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
5540
Attachments
Submission date and time
20.05.2016 09:00:00
Content of announcement in Estonian
Title
PRF: ASi PRFoods 2016. aasta 1. kvartali konsolideeritud auditeerimata vahearuanne
Message
Tallinn, Eesti, 2016-05-20 08:00 CEST (GLOBE NEWSWIRE) --
ÜLEVAADE MAJANDUSTEGEVUSEST
JUHTKONNA KOMMENTAAR
2016. aasta 1. kvartali majandustulemustega võib rahule jääda. Hoolimata
asjaolust, et kaotasime oma tooteportfellist mitu private label ja HoReCa
toodet, suutsime kvartalikäibe võrrelduna aastataguse sama perioodiga hoida pea
samal tasemel. Lõhe hinna järsk tõus ei ole veel kandunud üle lõpptoodetesse,
kuna hindade korrigeerimine jaeturul on inertsiga ja seetõttu peaks lõpphindade
korrektsioon toimuma teisel poolaastal. Ettevõtte maksude - ja
amortisatsioonieelne kasum ( EBITDA) paranes samal ajal pea poole võrra. Grupi
bilanss on tugev, mis aitab meil vastu pidada turuolude kõikumistele. Lisaks
pikendas ettevõte SEB Pangaga olemasoleva arvelduslaenulepingu tähtaega veel
aasta võrra. Grupp ei ole hetkel võõrvahendeid, pangalaene,
finantseerimistegevuseks kaasanud.
PRFoods juhtkond on 2016. majandusaasta osas mõõdukalt optimistlik. Suurimaks
riskiks on lõhe hinnatõus, mis on tingitud maailmaturul valitsevast lõhe
defitsiidist. Lõhe hinnatõusu mõju kasumlikkusele jääb siiski piiratuks, kuna
kõik pakkujad on sunnitud hindu tõstma, sealhulgas ka jaesektor. Küsimus on
selles, kui kaua lõhe defitsiit kestab. Tšiili kasvatuste probleemide tõttu
hinnatakse lõhe saadavust maailmaturul sel aastal 10–15% madalamaks. Teisest
küljest näeb PRFoods tekkinud turuolukorras soodsat võimalust, kuivõrd meie
teine põhiline tooraine ja oma kalakasvatustes toodetud kala, vikerforell, on
muutunud palju konkurentsivõimelisemaks. Vikerforell on odavam kui lõhe ning
lõhe kallinedes ostavad tarbijad rohkem odavamaid lõhelisi, sealhulgas
vikerforelli.
AS PRFOODS AUDITEERIMATA MAJANDUSTULEMUSED, 1. KVARTAL 2016 VÕRRELDES 2015.
AASTA 1. KVARTALIGA
-- Auditeerimata konsolideeritud käive 10,2 miljonit eurot, kahanemine -0,06
miljonit eurot ehk -0,6%.
-- Brutomarginaal 9,5%, halvenemine -2,6 protsendipunkti.
-- Bioloogiliste varade ümberhindluse negatiivne mõju -0,4 miljonit eurot
(2015 aasta 1. kvartal negatiivne mõju -1,0 miljonit eurot).
-- EBITDA äritegevusest 0,2 miljonit eurot, kahanemine -0,2 miljonit euro
võrra ehk -47,6%.
-- EBITDA -0,2 miljonit eurot, paranemine 0,4 miljonit eurot ehk 63,2%.
-- Ärikahjum -0,5 miljonit eurot, paranemine 0,4 miljonit eurot ehk 39,8%.
-- Puhaskahjum -0,5 miljonit eurot, paranemine 0,08 miljonit eurot ehk 13,9%.
VÕTMENÄITAJAD
----------------------------------------------------------------
Kasumiaruanne, milj EUR 1kv 2016 1kv 2015 12k 2015
----------------------------------------------------------------
Müügitulu 10,2 10,3 50,3
----------------------------------------------------------------
Brutokasum 1,0 1,3 6,8
----------------------------------------------------------------
EBITDA äritegevusest 0,2 0,4 2,9
----------------------------------------------------------------
EBITDA -0,2 -0,6 2,0
----------------------------------------------------------------
EBIT -0,5 -0,9 0,9
----------------------------------------------------------------
EBT -0,6 -0,8 1,1
----------------------------------------------------------------
Puhaskasum (-kahjum) -0,5 -0,5 1,2
----------------------------------------------------------------
Brutorentaablus 9,5% 12,2% 13,5%
----------------------------------------------------------------
Äritegevuse EBITDA marginaal 2,1% 4,1% 5,8%
----------------------------------------------------------------
EBITDA marginaal -2,2% -5,9% 4,0%
----------------------------------------------------------------
EBIT marginaal -5,2% -8,6% 1,7%
----------------------------------------------------------------
EBT marginaal -5,5% -7,4% 2,1%
----------------------------------------------------------------
Puhasrentaablus -4,5% -5,2% 2,3%
----------------------------------------------------------------
Tegevuskulude suhtarv 10,5% 11,3% 10,8%
----------------------------------------------------------------
Bilanss, milj EUR 31.03.2016 31.03.2015 31.12.2015
----------------------------------------------------------------
Netovõlgnevus -3,1 -3,3 -0,6
----------------------------------------------------------------
Omakapital 22,7 33,1 23,2
----------------------------------------------------------------
Käibekapital 11,0 21,6 11,4
----------------------------------------------------------------
Varad 28,6 39,5 29,5
----------------------------------------------------------------
Likviidsuskordaja 3,7 5,5 3,7
----------------------------------------------------------------
Omakapitali suhtarv 79,4% 83,9% 78,8%
----------------------------------------------------------------
Finantsvõimendus -15,7% -11,0% -2,5%
----------------------------------------------------------------
Netovõlg/EBITDA -1,1 -11,2 -0,2
----------------------------------------------------------------
Omakapitali tootlus 4,5% -3,2% 4,1%
----------------------------------------------------------------
Varade tootlus 3,7% -2,1% 3,4%
----------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
EUR '000 31.03.2016 31.03.2015 31.12.2015
----------------------------------------------------------------------
VARAD
----------------------------------------------------------------------
Raha ja ekvivalendid 4 378 4 001 1 921
----------------------------------------------------------------------
Nõuded ja ettemaksed 2 463 11 393 3 653
----------------------------------------------------------------------
Varud 5 754 7 387 5 616
----------------------------------------------------------------------
Bioloogilised varad 2 451 3 579 4 421
----------------------------------------------------------------------
Käibevara kokku 15 046 26 360 15 611
----------------------------------------------------------------------
----------------------------------------------------------------------
Edasilükkunud tulumaksuvara 138 103 138
----------------------------------------------------------------------
Pikaajalised finantsinvesteeringud 161 161 161
----------------------------------------------------------------------
Materiaalne põhivara 7 178 6 672 7 427
----------------------------------------------------------------------
Immateriaalne vara 6 109 6 194 6 128
----------------------------------------------------------------------
Põhivara kokku 13 586 13 130 13 854
----------------------------------------------------------------------
VARAD KOKKU 28 632 39 490 29 465
----------------------------------------------------------------------
----------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
----------------------------------------------------------------------
Võlakohustused 287 196 286
----------------------------------------------------------------------
Võlad ja ettemaksed 3 617 4 412 3 760
----------------------------------------------------------------------
Sihtfinantseerimine 164 184 177
----------------------------------------------------------------------
Lühiajalised kohustused kokku 4 068 4 792 4 223
----------------------------------------------------------------------
----------------------------------------------------------------------
Võlakohustused 1 002 509 1 063
----------------------------------------------------------------------
Edasilükkunud tulumaksukohustus 152 229 252
----------------------------------------------------------------------
Sihtfinantseerimine 677 827 706
----------------------------------------------------------------------
Pikaajalised kohustused kokku 1 831 1 565 2 021
----------------------------------------------------------------------
KOHUSTUSED KOKKU 5 899 6 357 6 244
----------------------------------------------------------------------
----------------------------------------------------------------------
Aktsiakapital 7 737 19 342 7 737
----------------------------------------------------------------------
Ülekurss 16 026 16 026 16 026
----------------------------------------------------------------------
Oma aktsiad -190 -134 -172
----------------------------------------------------------------------
Kohustuslik reservkapital 6 6 6
----------------------------------------------------------------------
Realiseerimata kursivahed 465 458 471
----------------------------------------------------------------------
Jaotamata kahjum -1 311 -2 565 -847
----------------------------------------------------------------------
OMAKAPITAL KOKKU 22 733 33 133 23 221
----------------------------------------------------------------------
OMAKAPITAL JA KOHUSTUSED KOKKU 28 632 39 490 29 465
----------------------------------------------------------------------
KONSOLIDEERITUD KOONDKASUMIARUANNE
EUR '000 1kv 1kv 12k
2016 2015 2015
--------------------------------------------------------------------------------
Müügitulud 10 235 10 299 50 273
--------------------------------------------------------------------------------
Müüdud kaupade kulu -9 258 -9 044 -43 509
--------------------------------------------------------------------------------
Brutokasum 977 1 255 6 764
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tegevuskulud -1 078 -1 168 -5 411
--------------------------------------------------------------------------------
Turundus- ja müügikulud -766 -838 -4 033
--------------------------------------------------------------------------------
Üldhalduskulud -312 -330 -1 378
--------------------------------------------------------------------------------
Muud äritulud/-kulud 12 55 406
--------------------------------------------------------------------------------
Bioloogiliste varade ümberhindlus -444 -1 028 -888
--------------------------------------------------------------------------------
Ärikasum (-kahjum) -533 -886 871
--------------------------------------------------------------------------------
Finantstulud 0 148 303
--------------------------------------------------------------------------------
Finantskulud -32 -29 -105
--------------------------------------------------------------------------------
Maksustamiseelne kasum (-kahjum) -565 -767 1 069
--------------------------------------------------------------------------------
Tulumaks 101 228 110
--------------------------------------------------------------------------------
Aruandeperioodi puhaskasum (-kahjum) -464 -539 1 179
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum (-kahjum), mis on hiljem võimalik ümber
klassifitseerida kasumiaruandesse:
--------------------------------------------------------------------------------
Valuutakursi vahed -6 17 30
--------------------------------------------------------------------------------
Kokku koondkasum (-kahjum) -470 -522 1 209
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aruandeperioodi koondkasumi (-kahjumi) jaotus:
--------------------------------------------------------------------------------
emaettevõtte aktsionäridele kuuluv osa -470 -522 1 209
--------------------------------------------------------------------------------
Aruandeperioodi koondkahjum kokku -470 -522 1 209
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tava puhaskasum (-kahjum) aktsia kohta (EUR) -0,01 -0,01 0,03
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Lahustatud puhaskasum (-kahjum) aktsia kohta (EUR) -0,01 -0,01 0,03
--------------------------------------------------------------------------------
Indrek Kasela
AS PRFoods
Juhatuse liige
T: +372 6033 800
[email protected]
www.prfoods.ee
Content of announcement in English
Title
PRF: Consolidated Unaudited Interim Report of AS PRFoods for 1st quarter of 2016
Message
Tallinn, Estonia, 2016-05-20 08:00 CEST (GLOBE NEWSWIRE) --
OVERVIEW OF THE ECONOMIC ACTIVITIES
MANAGEMENT COMMENTARY
The financial results of Q1 2016 are satisfying. In spite of the fact that the
Company lost several private labels and HoReCa products from its product
portfolio, we managed to keep quarter sales on the same level with the same
period on previous year. Price surge of salmon has not yet been transferred to
end products since correction of prices in retail market are with inertia,
therefore correction of end prices should take place in the second half of the
year. The Company’s profit before taxes and amortization (EBITDA) improved by
half at the same time compared to the same period in previous year. The Group
balance sheet is strong which helps us resist unsteady market situation.
Additionally, the Company extended the overdraft contract in SEB Bank by a
year. The Group has not included any foreign resources or bank loans in its
financing activities.
The Group management is sparingly optimistic with the financial year of 2016.
The biggest risk is increase in salmon prices, which is a result of deficiency
in the international market. Increase in salmon prices remains limited, though,
while all of the offerors, including retail market, are forced to increase
prices. The main question is how long will the salmon deficiency continue. As a
result of problems in Chilean fish farms, the availability of salmon in the
world market is estimated to be 10-15 % less on current year. On the other
hand, PRFoods sees the current market situation as a beneficial possibility
while the second main product of the Group fish breeding, the rainbow trout,
has turned out to be more competitive. Rainbow trout is cheaper than salmon and
as the salmon grows more expensive the clients will buy cheaper alternatives,
including the rainbow trout.
UNAUDITED FINANCIAL RESULTS OF AS PRFOODS, THE 1ST QUARTER OF 2016 COMPARED TO
THE 1ST QUARTER OF 2015
-- Unaudited consolidated revenue 10.2 million euros, decrease -0.06 million
euros, i.e. -0.6%.
-- Gross margin 9.5%, decrease -2.6 percentage points.
-- Negative impact from revaluation of biological assets -0.4 million euros
(1st quarter 2015: negative impact of -1.0 million euros).
-- EBITDA from operations 0.2 million euros, decrease -0.2 million euros, i.e.
-47.6%.
-- EBITDA -0.2 million euros, improvement 0.4 million euros, i.e. 63.2%.
-- The operating loss -0.5 million euros, improvement 0.4 million euros, i.e.
39.8%.
-- Net loss -0.5 million euros, improvement 0.08 million euros, i.e. 13.9%.
KEY RATIOS
--------------------------------------------------------------
Profit & Loss, EUR mln Q1 2016 Q1 2015 12m 2015
--------------------------------------------------------------
Sales 10.2 10.3 50.3
--------------------------------------------------------------
Gross profit 1.0 1.3 6.8
--------------------------------------------------------------
EBITDA from operations 0.2 0.4 2.9
--------------------------------------------------------------
EBITDA -0.2 -0.6 2.0
--------------------------------------------------------------
EBIT -0.5 -0.9 0.9
--------------------------------------------------------------
EBT -0.6 -0.8 1.1
--------------------------------------------------------------
Net profit (-loss) -0.5 -0.5 1.2
--------------------------------------------------------------
Gross margin 9.5% 12.2% 13.5%
--------------------------------------------------------------
Operational EBITDA margin 2.1% 4.1% 5.8%
--------------------------------------------------------------
EBITDA margin -2.2% -5.9% 4.0%
--------------------------------------------------------------
EBIT margin -5.2% -8.6% 1.7%
--------------------------------------------------------------
EBT margin -5.5% -7.4% 2.1%
--------------------------------------------------------------
Net margin -4.5% -5.2% 2.3%
--------------------------------------------------------------
Operating expense ratio 10.5% 11.3% 10.8%
--------------------------------------------------------------
Balance Sheet, EUR mln 31.03.2016 31.03.2015 31.12.2015
--------------------------------------------------------------
Net debt -3.1 -3.3 -0.6
--------------------------------------------------------------
Equity 22.7 33.1 23.2
--------------------------------------------------------------
Working capital 11.0 21.6 11.4
--------------------------------------------------------------
Assets 28.6 39.5 29.5
--------------------------------------------------------------
Liquidity ratio 3.7 5.5 3.7
--------------------------------------------------------------
Equity ratio 79.4% 83.9% 78.8%
--------------------------------------------------------------
Gearing ratio -15.7% -11.0% -2.5%
--------------------------------------------------------------
Net debt-to-EBITDA -1.1 -11.2 -0.2
--------------------------------------------------------------
ROE 4.5% -3.2% 4.1%
--------------------------------------------------------------
ROA 3.7% -2.1% 3.4%
--------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 31.03.2016 31.03.2015 31.12.2015
-------------------------------------------------------------------
ASSETS
-------------------------------------------------------------------
Cash and cash equivalents 4,378 4,001 1,921
-------------------------------------------------------------------
Receivables and prepayments 2,463 11,393 3,653
-------------------------------------------------------------------
Inventories 5,754 7,387 5,616
-------------------------------------------------------------------
Biological assets 2,451 3,579 4,421
-------------------------------------------------------------------
Total current assets 15,046 26,360 15,611
-------------------------------------------------------------------
-------------------------------------------------------------------
Deferred income tax 138 103 138
-------------------------------------------------------------------
Long-term financial investments 161 161 161
-------------------------------------------------------------------
Tangible fixed assets 7,178 6,672 7,427
-------------------------------------------------------------------
Intangible assets 6,109 6,194 6,128
-------------------------------------------------------------------
Total non-current assets 13,586 13,130 13,854
-------------------------------------------------------------------
TOTAL ASSETS 28,632 39,490 29,465
-------------------------------------------------------------------
-------------------------------------------------------------------
EQUITY AND LIABILITIES
-------------------------------------------------------------------
Loans and borrowings 287 196 286
-------------------------------------------------------------------
Payables 3,617 4,412 3,760
-------------------------------------------------------------------
Government grants 164 184 177
-------------------------------------------------------------------
Total current liabilities 4,068 4,792 4,223
-------------------------------------------------------------------
-------------------------------------------------------------------
Loans and borrowings 1,002 509 1,063
-------------------------------------------------------------------
Deferred tax liabilities 152 229 252
-------------------------------------------------------------------
Government grants 677 827 706
-------------------------------------------------------------------
Total non-current liabilities 1,831 1,565 2,021
-------------------------------------------------------------------
TOTAL LIABILITIES 5,899 6,357 6,244
-------------------------------------------------------------------
-------------------------------------------------------------------
Share capital 7,737 19,342 7,737
-------------------------------------------------------------------
Share premium 16,026 16,026 16,026
-------------------------------------------------------------------
Treasury shares -190 -134 -172
-------------------------------------------------------------------
Statutory capital reserve 6 6 6
-------------------------------------------------------------------
Currency translation reserve 465 458 471
-------------------------------------------------------------------
Retained loss -1,311 -2,565 -847
-------------------------------------------------------------------
TOTAL EQUITY 22,733 33,133 23,221
-------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 28,632 39,490 29,465
-------------------------------------------------------------------
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
EUR '000 Q1 Q1 12m
2016 2015 2015
--------------------------------------------------------------------------------
Sales 10,235 10,299 50,273
--------------------------------------------------------------------------------
Cost of goods sold -9,258 -9,044 -43,509
--------------------------------------------------------------------------------
Gross profit 977 1,255 6,764
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating expenses -1,078 -1,168 -5,411
--------------------------------------------------------------------------------
Selling and distribution expenses -766 -838 -4,033
--------------------------------------------------------------------------------
Administrative expenses -312 -330 -1,378
--------------------------------------------------------------------------------
Other income/expenses 12 55 406
--------------------------------------------------------------------------------
Fair value adjustment on biological assets -444 -1,028 -888
--------------------------------------------------------------------------------
Operating profit (-loss) -533 -886 871
--------------------------------------------------------------------------------
Financial income 0 148 303
--------------------------------------------------------------------------------
Financial expenses -32 -29 -105
--------------------------------------------------------------------------------
Profit (-loss) before tax -565 -767 1,069
--------------------------------------------------------------------------------
Income tax 101 228 110
--------------------------------------------------------------------------------
Net profit (-loss) for the period -464 -539 1,179
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income (-expense) that might
subsequently classified to profit or loss:
--------------------------------------------------------------------------------
Foreign currency translation differences -6 17 30
--------------------------------------------------------------------------------
Total comprehensive income (-expense) -470 -522 1,209
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income (-expense) attributable to:
--------------------------------------------------------------------------------
Owners of the Company -470 -522 1,209
--------------------------------------------------------------------------------
Total comprehensive income (-expense) for the period -470 -522 1,209
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit (-loss) per share (EUR) -0.01 -0.01 0.03
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Diluted profit (-loss) per share (EUR) -0.01 -0.01 0.03
--------------------------------------------------------------------------------
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 6033 800
[email protected]
www.prfoods.ee