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
5235
Attachments
Submission date and time
13.11.2015 15:43:16
Content of announcement in Estonian
Title
PRF: AS-i PRFoods konsolideeritud auditeerimata majandustulemused 3. kvartal ja 9 kuud 2015
Message
Tallinn, Eesti, 2015-11-13 14:43 CET (GLOBE NEWSWIRE) --
Ülevaade majandustegevusest
JUHTKONNA KOMMENTAAR
PRFoods 3. kvartal ja 9 kuu tulemused on väga positiivsed nii käibe kasvu, kuid
eelkõige kasumlikkuse kasvu osas (2014 tulemusi mõjutas positiivselt ühekordne
tulu kahjunõudest Rootsi riigi vastu). Kasumlikkuse kasvu taga on aasta alguses
ettevõetud muudatused ettevõtte tootmis- ja müügistrateegias ning ettevõtte
erinevate tootmisüksuste omavahelise sünergia parandamisel, mis hakkavad oma
planeeritud mõju avaldama. Kalakasvatuses läbiviidud investeeringuprogramm on
andnud samuti loodetud tulemusi. Kolmanda kvartali lõpus alustasime olulisi
koostööprojekte Jaapanis kalamarja turustamisel, kus me ootame oma mahtude
kasvu ka järgmisel aastal. Toorkala hinna vähenemine jätkub, (mis samas
mõjutab oma kasvatuste tulemusi). Oma põhiturul Soomes on ettevõtte läbimõeldud
ja eelkõige kasumimarginaali tõstmisele suunatud müügitegevus andnud
konkurentidest parema tulemuse. Halduskulude ning tööjõu kulude vähenemine
jätkub, mis on osaliselt seotud ettevõtte äriüksuse müügiga eelmisel aastal,
kuid olulisel määral ka tootmise efektiivsuse kasvust tingituna. PRFoodsi
meeskonnad Eestis, Soomes ja Rootsis on teinud suurepärast tööd käesoleval
aastal. 2015 aasta eelarve täitmise osas on juhtkond optimistlik. ( 44,2
miljonit eurot müügikäivet ja enne kalavarude ümberhindlust-, maksude- ning
kulumieelne kasum (EBITDA äritegevusest) suurusjärk 2,3 miljonit eurot).
PRFoods on jätkuvalt oma regiooni üks kiiremini arenevaid ja kasumlikemaid
kalatöötlemisettevõtteid.
AS PRFOODS AUDITEERIMATA MAJANDUSTULEMUSED, 3. KVARTAL 2015 VÕRRELDES 2014.
AASTA 3. KVARTALIGA
Jätkuvate tegevusvaldkondade kasumiaruande näitajate võrreldavuse huvides on
korrigeeritud 2014. aasta 3. kvartal andmeid.
-- Auditeerimata konsolideeritud käive 11,4 miljonit eurot, kasv 13,1% ehk 1,3
miljonit eurot.
-- Brutomarginaal 14,5%, kasv 2,3 protsendipunkti.
-- Bioloogiliste varade ümberhindluse positiivne mõju 0,3 miljonit eurot
(2014. aasta 3. kvartal positiivne mõju 0,4 miljonit eurot).
-- EBITDA äritegevusest 0,7 miljonit eurot, paranemine 0,4 miljoni euro võrra
ehk 118,8%.
-- EBITDA 1,1 miljonit eurot, paranemine 0,3 miljonit eurot ehk 48,7%.
-- Ärikasum 0,8 miljonit eurot, paranemine 0,3 miljonit eurot ehk 79,4%.
-- Puhaskasum 0,7 miljonit eurot, paranemine 0,6 miljonit eurot ehk 466,4%.
AS PRFOODS AUDITEERIMATA MAJANDUSTULEMUSED, 9 KUUD 2015 VÕRRELDES 2014. AASTA 9
KUUGA
-- Auditeerimata konsolideeritud käive 33,1 miljonit eurot, kasv 5,0% ehk 1,6
miljonit eurot.
-- Brutomarginaal 12,6%, kasv 1,2 protsendipunkti.
-- Bioloogiliste varade ümberhindluse negatiivne mõju 0,5 miljonit eurot
(2014. aasta 9. kuu negatiivne mõju 0,2 miljonit eurot).
-- EBITDA äritegevusest 1,5 miljonit eurot, paranemine 0,8 miljonit euro võrra
ehk 116,8%.
-- EBITDA 1,0 miljonit eurot, halvenemine -0,2 miljonit eurot ehk -14,8%*.
-- Ärikasum 0,2 miljonit eurot, halvenemine -0,2 miljonit eurot ehk -53,8%.
-- Puhaskasum 0,4 miljonit eurot, paranemine 0,7 miljonit eurot ehk 297,3%.
* EBITDA, äri- ja puhaskasumi võrdlusandmetele avaldab negatiivset mõju 2014.
aasta juunis Rootsi Põllumajandusametilt saadud kahjunõue summas 751 tuhat
eurot, mis on kajastatud 2. kvartal 2014 kasumiaruandes real „Muud
äritulud/-kulud“.
VÕTMENÄITAJAD
Kasumiaruanne, milj EUR 3kv 2015 9k 2015 3 kv 2014 9k 2014
-------------------------------------------------------------------
Müügitulu 11,4 33,1 10,0 31,5
--------------------------------------
Brutokasum 1,6 4,2 1,2 3,6
--------------------------------------
EBITDA äritegevusest 0,7 1,5 0,3 0,7
--------------------------------------
EBITDA 1,1 1,0 0,7 1,2
--------------------------------------
EBIT 0,8 0,2 0,4 0,3
--------------------------------------
EBT 0,8 0,3 0,2 -0,2
--------------------------------------
Puhaskasum (-kahjum) 0,7 0,4 0,1 -0,2
--------------------------------------
Brutorentaablus 14,5% 12,6% 12,2% 11,4%
--------------------------------------
Äritegevuse EBITDA marginaal 6,5% 4,6% 3,4% 2,2%
--------------------------------------
EBITDA marginaal 9,4% 3,0% 7,1% 3,8%
--------------------------------------
EBIT marginaal 6,8% 0,5% 4,3% 1,1%
--------------------------------------
EBT marginaal 6,6% 0,9% 2,0% -0,6%
--------------------------------------
Puhasrentaablus 6,1% 1,3% 1,2% -0,7%
--------------------------------------
Tegevuskulude suhtarv 11,9% 11,5% 13,2% 12,8%
--------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
EUR '000 30.09.2015 31.12.2014
VARAD
Raha ja ekvivalendid 6 054 3 330
Nõuded ja ettemaksed 7 050 12 014
Varud 5 940 6 563
Bioloogilised varad 7 247 5 583
Käibevara kokku 26 291 27 490
Edasilükkunud tulumaksuvara 103 103
Pikaajalised finantsinvesteeringud 161 134
Materiaalne põhivara 7 401 6 484
Immateriaalne vara 6 148 6 218
Põhivara kokku 13 813 12 939
VARAD KOKKU 40 104 40 429
KOHUSTUSED JA OMAKAPITAL
Võlakohustused 216 198
Võlad ja ettemaksed 4 057 4 493
Lühiajalised kohustused kokku 4 273 4 691
Võlakohustused 610 555
Edasilükkunud tulumaksukohustus 328 457
Sihtfinantseerimine 919 1 054
Pikaajalised kohustused kokku 1 857 2 066
KOHUSTUSED KOKKU 6 130 6 757
Aktsiakapital 19 342 19 342
Ülekurss 16 026 16 026
Oma aktsiad -255 -117
Kohustuslik reservkapital 6 6
Realiseerimata kursivahed 439 441
Jaotamata kasum (-kahjum) -1 584 -2 026
OMAKAPITAL KOKKU 33 974 33 672
OMAKAPITAL JA KOHUSTUSED KOKKU 40 104 40 429
KONSOLIDEERITUD KOONDKASUMIARUANNE
EUR '000 3 kv 3 kv 9k 2015 9k 2014
2015 2014
--------------------------------------------------------------------------------
Müügitulud 11 358 10 042 33 095 31 515
--------------------------------------------------------------------------------
Müüdud kaupade kulu -9 716 -8 816 -28 910 -27 920
--------------------------------------------------------------------------------
Brutokasum 1 642 1 226 4 185 3 595
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tegevuskulud -1 353 -1 321 -3 812 -4 046
--------------------------------------------------------------------------------
Turundus- ja müügikulud -992 -856 -2 784 -2 686
--------------------------------------------------------------------------------
Üldhalduskulud -361 -465 -1 028 -1 360
--------------------------------------------------------------------------------
Muud äritulud/-kulud 159 146 310 1 032
--------------------------------------------------------------------------------
Bioloogiliste varade ümberhindlus 320 377 -529 -248
--------------------------------------------------------------------------------
Ärikasum 768 428 154 333
--------------------------------------------------------------------------------
Finantstulud 9 1 238 12
--------------------------------------------------------------------------------
Finantskulud -24 -227 -80 -539
--------------------------------------------------------------------------------
Maksustamiseelne kasum (-kahjum) 753 202 312 -194
--------------------------------------------------------------------------------
Tulumaks -62 -80 130 -30
--------------------------------------------------------------------------------
Jätkuvate tegevusvaldkondade aruandeperioodi 691 122 442 -224
puhaskasum (-kahjum)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Lõpetatud tegevusvaldkondade aruandeperioodi 0 2 399 0 3 896
puhaskasum
--------------------------------------------------------------------------------
Puhaskasum 691 2 521 442 3 672
--------------------------------------------------------------------------------
Muu koondkasum (-kahjum), mis on hiljem
võimalik ümber klassifitseerida
kasumiaruandesse:
--------------------------------------------------------------------------------
Valuutakursi vahed -27 53 -2 -52
--------------------------------------------------------------------------------
sh jätkuvad tegevusvaldkonnad -27 3 -2 -65
--------------------------------------------------------------------------------
sh lõpetatud tegevusvaldkonnad 0 50 0 13
--------------------------------------------------------------------------------
Kokku koondkasum (-kahjum) 664 2 574 440 3 620
--------------------------------------------------------------------------------
Tava puhaskasum (-kahjum) aktsia kohta (€) 0,02 0,07 0,01 0,09
--------------------------------------------------------------------------------
sealhulgas jätkuvad tegevusvaldkonnad 0,02 0,00 0,01 -0,01
--------------------------------------------------------------------------------
sealhulgas lõpetatud tegevusvaldkonnad 0,00 0,06 0,00 0,10
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Lahustatud puhaskasum (-kahjum) aktsia kohta 0,02 0,07 0,01 0,09
(€)
--------------------------------------------------------------------------------
sealhulgas jätkuvad tegevusvaldkonnad 0,02 0,00 0,01 -0,01
--------------------------------------------------------------------------------
sealhulgas lõpetatud tegevusvaldkonnad 0,00 0,06 0,00 0,10
--------------------------------------------------------------------------------
Indrek Kasela
AS PRFoods
Juhatuse liige
T: +372 6033 800
[email protected]
www.prfoods.ee
Content of announcement in English
Title
PRF: Consolidated unaudited results of AS PRFoods for 3rd quarter and 9 months of 2015
Message
Tallinn, Estonia, 2015-11-13 14:43 CET (GLOBE NEWSWIRE) --
Overview of the Economic Activities
MANAGEMENT COMMENTARY
PRFoods 9 months and Q3 results have been very positive both in terms of sales
but foremost for the growth of profitability (2014 results were affected by
one-off income from compensation received from Swedish authorities). The
drivers behind the growth in profitability are the changes in sales and
production strategy initiated in the beginning of the year and improvement in
synergies between various production units, starting to show their expected
outcomes. In the end of last quarter we began an important co-operation in fish
roe exports for Japanese market, where we anticipate further growth next year.
The price of raw fish continues to decline (while simultaneously affecting
negatively the results of our own farming business). The well executed strategy
concentrating foremost on margin improvement in Finland, our main market, has
given as better results compared to our competitors. Administrative and labour
costs continue to decrease partly due to sale of ice-cream and frozen food
business, but also thanks to efficiency gains. PRFoods teams in Estonia,
Finland and Sweden have done exemplary job. The management of PRFoods is
optimistic about the 2015 budget targets (Sales of 44.2 million euros and
EBITDA from operations (before biological assets revaluation) of 2.3 million
euros). PRFoods continues to be one the fastest growing and most profitable
fish processing companies in the region.
UNAUDITED FINANCIAL RESULTS OF AS PRFOODS, THE 3RD QUARTER OF 2015 COMPARED TO
THE 3RD QUARTER OF 2014
For the purpose of comparison continuing operations income statement data for
Q3 2014 has been adjusted.
-- Unaudited consolidated revenue 11.4 million euros, increase 13.1%, i.e. EUR
1.3 million euros.
-- Gross margin 14.5%, increase 2.3 percentage points.
-- The positive effect of revaluation of biological assets 0.3 million euros
(Q3 2014: 0.4 million euros).
-- EBITDA from business operations 0.7 million euros, increase 0.4 million
euros, i.e. 118.8%.
-- EBITDA 1.1 million euros, increase 0.3 million euros, i.e. 48.7%.
-- EBIT 0.8 million euros, increase 0.3 million euros, i.e. 79.4%.
-- Net profit 0.7 million euros, increase 0.6 million euros, i.e. 466.4%.
UNAUDITED FINANCIAL RESULTS OF AS PRFOODS, 9 MONTHS OF 2015 COMPARED TO 9
MONTHS OF 2014
-- Unaudited consolidated revenue 33.1 million euros, increase 5.0%, i.e. 1.6
million euros.
-- Gross margin 12.6%, increase 1.2 percentage points.
-- The negative effect of revaluation of biological assets 0.5 million euros
(9 months 2014: 0.2 million euros).
-- EBITDA from business operations 1.5 million euros, increase 0.8 million
euros, i.e. 116.8%.
-- EBITDA 1.0 million euros, decrease -0.2 million euros, i.e. -14.8%*.
-- EBIT 0.2 million euros, decrease -0.2 million euros, i.e. -53.8%.
-- Net profit 0.4 million euros, increase 0.7 million euros, i.e. 297.3%.
* Negative effect for the comparison data of EBITDA, EBIT and net profit is
caused by the reimbursement of a claim in the amount of 751 thousand euros
received in June 2014 from the Swedish Board of Agriculture, recorded in the
income statement of Q2 2014 on line “Other business incomes/costs”.
KEY RATIOS
Profit & Loss, EUR mln Q3 2015 9m 2015 Q3 2014 9m 2014
--------------------------------------------------------------
Sales 11.4 33.1 10.0 31.5
-----------------------------------
Gross profit 1.6 4.2 1.2 3.6
-----------------------------------
EBITDA from operations 0.7 1.5 0.3 0.7
-----------------------------------
EBITDA 1.1 1.0 0.7 1.2
-----------------------------------
EBIT 0.8 0.2 0.4 0.3
-----------------------------------
EBT 0.8 0.3 0.2 -0.2
-----------------------------------
Net profit (-loss) 0.7 0.4 0.1 -0.2
-----------------------------------
Gross margin 14.5% 12.6% 12.2% 11.4%
-----------------------------------
Operational EBITDA margin 6.5% 4.6% 3.4% 2.2%
-----------------------------------
EBITDA margin 9.4% 3.0% 7.1% 3.8%
-----------------------------------
EBIT margin 6.8% 0.5% 4.3% 1.1%
-----------------------------------
EBT margin 6.6% 0.9% 2.0% -0.6%
-----------------------------------
Net margin 6.1% 1.3% 1.2% -0.7%
-----------------------------------
Operating expense ratio 11.9% 11.5% 13.2% 12.8%
-----------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 30/09/2015 31/12/2014
-------------------------------------------------------
ASSETS
-------------------------------------------------------
Cash and cash equivalents 6,054 3,330
-------------------------------------------------------
Receivables and prepayments 7,050 12,014
-------------------------------------------------------
Inventories 5,940 6,563
-------------------------------------------------------
Biological assets 7,247 5,583
-------------------------------------------------------
Total current assets 26,291 27,490
-------------------------------------------------------
-------------------------------------------------------
Deferred income tax 103 103
-------------------------------------------------------
Long-term financial investments 161 134
-------------------------------------------------------
Tangible fixed assets 7,401 6,484
-------------------------------------------------------
Intangible assets 6,148 6,218
-------------------------------------------------------
Total non-current assets 13,813 12,939
-------------------------------------------------------
TOTAL ASSETS 40,104 40,429
-------------------------------------------------------
-------------------------------------------------------
EQUITY AND LIABILITIES
-------------------------------------------------------
Loans and borrowings 216 198
-------------------------------------------------------
Payables 4,057 4,493
-------------------------------------------------------
Total current liabilities 4,273 4,691
-------------------------------------------------------
-------------------------------------------------------
Loans and borrowings 610 555
-------------------------------------------------------
Deferred tax liabilities 328 457
-------------------------------------------------------
Government grants 919 1,054
-------------------------------------------------------
Total non-current liabilities 1,857 2,066
-------------------------------------------------------
TOTAL LIABILITIES 6,130 6,757
-------------------------------------------------------
-------------------------------------------------------
Share capital 19,342 19,342
-------------------------------------------------------
Share premium 16,026 16,026
-------------------------------------------------------
Treasury shares -255 -117
-------------------------------------------------------
Statutory capital reserve 6 6
-------------------------------------------------------
Currency translation reserve 439 441
-------------------------------------------------------
Retained profit (-loss) -1,584 -2,026
-------------------------------------------------------
TOTAL EQUITY 33,974 33,672
-------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 40,104 40,429
-------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR '000 Q3 Q3 9m 2015 9m 2014
2015 2014
--------------------------------------------------------------------------------
Sales 11,358 10,042 33,095 31,515
--------------------------------------------------------------------------------
Cost of goods sold -9,716 -8,816 -28,910 -27,920
--------------------------------------------------------------------------------
Gross profit 1,642 1,226 4,185 3,595
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating expenses -1,353 -1,321 -3,812 -4,046
--------------------------------------------------------------------------------
Selling and distribution expenses -992 -856 -2,784 -2,686
--------------------------------------------------------------------------------
Administrative expenses -361 -465 -1,028 -1,360
--------------------------------------------------------------------------------
Other income/expenses 159 146 310 1,032
--------------------------------------------------------------------------------
Fair value adjustment on biological assets 320 377 -529 -248
--------------------------------------------------------------------------------
Operating profit 768 428 154 333
--------------------------------------------------------------------------------
Financial income 9 1 238 12
--------------------------------------------------------------------------------
Financial expenses -24 -227 -80 -539
--------------------------------------------------------------------------------
Profit (-loss) before tax 753 202 312 -194
--------------------------------------------------------------------------------
Income tax -62 -80 130 -30
--------------------------------------------------------------------------------
Net profit (-loss) for the year from 691 122 442 -224
continuing operations
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net profit for the year from discontinuing 0 2,399 0 3,896
operations (attributable to equity holders of
the company)
--------------------------------------------------------------------------------
Net profit 691 2,521 442 3,672
--------------------------------------------------------------------------------
Other comprehensive income (-expense) that
might subsequently classified to profit or
loss:
--------------------------------------------------------------------------------
Foreign currency translation differences -27 53 -2 -52
--------------------------------------------------------------------------------
including continued operations -27 3 -2 -65
--------------------------------------------------------------------------------
including discontinued operations 0 50 0 13
--------------------------------------------------------------------------------
Total comprehensive income (-expense) 664 2,574 440 3,620
--------------------------------------------------------------------------------
Profit (-loss) per share (€) 0.02 0.07 0.01 0.09
--------------------------------------------------------------------------------
including continued operations 0.02 0.00 0.01 -0.01
--------------------------------------------------------------------------------
including discontinued operations 0.00 0.06 0.00 0.10
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Diluted profit (-loss) per share (€) 0.02 0.07 0.01 0.09
--------------------------------------------------------------------------------
including continued operations 0.02 0.00 0.01 -0.01
--------------------------------------------------------------------------------
including discontinued operations 0.00 0.06 0.00 0.10
--------------------------------------------------------------------------------
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 6033 800
[email protected]
www.prfoods.ee