Financial and Insurance Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
2965
Submission date and time
24.11.2010 01:32:58
Content of announcement in Estonian
Title
AS Premia Foods auditeerimata majandustulemused, 3. kvartal ja 9 kuud
Message
MAJANDUSTULEMUSTE LÜHIKOKKUVÕTE
2010.a. kolmas kvartal näitas ettevõttele positiivset kasvutrendi. Müügitulu
kasv oli 19,3%, kasvu mootoriks edukas jäätisemüük kõigil sihtturgudel. Vähene-
mas on ka külmkauba müügitulemuste mahajäämus 2009.aasta näitajatest,sealjuures
on suutnud ettevõte hoida nimetatud tegevusvaldkonnas eelmise aastaga võrrel-
davat kasumlikkust. Kalatoodete segmendis oli kolmandas kvartalis näha veel
tulekahjust tingitud järelmõjusid.
Kasumlikkuse võrdluses 2009.a. sama perioodiga tuleb silmas pidada kinnisvara
ümberhindluse 30 miljoni kroonist ühekordset positiivset mõju 2009. aasta 3.
kvartali kasumile. 9 kuuga teenis ettevõte puhaskasumit 56,8 miljonit krooni. 9
kuu EBITDA oli 125,5 miljonit krooni (8,0 miljonit eurot). EBITDA kasv peale
erakorralise kinnisvarakasumi elimineerimist oli 50,2% ehk 41,9 miljonit krooni
(2,7 miljonit eurot).
2010.a. kolmandas kvartalis edukalt lõpule viidud laenude restruktureerimine
tugevdas veelgi ettevõtte finantspositsiooni ning võimaldas parandada
likviidsuskordajat ja säästa edaspidi finantskulude arvelt arvestuslikult
6 miljonit krooni aastas.
Järgnevas koondtabelis on välja toodud kontserni põhilised arvnäitajad kvarta-
lite lõikes:
--------------------------------------------------------------------------------
| Võtme- | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
| näitajad | 1.kv | 2.kv | 3.kv | 9k | 1.kv | 2.kv | 3.kv | 9k |
--------------------------------------------------------------------------------
| Müügitulu | 234,4 | 333,0 | 363,4 | 930,8 | 223,1 | 299,6 | 304,6 | 827,3 |
| (mln EEK) | | | | | | | | |
--------------------------------------------------------------------------------
| Brutokasum | 46,8 | 81,5 | 106,5 | 234,8 | 49,1 | 84,1 | 85,4 | 218,6 |
| (mln EEK) | | | | | | | | |
--------------------------------------------------------------------------------
| EBITDA | 0,0 | 68,8 | 56,7 | 125,5 | -3,1 | 37,5 | 79,2 | 113,6 |
| (mln EEK) | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | -14,3 | 54,4 | 38,9 | 79,1 | -18,9 | 21,7 | 67,6 | 70,4 |
| (mln EEK) | | | | | | | | |
--------------------------------------------------------------------------------
| Puhaskasum | -17,9 | 46,5 | 28,1 | 56,8 | -26,2 | 13,4 | 56,2 | 43,4 |
| (mln EEK) | | | | | | | | |
--------------------------------------------------------------------------------
| Bruto- | 20,0% | 24,5% | 29,3% | 25,2% | 22,0% | 28,1% | 28,0% | 26,4% |
| rentaablus | | | | | | | | |
--------------------------------------------------------------------------------
| EBITDA | 0,0% | 20,7% | 15,6% | 13,5% | -1,4% | 12,5% | 26,0% | 13,7% |
| marginaal | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | -6,1% | 16,3% | 10,7% | 8,5% | -8,5% | 7,2% | 22,2% | 8,5% |
| marginaal | | | | | | | | |
--------------------------------------------------------------------------------
| Puhas- | -7,6% | 14,0% | 7,7% | 6,1% | -11,7 | 4,5% | 18,4% | 5,2% |
| rentaablus | | | | | % | | | |
--------------------------------------------------------------------------------
| Tegevuskulu-| 25,1% | 24,0% | 23,8% | 24,2% | 29,9% | 25,1% | 22,8% | 25,6% |
| de suhtarv | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 31.12 | 31.03 | 30.06 | 30.09 | 31.12 | 31.03 | 30.06 | 30.09 |
| | 2009 | 2010 | 2010 | 2010 | 2008 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Netovõlg | 289,7 | 315,1 | 160,0 | 145,5 | 308,5 | 323,4 | 315,3 | 300,8 |
| (mln EEK) | | | | | | | | |
--------------------------------------------------------------------------------
| Omakapital | 434,1 | 416,3 | 655,0 | 684,6 | 425,9 | 399,5 | 410,3 | 467,6 |
| (mln EEK) | | | | | | | | |
--------------------------------------------------------------------------------
| Varad | 983,1 | 976,5 |1166,5 |1108,1 |1028,3 | 959,1 |1015,7 | 1090,8 |
| (mln EEK) | | | | | | | | |
--------------------------------------------------------------------------------
| Likviidsus- | 1,15 | 1,12 | 1,50 | 2,08 | 1,06 | 1,01 | 1,16 | 1,16 |
| kordaja | | | | | | | | |
--------------------------------------------------------------------------------
| Omakapitali | 44% | 43% | 56% | 62% | 41% | 42% | 40% | 43% |
| suhtarv | | | | | | | | |
--------------------------------------------------------------------------------
| Finants- | 40% | 43% | 20% | 18% | 42% | 45% | 43% | 39% |
| võimendus | | | | | | | | |
--------------------------------------------------------------------------------
EBITDA = kasum enne finants-, maksu-, ning põhivara kulumi- ja väärtuse
languse kulusid
Brutorentaablus = Brutokasum / Müügitulu
EBITDA marginaal = EBITDA / Müügitulu
EBIT marginaal = EBIT / Müügitulu
Puhasrentaablus = Puhaskasum / Müügitulu
Tegevuskulude suhtarv = Tegevuskulud / Müügitulu
Netovõlgnevus = Intressi kandvad võlakohustused - Raha ja raha ekvivalendid
Likviidsuskordaja = Käibevara / Lühiajalised kohustused
Omakapitali suhtarv = Omakapital / Varad
Finantsvõimendus = Netovõlgnevus / (Omakapital + Netovõlgnevus)
>> 3. kvartal
2010.aasta kolmandas kvartalis kasvas kontserni käive 19,3% ehk 58,8 miljoni
krooni (3,8 miljonit eurot) võrra, ulatudes 363,4 miljoni kroonini (23,2 miljo-
ni euroni).
Nimetatud perioodi EBITDA oli 56,4 miljonit krooni (3,6 miljonit eurot). Kuna
2009.aasta 3.kvartali EBITDA sisaldas endas kinnisvara ümberhindluse kasumit
summas 30,0 miljonit krooni (1,9 miljonit eurot), siis võrreldav EBITDA kasv
2010.aastal oli 15,2% ehk 7,5 miljonit krooni (0,5 miljonit eurot). 3.kvartali
puhaskasum oli 28,1 miljonit krooni (1,8 miljonit eurot).
2010.aasta kolmanda kvartali tähtsaimad sündmused olid:
• 1.septembril teatas kontsern laenuportfelli restruktureerimiselõpuleviimisest.
Refinantseerimise tulemusena tsentraliseeriti laenuhaldus kontserni emaette-
võttesse ning parandati laenuportfelli kvaliteeti. Laenude intressimäär
vähenes seniselt keskmiselt 5,6%-lt aastas arvestuslikult 2,8%-le (6 kuu
Euribor+1,6%). Arvestuslik kokkuhoid praeguste laenumahtude ja Euribori määra
juures on üle kuue miljoni krooni aastas. Lühiajaliste võlakohustuste osakaal
laenuportfellis kahanes 46%-lt 18%-le.
• 9.septembril otsustas kontserni nõukogu auditikomitee moodustamise. Auditi-
komitee esimeheks valiti ettevõtte nõukogu liige Aavo Kokk ning auditikomitee
liikmeks Mairi Paiste.
• 20.septembril toimunud nõukogu koosoleku otsustas kontserni nõukogu tagasi
kutsuda senise juhatuse liikme Andri Avila. Alates 1.novembrist asus finants-
direktori ülesandeid täitma ettevõtte nõukogu liige Erik Haavamäe. Septembri
lõpus andis kontsern teada kalatöötlemisüksuste efektiivsuse tõstmisest, kuna
pärast Uusikaupunkis asunud kalatöötlemisüksuste põlengut avanes ettevõttele
võimalus analüüsida kalatöötlemisüksuste paigutust ning tootmise efektiivsust.
Kalatöötlemise ümberpaigutamise tulemusel tekib ettevõttel aastane sääst äri-
kulude arvelt ligikaudu 3,1 miljonit krooni, kuna lõpetati tootmine senisel
rendipinnal Uusikaupunkis ning alustati tootmist Hämeenlinnas paikneva müügi-
ja logistikakeskuse juurde kuuluvas tootmishoones.
>> 9 kuud
AS Premia Foods esimese üheksa kuu käive oli 930,8 miljonit krooni (59,5 miljo-
nit eurot) kasvades aastaga 103,5 miljoni krooni ehk 12,5% võrra.
Nimetatud perioodi EBITDA oli 125,5 miljonit krooni (8,0 miljonit eurot).
Võrreldav EBITDA kasv eelmise aasta sama perioodiga peale ühekordse kinnisvara-
kasumi elimineerimist oli 50,2% ehk 41,9 miljonit krooni (2,7 miljonit eurot).
9 kuu puhaskasum oli 56,8 miljonit krooni (3,6 miljonit eurot).
SEGMENDIANALÜÜS TEGEVUSVALDKONDADE KAUPA
Premia Foods-i võtmenäitajad 2010.a. jaan-sept tegevusvaldkondade kaupa
(miljonites kroonides):
--------------------------------------------------------------------------------
| Käive | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
| (mln EEK) | 1.kv | 2.kv | 3.kv | 9k | 1.kv | 2.kv | 3.kv | 9k |
--------------------------------------------------------------------------------
| Jäätis | 29,8 | 143,8 | 188,3 | 361,9 | 32,8 | 91,8 | 99,6 | 224,2 |
--------------------------------------------------------------------------------
| Külmutatud | 78,5 | 80,3 | 75,4 | 234,2 | 93,8 | 92,0 | 85,7 | 271,5 |
| tooted | | | | | | | | |
--------------------------------------------------------------------------------
| Kala ja | 121,3 | 105,1 | 93,5 | 319,9 | 95,9 | 113,6 | 113,4 | 322,9 |
| kalatooted | | | | | | | | |
--------------------------------------------------------------------------------
| Muu | 4,8 | 3,8 | 6,2 | 14,8 | 0,6 | 2,2 | 5,9 | 8,7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Brutokasum | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
| (mln EEK) | 1.kv | 2.kv | 3.kv | 9k | 1.kv | 2.kv | 3.kv | 9k |
--------------------------------------------------------------------------------
| Jäätis | 11,8 | 58,8 | 78,6 | 149,2 | 13,3 | 43,8 | 44,3 | 101,4 |
--------------------------------------------------------------------------------
| Külmutatud | 17,5 | 17,7 | 16,6 | 51,9 | 20,2 | 20,1 | 18,8 | 59,1 |
| tooted | | | | | | | | |
--------------------------------------------------------------------------------
| Kala ja | 21,6 | -2,0 | 10,1 | 29,7 | 21,2 | 22,8 | 21,4 | 65,4 |
| kalatooted | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Bruto- | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
| rentaablus | 1.kv | 2.kv | 3.kv | 9k | 1.kv | 2.kv | 3.kv | 9k |
--------------------------------------------------------------------------------
| Jäätis | 40% | 41% | 42% | 41% | 41% | 48% | 44% | 45% |
--------------------------------------------------------------------------------
| Külmutatud | 22% | 22% | 22% | 22% | 22% | 22% | 22% | 22% |
| tooted | | | | | | | | |
--------------------------------------------------------------------------------
| Kala ja | 18% | -2% | 11% | 9% | 22% | 20% | 19% | 20% |
| kalatooted | | | | | | | | |
--------------------------------------------------------------------------------
Võrreldes eelmise aastaga on kolmandas kvartalis enim ehk 89% kasvanud jäätise-
müük. Kolmanda kvartali käibest moodustas jäätisemüük 52%,samas kui aasta tagasi
oli jäätise osakaal 33%. Müügimahtude kasvu selles segmendis on toetanud juulis
ja augustis valitsenud soodsad ilmastikutingimused ning tegevuse
laienemine Venemaale.
Premia Foods jätkab Baltikumis jäätiseturu liidrina, sealjuures lisaks pikaaja-
lisele juhtpositsioonile Eesti turul, on AC Nielseni suvise uuringu kohaselt
ettevõte esmakordselt saavutanud liidripositsiooni ka Leedu jäätiseturul. Turu-
osad nimetatud turgudel vastavalt 40% ja 21%. Läti ja St Peterburgi turul
ollakse teisel positsioonil. Kõigil turgudel on edu aluseks tugevad kaubamärgid,
mis lubavad hoida ka üle 40%-list brutorentaablust. Baltikumi ja St. Peterburgi
jäätiseturgu iseloomustas 2010.aasta 3. kvartalis selgelt kasvanud koorejäätiste
eelistamine. Eelöeldut kinnitab ka Premia "Eriti Rammus" - sarja koonusjäätise
konkurentsitu esimene positsioon Eesti turul rekordilise 5,7%-lise turuosaga
ning Klasika kaubamärgi võidukäik Leedus, mis aitas saavutada ka nimetatud turul
liidripositsiooni.
Jäätisesegmendis on näha mõningast brutokasumi marginaali langust nii kolmandas
kvartalis kui 9 kuu kokkuvõttes, mille põhjuseks on suve teises pooles tõusnud
toorainehinnad, hinnasurve kaubanduskettide private labelite poolt kõigil
jäätisemüügi sihtturgudel ning ka Venemaal traditsiooniliselt madalamad bruto-
marginaalid.
Külmutatud toodete müügi mahajäämuse peamisteks põhjusteks kolmandas kvartalis
on vähenenud ostujõud ning suvisele ajale omaselt valminud värsked köögiviljad,
mille tõttu sesoonselt kahanes külmutatud juurviljade tarbimine kõigil siht-
turgudel. Segmendi brutorentaablus on püsinud läbi kvartalite stabiilsena 22%
juures.
Kalatoodete müügi vähenemise peamiseks põhjuseks on maikuus toimunud põleng
ettevõtte Soome Uusikaupunkis asuvas kalatootmisüksuses, mis mõjutas eelkõige
suitsutatud kalatoodete müüki ja võrreldes eelmise aasta sama perioodiga vähenes
antud tootegrupi müük 3. kvartalis seetõttu 27 miljoni krooni võrra. Kõrge toor-
kala hind on mõju avaldanud ka värske kala müügitulemustele Eestis. Vaatamata
müügikäibe vähenemisele, on kalasegmendis 3. kvartalis näha brutorentaabluse
olulist paranemist võrreldes 2.kvartaliga ning ka 9 kuu kokkuvõttes, mis näitab,
et ettevõte on taastamas oma müügimahte ning ka tootevalikut pärast kevadist
põlengut ning on suutnud teha hea tulemuse ka vaatamata oluliselt kasvanud toor-
kala hindadele.
JÄÄTIS
--------------------------------------------------------------------------------
| mln EEK | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
| | 1.kv | 2.kv | 3.kv | 9k | 1.kv | 2.kv | 3.kv | 9k |
--------------------------------------------------------------------------------
| Käive | 29,8 | 143,8 | 188,3 | 361,9 | 32,8 | 91,8 | 99,6 | 224,2 |
--------------------------------------------------------------------------------
| Brutokasum | 11,8 | 58,8 | 78,6 | 149,2 | 13,3 | 43,8 | 44,3 | 101,4 |
--------------------------------------------------------------------------------
| EBITDA | 1,1 | 24,9 | 43,7 | 69,7 | 1,7 | 18,6 | 20,2 | 40,5 |
--------------------------------------------------------------------------------
| EBITDA | 4% | 17% | 23% | 19% | 5% | 20% | 20% | 18% |
| marginaal | | | | | | | | |
--------------------------------------------------------------------------------
| Ärikasum | -2,3 | 18,7 | 35,1 | 51,6 | -2,4 | 12,8 | 15,8 | 26,3 |
--------------------------------------------------------------------------------
Edukad uudistoodete turuletoomised kõigil sihtturgudel, valitsenud soodsad
ilmastikuolud ning portfelli optimeerimine võimaldasid jäätisemüügilt teenida
nii kolmandas kvartalis kui ka 9kuu kokkuvõttes oluliselt suuremat brutokasumist
ning EBITDAd võrreldes 2009. aasta vastavate perioodidega. EBITDA marginaal kas-
vas 23%-le kolmandas kvartalis, mis aitas 9 kuu kokkuvõttes tõsta jäätiselt tee-
nitava EBITDA marginaali võrreldes 2009.aasta sama perioodiga protsendi võrra
kõrgemaks.
KALA JA KALATOOTED
--------------------------------------------------------------------------------
| mln EEK | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
| | 1.kv | 2.kv | 3.kv | 9k | 1.kv | 2.kv | 3.kv | 9k |
--------------------------------------------------------------------------------
| Käive | 121,3 | 105,1 | 93,5 | 319,9 | 95,9 | 113,6 | 113,4 | 322,9 |
--------------------------------------------------------------------------------
| Brutokasum | 21,6 | -2,0 | 10,1 | 29,7 | 21,2 | 22,8 | 21,4 | 65,4 |
--------------------------------------------------------------------------------
| EBITDA | -0,5 | 44,0 | 18,5 | 62,0 | 0,6 | 16,4 | 26,3 | 43,4 |
--------------------------------------------------------------------------------
| EBITDA | 0% | 42% | 20% | 19% | 1% | 14% | 23% | 13% |
| marginaal | | | | | | | | |
--------------------------------------------------------------------------------
| Ärikasum | -4,7 | 39,9 | 14,2 | 49,4 | -3,2 | 12,4 | 22,4 | 31,6 |
--------------------------------------------------------------------------------
9 kuu kokkuvõttes on olnud 2. kvartalis saadud kindlustushüvitis piisav
kompenseerimaks ettevõttele saamata jäänud tulu ning õnnetusega seotud ühe-
kordseid kulusid. Juba alates septembrist taaskäivitus suitsutatud kalatoodete
osaline tootmine Hämeenlinnas ning investeeringute ajakava näeb ette täisvõimsu-
sel tootmise saavutamist käesoleva aasta lõpuks. Lähtuvalt kalatoodete tootmis-
efektiivsuse suurendamise plaanist, tuuakse külmsuitsutoodete tootmine Soomest
ettevõtte peamisesse tootmisüksusesse Saaremaal.
KÜlMUTATUD TOOTED
--------------------------------------------------------------------------------
| mln EEK | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
| | 1.kv | 2.kv | 3.kv | 9k | 1.kv | 2.kv | 3.kv | 9k |
--------------------------------------------------------------------------------
| Käive | 78,5 | 80,3 | 75,4 | 234,2 | 93,8 | 92,0 | 85,7 | 271,5 |
--------------------------------------------------------------------------------
| Brutokasum | 17,5 | 17,7 | 16,6 | 51,9 | 20,2 | 20,1 | 18,8 | 59,1 |
--------------------------------------------------------------------------------
| EBITDA | -4,4 | -1,4 | -0,4 | -6,2 | -5,6 | 0,3 | 4,3 | -1,0 |
--------------------------------------------------------------------------------
| EBITDA | -6% | -2% | -1% | -3% | -6% | 0% | 5% | 0% |
| marginaal | | | | | | | | |
--------------------------------------------------------------------------------
| Ärikasum | -8,5 | -3,6 | -3,2 | -15,3 | -10,6 | -2,9 | 2,5 | -11,0 |
--------------------------------------------------------------------------------
Premia Foods ei ole veel selles segmendis oma müügimahtudelt samal tasemel 2009.
aastaga. Samas on oluline,et külmutatud toodete müük küll vähenes 2010 kolmandas
kvartalis võrrelduna eelmise aasta sama perioodiga 10,3 miljoni krooni võrra,
kuid külmutatud kaupade segmendi mahajäämus eelmise aasta mahtudest väheneb juba
teist kvartalit järjest.
SEGMENDIANALÜÜS TURGUDE LÕIKES
--------------------------------------------------------------------------------
| Käive | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
| (mln EEK) | 1.kv | 2.kv | 3.kv | 9k | 1.kv | 2.kv | 3.kv | 9k |
--------------------------------------------------------------------------------
| Soome | 109,4 | 102,5 | 73,5 | 285,4 | 78,2 | 97,3 | 97,8 | 273,3 |
--------------------------------------------------------------------------------
| Eesti | 67,4 | 81,9 | 113,2 | 262,5 | 79,3 | 101,1 | 100,1 | 280,5 |
--------------------------------------------------------------------------------
| Läti | 36,2 | 45,2 | 53,6 | 135,0 | 43,4 | 54,0 | 52,5 | 149,9 |
--------------------------------------------------------------------------------
| Leedu | 20,6 | 48,9 | 55,1 | 124,6 | 18,9 | 46,1 | 52,8 | 117,8 |
--------------------------------------------------------------------------------
| Venemaa | 0,0 | 54,3 | 66,8 | 121,1 | 0,0 | 0,0 | 0,0 | 0,0 |
--------------------------------------------------------------------------------
| Muu | 0,8 | 0,2 | 1,1 | 2,1 | 3,3 | 1,1 | 1,4 | 5,8 |
--------------------------------------------------------------------------------
Geograafiliste turgude lõikes on kolmandas kvartalis positiivset kasvutrendi
võrreldes eelmise aasta sama perioodiga näidanud kõik kolm Balti turgu, seal-
juures on eriti rõõmustav Lätis saavutatud 2,3%-line müügikasv, mis tuli
peamiselt kasvanud jäätisemüügi arvelt. Jäätisemüügi positiivne mõju väljendub
ka Eesti ja Leedu müüginumbrites. Turule toodud uudistooted ja kaubamärgid
õigustasid end ning aitasid kaasa ka private labelite pealetungile vastu-
seismisel.
Soome käivet mõjutas kolmandas kvartalis enim eelnimetatud põleng suitsutatud
kalatooteid tootnud kalatöötlemisüksuses. Edukalt õnnestus suvehoojaks
turule
tuua innovaatiline grilltoodete sari "ISO-grilli", mis leidis Soomes väga hea
vastuvõtu ning mida suve jooksul müüdi kokku 13 miljoni krooni eest. Premia
Foods jätkab Soome jahutatud pakendatud kalatoodete jaeturul kaubamärgiga
"Heimon Gourmet" teisel positsioonil 25%-lise turuosaga.
Jäätisemüük St Peterburgi regioonis Venemaal oli kolmandas kvartalis edukas ning
andis ettevõttele lisandunud käivet 66,8 miljoni krooni eest. St Peterburgis
jätkab Premia Foods tugeval teisel positsioonil ligikaudu 22%-lise turuosaga,
sealjuures kõik OOO Hladokombinat No 1 jäätised on koorejäätised ning valmivad
GOST-standardi järgi.
9 kuu kokkuvõttes on hea tulemuse teinud Soome turg, kus vaatamata paljude
negatiivsete asjaolude kokkulangemisele on võrreldes eelmise aasta sama
perioodiga õnnestunud käivet kasvatada.
9 kuu lõikes on parimat tulemust näidanud Leedu turg,kus aktiivne jäätisemüük ja
julge tegutsemine külmutatud toodete turul on andnud oodatud efekti käibekasvu
näol.
Läti mahajäämuse põhjuseks on sealse majanduse üldine kehv olukord ning saavuta-
tud vaid 10%-line mahajäämus 2009.aasta 9 kuu käibetulemusest võib sealseid olu-
sid arvestades lugeda kordaminekuks.
Eesti mahajäämuse peamiseks põhjuseks on külmutatud kaupade turu madalseis ning
samuti kõrge toorkala hind,mis pärsib jahutatud kala müüki Eesti jaekaubanduses.
Venemaa tulemus kajastub 9 kuu käibenumbrites alates maikuust ning perioodiga
mai-september 2010 võib Premia Foods rahul olla, kuna St. Peterburgi tütarfirma
OOO Hladokombinat No1 täitis selleks perioodiks püstitatud ambitsioonikad ees-
märgid.
FINANTSSEISUND
Premia Foodsi konsolideeritud bilansimaht seisuga 30.09.2010 oli 1,1 miljardit
krooni (70,9 miljonit eurot). 2009.aasta lõpu seisuga oli Premia Foodsi bilansi-
maht 983,1 miljonit krooni (62,8 miljonit eurot). 2010. a. 9 kuu bilansimaht
kahanes 12,9%.
Finantsseisundi analüüsimisel tuleb arvestada alljärgnevate teguritega:
• mais 2010 toimunud avalik emissioon
• augustis 2010 aset leidnud laenuportfelli restruktureerimine
• tütarettevõtete OOO Hladokombinat No1 ja OOO Hladomagija omandamine Venemaal
• ettevõtte jäätise ja kala segmendi sesoonne iseloom
Võrreldes 31.12.2009 seisuga on tugevnenud arvestatavalt ettevõtte maksevõime
ning alanenud finantsrisk. Ettevõtte puhas käibekapital kasvas 9 kuuga 184,8
miljoni krooni (11,8 miljoni euro) võrra. Käibekapitali paranemine kajastub ka
oluliselt paranenud likviidsuskordajas, mis seisuga 30.09.2010 oli 2.08
(31.12.2009: 1.15). Finantsvõimendus väljendatuna netovõlgnevuse osakaaluna
kogukapitalisatsioonis vähenes 40%-lt 18%-ni. Lühiajaliste võlakohustuste
osakaal laenuportfellis kahanes 46%-lt 18%-le.
BILANSIANALÜÜS
Ettevõtte käibevarad suurenesid 18,3% jõudes 455,9 miljoni kroonini (29,1
miljoni euroni).
Raha ja pangakontode jääk kasvas 2,3 korda 45,2 miljoni kroonini (2,9 miljoni
euroni). Augustis lõpule viidud refinantseerimise tulemusena oli ettevõttel
seisuga 30.09.2010 täiendavalt kasutamata laenu ja arvelduskrediidi limiiti
summas 67,3 miljonit krooni (4,3 miljonit eurot).
Nõuded ja ettemaksed kahanesid 2009. aasta lõpuga võrreldes 1,2% ehk 1,7
miljoni krooni (0,1 miljonit eurot) võrra jõudes 132,4 miljoni kroonini (8,5
miljoni euroni). Venemaa osakaal nõuetes ja ettemaksetes moodustas 19,3
miljonit krooni (1,2 miljonit eurot). Keskmine raha laekumise välde kiirenes
14%.
Varud kasvasid võrreldes 30.09.2009 seisuga 9,8% ehk 24,8 miljoni krooni võrra
(4,7 miljoni euro) moodustades 278,2 miljonit krooni (17,8 miljonit eurot).
Varude kasv oli tingitud OOO Hladokombinat No1 omandamisest, mille varude jääk
seisuga 30.09.2010 oli 24,4 miljonit krooni (1,6 miljonit eurot). Varude muutus
aasta lõpu seisuga on tingitud bioloogiliste varude ehk eluskala kasvutsükli
sesoonsusest, mis tavapäraselt saavutab oma kõrgtaseme sügiseks, misjärel
arvestatav kogus püügikõlbulikke kalu 4. ja 1. kvartali jooksul välja püütakse.
Võlad hankijatele suurenesid 2009. aasta lõpuga võrreldes 5,6% ehk 7,3 miljoni
krooni (0,5 miljoni euro) võrra tõustes 139 miljoni kroonini (8,9 miljoni
euroni).
Kohustused kokku vähenesid 22,9% ehk 125,5 miljoni krooni (8 miljonit euro)
võrra 423,4 miljoni kroonini (27,1 miljonit euroni). Lühi- ja pikaajalised
laenud moodustavad sellest 190,7 miljonit krooni (12,2 miljonit eurot)
kahanedes 9 kuuga 38% ehk 118,6 miljoni krooni (7,6 miljonit euro) võrra.
Premia Foods omakapital seisuga 30.09.2010 oli 686,6 miljonit krooni (43,9
miljoni eurot) kasvades 9 kuuga 58,2% ehk 252,5 miljoni krooni (16,1 miljoni
euro) võrra.
INVESTEERINGUD
Premia Foods-i materiaalsesse ja immateriaalsesse põhivara investeeringud
moodustasid aruandeperioodil kokku 18,6 miljonit krooni (1,2 miljonit eurot).
Investeeringutes sisaldus kalatöötlemistsehhi põlengu ning tootmise
ümberkolimisega seotud erakorralisi investeeringuid summas 5,9 miljonit krooni
(0,4 miljonit eurot). Aruandeperioodil teostatud investeeringutele on 2,1
miljoni krooni ulatuses heaks kiidetud sihtfinantseerimist EL
struktuurifondidest. Finantsinvesteeringute maht vaadeldaval perioodil ulatus
54,3 miljoni kroonini (3,5 miljoni euroni), millest 46,5 miljonit krooni (3,0
miljonit eurot) moodustas OOO Hladokombinat No1 100%-se osaluse omandamisega
lisandunud positiivne firmaväärtus. Venemaa ettevõtete soetamisega lisandunud
põhivarade kogumaksumus oli 25,3 miljonit krooni (1,6 miljonit eurot).
PERSONAL
Premia Foods AS-is töötas 2010. aasta 30.septembri seisuga 876 inimest,
sealhulgas oli OOO Hladokombinat No 1 töötajate arv 248. 2009. aasta 30.
septembri seisuga töötas grupis 653 inimest.
Töötasude kogusumma 2010. aasta 9 kuu eest oli 141,6 miljonit krooni (9,05
miljonit eurot). 2009. aasta 9 kuu eest moodustas töötasude kogusumma kokku
125,3 miljonit krooni (8,01 miljonit eurot).
AKTSIAD
Premia Foods AS on noteeritud NASDAQ OMX Tallinna Börsi põhinimekirjas alates
05. maist 2010, ettevõte on emiteerinud 38,7 miljonit lihtaktsiat nimiväärtusega
10 krooni.
ISIN EE3100101031
Väärtpaberi lühinimi PRF1T
Market BALTIC MAIN LIST
Nominaal 10,00 EEK
Emiteeritud väärtpabereid 38 682 860
Noteeritud väärtpabereid 38 682 860
Noteerimise kuupäev 05.05.2010
Aktsionäride struktuur
Premia Foods AS suurimad aktsionärid 30. september 2010 seisuga:
ING Luxembourg S.A. 62,34%
OÜ Rododendron 3,36%
Firebird Republics Fund Ltd. 3,09%
Ambient Sound Investments OÜ 2,59%
Skandinaviska Enskilda Banken Ab 2,29%
AS LHV Pank 2,27%
LHV Pensionifond 1,84%
Firebird Avrora Fund, Ltd. 1,68%
OÜ Footsteps Management 1,16%
OÜ Freespirit 1,00%
Skandinaviska Enskilda Banken Finnish Clients 0,97%
SEB Kasvufond 0,84%
Konsolideeritud finantsseisundi aruanne
--------------------------------------------------------------------------------
EEK '000 EUR '000
30.09.10 31.12.09 30.09.09 30.09.10 31.12.09 30.09.09
--------------------------------------------------------------------------------
VARAD
Raha ja ekvivalendid 45 222 19 618 30 539 2 890 1 254 1 952
Nõuded ja ettemaksed 132 414 134 070 136 140 8 463 8 569 8 701
Varud 278 228 205 164 253 424 17 782 13 112 16 197
Müügiootel põhivara 145 26 721 26 382 9 1 708 1 686
--------------------------------------------------------------------------------
Käibevara kokku 456 009 385 573 446 485 29 144 24 643 28 536
Edasilükkunud
tulumaksuvara 5 719 5 541 5 541 366 354 354
Pikaaj. fin.inv.-d 1 584 1 507 1 417 101 96 91
Kinnisvarainv.-d 32 600 32 600 32 592 2 084 2 084 2 083
Materiaalne põhivara 240 990 241 980 286 880 15 402 15 465 18 335
Immateriaalne vara 371 176 315 850 317 844 23 722 20 186 20 314
--------------------------------------------------------------------------------
Põhivara kokku 652 069 597 478 644 274 41 675 38 185 41 177
VARAD KOKKU 1 108 078 983 051 1090 759 70 819 62 828 69 713
KOHUSTUSED JA OMAKAPITAL
Võlakohustused 35 102 159 556 171 703 2 243 10 198 10 974
Faktooring 45 492 42 754 51 836 2 907 2 732 3 313
Võlad ja ettemaksed 139 036 131 686 162 720 8 886 8 416 10 400
--------------------------------------------------------------------------------
Lühiajalised kohustused 219 630 333 996 386 259 14 036 21 346 24 687
Võlakohustused 155 587 149 731 159 601 9 944 9 569 10 200
Pikaaj.võlg aktsionärile 0 17 226 20 853 0 1 101 1 333
Edasilükkunud tulumaks 22 611 21 900 29 222 1 445 1 400 1 868
Sihtfinantseerimine 25 615 26 085 27 225 1 637 1 667 1 740
--------------------------------------------------------------------------------
Pikaajal. kohustused 203 813 214 942 236 901 13 026 13 737 15 141
KOHUSTUSED KOKKU 423 443 548 938 623 160 27 062 35 083 39 828
Aktsiakapital 386 829 24 183 24 183 24 723 1 546 1 546
Ülekurss 227 085 398 688 398 688 14 513 25 481 25 481
Oma aktsiad -472 -3 986 -3 986 -29 -255 -255
Realis.-ta kursivahed 6 149 1 415 2 126 393 90 136
Jaotamata kasum 65 044 10 003 42 954 4 157 639 2 745
Ettevõtte aktsionäridele
kuuluv osa 684 635 430 303 463 965 43 757 27 501 29 653
Mittekontrolliv osalus 0 3 810 3 634 0 244 232
--------------------------------------------------------------------------------
OMAKAPITAL KOKKU 684 635 434 113 467 599 43 757 27 745 29 885
OMAKAPITAL JA
KOHUSTUSED KOKKU 1 108 078 983 051 1090 759 70 819 62 828 69 713
Konsolideeritud koondkasumi aruanne
--------------------------------------------------------------------------------
EEK '000 3kv'10 3kv'09 9k'10 9k'09
--------------------------------------------------------------------------------
Müügitulud 363 421 304 603 930 813 827 278
Müüdud kaupade kulu -256 967 -219 174 -696 029 -608 692
Brutokasum 106 454 85 429 234 784 218 586
Tegevuskulud -86 644 -69 600 -225 379 -211 564
Turundus- ja müügikulud -75 914 -58 332 -185 837 -163 851
Üldhalduskulud -10 730 -11 268 -39 542 -47 713
Muud äritulud/-kulud -700 30 816 48 809 32 684
Bioloogiliste varade ümberhindlus 19 837 20 959 20 856 30 737
Ärikasum 38 947 67 604 79 070 70 443
Finantstulud 3 319 -2 892 5 211 606
Finantskulud -9 049 -3 335 -20 880 -20 728
Maksustamiseelne kasum 33 217 61 377 63 401 50 321
Tulumaks -5 075 -5 200 -6 624 -6 899
Puhaskasum (-kahjum) 28 142 56 177 56 777 43 422
Muu koondkasum (-kahjum)
Valuutakursi vahed 1 454 4 023 4 734 2 288
Muu koondkasum (-kahjum) 1 454 4 023 4 734 2 288
Kokku koondkasum 29 596 60 200 61 511 45 710
Aruandeperioodi puhaskasumi (-kahjumi) jaotus:
emaettevõtte aktsionäridele kuuluv osa 28 142 56 015 56 555 42 954
mittekontrollivale osaluse kuuluv osa 0 162 222 468
Aruandeperioodi puhaskasum kokku 28 142 56 177 56 777 43 422
Aruandeperioodi koondkasumi (-kahjumi) jaotus:
emaettevõtte aktsionäridele kuuluv osa 29 596 60 038 61 289 45 080
mittekontrollivale osaluse kuuluv osa 0 162 222 630
Aruandeperioodi koondkasum kokku 29 596 60 200 61 511 45 710
Tava puhaskasum aktsia kohta (kr) 0,73 24,83 2,27 18,31
Lahustatud puhaskasum aktsia kohta (kr) 0,73 24,83 2,27 18,31
--------------------------------------------------------------------------------
EUR '000 3kv'10 3kv'09 9k'10 9k'09
--------------------------------------------------------------------------------
Müügitulud 23 227 19 468 59 490 52 873
Müüdud kaupade kulu -16 423 -14 008 -44 484 -38 903
Brutokasum 6 804 5 460 15 006 13 970
Tegevuskulud -5 538 -4 448 -14 404 -13 521
Turundus- ja müügikulud -4 852 -3 728 -11 877 -10 472
Üldhalduskulud -686 -720 -2 527 -3 049
Muud äritulud/-kulud -45 1 970 3 119 2 089
Bioloogiliste varade ümberhindlus 1 268 1 340 1 333 1 964
Ärikasum 2 489 4 322 5 054 4 502
Finantstulud 212 -185 333 39
Finantskulud -578 -213 -1 334 -1 325
Maksustamiseelne kasum 2 123 3 924 4 053 3 216
Tulumaks -324 -332 -423 -441
Puhaskasum (-kahjum) 1 799 3 592 3 630 2 775
Muu koondkasum (-kahjum)
Valuutakursi vahed 93 257 303 146
Muu koondkasum (-kahjum) 93 257 303 146
Kokku koondkasum 1 892 3 849 3 933 2 921
Aruandeperioodi puhaskasumi (-kahjumi) jaotus:
emaettevõtte aktsionäridele kuuluv osa 1 799 3 582 3 616 2 745
mittekontrollivale osaluse kuuluv osa 0 10 14 30
Aruandeperioodi puhaskasum kokku 1 799 3 592 3 630 2 775
Aruandeperioodi koondkasumi (-kahjumi) jaotus:
emaettevõtte aktsionäridele kuuluv osa 1 892 3 839 3 919 2 881
mittekontrollivale osaluse kuuluv osa 0 10 14 40
Aruandeperioodi koondkasum kokku 1 892 3 849 3 933 2 921
Tava puhaskasum aktsia kohta (eur) 0,05 1,59 0,15 1,17
Lahustatud puhaskasum aktsia kohta (eur) 0,05 1,59 0,15 1,17
Lisainformatsioon:
Kuldar Leis
juhatuse esimees
+372 6033800
[email protected]
Content of announcement in English
Title
AS Premia Foods unaudited financial results for 3rd quarter and 9 months of 2010
Message
SUMMARY OF FINANCIAL RESULTS
The third quarter of 2010 showed the company positive growing tendency. Sales
revenue increased by 19.3%, mainly due to the successful ice cream sales in all
target markets. The fall-behind of sales results of frozen food products
compared to the figures of 2009 is decreasing, whereas the company has managed
to keep this segment profitable, and the profitability is comparable to the last
year. In the fish products segment, certain impacts of the fire accident could
be noted also in the third quarter.
While comparing the profitability to the same period of 2009, the re-evaluation
of real estate by 30 million kroons having one-time positive impact on the
profit of the third quarter of 2009.
During 9 months, the company earned 56.8 million kroons of net profit.
9 months' EBITDA was 125.5 million kroons (8.0 million euros). The growth of
EBITDA after elimination of the extraordinary real estate profit was 50.2%, i.e.
41.9 million kroons (2.7 million euros).
The successful completion of the refinancing of the company's loan portfolio in
the third quarter of 2010 further strengthened the company's financial position
and enabled to improve the liquidity ratio and will enable to save from
financial cost approximately 6 million kroons per year.
The main figures per quarters of the group have been indicated in the following
table:
--------------------------------------------------------------------------------
| KEY | Q1 | Q2 | Q3 | 9m | Q1 | Q2 | Q3 | 9m |
| FIGURES | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Sales | 234.4 | 333.0 | 363.4 | 930.8 | 223.1 | 299.6 | 304.6 | 827.3 |
| (EEK mln) | | | | | | | | |
--------------------------------------------------------------------------------
| Gross profit| 46.8 | 81.5 | 106.5 | 234.8 | 49.1 | 84.1 | 85.4 | 218.6 |
| (EEK mln) | | | | | | | | |
--------------------------------------------------------------------------------
| EBITDA | 0.0 | 68.8 | 56.7 | 125.5 | -3.1 | 37.5 | 79.2 | 113.6 |
| (EEK mln) | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | -14.3 | 54.4 | 38.9 | 79.1 | -18.9 | 21.7 | 67.6 | 70.4 |
| (EEK mln) | | | | | | | | |
--------------------------------------------------------------------------------
| Net profit | -17.9 | 46.5 | 28.1 | 56.8 | -26.2 | 13.4 | 56.2 | 43.4 |
| (EEK mln) | | | | | | | | |
--------------------------------------------------------------------------------
| Gross | 20.0% | 24.5% | 29.3% | 25.2% | 22.0% | 28.1% | 28.0% | 26.4% |
| margin | | | | | | | | |
--------------------------------------------------------------------------------
| EBITDA | 0.0% | 20.7% | 15.6% | 13.5% | -1.4% | 12.5% | 26.0% | 13.7% |
| margin | | | | | | | | |
--------------------------------------------------------------------------------
| EBIT margin | -6.1% | 16.3% | 10.7% | 8.5% | -8.5% | 7.2% | 22.2% | 8.5% |
--------------------------------------------------------------------------------
| Net margin | -7.6% | 14.0% | 7.7% | 6.1% |-11.7% | 4.5% | 18.4% | 5.2% |
--------------------------------------------------------------------------------
| Operating | 25.1% | 24.0% | 23.8% | 24.2% | 29.9% | 25.1% | 22.8% | 25.6% |
| exp ratio | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 31.12 | 31.03 | 30.06 | 30.09 | 31.12 | 31.03 | 30.06 | 30.09 |
| | 2009 | 2010 | 2010 | 2010 | 2008 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Net debt | 289.7 | 315.1 | 160.0 | 145.5 | 308.5 | 323.4 | 315.3 | 300.8 |
| (EEK mln) | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 434.1 | 416.3 | 655.0 | 684.6 | 425.9 | 399.5 | 410.3 | 467.6 |
| (EEK mln) | | | | | | | | |
--------------------------------------------------------------------------------
| Assets | 983.1 | 976.5 |1166.5 |1108.1 |1028.3 | 959.1 |1015.7 | 1090.8 |
| (EEK mln) | | | | | | | | |
--------------------------------------------------------------------------------
| Liquidity | 1.15 | 1.12 | 1.50 | 2.08 | 1.06 | 1.01 | 1.16 | 1.16 |
| ratio | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 44% | 43% | 56% | 62% | 41% | 42% | 40% | 43% |
| ratio | | | | | | | | |
--------------------------------------------------------------------------------
| Gearing | 40% | 43% | 20% | 18% | 42% | 45% | 43% | 39% |
| ratio | | | | | | | | |
--------------------------------------------------------------------------------
EBITDA = earnings before financial items, tax, depreciation, and amortization
Gross margin = Gross profit / Sales revenue
EBITDA margin = EBITDA / Sales revenue
EBIT margin = EBIT / Sales revenue
Net profit margin = Net profit / Sales revenue
Operating expense ratio = Operating expenses / Sales revenue
Net debt = Interest-bearing liabilities - Cash and cash equivalents
Liquidity ratio Current assets / Short-term liabilities
Equity ratio = Equity / Total assets
Gearing ratio = Net debt / (Equity + Net debt)
3rd quarter
The turn-over of the group increased in the third quarter of 2010 by 19.3%, i.e.
by 58.8 million kroons (3.8 million euros) being 363.4 million kroons (23.2
million euros).
EBITDA for the referred period was 56.4 million kroons (3.6 million euros). As
the EBITDA of the 3rd quarter of 2009 included the one-off profit gained from
the re-evaluation of real estate in the amount of 30.0 million kroons (1.9
million euros), the comparable growth in EBITDA in 2010 was 15.2%, i.e. 7.5
million kroons (0.5 million euros).
The net profit for the 3rd quarter was 28.1 million kroons (1.8 million euros).
The most material events of the third quarter of 2010 were:
• On 1 September the group notified of the completion of restructuring of the
loan portfolio. As a result of the refinancing, the loan portfolio was
centralized into the parent company and the quality of the loan portfolio was
improved. The interest rate of the loans decreased from the previously paid
5.6% to approximately to 2.8% (6m Euribor+1.6%). The estimated accounting
savings from interests costs as per the current loan volumes and Euribor rate
is over six million kroons per year. The volume of the short-term liabilities
in the loan portfolio decreased from 46% to 18%.
• On 9 September the Supervisory Board of the group determined the composition
of the audit committee. The member of the Supervisory Board Aavo Kokk was
elected to be the chairman of the audit committee and Mairi Paiste a member
of the audit committee.
• During the meeting of the Supervisory Board held on 20 September, the Super-
visory Board decided to recall the member of the Management Board Andri
Avila from the Management Board. As of 2 November, the position of the CFO of
the company was assumed by the member of the Supervisory Board Erik Haavamäe.
• In the end of September, the company announced improvement in efficiency of
the fish production units as after the fire accident in the fish processing
unit in Uusikaupunki the company had an opportunity to analyze the locations
and production efficiency of the fish production units. As a result of
the relocation of the fish production units, the company saves approximately
3.1 million kroons from rental costs per year due to the fact that the
production activities in the rental premises in Uusikaupunki were ceased and
production was moved to the production facility located by the sales and
logistics center in Hämeenlinna.
9 months
The turn-over of AS Premia Foods was 930.8 million kroons (59.5 million euros)
having increased by 103.5 million kroons, i.e. by 12.5% per year.
The EBITDA for the referred period was 125.5 million kroons (8.0 million euros).
The growth in EBITDA comparable to the same period last year after eliminating
the one-time real estate profit was 50.2%, i.e. 41.9 million kroons (2.7 million
euros).
The net profit for the 9 months was 56.8 million kroons (3.6 million euros).
BUSINESS SEGMENTS ANALYSIS
The key figures of Premia Foods per segments for the period January - September
2010 (in million kroons):
--------------------------------------------------------------------------------
| Sales | Q1 | Q2 | Q3 | 9m | Q1 | Q2 | Q3 | 9m |
| (EEK mln ) | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Ice cream | 29.8 | 143.8 | 188.3 | 361.9 | 32.8 | 91.8 | 99.6 | 224.2 |
--------------------------------------------------------------------------------
| Frozen food | 78.5 | 80.3 | 75.4 | 234.2 | 93.8 | 92.0 | 85.7 | 271.5 |
--------------------------------------------------------------------------------
| Fish and |121.3 | 105.1 | 93.5 | 319.9 | 95.9 | 113.6 | 113.4 | 322.9 |
| fish products| | | | | | | | |
--------------------------------------------------------------------------------
| Other | 4.8 | 3.8 | 6.2 | 14.8 | 0.6 | 2.2 | 5.9 | 8.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross profit | Q1 | Q2 | Q3 | 9m | Q1 | Q2 | Q3 | 9m |
| (EEK mln) | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Ice cream | 11.8 | 58.8 | 78.6 | 149.2 | 13.3 | 43.8 | 44.3 | 101.4 |
--------------------------------------------------------------------------------
| Frozen food | 17.5 | 17.7 | 16.6 | 51.9 | 20.2 | 20.1 | 18.8 | 59.1 |
--------------------------------------------------------------------------------
| Fish and | 21.6 | -2.0 | 10.1 | 29.7 | 21.2 | 22.8 | 21.4 | 65.4 |
| fish products| | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross margin | Q1 | Q2 | Q3 | 9m | Q1 | Q2 | Q3 | 9m |
| | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Ice cream | 40% | 41% | 42% | 41% | 41% | 48% | 44% | 45% |
--------------------------------------------------------------------------------
| Frozen food | 22% | 22% | 22% | 22% | 22% | 22% | 22% | 22% |
--------------------------------------------------------------------------------
| Fish and | 18% | -2% | 11% | 9% | 22% | 20% | 19% | 20% |
| fish products| | | | | | | | |
--------------------------------------------------------------------------------
Compared to the last year, the greatest growth, i.e. 89%, has been achieved in
the sales of ice cream. The sales of ice cream formed 52% of the turn-over of
the third quarter, whereas year ago the relevant proportion of ice cream was
33%. Growth of sales volumes in this segment has been supported by favorable
weather conditions in July and August and expansion of activities to the Russian
market.
Premia Foods continues as a market leader in the Baltic States, whereas in
addition to the long-term leading position in the Estonian market, the company
has according to the summer report by AC Nielsen, reached a leading position in
the Lithuanian ice cream market for the first time. Market shares in the
mentioned markets are respectively 40% and 21%. Second position is held in the
Latvian and St. Petersburg's market. The key to success in all markets are
strong brands, which has enabled to company to push the gross margin over 40%.
Ice cream market in the third quarter of 2010 may be characterized by evident
preference of cream ice cream. The above-mentioned is evidenced by the
non-competing first position of the cone ice cream „Eriti Rammus“ with the
record-making 5.7% market share and the great success of the brand “Klasika” in
Lithuania, which has contributed also into achieving the leader position in the
referred market.
In the ice cream segment, certain decrease of the gross profit margin may be
noticed in the third quarter and in the 9 months' period, the reasons of which
are increase of prices of raw materials, price pressure by the private labels of
retail chains in all the ice cream target markets and traditionally low gross
margins in Russia.
The main reason for the fall-behind of the sales of frozen food products in the
third quarter is the decreased purchase power and the access to fresh vegetables
growing during summer season, due to which the consumption of frozen vegetables
has decreased in all target markets. The gross margin of the segment has
remained stable through the quarters being around 22%.
The main reason for the drop in sales of fish products is the fire accident
occurred in the company's Uusikaupunki's fish production unit in Finland, which
mainly had impact on the sales of smoked fish products and compared to the last
year's same period the sales of the product group in question decreased by 27
million kroons in the third quarter. The high price of raw fish has also had an
impact on the sales of fresh fish in Estonia.
Despite to the decrease of sales turn-over, significant improvement of gross
margin may be noticed in the fish segment in the 3rd quarter but also during the
period of 9 months, which refers to the fact that the company is restoring its
sales volumes and product range after the fire accident occurred in spring and
has achieved good results despite to material increase of the prices of raw
fish..
ICE CREAM
--------------------------------------------------------------------------------
| EEK mln | Q1 | Q2 | Q3 | 9m | Q1 | Q2 | Q3 | 9m |
| | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Sales | 29.8 | 143.8 | 188.3 | 361.9 | 32.8 | 91.8 | 99.6 | 224.2 |
--------------------------------------------------------------------------------
| Gross profit | 11.8 | 58.8 | 78.6 | 149.2 | 13.3 | 43.8 | 44.3 | 101.4 |
--------------------------------------------------------------------------------
| EBITDA | 1.1 | 24.9 | 43.7 | 69.7 | 1.7 | 18.6 | 20.2 | 40.5 |
--------------------------------------------------------------------------------
| EBITDA margin| 4% | 17% | 23% | 19% | 5% | 20% | 20% | 18% |
--------------------------------------------------------------------------------
| Operating | -2.3 | 18.7 | 35.1 | 51.6 | -2.4 | 12.8 | 15.8 | 26.3 |
| profit | | | | | | | | |
--------------------------------------------------------------------------------
Compared to relevant periods of 2009, successful launch of new products in all
target markets, favorable weather conditions and optimizing existing portfolio
enabled to earn materially increased gross profit and EBITDA in the third
quarter and during the first 9 months. EBITDA margin increased up to 23% in the
third quarter, which enabled to increase the EBITDA margin of the first 9 months
earned from the ice cream segment by one percent if compared to 2009.
FISH AND FISH PRODUCTS
--------------------------------------------------------------------------------
| EEK mln | Q1 | Q2 | Q3 | 9m | Q1 | Q2 | Q3 | 9m |
| | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Sales |121.3 | 105.1 | 93.5 | 319.9 | 95.9 | 113.6 | 113.4 | 322.9 |
--------------------------------------------------------------------------------
| Gross profit | 21.6 | -2.0 | 10.1 | 29.7 | 21.2 | 22.8 | 21.4 | 65.4 |
--------------------------------------------------------------------------------
| EBITDA | -0.5 | 44.0 | 18.5 | 62.0 | 0.6 | 16.4 | 26.3 | 43.4 |
--------------------------------------------------------------------------------
| EBITDA margin| 0% | 42% | 20% | 19% | 1% | 14% | 23% | 13% |
--------------------------------------------------------------------------------
| Operating | -4.7 | 39.9 | 14.2 | 49.4 | -3.2 | 12.4 | 22.4 | 31.6 |
| profit | | | | | | | | |
--------------------------------------------------------------------------------
In the frames of the 9 months' period the insurance compensation received in the
2nd quarter has been sufficient to compensate the loss of profit of the company
and the extraordinary costs occurred. As from September the production of smoked
fish products has been partially restored in Hämeenlinna, Finland, and the
schedule of investments sets out reaching the full production capacity by the
end of this year. According to the plan of increasing the production efficiency
the chilled smoked products production will be relocated from Finland to the
company's main production unit in Saaremaa.
FROZEN FOOD
--------------------------------------------------------------------------------
| EEK mln | Q1 | Q2 | Q3 | 9m | Q1 | Q2 | Q3 | 9m |
| | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Sales | 78.5 | 80.3 | 75.4 | 234.2 | 93.8 | 92.0 | 85.7 | 271.5 |
--------------------------------------------------------------------------------
| Gross profit | 17.5 | 17.7 | 16.6 | 51.9 | 20.2 | 20.1 | 18.8 | 59.1 |
--------------------------------------------------------------------------------
| EBITDA | -4.4 | -1.4 | -0.4 | -6.2 | -5.6 | 0.3 | 4.3 | -1.0 |
--------------------------------------------------------------------------------
| EBITDA margin| -6% | -2% | -1% | -3% | -6% | 0% | 5% | 0% |
--------------------------------------------------------------------------------
| Operating | -8.5 | -3.6 | -3.2 | -15.3 | -10.6 | -2.9 | 2.5 | -11.0 |
| profit | | | | | | | | |
--------------------------------------------------------------------------------
Premia Foods has not yet reached the level of sales volumes of 2009 in this
segment. However, it is important to emphasize that sales of frozen food
products decreased in the third quarter of 2010 compared to the same period of
last year by 10.3 million kroons but the fall-behind of the frozen products
segment decreases for the second quarter in a row.
ANALYSIS BY GEOGRAPHIC MARKETS
--------------------------------------------------------------------------------
| Sales | Q1 | Q2 | Q3 | 9m | Q1 | Q2 | Q3 | 9m |
| (EEK mln ) | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Finland | 109.4 | 102.5 | 73.5 | 285.4 | 78.2 | 97.3 | 97.8 | 273.3 |
--------------------------------------------------------------------------------
| Estonia | 67.4 | 81.9 | 113.2 | 262.5 | 79.3 | 101.1 | 100.1 | 280.5 |
--------------------------------------------------------------------------------
| Latvia | 36.2 | 45.2 | 53.6 | 135.0 | 43.4 | 54.0 | 52.5 | 149.9 |
--------------------------------------------------------------------------------
| Lithuania | 20.6 | 48.9 | 55.1 | 124.6 | 18.9 | 46.1 | 52.8 | 117.8 |
--------------------------------------------------------------------------------
| Russia | 0.0 | 54.3 | 66.8 | 121.1 | 0.0 | 0.0 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Other | 0.8 | 0.2 | 1.1 | 2.1 | 3.3 | 1.1 | 1.4 | 5.8 |
--------------------------------------------------------------------------------
By geographic markets, all three Baltic markets have indicated positive growth
tendency compared to the last year's same period, whereas the most positive is
the 2.3% growth in sales achieved in Latvia, which has mainly been brought about
by sales of ice cream. The positive impact of sales of ice cream is also evident
from the sales numbers of Estonia and Lithuania. Launch of new products and
brands was justified and helped to fight ongoing expansion of private labels.
The Finnish turnover in the third quarter was mostly influenced by the above-
mentioned fire accident in the production unit of smoked fish products. The
launch of innovative group of products “ISO-grilli” was successful and received
very warm welcome in Finland and was sold for 13 million kroons during the
summer. Premia Foods continues in the Finnish retail market of chilled packed
fish products sold under the brand “Heimon Gourmet” on the second position with
25% market share.
The sales of ice cream in St. Petersburg market in Russia were successful in the
third quarter and added additional turnover of 66.8 million kroons to the
company. Premia Foods continues to hold strong second position in the St.
Petersburg market with its 22% market share, whereas all ice creams of OOO
Khladokombinat No. 1 are cream ice creams and are produced following the GOST
standard.
During the first 9 months, good results have been achieved in the Finnish market
where despite to the simultaneous influence of many adverse factors the turnover
has, compared to the same period of last year, grown.
The best results of 9 months have been achieved in the Lithuanian market where
active sales of ice cream and courageous actions taken in the frozen food
segment have had an expected effect on growth of turnover.
The fall-behind of the Latvian market has occurred due to general poor situation
and the achieved 10% fall-behind compared to the turn-over results of the 9
months of 2009 could be, bearing in mind the circumstances in that market,
considered successful.
The fall-behind of the Estonian market has occurred due to the low point of the
market and also high prices of raw fish, which has had adverse effect on the
sales of fish in the Estonian retail market.
Russian results are reflected in the turn-over figures of the 9 months as from
May and the period from May to September 2010 could be considered satisfying as
the St. Petersburg's subsidiary OOO Khladokombinat No. 1 complied with the
ambitious targets set for this period.
FINANCIAL POSITION
The consolidated total assets of Premia Foods as at 30.09.2010 were 1.1 billion
kroons (70.9 million euros). As at the end of 2009, the total assets of Premia
Foods were 983.1 million kroons (62.8 million euros). Total assets decreased by
12.9%.
Analysis of the financial position must take into account the following:
• Public issue of shares in May 2010;
• Restructuring of loan portfolio in August 2010;
• Acquisition of subsidiaries OOO Khladokombinat No.1 and OOO Khladomagija in
Russia;
• Seasonality of ice cream and fish segment
Compared to 31.12.2009, the company's solvency has increased significantly and
the financial risk lowered. The company's working capital increased by 184.8
million kroons (11.8 million euros) during the first 9 months. The improvement
of the working capital reflects also in the improved liquidity ratio, which as
at 30.09.2010 was 2.08 (as at 31.12.2009 1.15). Financial leverage reflected as
proportion of net debt in the total capitalization decreased from 40% to 18%.
The volume of short-term borrowings in the loan portfolio decreased from 46% to
18%.
BALANCE SHEET ANALYSIS
The current assets of the company increased by 18.3% reaching 455.9 million
kroons (29.1 million euros).
The balance of cash and bank accounts increased 2.3 times up to 45.2 million
kroons (2.9 million euros). As a result of the refinancing completed in August
the company had as at 30.09.2010 additional undrawn loan and overdraft facility
limit in the amount of 67.3 million kroons (4.3 million euros).
Accounts receivables and prepayments decreased compared to the end of 2009 by
1.2%, i.e. 1.7 million kroons (0.1 million euros) reaching 132.4 million kroons
(8.5 million euros). The proportion of Russia in the receivables and prepayments
was 19.3 million kroons (1.2 million euros). The average debtors' collection
period decreased by 14%.
Stock increased compared to 30.09.2009 by 9.8%, i.e. by 24.8 million kroons (4.7
million euros) being 278.2 million kroons (17.8 million euros). The increase of
stock occurred due to the acquisition of OOO Khladokombinat No. 1, which had
stock balance of 24.4 million kroons (1.6 million euros) as at 30.09.2010.
The change in the stock as at the end of year has occurred due to seasonality of
growing cycle of biological assets, i.e. livestock of fish, which reaches its
peak by fall followed by significant harvesting during the fourth and the first
quarter.
Accounts payable increased in comparison with the end of 2009 by 5.6%, i.e. 7.3
million kroons (0.5 million euros) reaching 139 million kroons (8.9 million
euros).
Liabilities decreased altogether by 22.9%, i.e. 125.5 million kroons (8.0
million euros) down to 423.4 million kroons (27.1 million euros). The proportion
of short-term and long-term borrowings thereof is 190.7 million kroons (12.2
million euros) decreasing by 38%, i.e. by 118.6 million kroons (7.6 million
euros) during 9 months.
Equity of Premia Foods as at 30.09.2010 was 686.6 million kroons (43.9 million
euros) increasing by 58.2%, i.e. by 252.5 million kroons (16.1 million euros)
during 9 months.
INVESTMENTS
Capital expenditures into Premia Foods' tangible and intangible assets formed
18.6 million kroons (1.2 million euros) during the accounting period. The
investments included extraordinary investments related to the fire accident of
the fish production unit and relocation of production activities in the amount
of 5.9 million kroons (0.4 million euros). The investments made during the
accounting period have been granted target financing from the EU structure funds
in the amount of 2.1 million kroons. The volume of financial investments during
the period in question reached 54.3 million kroons (3.5 million euros) of which
46.5 million kroons (3.0 million euros) was the positive goodwill from the
acquisition of 100% shareholding in OOO Khladokombinat No. 1. The additional
equity acquired with the acquisition of Russian subsidiaries is 25.3 million
kroons (1.6 million euros).
PERSONNEL
As at 30 September 2010 Premia Foods employed altogether 876 persons including
248 people working for OOO Khladokombinat No. 1. As at 30 September 2009, the
group employed altogether 653 persons.
The total labor cost during the first 9 months of 2010 was 141.6 million kroons
(9.05 million euros). During 9 months of 2009, the total amount of labor cost
was 125.3 million kroons (8.01 million euros).
SHARES
Premia Foods AS is listed in the main list of NASDAQ OMX Stock Exchange as of 5
May 2010, the company has issued 38.7 million ordinary shares with the nominal
value of 10 kroons.
ISIN EE3100101031
Symbol of share PRF1T
Market BALTIC MAIN LIST
Nominal value 10.00 EEK
Issued shares 38,682,860
Listed shares 38,682,860
Listing date 05.05.2010
The movement of the share price (EEK) and transaction volumes (pcs) of Premia
Foods AS during the period of 5 May - 30 September 2010
1 EUR = 15,6466 EEK
Structure of shareholders
Major shareholders of Premia Foods AS as at 30 September 2010:
ING Luxembourg S.A. 62,34%
OÜ Rododendron 3,36%
Firebird Republics Fund Ltd. 3,09%
Ambient Sound Investments OÜ 2,59%
Skandinaviska Enskilda Banken Ab 2,29%
AS LHV Pank 2,27%
LHV Pensionifond 1,84%
Firebird Avrora Fund, Ltd. 1,68%
OÜ Footsteps Management 1,16%
OÜ Freespirit 1,00%
Skandinaviska Enskilda Banken Finnish Clients 0,97%
SEB Kasvufond 0,84%
Consolidated Statement of Financial Position
--------------------------------------------------------------------------------
| | EEK '000 | EUR '000 |
--------------------------------------------------------------------------------
| | 30.09 | 31.12 | 30.09 | 30.09 | 31.12 | 30.09 |
| | 2010 | 2009 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
| Cash and cash | 45,222 | 19,618 | 30,539 | 2,890 | 1,254 | 1,952 |
| equivalents | | | | | | |
--------------------------------------------------------------------------------
| Receivables and | 132,414 | 134,070 | 136,140 | 8,463 | 8,569 | 8,701 |
| prepayments | | | | | | |
--------------------------------------------------------------------------------
| Inventories | 278,228 | 205,164 | 253,424 |17,782 |13,112 |16,197 |
--------------------------------------------------------------------------------
| Fixed assets held | 145 | 26,721 | 26,382 | 9 | 1,708 | 1,686 |
| for sale | | | | | | |
--------------------------------------------------------------------------------
| Total current assets | 456,009 | 385,573 | 446,485 |29,144 |24,643 |28,536 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Deferred income tax | 5,719 | 5,541 | 5,541 | 366 | 354 | 354 |
--------------------------------------------------------------------------------
| Long-term financial | 1,584 | 1,507 | 1,417 | 101 | 96 | 91 |
| investments | | | | | | |
--------------------------------------------------------------------------------
| Investments property | 32,600 | 32,600 | 32,592 | 2,084 | 2,084 | 2,083 |
--------------------------------------------------------------------------------
| Tangible fixed | 240,990 | 241,980 | 286,880 |15,402 |15,465 |18,335 |
| assets | | | | | | |
--------------------------------------------------------------------------------
| Intangible assets | 371,176 | 315,850 | 317,844 |23,722 |20,186 |20,314 |
--------------------------------------------------------------------------------
| Total non-current | 652,069 | 597,478 | 644,274 |41,675 |38,185 |41,177 |
| assets | | | | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS |1,108,078 | 983,051 |1,090,759 |70,819 |62,828 |69,713 |
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
| Loans and borrowings | 35,102 | 159,556 | 171,703 | 2,243 |10,198 |10,974 |
--------------------------------------------------------------------------------
| Factoring payable | 45,492 | 42,754 | 51,836 | 2,907 | 2,732 | 3,313 |
--------------------------------------------------------------------------------
| Payables | 139,036 | 131,686 | 162,720 | 8,886 | 8,416 |10,400 |
--------------------------------------------------------------------------------
| Total current | 219,630 | 333,996 | 386,259 |14,036 |21,346 |24,687 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Loans and borrowings | 155,587 | 149,731 | 159,601 | 9,944 | 9,569 |10,200 |
--------------------------------------------------------------------------------
| Long-term payable to | 0 | 17,226 | 20,853 | 0 | 1,101 | 1,333 |
| shareholders | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax | 22,611 | 21,900 | 29,222 | 1,445 | 1,400 | 1,868 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Target financing | 25,615 | 26,085 | 27,225 | 1,637 | 1,667 | 1,740 |
--------------------------------------------------------------------------------
| Total non-current | 203,813 | 214,942 | 236,901 |13,026 |13,737 |15,141 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 423,443 | 548,938 | 623,160 |27,062 |35,083 |39,828 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share capital | 386,829 | 24,183 | 24,183 |24,723 | 1,546 | 1,546 |
--------------------------------------------------------------------------------
| Share premium | 227,085 | 398,688 | 398,688 |14,513 |25,481 |25,481 |
--------------------------------------------------------------------------------
| Treasury shares | -472 | -3,986 | -3,986 | -29 | -255 | -255 |
--------------------------------------------------------------------------------
| Currency translation | 6,149 | 1,415 | 2,126 | 393 | 90 | 136 |
| reserve | | | | | | |
--------------------------------------------------------------------------------
| Retained eamings | 65,044 | 10,003 | 42,954 | 4,157 | 639 | 2,745 |
--------------------------------------------------------------------------------
| Equity attributable | 684,635 | 430,303 | 463,965 |43,757 |27,501 |29,653 |
| to parent | | | | | | |
--------------------------------------------------------------------------------
| Non-controlling | 0 | 3,810 | 3,634 | 0 | 244 | 232 |
| interest | | | | | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 684,635 | 434,113 | 467,599 |43,757 |27,745 |29,885 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND |1,108,078 | 983,051 |1,090,759 |70,819 |62,828 |69,713 |
| LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
Consolidated Comprehensive Income Report
--------------------------------------------------------------------------------
| EEK '000 | Q3 2010 | Q3 2009 | 9m 2010 | 9m 2009 |
--------------------------------------------------------------------------------
| Sales | 363,421 | 304,603 | 930,813 | 827,278 |
--------------------------------------------------------------------------------
| Cost of goods sold | -256,967 | -219,174 | -696,029 | -608,692 |
--------------------------------------------------------------------------------
| Gross profit | 106,454 | 85,429 | 234,784 | 218,586 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating expenses | -86,644 | -69,600 | -225,379 | -211,564 |
--------------------------------------------------------------------------------
| Selling and distribution | -75,914 | -58,332 | -185,837 | -163,851 |
--------------------------------------------------------------------------------
| Administrative expenses | -10,730 | -11,268 | -39,542 | -47,713 |
--------------------------------------------------------------------------------
| Other income/expenses | -700 | 30,816 | 48,809 | 32,684 |
--------------------------------------------------------------------------------
| Fair value adjustment on | 19,837 | 20,959 | 20,856 | 30,737 |
| biological assets | | | | |
--------------------------------------------------------------------------------
| Operating profit | 38,947 | 67,604 | 79,070 | 70,443 |
--------------------------------------------------------------------------------
| Financial income | 3,319 | -2,892 | 5,211 | 606 |
--------------------------------------------------------------------------------
| Financial expenses | -9,049 | -3,335 | -20,880 | -20,728 |
--------------------------------------------------------------------------------
| Profit (loss) before tax | 33,217 | 61,377 | 63,401 | 50,321 |
--------------------------------------------------------------------------------
| Deferred income tax | -5,075 | -5,200 | -6,624 | -6,899 |
--------------------------------------------------------------------------------
| Net profit (loss) | 28,142 | 56,177 | 56,777 | 43,422 |
--------------------------------------------------------------------------------
Other comprehensive income (-loss)
--------------------------------------------------------------------------------
| Foreign currency | 1,454 | 4,023 | 4,734 | 2,288 |
| translation differences | | | | |
--------------------------------------------------------------------------------
| Other comprehensive | 1,454 | 4,023 | 4,734 | 2,288 |
| income | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | 29,596 | 60,200 | 61,511 | 45,710 |
| income | | | | |
--------------------------------------------------------------------------------
Net profit (loss) for the period attributable to:
--------------------------------------------------------------------------------
| Owners of the Company | 28,142 | 56,015 | 56,555 | 42,954 |
--------------------------------------------------------------------------------
| Non-controlling interest | 0 | 162 | 222 | 468 |
--------------------------------------------------------------------------------
| Total comprehensive | 28,142 | 56,177 | 56,777 | 43,422 |
| income for the period | | | | |
--------------------------------------------------------------------------------
Total comprehensive income (loss) attributable to:
--------------------------------------------------------------------------------
| Owners of the Company | 29,596 | 60,038 | 61,289 | 45,080 |
--------------------------------------------------------------------------------
| Non-controlling interest | 0 | 162 | 222 | 630 |
--------------------------------------------------------------------------------
| Total comprehensive | 29,596 | 60,200 | 61,511 | 45,710 |
| income for the period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per share | 0.73 | 24.83 | 2.27 | 18.31 |
--------------------------------------------------------------------------------
| Diluted earnings per share| 0.73 | 24.83 | 2.27 | 18.31 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR '000 | Q3 2010 | Q3 2009 | 9m 2010 | 9m 2009 |
--------------------------------------------------------------------------------
| Sales | 23,227 | 19,468 | 59,490 | 52,873 |
--------------------------------------------------------------------------------
| Cost of goods sold | -16,423 | -14,008 | -44,484 | -38,903 |
--------------------------------------------------------------------------------
| Gross profit | 6,804 | 5,460 | 15,006 | 13,970 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating expenses | -5,538 | -4,448 | -14,404 | -13,521 |
--------------------------------------------------------------------------------
| Selling and distribution | -4,852 | -3,728 | -11,877 | -10,472 |
--------------------------------------------------------------------------------
| Administrative expenses | -686 | -720 | -2,527 | -3,049 |
--------------------------------------------------------------------------------
| Other income/expenses | -45 | 1,970 | 3,119 | 2,089 |
--------------------------------------------------------------------------------
| Fair value adjustment on | 1,268 | 1,340 | 1,333 | 1,964 |
| biological assets | | | | |
--------------------------------------------------------------------------------
| Operating profit | 2,489 | 4,322 | 5,054 | 4,502 |
--------------------------------------------------------------------------------
| Financial income | 212 | -185 | 333 | 39 |
--------------------------------------------------------------------------------
| Financial expenses | -578 | -213 | -1,334 | -1,325 |
--------------------------------------------------------------------------------
| Profit (loss) before tax | 2,123 | 3,924 | 4,053 | 3,216 |
--------------------------------------------------------------------------------
| Deferred income tax | -324 | -332 | -423 | -441 |
--------------------------------------------------------------------------------
| Net profit (loss) | 1,799 | 3,592 | 3,630 | 2,775 |
--------------------------------------------------------------------------------
Other comprehensive income (-loss)
--------------------------------------------------------------------------------
| Foreign currency | 93 | 257 | 303 | 146 |
| translation differences | | | | |
--------------------------------------------------------------------------------
| Other comprehensive | 93 | 257 | 303 | 146 |
| income | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | 1,892 | 3,849 | 3,933 | 2,921 |
| income | | | | |
--------------------------------------------------------------------------------
Net profit (loss) for the period attributable to:
--------------------------------------------------------------------------------
| Owners of the Company | 1,799 | 3,582 | 3,616 | 2,745 |
--------------------------------------------------------------------------------
| Non-controlling interest | 0 | 10 | 14 | 30 |
--------------------------------------------------------------------------------
| Total comprehensive | 1,799 | 3,592 | 3,630 | 2,775 |
| income for the period | | | | |
--------------------------------------------------------------------------------
Total comprehensive income (loss) attributable to:
--------------------------------------------------------------------------------
| Owners of the Company | 1,892 | 3,839 | 3,919 | 2,881 |
--------------------------------------------------------------------------------
| Non-controlling interest | 0 | 10 | 14 | 40 |
--------------------------------------------------------------------------------
| Total comprehensive | 1,892 | 3,849 | 3,933 | 2,921 |
| income for the period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per share | 0.05 | 1.59 | 0.15 | 1.17 |
--------------------------------------------------------------------------------
| Diluted earnings per share| 0.05 | 1.59 | 0.15 | 1.17 |
--------------------------------------------------------------------------------
Additional information:
Kuldar Leis
Chairman of the Management Board
[email protected]
+372 6033800