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
4592
Attachments
Submission date and time
11.08.2014 09:00:02
Content of announcement in Estonian
Title
PRF: AS-i Premia Foods 2014. aasta 2. kvartali ja 6 kuu konsolideeritud auditeerimata vahearuanne
Message
Premia Foods näitas 2014. aasta esimesel poolaastal käibe kasvu, oluliselt
paranenud kasumlikkust ning tegevuskulude vähenemist. 2014. aasta 6 kuu käive
ulatus 49,5 miljoni euroni kasvades aastaga 7,5% ning EBITDA oli 2,7 miljonit
eurot, mis on 1,5 korda enam kui aasta tagasi. Puhaskasum kasvas 2014. aasta
esimesel poolaastal 1,3 miljoni euro võrra jõudes 1,2 miljoni euroni ning
tegevuskulude osakaal käibest oli 22,5%, mis on 2,0 protsendipunkti võrra
madalam eelmise aasta sama perioodi tulemusest.
2. kvartal 2014 võrreldes 2013.a. 2. kvartaliga:
-- Auditeerimata konsolideeritud käive 29,1 miljonit eurot, kasv 4,6% ehk 1,3
miljonit eurot.
-- Brutomarginaal 26,1%, langus 2,5 protsendipunkti.
-- EBITDA äritegevusest 2,0 miljonit eurot, kahanemine 0,5 miljonit euro
võrra.
-- EBITDA 3,2 miljonit eurot, kasv 0,8 miljonit eurot.
-- Ärikasum 2,6 miljonit eurot, kasv 0,9 miljonit eurot.
-- Puhaskasum 2,3 miljonit eurot, kasv 1,2 miljonit eurot.
-- Tegevuskulude suhtarv vähenes 0,9 protsendipunkti võrra, jõudes 21,8%-ni.
-- Rahavoog äritegevusest 1,2 miljonit eurot, kasv 1,7 miljonit eurot.
2. kvartalis kasvas käive nii kalasegmendis kui ka külmutatud toodete
segmendis. Jäätisesegmendi käivet mõjutasid oluliselt 2. kvartali kehvad
ilmaolud ning eurodes arvestatuna ka Vene rubla nõrgenemine euro suhtes – 2014.
aasta 6 kuu kokkuvõttes langes keskmine kurss aasta baasil 15,1% võrra.
Rublades arvestatuna kasvas jäätisesegmendi käive Vene turul aasta baasil 2,2%
võrra. Igapäevaelus Vene rubla kursi kõikumine euro suhtes Premia igapäevatööd
ei mõjuta- Premia ostab jäätisetootmiseks vajalikku toorainet rublades ja müüb
lõpptoodangut Vene turul samuti vaid rublades. Seega, kui Vene rubla kursi
kõikumine elimineerida, kahanes 2014.a. 2. kvartalis võrreldes aastataguse
perioodiga terve jäätisesegmendi käive 10,5% võrra.
19. juunil 2014. a otsustas Rootsi Põllumajandusamet maksta Premia poolt
esitatud kahju ja saamata jäänud tulu nõude osas täiendava kompensatsioonina
751 tuhat eurot, mis on kajastatud teise kvartali muudes ärituludes.
6 kuud 2014 võrreldes 2013.a. 6 kuuga:
-- Auditeerimata konsolideeritud käive 49,5 miljonit eurot, kasv 7,5% ehk 3,5
miljonit eurot
-- EBITDA äritegevusest 2,6 miljonit eurot, kasv 0,5 miljonit eurot.
-- EBITDA oli 2,7 miljonit eurot, kasv 0,9 miljoni eurot.
-- Ärikasum 1,5 miljonit eurot, kasv 1,1 miljonit eurot
-- Puhaskasum oli 1,2 miljonit eurot, kasv 1,3 miljonit eurot.
-- Tegevuskulude osakaal käibest 22,5%, kahanemine 2,0 protsendipunkti.
VÕTMENÄITAJAD
Kasumia valem 1.kv 2.kv 6k 2014 1.kv 2.kv 6k 2013
ruanne,
milj
eur
Müügitu 20,5 29,1 49,5 18,3 27,8 46,1
lu
Brutoka 4,8 7,6 12,4 3,8 8,0 11,7
sum
EBITDA enne 0,6 2,0 2,6 -0,4 2,4 2,0
äriteg ühekordsei
evusest d
tulusid-ku
lusid ja
kalavarude
ümberhindl
ust
EBITDA -0,6 3,2 2,7 -0,7 2,4 1,7
EBIT -1,2 2,6 1,5 -1,3 1,7 0,4
Puhaska -1,1 2,3 1,2 -1,2 1,0 -0,1
sum
Brutore Brutokasum 23,3% 26,1% 25,0% 20,6% 28,6% 25,5%
ntaablu /
s Müügitulu
Äritege EBITDA 2,9% 6,8% 5,2% -2,2% 8,8% 4,4%
vuse äritegevus
EBITDA est /
margin Müügitulu
aal
EBIT EBIT / -5,8% 9,1% 3,0% -7,3% 6,2% 0,9%
margin Müügitulu
aal
Puhasre Puhaskasum -5,6% 7,9% 2,3% -6,5% 3,7% -0,3%
ntaablu /
s Müügitulu
Tegevus Tegevuskulu 23,5% 21,8% 22,5% 27,1% 22,7% 24,4%
kulude d /
suhtar Müügitulu
v
Bilanss valem 31.12.13 31.03.14 30.06.14 31.12.12 31.03.13 30.06.13
, milj
eur
Netovõl Lühiajal. 13,2 13,6 13,7 13,8 13,2 15,2
gnevus võlakohust
used +
Pikaajal.
võlakohust
used - Raha
Omakapi 37,3 36,1 37,9 36,5 35,3 36,1
tal
Käibeka Käibevara - 10,1 8,5 9,9 12,1 10,4 10,8
pital Lühiajal.
kohustused
Varad 63,8 63,8 68,5 63,2 62,4 67,7
Likviid Käibevara / 1,63 1,47 1,48 1,91 1,73 1,58
suskord Lühiajal.
aja kohustused
Omakapi Omakapital 58% 56% 55% 58% 57% 53%
tali / Varad
suhtar
v
Finants Netovõlg / 26% 27% 27% 28% 27% 30%
võimend (Omakapita
us l+Netovõlg)
Netovõl Netovõlg / 3,43 2,82 3,15 2,71 2,80 3,46
g/EBITD EBITDA
A äritegevus
est
Omakapi Puhaskasum 3% 3% 6% 0% 0% 1%
tali / Keskmine
tootlu omakapital
s
Varade Puhaskasum 1% 2% 3% 0% 0% 1%
tootlu / Keskmine
s varade
maht
Konsolideeritud finantsseisundi aruanne
EUR ‘000 30.06.2014 31.12.2013 30.06.2013
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Raha ja raha ekvivalendid 1 882 1 314 862
Nõuded ja ettemaksed 11 437 8 356 12 674
Varud 12 114 10 258 10 496
Bioloogilised varad 5 204 6 270 5 564
Käibevara kokku 30 637 26 198 29 597
Edasilükkunud tulumaksuvara 568 557 450
Pikaajalised finantsinvesteeringud 135 127 128
Kinnisvarainvesteeringud 2 084 2 084 2 084
Materiaalne põhivara 12 759 12 500 12 952
Immateriaalne vara 22 336 22 373 22 480
Põhivara kokku 37 882 37 641 38 094
--------------------------------------------------------------------------
VARAD KOKKU 68 519 63 839 67 691
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Võlakohustused 7 412 6 035 5 141
Võlad ja ettemaksed 13 315 10 057 13 613
Lühiajalised kohustused kokku 20 727 16 092 18 754
Võlakohustused 8 179 8 470 10 950
Edasilükkunud tulumaksukohustus 564 716 569
Sihtfinantseerimine 1 155 1 264 1 367
Pikaajalised kohustused kokku 9 898 10 450 12 886
Kohustused kokku 30 625 26 542 31 640
Aktsiakapital 19 342 19 342 19 342
Ülekurss 16 026 16 026 16 026
Kohustuslik reservkapital 6 6 6
Muud reservid 0 62 51
Realiseerimata kursivahed 644 748 608
Jaotamata kasum 1 876 1 113 18
Emaettevõtte aktsionäridele kuuluv osa 37 894 37 297 36 051
Omakapital kokku 37 894 37 297 36 051
--------------------------------------------------------------------------
OMAKAPITAL JA KOHUSTUSED 68 519 63 839 67 691
--------------------------------------------------------------------------
Kasumi- ja muu koondkasumiaruanne
EUR ‘000 2. kv 2. kv 6k 2014 6k 2013
2014 2013
--------------------------------------------------------------------------------
Müügitulu 29 058 27 776 49 508 46 053
Müüdud kaupade kulu -21 464 -19 823 -37 143 -34 330
--------------------------------------------------------------------------------
Brutokasum 7 594 7 953 12 365 11 723
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tegevuskulud -6 323 -6 307 -11 136 -11 258
Müügi- ja turustuskulud -5 373 -5 349 -9 269 -9 297
Üldhalduskulud -950 -958 -1 867 -1 961
Neto muud tulud ja kulud 864 49 858 106
Bioloogiliste varade väärtuse muutus 504 34 -625 -169
--------------------------------------------------------------------------------
Ärikahjum 2 639 1 729 1 462 403
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulu 0 -63 11 37
Finantskulu -97 -485 -385 -586
Kasum/kahjum enne ettevõtte tulumaksu 2 542 1 181 1 088 -146
Ettevõtte tulumaks -255 -143 63 -2
--------------------------------------------------------------------------------
Perioodi kasum / kahjum 2 287 1 038 1 151 -148
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum / -kahjum, mis on hiljem
võimalik ümber klassifitseerida
kasumiaruandesse
Realiseerimata kursivahed -72 104 -104 123
Muu koondkasum /-kahjum -72 104 -104 123
Koondkasum /-kahjum kokku 2 215 1 142 1 047 -25
Perioodi kasum / kahjum:
Emaettevõtte aktsionäride osa 2 287 1 038 1 151 -148
Perioodi kasum / kahjum kokku 2 287 1 038 1 151 -148
Perioodi koondkasum /-kahjum:
Emaettevõtte aktsionäride osa 2 215 1 142 1 047 -25
Koondkasum /-kahjum kokku 2 215 1 142 1 047 -25
Kasum aktsia kohta
Tava puhaskasum aktsia kohta (EUR) 0,06 0,03 0,03 0,00
Lahustatud puhaskasum aktsia kohta (EUR) 0,06 0,03 0,03 0,00
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 of AS Premia Foods for 2nd quarter and 6 months of 2014
Message
For Premia Foods AS, the first half of 2014 may be characterised by the
increase of turnover, considerably improved profitability and decreased
operating costs. The turnover of 6 months of 2014 amounted to 49.5 million
euro, having increased by 7.5% within a year, and the EBITDA was 2.7 million
euro, which is by 1.5 times more than one year earlier. The net profit
increased during the first half of 2014 by 1.3 million euro, amounting to 1.2
million euro and the proportion of operating expense in turnover was 22.5%
which is by 2.0 percentage points lower than the result of the same period of
previous year.
The 2nd quarter of 2014 compared to the 2nd quarter of 2013:
-- Unaudited consolidated turnover 29.1 million euro, increase 4.6%, i.e. 1.3
million euro.
-- Gross margin 26.1%, decrease 2.5 percentage points.
-- EBITDA from operations 2.0 million euro, decrease 0.5 million euro.
-- EBITDA 3.2 million euro, increase by 0.8 million euro.
-- Operating profit 2.6 million euro, increase 0.9 million euro.
-- Net profit 2.3 million euro, increase 1.2 million euro.
-- Operating expense ratio decreased by 0.9 percentage points, reaching 21.8%.
-- Cash-flow from operations 1.2 million euro, increase by 1.7 million euro.
In the 2nd quarter, the turnover increased in the fish business segment as well
as in the frozen goods business segment. The turnover of the ice cream business
segment was considerably influenced by poor weather conditions of the 2nd
quarter and, if calculated in euros, also by the weakening of the Russian ruble
against euro – in the summary of 6 months of 2014, the average exchange rate
dropped by 15.1% on an annual basis. If calculated in rubles, the turnover of
the ice cream business segment increased in the Russian market by 2.2% on an
annual basis. The fluctuations of the exchange rate of the Russian ruble
against euro does not affect the everyday work of Premia – Premia purchases the
raw materials necessary for ice cream production in rubles and sells the final
product in the Russian market also only in rubles. Therefore, after eliminating
the influence of the fluctuations of the exchange rate of the Russian ruble
against euro, the turnover of the whole ice cream business segment decreased by
10.5%, if compared to the previous year.
On 19th June 2014, the Swedish Board of Agriculture decided to satisfy Premia’s
claim for damages and loss of profit partially and pay the company additional
compensation for in the amount of 751 thousand euro, which has been recorded as
other operating income.
6 months of 2014 compared to 6 months of 2013:
-- Unaudited consolidated turnover 49.5 million euro, increase 7.5%, i.e. 3.5
million euro.
-- EBITDA from operations 2.6 million euro, increase 0.5 million euro.
-- EBITDA was 2.7 million euro, increase 0.9 million euro.
-- Operating profit 1.5 million euro, increase 1.1 million euro.
-- Net profit was 1.2 million euro, increase 1.3 million euro.
-- The proportion of the operating expense in turnover was 22.5%, decrease 2.0
percentage points.
KEY RATIOS
Profit & formula Q1 Q2 6m 2014 Q1 Q2 6m 2013
Loss,
EUR mln
Sales 20.5 29.1 49.5 18.3 27.8 46.1
Gross 4.8 7.6 12.4 3.8 8.0 11.7
profit
EBITDA before 0.6 2.0 2.6 -0.4 2.4 2.0
from one-offs
operati and fair
ons value
adjustmen
t
EBITDA -0.6 3.2 2.7 -0.7 2.4 1.7
EBIT -1.2 2.6 1.5 -1.3 1.7 0.4
Net -1.1 2.3 1.2 -1.2 1.0 -0.1
profit
Gross Gross 23.3% 26.1% 25.0% 20.6% 28.6% 25.5%
margin profit /
Net sales
Operatio EBITDA 2.9% 6.8% 5.2% -2.2% 8.8% 4.4%
nal from
EBITDA operation
margin s/Net
sales
EBIT EBIT / Net -5.8% 9.1% 3.0% -7.3% 6.2% 0.9%
margin sales
Net Net -5.6% 7.9% 2.3% -6.5% 3.7% -0.3%
margin earnings
/ Net
sales
Operatin Operating 23.5% 21.8% 22.5% 27.1% 22.7% 24.4%
g expenses
expense / Net
ratio sales
Balance formula 31.12.13 31.03.14 30.06.14 31.12.12 31.03.13 30.06.13
Sheet,
EUR
mln
Net debt Short and 13.2 13.6 13.7 13.8 13.2 15.2
Long term
Loans and
Borrowing
s - Cash
Equity 37.3 36.1 37.9 36.5 35.3 36.1
Working Current 10.1 8.5 9.9 12.1 10.4 10.8
capital Assets -
Current
Liabiliti
es
Assets 63.8 63.8 68.5 63.2 62.4 67.7
Liquidit Current 1.63 1.47 1.48 1.91 1.73 1.58
y ratio Assets /
Current
Liabiliti
es
Equity Equity / 58% 56% 55% 58% 57% 53%
ratio Total
Assets
Gearing Net Debt / 26% 27% 27% 28% 27% 30%
ratio (Equity +
Net Debt)
Net Net Debt / 3.43 2.82 3.15 2.71 2.80 3.46
debt-to EBITDA
-EBITDA from
operation
s
ROE Net 3% 3% 6% 0% 0% 1%
Earnings
/ Average
Equity
ROA Net 1% 2% 3% 0% 0% 1%
Earnings
/ Average
Assets
Consolidated statement of financial position
EUR ‘000 30/06/2014 31/12/2013 30/06/2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents 1,882 1,314 862
Receivables and prepayments 11,437 8,356 12,674
Inventories 12,114 10,258 10,496
Biological assets 5,204 6,270 5,564
Total current assets 30,637 26,198 29,597
Deferred income tax assets 568 557 450
Long-term financial investments 135 127 128
Investment property 2,084 2,084 2,084
Property, plant and equipment 12,759 12,500 12,952
Intangible assets 22,336 22,373 22,480
Total non-current assets 37,882 37,641 38,094
--------------------------------------------------------------------------------
TOTAL ASSETS 68,519 63,839 67,691
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Borrowings 7,412 6,035 5,141
Payables and prepayments 13,315 10,057 13,613
Total current liabilities 20,727 16,092 18,754
Borrowings 8,179 8,470 10,950
Deferred income tax liabilities 564 716 569
Government grants 1,155 1,264 1,367
Total non-current liabilities 9,898 10,450 12,886
Total liabilities 30,625 26,542 31,640
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 51
Currency translation differences 644 748 608
Retained earnings 1,876 1,113 18
Equity attributable to equity holders of the 37,894 37,297 36,051
parent
Total equity 37,894 37,297 36,051
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 68,519 63,839 67,691
--------------------------------------------------------------------------------
Consolidated statement of profit or loss and other comprehensive income
EUR ‘000 Q2 2014 Q2 2013 6m 2014 6m 2013
--------------------------------------------------------------------------------
Revenue 29,058 27,776 49,508 46,053
Cost of goods sold -21,464 -19,823 -37,143 -34,330
--------------------------------------------------------------------------------
Gross profit 7,594 7,953 12,365 11,723
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating expenses -6,323 -6,307 -11,136 -11,258
Sales and marketing expenses -5,373 -5,349 -9,269 -9,297
General and administrative expenses -950 -958 -1,867 -1,961
Other income and expenses, net 864 49 858 106
Revaluation of biological assets 504 34 -625 -169
--------------------------------------------------------------------------------
Operating loss 2,639 1,729 1,462 403
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finance income 0 -63 11 37
Finance costs -97 -485 -385 -586
Loss before income tax 2,542 1,181 1,088 -146
Corporate income tax -255 -143 63 -2
--------------------------------------------------------------------------------
Net loss for the period 2,287 1,038 1,151 -148
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income / expense that
might subsequently classified to profit or
loss:
Currency translation differences -72 104 -104 123
Other comprehensive income /expense -72 104 -104 123
Total comprehensive income/ expense 2,215 1,142 1,047 -25
Net profit/ loss for the period:
Attributable to equity holders of the parent 2,287 1,038 1,151 -148
Net profit/ loss for the period 2,287 1,038 1,151 -148
Comprehensive income/ expese for the period:
Attributable to equity holders of the parent 2,215 1,142 1,047 -25
Total comprehensive income/ expense 2,215 1,142 1,047 -25
Earnings per share
Basic earnings per share (EUR) 0.06 0.03 0.03 0.00
Diluted earnings per share (EUR) 0.06 0.03 0.03 0.00
Additional information:
Katre Kõvask
AS Premia Foods
Chairman of the Management Board
T: +372 6 033 800
[email protected]
www.premiafoods.eu