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
4454
Attachments
Submission date and time
13.05.2014 09:00:00
Content of announcement in Estonian
Title
PRF: 2014. aasta 1. kvartali ja 3 kuu konsolideeritud auditeerimata vahearuanne
Message
Premia Foods näitas 2014. aasta 1. kvartalis kiiret käibe kasvu ning paranenud
kasumlikkust:
-- Auditeerimata konsolideeritud käive kasvas võrrelduna 2013. aasta 1.
kvartaliga 11,9% ehk 2,2 miljoni euro võrra, ulatudes 20,5 miljoni euroni.
-- 2014. aasta kolme esimese kuu brutomarginaal oli 23,3%, mis on 2,7
protsendipunkti võrra kõrgem kui aasta tagasi. Brutomarginaal kasvas kõigis
ärisegmentides, kiireim oli kasv jäätisesegmendis, kus brutorentaablus
kasvas 8,8 protsendipunkti võrra.
-- Brutokasum kasvas 1,0 miljoni euro ehk 26,6% võrra. Suurim rahaline kasv
tuli kalasegmendist, kus brutokasum kasvas aruandeperioodil 0,5 miljoni
euro võrra. Järgnes jäätisesegment 0,3 miljoni eurose kasvuga.
-- EBITDA äritegevusest oli esimese kvartali kohta rekordilised 0,6 miljonit
eurot, mis ületab aastatagust tulemust 1,0 miljoni euroga.
-- Ärikasum -1,2 miljonit eurot, olles 0,1 miljoni euro võrra parem 2013.
aasta 1. kvartali tulemusest. Sealjuures esmakordselt Premia ajaloos tootis
ka jäätisesegment jäätisemüügi madalhooajal ärikasumit.
-- Puhaskasum -1,1 miljonit eurot, ületades aastatagust näitajat 4,2% võrra.
-- Tegevuskulude suhtarv ehk osakaal käibest vähenes võrreldes eelmise aasta
sama perioodiga 3,6 protsendipunkti võrra, jõudes 23,5%-ni.
Kalavarude ümberhindluse kahjum esimeses kvartalis oli 1,1 miljonit eurot,
2013. aasta 1. kvartali vastav näitaja oli -0,2 miljonit eurot. Muutuse
põhjuseks on kalakasvatuse taastumine Rootsi Põllumajandusameti seatud
piirangutest, eesmärgiga jõuda tagasi tavapäraste kasvatusmahtudeni. 2014.
aasta 1. kvartali lõpuks ulatus seetõttu noorkalade osakaal bioloogilistes
varades 60%-ni, kui aasta varem oli see vaid 39%. Kalakasvatussektorile omaselt
peetakse noorkalade õiglase väärtuse üle arvestust omahinnas, mitte turuhinnas.
Lisaks, kui 2013. aasta 1. kvartalis tegi vikerforelli turuhind läbi kiire
kasvu (+27% võrreldes 31.12.2012), siis 2014. aasta 1. kvartalis langes hind 3%
võrra võrreldes aasta lõpu seisuga.
Vene rubla ja Rootsi krooni kursi liikumised tekitasid 138 tuhande eurose
valuutakursikahjumi, millest 84% ehk 116 tuhat eurot oli mitterahaline
realiseerimata kursikahjum nõuete ümberhindlusest.
VÕTMENÄITAJAD
Kasumiaruanne, milj valem 1. kv 1. kv
eur 2014 2013
Müügitulu 20,5 18,3
Brutokasum 4,8 3,8
EBITDA äritegevusest enne ühekordseid tulusid-kulusid ja 0,6 -0,4
kalavarude ümberhindlust
EBITDA -0,6 -0,7
EBIT -1,2 -1,3
Puhaskasum -1,1 -1,2
Brutorentaablus Brutokasum / Müügitulu 23,3% 20,6%
Äritegevuse EBITDA EBITDA äritegevusest / Müügitulu 2,9% -2,2%
marginaal
EBIT marginaal EBIT / Müügitulu -5,8% -7,3%
Puhasrentaablus Puhaskasum / Müügitulu -5,6% -6,5%
Tegevuskulude Tegevuskulud / Müügitulu 23,5% 27,1%
suhtarv
Bilanss, milj valem 31.03.14 31.03.13
eur
Netovõlgnevus Lühiajal. võlakohustused + Pikaajal. 13,6 13,2
võlakohustused - Raha
Omakapital 36,1 35,3
Käibekapital Käibevara - Lühiajal. kohustused 8,5 10,4
Varad 63,8 62,4
Likviidsuskorda Käibevara / Lühiajal. kohustused 1,47 1,73
ja
Omakapitali Omakapital / Varad 56% 57%
suhtarv
Finantsvõimendu Netovõlg / (Omakapital+Netovõlg) 27% 27%
s
Netovõlg/EBITDA Netovõlg / EBITDA äritegevusest 2,82 2,80
Omakapitali Puhaskasum / Keskmine omakapital 3% 0%
tootlus
Varade tootlus Puhaskasum / Keskmine varade maht 2% 0%
Konsolideeritud finantsseisundi aruanne
EUR ‘000 31.03.2014 31.12.2013 31.03.2013
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Raha ja raha ekvivalendid 1 447 1 314 1 776
Nõuded ja ettemaksed 8 036 8 356 7 861
Varud 12 958 10 258 10 909
Bioloogilised varad 4 111 6 270 4 078
Käibevara kokku 26 552 26 198 24 624
Edasilükkunud tulumaksuvara 611 557 548
Pikaajalised finantsinvesteeringud 136 127 129
Kinnisvarainvesteeringud 2 084 2 084 2 084
Materiaalne põhivara 12 094 12 500 12 488
Immateriaalne vara 22 370 22 373 22 500
Põhivara kokku 37 295 37 641 37 748
--------------------------------------------------------------------------
VARAD KOKKU 63 847 63 839 62 372
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Võlakohustused 6 984 6 035 4 129
Võlad ja ettemaksed 11 059 10 057 10 095
Lühiajalised kohustused kokku 18 043 16 092 14 224
Võlakohustused 8 050 8 470 10 827
Edasilükkunud tulumaksukohustus 476 716 593
Sihtfinantseerimine 1 212 1 264 1 438
Pikaajalised kohustused kokku 9 738 10 450 12 857
Kohustused kokku 27 781 26 542 27 081
Aktsiakapital 19 342 19 342 19 342
Ülekurss 16 026 16 026 16 026
Kohustuslik reservkapital 6 6 6
Muud reservid 0 62 46
Realiseerimata kursivahed 715 748 504
Jaotamata kasum -23 1 113 -633
Emaettevõtte aktsionäridele kuuluv osa 36 066 37 297 35 291
Omakapital kokku 36 066 37 297 35 291
--------------------------------------------------------------------------
OMAKAPITAL JA KOHUSTUSED 63 847 63 839 62 372
--------------------------------------------------------------------------
Kasumi – ja muu koondkasumiaruanne
EUR ‘000 1.kv 1.kv
2014 2013
--------------------------------------------------------------------------------
Müügitulu 20 450 18 277
Müüdud kaupade kulu -15 679 -14 507
--------------------------------------------------------------------------------
Brutokasum 4 771 3 770
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tegevuskulud -4 813 -4 951
Müügi- ja turustuskulud -3 896 -3 948
Üldhalduskulud -917 -1 003
Neto muud tulud ja kulud -6 58
Bioloogiliste varade väärtuse muutus -1 129 -203
--------------------------------------------------------------------------------
Ärikahjum -1 177 -1 326
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulu 11 101
Finantskulu -288 -101
Kahjum enne ettevõtte tulumaksu -1 454 -1 327
Ettevõtte tulumaks 318 141
--------------------------------------------------------------------------------
Perioodi kahjum -1 136 -1 186
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum / -kahjum, mis on hiljem võimalik ümber
klassifitseerida kasumiaruandesse
Realiseerimata kursivahed -33 19
Muu koondkasum /-kahjum -33 19
Koondkahjum kokku -1 169 -1 167
Perioodi kahjum:
Emaettevõtte aktsionäride osa -1 136 -1 186
Perioodi kahjum kokku -1 136 -1 186
Perioodi koondkahjum:
Emaettevõtte aktsionäride osa -1 169 -1 167
Koondkahjum kokku -1 169 -1 167
Kahjum aktsia kohta
Tava puhaskahjum aktsia kohta (EUR) -0,03 -0,03
Lahustatud puhaskahjum aktsia kohta (EUR) -0,03 -0,03
Lisainfo:
Katre Kõvask
AS Premia Foods
Juhatuse esimees
T: 6 033 800
[email protected]
www.premiafoods.eu
Content of announcement in English
Title
PRF: Consolidated Unaudited Interim Report for 1st quarter and 3 months of 2014
Message
For Premia Foods, the 1st quarter of 2014 may be characterised by rapid
increase of turnover and improved profitability:
-- The unaudited consolidated turnover increased by 11.9%, i.e. 2.2 million
euro, reaching 20.5 million euro, if compared to the 1st quarter of 2013.
-- The gross margin of the first three months of 2014 was 23.3% which is by
2.7 percentage points higher than a year earlier. The gross margin
increased in all business segments, the fastest increase came from the ice
cream business segment where the gross margin increased by 8.8 percentage
points.
-- The gross profit increased by 1.0 million euro, i.e. by 26.6%. The greatest
monetary increase came from the fish business segment where the gross
profit increase by 0.5 million euro during the reporting period. The ice
cream business segment followed with the increase of 0.3 million euro.
-- The EBITDA from operations was 0.6 million euro, which is a record-making
result, exceeding the result of the previous year by 1.0 million euro.
-- The operating profit was -1.2 million euro, which is by 0.1 million euro
better than the result of the 1st quarter of 2013, whereas for the first
time in Premia’s history the ice cream business segment generated operating
profit during the low season of ice cream sales.
-- The net profit was -1.1 million euro, exceeding the result of the previous
year by 4.2%.
-- The operating expense ratio, i.e. its proportion in turnover, decreased by
3.6 percentage points, reaching 23.5%, if compared to the same period of
the previous year.
Loss from the fish stock revaluation during the first quarter was 1.1 million
euro, during the 1st quarter of 2013 the respective number was -0.2 million
euro. The main reason for the change was the recovery from the restrictions
established by the Swedish Board of Agriculture, the aim was to return to
regular farming volumes. By the end of the 1st quarter of 2014, the proportion
of juveniles reached 60% of the biological assets, whereas it was only 39% one
year earlier. Characteristically to the fish farming sector, the fair value of
juveniles is accounted at cost price, not at the market price. In addition to
the above, if during the 1st quarter of 2013 the market price of rainbow trout
increased rapidly (+27%, if compared to 31.12.2012), then during the 1st
quarter of 2014 the price decreased by 3%, if compared to the year-end.
The fluctuations of the Russian ruble and the Swedish krona resulted in the
exchange rate loss of 138 thousand euro; 84% of which, i.e. 116 thousand euro,
was unrealised loss from the revaluation of claims.
KEY RATIOS
Profit & Loss, EUR mln formula Q1 2014 Q1 2013
Sales 20.5 18.3
Gross profit 4.8 3.8
EBITDA from operations before one-offs and fair value 0.6 -0.4
adjustment
EBITDA -0.6 -0.7
EBIT -1.2 -1.3
Net profit -1.1 -1.2
Gross margin Gross profit / Net sales 23.3% 20.6%
Operational EBITDA EBITDA from operations/Net sales 2.9% -2.2%
margin
EBIT margin EBIT / Net sales -5.8% -7.3%
Net margin Net earnings / Net sales -5.6% -6.5%
Operating expense ratio Operating expenses / Net sales 23.5% 27.1%
Balance Sheet, EUR formula 31.03.14 31.03.13
mln
Net debt Short and Long term Loans and 13.6 13.2
Borrowings - Cash
Equity 36.1 35.3
Working capital Current Assets - Current Liabilities 8.5 10.4
Assets 63.8 62.4
Liquidity ratio Current Assets / Current Liabilities 1.47 1.73
Equity ratio Equity / Total Assets 56% 57%
Gearing ratio Net Debt / (Equity + Net Debt) 27% 27%
Net debt-to-EBITDA Net Debt / EBITDA from operations 2.82 2.80
ROE Net Earnings / Average Equity 3% 0%
ROA Net Earnings / Average Assets 2% 0%
Consolidated statement of financial position
EUR ‘000 31/03/2014 31/12/2013 31/03/2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents 1,447 1,314 1,776
Receivables and prepayments 8,036 8,356 7,861
Inventories 12,958 10,258 10,909
Biological assets 4,111 6,270 4,078
Total current assets 26,552 26,198 24,624
Deferred income tax assets 611 557 548
Long-term financial investments 136 127 129
Investment property 2,084 2,084 2,084
Property, plant and equipment 12,094 12,500 12,488
Intangible assets 22,370 22,373 22,500
Total non-current assets 37,295 37,641 37,748
--------------------------------------------------------------------------------
TOTAL ASSETS 63,847 63,839 62,372
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Borrowings 6,984 6,035 4,129
Payables and prepayments 11,059 10,057 10,095
Total current liabilities 18,043 16,092 14,224
Borrowings 8,050 8,470 10,827
Deferred income tax liabilities 476 716 593
Government grants 1,212 1,264 1,438
Total non-current liabilities 9,738 10,450 12,857
Total liabilities 27,781 26,542 27,081
Share capital 19,342 19,342 19,342
Share premium 16,026 16,026 16,026
Statutory capital reserve 6 6 6
Other reserves 0 62 46
Currency translation differences 715 748 504
Retained earnings -23 1,113 -633
Equity attributable to equity holders of the 36,066 37,297 35,291
parent
Total equity 36,066 37,297 35,291
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 63,847 63,839 62,372
--------------------------------------------------------------------------------
Consolidated statement of profit or loss and other comprehensive income
EUR ‘000 Q1 2014 Q1 2013
--------------------------------------------------------------------------------
Revenue 20,450 18,277
Cost of goods sold -15,679 -14,507
--------------------------------------------------------------------------------
Gross profit 4,771 3,770
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating expenses -4,813 -4,951
Sales and marketing expenses -3,896 -3,948
General and administrative expenses -917 -1,003
Other income and expenses, net -6 58
Revaluation of biological assets -1,129 -203
--------------------------------------------------------------------------------
Operating loss -1,177 -1,326
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finance income 11 101
Finance costs -288 -101
Loss before income tax -1,454 -1,327
Corporate income tax 318 141
--------------------------------------------------------------------------------
Net loss for the period -1,136 -1,186
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income / expense that might subsequently
classified to profit or loss:
Currency translation differences -33 19
Other comprehensive income /expense -33 19
Total comprehensive expense -1,169 -1,167
Net loss for the period:
Attributable to equity holders of the parent -1,136 -1,186
Net loss for the period -1,136 -1,186
Comprehensive expese for the period:
Attributable to equity holders of the parent -1,169 -1,167
Total comprehensive expense -1,169 -1,167
Earnings per share
Basic earnings per share (EUR) -0.03 -0.03
Diluted earnings per share (EUR) -0.03 -0.03
Additional information:
Katre Kõvask
AS Premia Foods
Chairman of the Management Board
T: +372 6 033 800
[email protected]
www.premiafoods.eu