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
5954
Attachments
Submission date and time
26.02.2017 23:00:00
Content of announcement in Estonian
Title
PRF: AS-i PRFoods 2016. aasta 4. kvartali ja 12 kuu konsolideeritud auditeerimata vahearuanne
Message
Tallinn, Eesti, 2017-02-26 22:00 CET (GLOBE NEWSWIRE) --
Ülevaade majandustegevusest
JUHTKONNA KOMMENTAAR
Aasta 2016 oli PRFoodsile edukas aasta. Ületasime käibeprognoosi 2,4 miljoni
euro võrra ning maksude- ja kulumieelne kasum (EBITDA) tõusis võrreldes eelmise
aastaga 28,7% ehk 0,6 miljonit eurot. Ettevõte saavutas müügikäibe 47,4
miljonit eurot (4. kvartali käive 16,9 miljonit eurot), kuid pidi samal ajal
toime tulema väga kiire tooraine hinna tõusuga, mis jätkus ka 4. kvartalis.
Tänu kalakasvatusele, suutis PRFoods suurendada 2016. aasta EBITDA kuni 2,6
miljoni euroni, aastane kasv 0,6 miljonit eurot, kuid äritegevuse EBITDA
kahanes tulenevalt müüdud kaupade kulu kasvust.
PRFoodsi juhtkond on teinud head tööd reageerides kasvavatele kalahindadele,
kärpinud ettevõtte kulubaasi ja aktiivselt töötanud selle nimel, et kanda
hinnatõus edasi klientidele. Selle tulemusena teenisime 4. kvartalis 0,7
miljonit eurot EBITDAd äritegevusest, ilma ühekordsete kuludeta 1,1 miljonit
eurot. 4. kvartalis kasutasime tootmises enda kasvatatud kala, mis tingis
biomassi kahanemise ja kahjumi -1,1 miljoni euro võrra.
2016. aastal olid ettevõttel tavapärasest suuremad ühekordsed kulud, mis on
seotud ettevõtte korporatiivtegevuse, investeeringute ja 2017. aastal tuleva
brändi uuendamisega. Me ei näe 2017. aastal ette sarnaseid ühekordseid kulusid.
Kalakasvatus
Aasta 2016 oli meie kalakasvatusele väga edukas. Soomes ja Rootsis algas hooaeg
märksa varem ning head ilmastikuolud kestsid terve aktiivse kalakasvatuse
perioodi. Me oleme parandanud sööda kvaliteeti ja söötmise tehnoloogiaid, mille
tulemusel saavutasime suurema biomassi kasvu. 2016. aasta lõpus on meie kala
biomass 16,7% kõrgem kui aasta varem, mis tagab meile vajaliku toorkala
kevad-suvisel perioodil, mil toorkala saadavus kolmandate osapoolte käest on
tavapäraselt kehvem. 2016. aasta lõpu seisuga oli biomass 1 418 tonni ja
õiglases väärtuses 7,6 miljonit eurot (2015: vastavalt 1 215 tonni ja 4,4
miljonit eurot õiglases väärtuses). Me ootame 2017. aastal kalahindade
stabiliseerumist mõnevõrra madalamale tasemele. Juurdepääs toorkalale, eriti
kasvandustes kasvatatud vikerforellile, on endiselt kriitiline ja meie enda
kalakasvatused annavad ettevõttele ainulaadse eelise praegustel turgudel.
Kalatöötlus
Kalatöötlus on võidelnud kasvavate toorkala hindadega, mis on mõjutanud nii
koguseid kui hindu. Sama probleem on kimbutanud ka kõiki meie konkurente.
PRFoods on väljunud mitmest madala marginaalsusega private label tooterühmast,
mis on tinginud müügikäibe languse. Tulenevalt kala kõrgetest hindadest on
jaeketid tühistanud ka kalakampaaniaid. Jaekettide hinnad on tavaliselt ette
kokku lepitud ja alles 4. kvartalis nägime jaehindade tõusu. 4. kvartali
äritegevuse EBITDA kalatöötlusest oli 0,7 miljonit eurot (1,1 miljonit ilma
ühekordsete kulude mõjuta) ja 2016. aasta äritegevuse EBITDA tervikuna oli 0,4
miljonit eurot. Me ootame 2017. aastal äritegevuse EBITDA märgatavat kasvu.
Detailsemad ennustused avaldatakse koos 1. kvartali tulemustega.
Kuna enamus investeeringutest kalatöötlusse on juba tehtud, siis 2017. aastal
jätkame vaid olemasolevate seadmete uuendamist.
Sihtturud
Meie põhiline turg on Soome, kuid me ootame teiste turgude kiiret arengud, sh
Baltikum, Aasia, Euroopa. Meie eesmärk on saavutada pikaajaliselt ekspordi
osakaal 40% kogukäibest uutele turgudele.
Meeskond
PRFoods on tugevdanud oma IT ja finantsosakonda, oleme tõhustanud oma
tootmismeeskonna tööd tänu investeeringutele. Me pakume tööd keskmiselt 200
töötajale, mis on 17 võrra vähem kui eelmisel aastal ning meie eesmärk on hoida
konkurentsivõimelist palgataset terves ettevõttes.
Finantsid
PRFoodsi bilanss on väga tugev, laenud väga madalal tasemel ja meie rahasaldo
kasvas 4,4 miljoni euroni. See võimaldab ettevõttel aktiivselt otsida
laienemisvõimalusi nii sisemise kasvu kui omandamise kaudu.
PRFoods on meie põhiturgudel jätkuvalt üks vaieldamatuid liidreid ja me
pingutame, et parandada oma positsiooni müükides, kvaliteedis ja kasumlikkuses.
Ma soovin tänada kogu PRFoodsi meeskonda suurepärase töö eest 2016. aastal ja
läheme optimistlikult 2017. aastale vastu.
Me oleme tänulikud oma klientidele meile antud usalduse eest ja lubame olla
esmavalik kõrge kvaliteediga kalatoodete tootjana.
AS PRFOODS AUDITEERIMATA MAJANDUSTULEMUSED, 4. KVARTAL 2016 VÕRRELDES 2015.
AASTA 4. KVARTALIGA
-- Auditeerimata konsolideeritud käive 16,9 miljonit eurot, kahanemine -1,6%
ehk -0,3 miljonit eurot.
-- Brutomarginaal 11,4%, kahanemine -3,6 protsendipunkti.
-- Bioloogiliste varade ümberhindluse negatiivne mõju -1,1 miljonit eurot
(2015 aasta 4. kvartal negatiivne mõju -0,4 miljonit eurot).
-- EBITDA äritegevusest 0,7 miljonit eurot, halvenemine -0,7 miljonit eurot
(ilma 2016. aasta ühekordse kulu mõjuta EBITDA 1,1 miljonit eurot,
kahanemine -0,3 miljonit eurot).
-- EBITDA -0,4 miljonit eurot, kahanemine -1,5 miljonit eurot ehk -143,6%
(ilma 2016. aasta ühekordse kulu mõjuta EBITDA -0,05 miljonit eurot,
kahanemine -1,1 miljonit eurot).
-- Ärikahjum -0,8 miljonit eurot, kasv -1,5 miljonit eurot ehk -205,4% (ilma
2016. aasta ühekordse kulu mõjuta ärikahjum -0,4 miljonit eurot, kasv -1,1
miljonit eurot).
-- Puhaskahjum -0,5 miljonit eurot, kasv -1,3 miljonit eurot ehk -174,4% (ilma
2016. aasta ühekordse kulu mõjuta kasv -0,1 miljonit eurot, kahanemine -0,9
miljonit eurot).
AS PRFOODS AUDITEERIMATA MAJANDUSTULEMUSED, 12 KUUD 2016 VÕRRELDES 2015. AASTA
12 KUUGA
-- Auditeerimata konsolideeritud käive 47,4 miljonit eurot, kahanemine -5,7%
ehk -2,8 miljonit eurot.
-- Brutomarginaal 8,5%, vähenemine -5,0 protsendipunkti.
-- Bioloogiliste varade ümberhindluse positiivne mõju +2,3 miljonit eurot (12
kuud 2015: negatiivne mõju -0,9 miljonit eurot).
-- EBITDA äritegevusest 0,4 miljonit eurot, halvenemine -2,6 miljonit eurot
(ilma 2016. aasta ühekordse kulu mõjuta EBITDA 0,8 miljonit eurot,
kahanemine -2,2 miljonit eurot).
-- EBITDA 2,6 miljonit eurot, kasv +0,6 miljonit eurot (ilma 2016. aasta
ühekordse kulu mõjuta EBITDA 3,0 miljonit eurot, kasv +1,0 miljonit eurot).
-- Ärikasum 1,4 miljonit eurot, paranemine +0,5 miljonit eurot ehk +58,6%
(ilma 2016. aasta ühekordse kulu mõjuta ärikasum 1,8 miljonit eurot, kasv
+0,9 miljonit eurot).
-- Puhaskasum 0,7 miljonit eurot, kahanemine -0,5 miljonit eurot ehk -44,1%
(ilma 2016. aasta ühekordse kulu mõjuta puhaskasum 1,1 miljonit eurot,
kahanemine -0,1 miljonit eurot ehk -10,0%).
VÕTMENÄITAJAD
Kasumi 1kv 2kv 3kv 4kv 12k 1kv 2kv 3kv 4kv
12k
aruann 2016 2016 2016 2016 2016 2015 2015 2015 2015
2015
e,
milj
EUR
--------------------------------------------------------------------------------
------
Müügit 10,2 9,8 10,5 16,9 47,4 10,3 11,4 11,4 17,2
50,3
ulu
--------------------------------------------------------------------------------
------
Brutok 1,0 0,6 0,5 1,9 4,0 1,3 1,3 1,6 2,6
6,8
asum
--------------------------------------------------------------------------------
------
EBITDA 0,2 -0,3 -0,3 1,1 0,8 0,4 0,4 0,7 1,4
2,9
ärite
gevuse
st
--------------------------------------------------------------------------------
------
EBITDA -0,2 0,7 2,6 -0,4 2,6 -0,6 0,6 1,1 1,0
2,0
--------------------------------------------------------------------------------
------
EBIT -0,5 0,3 2,3 -0,8 1,4 -0,9 0,3 0,8 0,7
0,9
--------------------------------------------------------------------------------
------
EBT -0,6 0,2 2,2 -0,8 1,1 -0,8 0,3 0,8 0,8
1,1
--------------------------------------------------------------------------------
------
Puhask -0,5 0,04 1,6 -0,5 0,7 -0,5 0,3 0,7 0,7
1,2
asum
(-kah
jum)
--------------------------------------------------------------------------------
------
Brutor 9,5% 6,3% 4,7% 11,4% 8,5% 12,2% 11,3% 14,5% 15,0%
13,5%
entaab
lus
--------------------------------------------------------------------------------
------
Äriteg 2,1% -2,6% -2,6% 6,2% 1,6% 4,1% 3,3% 6,5% 8,1%
5,8%
evuse
EBITD
A
margi
naal
--------------------------------------------------------------------------------
------
EBITDA -2,2% 6,8% 24,9% -2,6% 5,5% -5,9% 4,8% 9,4% 6,0%
4,0%
margi
naal
--------------------------------------------------------------------------------
------
EBIT -5,2% 3,6% 22,0% -4,5% 2,9% -8,6% 2,4% 6,8% 4,2%
1,7%
margi
naal
--------------------------------------------------------------------------------
------
EBT -5,5% 2,3% 21,3% -4,5% 2,4% -7,4% 2,9% 6,6% 4,4%
2,1%
margi
naal
--------------------------------------------------------------------------------
------
Puhasr -4,5% 0,4% 15,5% -3,2% 1,4% -5,2% 2,5% 6,1% 4,3%
2,3%
entaab
lus
--------------------------------------------------------------------------------
------
Tegevu 10,5% 12,7% 11,2% 7,7% 10,1% 11,3% 11,3% 11,9% 9,3%
10,8%
skulud
e
suhta
rv
--------------------------------------------------------------------------------
------
Bilans 31.03.2016 30.06.2016 30.09.2016 31.12.2016 31.03.2015 30.06.2015
30.09.2015 31.12.2015
s,
milj
EUR
--------------------------------------------------------------------------------
----------------------
Netovõ -3,1 -1,4 1,3 0,3 -3,3 -6,5
-5,2 -0,6
lgnevu
s
--------------------------------------------------------------------------------
----------------------
Omakap 22,7 22,7 24,3 23,8 33,1 33,3
34,0 23,2
ital
--------------------------------------------------------------------------------
----------------------
Käibek 11,0 11,2 13,3 12,4 21,6 21,7
21,8 11,4
apital
--------------------------------------------------------------------------------
----------------------
Varad 28,6 29,3 34,4 35,0 39,5 39,4
40,1 29,5
--------------------------------------------------------------------------------
----------------------
Likvii 3,7 3,4 2,7 2,4 5,5 5,9
5,9 3,7
dsusko
rdaja
--------------------------------------------------------------------------------
----------------------
Omakap 79,4% 77,6% 70,7% 67,9% 83,9% 84,6%
84,7% 78,8%
itali
suhta
rv
--------------------------------------------------------------------------------
----------------------
Finant -15,7% -6,7% 5,2% 1,1% -11,0% -24,1%
-18,2% -2,5%
svõime
ndus
--------------------------------------------------------------------------------
----------------------
Netovõ -1,1 -0,7 1,2 0,4 -11,2 -8,2
-4,4 -0,2
lg/EBI
TDA
--------------------------------------------------------------------------------
----------------------
Omakap 4,5% 3,6% 6,7% 2,8% -3,2% -3,9%
-2,3% 4,1%
itali
tootl
us
--------------------------------------------------------------------------------
----------------------
Varade 3,7% 2,9% 5,2% 2,0% -2,1% -2,6%
-1,6% 3,4%
tootl
us
--------------------------------------------------------------------------------
----------------------
Konsolideeritud finantsseisundi aruanne
EUR '000 31.12.2016 31.12.2015
-----------------------------------------------------------
VARAD
-----------------------------------------------------------
Raha ja ekvivalendid 4 374 1 921
-----------------------------------------------------------
Nõuded ja ettemaksed 4 065 3 653
-----------------------------------------------------------
Varud 5 393 5 616
-----------------------------------------------------------
Bioloogilised varad 7 584 4 421
-----------------------------------------------------------
Käibevara kokku 21 416 15 611
-----------------------------------------------------------
-----------------------------------------------------------
Edasilükkunud tulumaksuvara 134 138
-----------------------------------------------------------
Pikaajalised finantsinvesteeringud 103 161
-----------------------------------------------------------
Materiaalne põhivara 7 285 7 427
-----------------------------------------------------------
Immateriaalne vara 6 031 6 128
-----------------------------------------------------------
Põhivara kokku 13 553 13 854
-----------------------------------------------------------
VARAD KOKKU 34 969 29 465
-----------------------------------------------------------
-----------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
-----------------------------------------------------------
Võlakohustused 3 700 286
-----------------------------------------------------------
Võlad ja ettemaksed 5 127 3 760
-----------------------------------------------------------
Sihtfinantseerimine 162 177
-----------------------------------------------------------
Lühiajalised kohustused kokku 8 989 4 223
-----------------------------------------------------------
-----------------------------------------------------------
Võlakohustused 940 1 063
-----------------------------------------------------------
Edasilükkunud tulumaksukohustus 736 252
-----------------------------------------------------------
Sihtfinantseerimine 551 706
-----------------------------------------------------------
Pikaajalised kohustused kokku 2 227 2 021
-----------------------------------------------------------
KOHUSTUSED KOKKU 11 216 6 244
-----------------------------------------------------------
-----------------------------------------------------------
Aktsiakapital 7 737 7 737
-----------------------------------------------------------
Ülekurss 14 007 16 026
-----------------------------------------------------------
Oma aktsiad -256 -172
-----------------------------------------------------------
Kohustuslik reservkapital 12 6
-----------------------------------------------------------
Realiseerimata kursivahed 428 471
-----------------------------------------------------------
Jaotamata kasum (-kahjum) 1 825 -847
-----------------------------------------------------------
Ettevõtte aktsionäridele kuuluv osa 23 753 23 221
-----------------------------------------------------------
OMAKAPITAL KOKKU 23 753 23 221
-----------------------------------------------------------
OMAKAPITAL JA KOHUSTUSED KOKKU 34 969 29 465
-----------------------------------------------------------
Konsolideeritud koondkasumiaruanne
EUR '000 4kv 4kv 12k 12k
2016 2015 2016 2015
--------------------------------------------------------------------------------
Müügitulud 16 903 17 178 47 429 50 273
--------------------------------------------------------------------------------
Müüdud kaupade kulu -14 971 -14 599 -43 409 -43 509
--------------------------------------------------------------------------------
Brutokasum 1 932 2 579 4 020 6 764
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tegevuskulud -1 294 -1 599 -4 782 -5 411
--------------------------------------------------------------------------------
Turundus- ja müügikulud -964 -1 249 -3 346 -4 033
--------------------------------------------------------------------------------
Üldhalduskulud -330 -350 -1 436 -1 378
--------------------------------------------------------------------------------
Muud äritulud/-kulud -293 96 -120 406
--------------------------------------------------------------------------------
Bioloogiliste varade ümberhindlus -1 101 -359 2 263 -888
--------------------------------------------------------------------------------
Ärikasum (-kahjum) -756 717 1 381 871
--------------------------------------------------------------------------------
Finantstulud 1 65 2 303
--------------------------------------------------------------------------------
Finantskulud -7 -25 -238 -105
--------------------------------------------------------------------------------
Maksustamiseelne kasum (-kahjum) -762 757 1 145 1 069
--------------------------------------------------------------------------------
Tulumaks 214 -20 -486 110
--------------------------------------------------------------------------------
Aruandeperioodi puhaskasum (-kahjum) -548 737 659 1 179
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum (-kahjum), mida võib hiljem
klassifitseerida kasumiaruandesse:
--------------------------------------------------------------------------------
Valuutakursi vahed 8 32 -43 30
--------------------------------------------------------------------------------
Kokku koondkasum (-kahjum) -540 769 616 1 209
--------------------------------------------------------------------------------
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 4th quarter and 12 months of 2016
Message
Tallinn, Estonia, 2017-02-26 22:00 CET (GLOBE NEWSWIRE) --
Overview of the economic activities
MANAGEMENT COMMENTARY
2016 was successful for PRFoods. We exceeded our revenue prognosis by 2.4
million euros and profit before taxes and depreciation (EBITDA) increased by
28.7%, i.e. 0.6 million euros. The company achieved revenue of 47.4 million
euros (Q4 sales 16.9 million euros), but faced very rapid increase in raw
material prices well into Q4.
PRFoods increased its 2016 EBITDA to 2.6 million euros, up by 0.6 million euros
y-o-y, thanks to fish farming operations, but operational EBITDA lagged due to
increase in cost of goods sold.
PRFoods management did an excellent job in countering the increase in fish
prices, trimmed company’s cost base and actively worked on transferring price
increases to customers. This resulted in posting Q4 0,7 million euros
operational EBITDA, without one-off costs 1.1 million euros. In Q4 we used our
own fish in processing, resulting in decrease (loss) in biomass by 1.1 million
euros.
In year 2016, the company incurred larger one-off costs related to certain
corporate activities, investments and brand relaunch to take place in 2017. We
do not foresee such extraordinary one-off costs in 2017.
Fish farming
The year 2016 was excellent for our fish farming operations. The season started
much earlier in Finland and Sweden, as well as good climatic conditions that
lasted throughout the active season for farming. We improved the quality of
feeds and feeding technologies, which resulted higher growth in biomass. In the
end of 2016 our fish biomass is 16.7 % higher on y-o-y basis, providing us
majority of raw material needed for spring-summer season when access to third
party raw material is usually restricted. Biomass at the end of 2016 was 1,418
tons and in fair value 7.6 million euros (2015: respectively 1,215 tons and 4.4
million euros in fair value). We estimate fish prices to stabilize at somewhat
lower prices in 2017. Access to raw material, in particular farmed rainbow
trout, remains critical and our own farms give company a unique advantage in
the current markets.
Fish processing
Fish processing struggled with increased raw material prices, affecting both
volumes and prices. Same problem plagued all our competitors. PRFoods pulled
out of several low-margin private label products, resulting in loss of sales.
Retailers have also cancelled campaigns for fish due to higher prices. Pricing
with retailers is usually agreed in advance and only in Q4 we witnessed an
increase in retailer prices. In Q4 operational EBITDA from fish processing was
0.7 million euros (1.1 without one-offs) and 2016 operational EBITDA was 0.4
million euros. We foresee significant increase in operational EBITDA in 2017.
More detailed forecasts will be released together with Q1 results.
Since majority of investments in fish processing have been already undertaken,
we foresee only investments in upgrade of existing machinery to be made in
2017.
Markets
Our main market is Finland, but we see rapid development of other markets
including Baltics, Asia, Europe. We aim to achieve in long-term 40% of export
from our total sales.
Personnel
PRFoods has strengthened its IT and finance departments, and we have
streamlined our operational staff thanks to investments. We employ 200 people,
that is 17 less on y-o-y, and we aim to maintain competitive salary level
across the firm.
Financials
PRFoods has very solid balance sheet, very low level of debt and our cash
balance increased to 4.4 million euros. This allows company to look actively at
various expansion opportunities, both organic and through acquisitions.
PRFoods remains to be one of the undisputed leaders in our core markets and we
strive to improve our position in terms of sales, quality and profitability.
I would like to thank all the staff of PRFoods for excellent job in 2016 and we
are looking optimistically towards 2017.
We are grateful for the loyalty of our customers and promise to be a
first-choice producer of high quality fish products.
UNAUDITED FINANCIAL RESULTS OF AS PRFOODS, THE 4TH QUARTER OF 2016 COMPARED TO
THE 4TH QUARTER OF 2015
-- Unaudited consolidated revenue 16.9 million euros, decrease -0.3 million
euros, i.e. -1.6%.
-- Gross margin 11.4%, decrease -3.6 percentage points.
-- Negative impact from revaluation of biological assets -1.1 million euros
(4th quarter 2015: negative impact of
-0.4 million euros).
-- EBITDA from operations 0,7 million euros, decrease -0.7 million euros
(without one-off effects in year 2016 EBITDA 1.1 million euros, decrease
-0.3 million euros).
-- EBITDA -0.4 million euros, decrease -1.5 million euros, i.e. -143.6%
(without one-off effects -0.05 million euros, decrease -1.1 million euros).
-- The operating loss -0.8 million euros, increase -1.5 million euros, i.e.
205.4% (without one-off effects -0.4 million euros, decrease -1.1 million
euros).
-- Net loss -0.5 million euros, increase -1.3 million euros, i.e. -174.4%
(without one-off effects -0.1 million euros, increase -0.9 million euros).
UNAUDITED FINANCIAL RESULTS OF AS PRFOODS, THE 12 MONTHS OF 2016 COMPARED TO
THE 12 MONTHS OF 2015
-- Unaudited consolidated revenue 47.4 million euros, decrease -2.8 million
euros, i.e. -5.7%.
-- Gross margin 8.5%, decrease -5.0 percentage points.
-- Positive impact from revaluation of biological assets +2.3 million euros
(12 months 2015: negative impact of
-0.9 million euros).
-- EBITDA from operations 0.4 million euros, decrease -2.6 million euros
(without one-off effects in year 2016 EBITDA 0.8 million euros, decrease
-2.2 million euros).
-- EBITDA 2.6 million euros, improvement +0.6 million euros (without one-off
effects 3.0 million euros, improvement +1.0 million euros).
-- The operating profit 1.4 million euros, improvement +0.5 million euros,
i.e. +58.6% (without one-off effects 1.8 million euros, improvement +0.9
million euros).
-- Net profit 0.7 million euros, decrease -0.5 million euros, i.e. -44.1%
(without one-off effects 1.1 million euros, decrease -0.1 million euros,
i.e. -10.0%).
KEY RATIOS
Income Q1 Q2 Q3 Q4 12m Q1 Q2 Q3 Q4
12m
State 2016 2016 2016 2016 2016 2015 2015 2015 2015
2015
ment,
EUR
mln
--------------------------------------------------------------------------------
------
Sales 10.2 9.8 10.5 16.9 47.4 10.3 11.4 11.4 17.2
50.3
--------------------------------------------------------------------------------
------
Gross 1.0 0.6 0.5 1.9 4.0 1.3 1.3 1.6 2.6
6.8
profi
t
--------------------------------------------------------------------------------
------
EBITDA 0.2 -0.3 -0.3 1.1 0.8 0.4 0.4 0.7 1.4
2.9
from
opera
tions
--------------------------------------------------------------------------------
------
EBITDA -0.2 0.7 2.6 -0.4 2.6 -0.6 0.6 1.1 1.0
2.0
--------------------------------------------------------------------------------
------
EBIT -0.5 0.3 2.3 -0.8 1.4 -0.9 0.3 0.8 0.7
0.9
--------------------------------------------------------------------------------
------
EBT -0.6 0.2 2.2 -0.8 1.1 -0.8 0.3 0.8 0.8
1.1
--------------------------------------------------------------------------------
------
Net -0.5 0.04 1.6 -0.5 0.7 -0.5 0.3 0.7 0.7
1.2
profi
t
(-los
s)
--------------------------------------------------------------------------------
------
Gross 9.5% 6.3% 4.7% 11.4% 8.5% 12.2% 11.3% 14.5% 15.0%
13.5%
margi
n
--------------------------------------------------------------------------------
------
Operat 2.1% -2.6% -2.6% 6.2% 1.6% 4.1% 3.3% 6.5% 8.1%
5.8%
ional
EBITD
A
margi
n
--------------------------------------------------------------------------------
------
EBITDA -2.2% 6.8% 24.9% -2.6% 5.5% -5.9% 4.8% 9.4% 6.0%
4.0%
margi
n
--------------------------------------------------------------------------------
------
EBIT -5.2% 3.6% 22.0% -4.5% 2.9% -8.6% 2.4% 6.8% 4.2%
1.7%
margi
n
--------------------------------------------------------------------------------
------
EBT -5.5% 2.3% 21.3% -4.5% 2.4% -7.4% 2.9% 6.6% 4.4%
2.1%
margi
n
--------------------------------------------------------------------------------
------
Net -4.5% 0.4% 15.5% -3.2% 1.4% -5.2% 2.5% 6.1% 4.3%
2.3%
margi
n
--------------------------------------------------------------------------------
------
Operat 10.5% 12.7% 11.2% 7.7% 10.1% 11.3% 11.3% 11.9% 9.3%
10.8%
ing
expen
se
ratio
--------------------------------------------------------------------------------
------
Balanc 31/03/2016 30/06/2016 30/09/2016 31/12/2016 31/03/2015 30/06/2015
30/09/2015 31/12/2015
e
Sheet
, EUR
mln
--------------------------------------------------------------------------------
----------------------
Net -3.1 -1.4 1.3 0.3 -3.3 -6.5
-5.2 -0.6
debt
--------------------------------------------------------------------------------
----------------------
Equity 22.7 22.7 24.3 23.8 33.1 33.3
34.0 23.2
--------------------------------------------------------------------------------
----------------------
Workin 11.0 11.2 13.3 12.4 21.6 21.7
21.8 11.4
g
capit
al
--------------------------------------------------------------------------------
----------------------
Assets 28.6 29.3 34.4 35.0 39.5 39.4
40.1 29.5
--------------------------------------------------------------------------------
----------------------
Liquid 3.7 3.4 2.7 2.4 5.5 5.9
5.9 3.7
ity
ratio
--------------------------------------------------------------------------------
----------------------
Equity 79.4% 77.6% 70.7% 67.9% 83.9% 84.6%
84.7% 78.8%
ratio
--------------------------------------------------------------------------------
----------------------
Gearin -15.7% -6.7% 5.2% 1.1% -11.0% -24.1%
-18.2% -2.5%
g
ratio
--------------------------------------------------------------------------------
----------------------
Net -1.1 -0.7 1.2 0.4 -11.2 -8.2
-4.4 -0.2
debt-
to-EBI
TDA
--------------------------------------------------------------------------------
----------------------
ROE 4.5% 3.6% 6.7% 2.8% -3.2% -3.9%
-2.3% 4.1%
--------------------------------------------------------------------------------
----------------------
ROA 3.7% 2.9% 5.2% 2.0% -2.1% -2.6%
-1.6% 3.4%
--------------------------------------------------------------------------------
----------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 31/12/2016 31/12/2015
-------------------------------------------------------
ASSETS
-------------------------------------------------------
Cash and cash equivalents 4,374 1,921
-------------------------------------------------------
Receivables and prepayments 4,065 3,653
-------------------------------------------------------
Inventories 5,393 5,616
-------------------------------------------------------
Biological assets 7,584 4,421
-------------------------------------------------------
Total current assets 21,416 15,611
-------------------------------------------------------
-------------------------------------------------------
Deferred income tax 134 138
-------------------------------------------------------
Long-term financial investments 103 161
-------------------------------------------------------
Tangible fixed assets 7,285 7,427
-------------------------------------------------------
Intangible assets 6,031 6,128
-------------------------------------------------------
Total non-current assets 13,553 13,854
-------------------------------------------------------
TOTAL ASSETS 34,969 29,465
-------------------------------------------------------
-------------------------------------------------------
EQUITY AND LIABILITIES
-------------------------------------------------------
Loans and borrowings 3,700 286
-------------------------------------------------------
Payables 5,127 3,760
-------------------------------------------------------
Government grants 162 177
-------------------------------------------------------
Total current liabilities 8,989 4,223
-------------------------------------------------------
-------------------------------------------------------
Loans and borrowings 940 1,063
-------------------------------------------------------
Deferred tax liabilities 736 252
-------------------------------------------------------
Government grants 551 706
-------------------------------------------------------
Total non-current liabilities 2,227 2,021
-------------------------------------------------------
TOTAL LIABILITIES 11,216 6,244
-------------------------------------------------------
-------------------------------------------------------
Share capital 7,737 7,737
-------------------------------------------------------
Share premium 14,007 16,026
-------------------------------------------------------
Treasury shares -256 -172
-------------------------------------------------------
Statutory capital reserve 12 6
-------------------------------------------------------
Currency translation reserve 428 471
-------------------------------------------------------
Retained profit (-loss) 1,825 -847
-------------------------------------------------------
Equity attributable to parent 23,753 23,221
-------------------------------------------------------
TOTAL EQUITY 23,753 23,221
-------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 34,969 29,465
-------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR '000 Q4 2016 Q4 2015 12m 12m
2016 2015
--------------------------------------------------------------------------------
Sales 16,903 17,178 47,429 50,273
--------------------------------------------------------------------------------
Cost of goods sold -14,971 -14,599 -43,409 -43,509
--------------------------------------------------------------------------------
Gross profit 1,932 2,579 4,020 6,764
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating expenses -1,294 -1,599 -4,782 -5,411
--------------------------------------------------------------------------------
Selling and distribution expenses -964 -1,249 -3,346 -4,033
--------------------------------------------------------------------------------
Administrative expenses -330 -350 -1,436 -1,378
--------------------------------------------------------------------------------
Other income/expenses -293 96 -120 406
--------------------------------------------------------------------------------
Fair value adjustment on biological assets -1,101 -359 2,263 -888
--------------------------------------------------------------------------------
Operating profit (-loss) -756 717 1,381 871
--------------------------------------------------------------------------------
Financial income 1 65 2 303
--------------------------------------------------------------------------------
Financial expenses -7 -25 -238 -105
--------------------------------------------------------------------------------
Profit (-loss) before tax -762 757 1,145 1,069
--------------------------------------------------------------------------------
Income tax 214 -20 -486 110
--------------------------------------------------------------------------------
Net profit (-loss) for the period -548 737 659 1,179
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income (-loss) that may
subsequently be classified to profit or
loss:
--------------------------------------------------------------------------------
Foreign currency translation differences 8 32 -43 30
--------------------------------------------------------------------------------
Total comprehensive income (-expense) -540 769 616 1,209
--------------------------------------------------------------------------------
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 6033 800
[email protected]
www.prfoods.ee