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
6675
Attachments
Submission date and time
20.05.2018 21:00:00
Content of announcement in Estonian
Title
PRF: AS-i PRFoods 2018. aasta 1. kvartali ja 15 kuud 2017/2018 konsolideeritud auditeerimata vahearuanne
Message
Ülevaade majandustegevusest
Juhtkonna kommentaar
RFoodsi esimese kvartali tulemus kajastab paranenud ärikeskkonda ja 2017. aastal
omandatud uute ettevõtete omandamisest tulenevat jätkuvat efektiivsust. Esimese
kvartali ja 15 kuu tulemused jätkavad positiivset trendi ning juhtkond on
arvamusel, et trend jätkub käesoleva finantsaasta lõpuni. Juhtkonna vaade
2018/2019 finantsaasta esimesele poolaastale on samuti positiivne.
PRFoods esimese kvartali käive oli 22,7 miljonit eurot, kasvades 115,3% aasta
baasil. EBITDA äritegevusest oli 0,7 miljonit eurot ja EBITDA 0,6 miljonit
eurot, mis kasvasid aasta baasil vastavalt 341,5% ja 203,0%.
2017/2018 finantsaastat pikendati kuni 30.06.2018, võttes arvesse omandatud
ettevõtete finantsaasta arvestust. PRFoodis 15 kuu tulemused on järgnevad: käive
132,5 miljonit eurot, EBITDA äritegevusest 7,6 miljonit eurot, EBITDA 5,6
miljonit eurot ja puhaskasum 1,7 miljonit eurot.
Need näitajad on vastavuses juhtkonna ootustega ja kinnitavad, et valitud
strateegia ja selle elluviimine PRFoodsi poolt on olnud õige.
Esimest korda alates 2016 aastast on esimeses kvartalis EBITDA äritegevusest
positiivne, kasvades 2017. aasta 1. kvartaliga võrreldes 1,0 miljoni euro võrra.
Kõik meie põhiturud toimisid edukalt ja me loodame lähitulevikus kasvatada ka
eksporti meie olemasolevatel eksporditurgudel. Samuti näitasid kasvu kõik toote-
ja kliendigrupid.
Kalakasvatuse esimese kvartali ümberhindluse mõju oli samalaadne võrreldes aasta
lõpuga vaatamata sellele, et vikerforelli hind langes 17,9% aasta baasil. Lõhe
hind on samas tõusnud 16,6% võrra aasta baasil. Lõhe hind tegi hüppe esimese
kvartali lõpus seoses külmade talvega ja väiksema juurdekasvuga muudest
regioonidest. Arvestades märkimisväärse kasvuga kalatarbimises kogu maailmas, ei
näe me põhjust vikerforelli või lõhe hinna järsuks kukkumiseks. Võrreldes 2016
lõpu ja 2017 esimese kvartali ebatavapärase hinnakõikumistega, oleme arvamusel,
et siseneme vähem volatiilsele turule lähi perspektiivis. PRFoods tegeleb oma
kalakasvatuse mahtude suurendamisega ning otsib aktiivselt uusi
kalakasvatuskohti nii Läänemerel kui Shotimaal.
Esimese kvartali lõpus oli biomassi rahaline väärtus 4,6 miljonit eurot
võrreldes 6,5 miljoni euroga aasta tagasi. Kui tonnides oli vähenemine 7,7%,
siis ümberhindluse mõju oli -24,5%.
Ettevõte kulubaas on muutunud efektiivseks peaaegu kõikides kulukategooriates,
väike tõus on olnud tööjõukuludes. Tööjõukulude kasv oli planeeritud ja
tulevikus vaatame rohkem automatiseerimise ja efektiivsuse suunas, kuna oleme
tööjõuturul väga konkurentsivõimelised ja suudame olla atraktiivsed parimatele
töötajatele.
Töötajate keskmine arv esimese kvartali lõpus oli 362.
PRFoodsi kapitalistruktuur on hetkel optimaalne, netovõlgnevus on 16,7 miljonit
eurot ja omakapital on 24,5 miljonit eurot, omakapitali osakaal bilansis on
37,8%.
Võla kordaja EBITDAsse on vähenenud 2,7-le, pikaajaliselt loodab PRFoods hoida
kordajat 3-3,5 juures.
PRFoods aktsia on jätkuvalt üks edukamaid aasta baasil, olles ületanud
märkimisväärselt nii OMX Tallinn kui Baltic Benchmark indeksit (tootlus
vastavalt 13,10% ja 19,7% ), olles aasta baasil tõusnud 93,4%.
PRFoods juhtkond on jätkuvalt positiivsel arvamusel 2017/2018 finantsaasta lõpu
osas. Me restruktureerime oma müüke Soomes peale Trio Tradingu ühe olulisema
hulgimüügikliendi lahkumist, kuid me oleme optimistlikud, et suudame selle käibe
taastada otse lõpptarbijale juba paremate marginaalidega.
Ettevõtte põhiriskid, mis on seotud kalahinnaga, Brexiti ja nõrga Suurbritannia
naelaga, on samad, kuid juhtkond tegeleb aktiivselt nende minimiseerimisega.
Me täname oma töötajad suurepärase töö eest, oma kliente, et nad ostavad meie
tooteid ning aktsionäre nende jätkuvalt toetava suhtumise eest.
Kvartaalne presentatsioon avaldatakse meie kodulehel 2 nädala jooksul.
1. kvartal 2018 võrreldes 2017. aasta 1. kvartali tulemusega
* Auditeerimata konsolideeritud käive 22,74 miljonit eurot, kasv +115,3% ehk
+12,18 miljonit eurot.
* Brutomarginaal 10,7%, kasv +5,8 protsendipunkti ehk +115,5%.
* Bioloogiliste varade ümberhindluse negatiivne mõju -0,12 miljonit eurot (1.
kvartal 2017: negatiivne mõju -0,27 miljonit eurot).
* EBITDA äritegevusest +0,70 miljonit eurot, kasv +0,99 miljonit eurot.
* EBITDA +0,58 miljonit eurot, kasv +1,14 miljonit eurot.
* Ärikasum +0,12 miljonit eurot, kasv +1,00 miljonit eurot.
* Puhaskahjum -0,30 miljonit eurot, kahanemine -0,54 miljonit eurot.
15 kuud 2017/2018 võrreldes 2016. aasta 12 kuud tulemusega
* Auditeerimata konsolideeritud käive 96,35 miljonit eurot, kasv +103,1% ehk
+48,92 miljonit eurot.
* Brutomarginaal 13,5%, kasv +5,0 protsendipunkti.
* Bioloogiliste varade ümberhindluse negatiivne mõju -1,63 miljonit eurot (12
kuud 2016: positiivne mõju +2,26 miljonit eurot).
* Ühekordsete kulude mõju tulemusele -0,31 miljonit eurot (12 kuud 2016:
negatiivne mõju -0,40 miljonit eurot).
* EBITDA äritegevusest +6,02 miljonit eurot, kasv +5,26 miljonit eurot.
* EBITDA +4,08 miljonit eurot, kasv +1,47 miljonit eurot.
* Ärikasum +2,13 miljonit eurot, kasv +0,75 miljonit eurot.
* Puhaskasum +1,12 miljonit eurot, kasv +0,40 miljonit eurot.
VÕTMENÄITAJAD
Kasumiaruanne, milj EUR 1kv 2018 1kv 2017 15k 2017 12k 2017 12k 2016
--------------------------------------------------------------------------
Müügitulu 22,7 10,6 96,4 73,6 47,4
--------------------------------------------------------------------------
Brutokasum 2,4 0,5 13,0 10,6 4,0
--------------------------------------------------------------------------
EBITDA äritegevusest 0,7 -0,3 6,0 5,4 0,8
--------------------------------------------------------------------------
EBITDA 0,6 -0,6 4,1 3,6 2,6
--------------------------------------------------------------------------
EBIT 0,1 -0,9 2,1 2,0 1,4
--------------------------------------------------------------------------
EBT -0,3 -0,9 0,9 1,2 1,1
--------------------------------------------------------------------------
Puhaskasum (-kahjum) -0,3 -0,8 1,1 1,4 0,7
--------------------------------------------------------------------------
Brutorentaablus 10,7% 5,0% 13,5% 14,4% 8,5%
--------------------------------------------------------------------------
Äritegevuse EBITDA marginaal 3,1% -2,7% 6,2% 7,3% 1,6%
--------------------------------------------------------------------------
EBITDA marginal 2,5% -5,3% 4,2% 4,8% 5,5%
--------------------------------------------------------------------------
EBIT marginal 0,5% -8,3% 2,2% 2,7% 2,9%
--------------------------------------------------------------------------
EBT marginal -1,2% -8,5% 1,0% 1,6% 2,4%
--------------------------------------------------------------------------
Puhasrentaablus -1,3% -7,9% 1,2% 1,9% 1,5%
--------------------------------------------------------------------------
Tegevuskulude suhtarv 10,3% 11,2% 10,0% 9,9% 10,1%
--------------------------------------------------------------------------
Bilanss, milj EUR 31.03.2018 31.03.2017 31.12.2017 31.12.2016
--------------------------------------------------------------------------
Netovõlgnevus 16,7 1,6 16,6 0,3
--------------------------------------------------------------------------
Omakapital 24,5 22,8 24,8 23,8
--------------------------------------------------------------------------
Käibekapital 4,6 11,5 5,3 12,4
--------------------------------------------------------------------------
Varad 64,8 33,3 67,0 35,1
--------------------------------------------------------------------------
Likviidsuskordaja 1,2 2,4 1,2 2,4
--------------------------------------------------------------------------
Omakapitali suhtarv 37,8% 68,5% 37,1% 67,9%
--------------------------------------------------------------------------
Finantsvõimendus 40,6% 6,4% 40,0% 1,2%
--------------------------------------------------------------------------
Netovõlg/EBITDA 2,7 6,4 3,1 0,4
--------------------------------------------------------------------------
Omakapitali tootlus 8,3% 1,5% 5,8% 3,0%
--------------------------------------------------------------------------
Varade tootlus 4,0% 1,1% 2,8% 2,2%
--------------------------------------------------------------------------
Konsolideeritud finantsseisundi aruanne
EUR '000 31.03.2018 31.03.2017 31.12.2017 31.12.2016
-------------------------------------------------------------------------------
VARAD
-------------------------------------------------------------------------------
Raha ja ekvivalendid 7 128 3 570 6 491 4 374
-------------------------------------------------------------------------------
Nõuded ja ettemaksed 5 773 2 557 8 982 4 056
-------------------------------------------------------------------------------
Varud 13 495 7 225 11 747 5 393
-------------------------------------------------------------------------------
Bioloogilised varad 4 560 6 543 5 566 7 584
-------------------------------------------------------------------------------
Käibevara kokku 30 956 19 895 32 786 21 407
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Edasilükkunud tulumaksuvara 214 228 222 230
-------------------------------------------------------------------------------
Pikaajalised finantsinvesteeringud 102 102 102 103
-------------------------------------------------------------------------------
Materiaalne põhivara 11 129 7 112 11 425 7 285
-------------------------------------------------------------------------------
Immateriaalne vara 22 425 6 007 22 450 6 031
-------------------------------------------------------------------------------
Põhivara kokku 33 870 13 449 34 199 13 649
-------------------------------------------------------------------------------
VARAD KOKKU 64 826 33 344 66 985 35 056
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
-------------------------------------------------------------------------------
Võlakohustused 11 615 4 271 10 105 3 716
-------------------------------------------------------------------------------
Võlad ja ettemaksed 14 521 3 950 17 115 5 131
-------------------------------------------------------------------------------
Sihtfinantseerimine 265 176 306 162
-------------------------------------------------------------------------------
Lühiajalised kohustused kokku 26 401 8 397 27 526 9 009
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Võlakohustused 12 229 862 12 957 940
-------------------------------------------------------------------------------
Edasilükkunud tulumaksukohustus 503 685 523 747
-------------------------------------------------------------------------------
Sihtfinantseerimine 1 216 564 1 144 551
-------------------------------------------------------------------------------
Pikaajalised kohustused kokku 13 948 2 111 14 624 2 238
-------------------------------------------------------------------------------
KOHUSTUSED KOKKU 40 349 10 508 42 150 11 247
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Aktsiakapital 7 737 7 737 7 737 7 737
-------------------------------------------------------------------------------
Ülekurss 14 007 14 007 14 007 14 007
-------------------------------------------------------------------------------
Oma aktsiad -390 -390 -390 -256
-------------------------------------------------------------------------------
Kohustuslik reservkapital 48 12 48 12
-------------------------------------------------------------------------------
Realiseerimata kursivahed 112 428 173 428
-------------------------------------------------------------------------------
Jaotamata kasum (-kahjum) 2 875 1 042 3 185 1 881
-------------------------------------------------------------------------------
Ettevõtte aktsionäridele kuuluv
osa 24 389 22 836 24 760 23 809
-------------------------------------------------------------------------------
Väikeaktsionäridele kuuluv osa 88 0 75 0
-------------------------------------------------------------------------------
OMAKAPITAL KOKKU 24 477 22 836 24 835 23 809
-------------------------------------------------------------------------------
OMAKAPITAL JA KOHUSTUSED KOKKU 64 826 33 344 66 985 35 056
-------------------------------------------------------------------------------
Konsolideeritud koondkasumiaruanne
EUR '000 1kv 2018 1kv 2017 15k 2017 12k 2017 12k 2016
-------------------------------------------------------------------------------
Müügitulud 22,740 10,562 96,350 73,610 47,429
-------------------------------------------------------------------------------
Müüdud kaupade kulu -20,299 -10,036 -83,333 -63,034 -43,410
-------------------------------------------------------------------------------
Brutokasum 2,441 526 13,017 10,576 4,019
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tegevuskulud -2,351 -1,179 -9,657 -7,306 -4,785
-------------------------------------------------------------------------------
Turundus- ja müügikulud -1,659 -837 -6,809 -5,150 -3,346
-------------------------------------------------------------------------------
Üldhalduskulud -692 -342 -2,848 -2,156 -1,439
-------------------------------------------------------------------------------
Muud äritulud/-kulud 152 50 392 240 -118
-------------------------------------------------------------------------------
Bioloogiliste varade ümberhindlus -118 -270 -1,623 -1,505 2,263
-------------------------------------------------------------------------------
Ärikasum (-kahjum) 124 -873 2,129 2,005 1,379
-------------------------------------------------------------------------------
Finantstulud 2 6 6 4 2
-------------------------------------------------------------------------------
Finantskulud -391 -34 -1,193 -802 -240
-------------------------------------------------------------------------------
Maksustamiseelne kasum (-kahjum) -265 -901 942 1,207 1,141
-------------------------------------------------------------------------------
Tulumaks -32 62 176 208 -426
-------------------------------------------------------------------------------
Aruandeperioodi puhaskasum (-
kahjum) -297 -839 1,118 1,415 715
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Aruandeperioodi puhaskasumi (-
kahjum) jaotus:
-------------------------------------------------------------------------------
emaettevõtte aktsionäridele
kuuluv osa -310 -839 1,030 1,340 715
-------------------------------------------------------------------------------
Väikeaktsionäridele kuuluv osa 13 0 88 75 0
-------------------------------------------------------------------------------
Aruandeperioodi puhaskasumi (-
kahjum) kokku -297 -839 1,118 1,415 715
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Muu koondkasum (-kahjum), mida
võib hiljem klassifitseerida
kasumiaruandesse:
-------------------------------------------------------------------------------
Valuutakursi vahed -61 0 -316 -255 -43
-------------------------------------------------------------------------------
Kokku koondkasum (-kahjum) -358 -839 802 1,160 672
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Aruandeperioodi koondkasumi (-
kahjum) jaotus:
-------------------------------------------------------------------------------
emaettevõtte aktsionäridele
kuuluv osa -371 -839 714 1,085 672
-------------------------------------------------------------------------------
Väikeaktsionäridele kuuluv osa 13 0 88 75 0
-------------------------------------------------------------------------------
Aruandeperioodi koondkasum (-
kahjum) kokku -358 -839 802 1,160 672
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava puhaskasum (-kahjum) aktsia
kohta (EUR) -0,01 -0,02 0,02 0,03 0,02
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Lahustatud puhaskasum (-kahjum)
aktsia kohta (EUR) -0,01 -0,02 0,02 0,03 0,02
-------------------------------------------------------------------------------
Indrek Kasela
AS PRFoods
Juhatuse liige
T: +372 452 1470
[email protected]
www.prfoods.ee
Manus
* PRF_vahearuanne_15k2017 (https://prlibrary-
eu.nasdaq.com/Resource/Download/51b9e92b-ab21-423c-8f9c-004cf1a420ee)
Content of announcement in English
Title
PRF: Consolidated Unaudited Interim Report of AS PRFoods for 1st quarter of 2018 and 15 months of 2017/2018
Message
Overview of the economic activities
Management commentary
PRFoods Q1 performance reflects improved business environment and continued
efficiencies achieved through acquisitions in 2017. Q1 and 15 months results
show positive trend which management believes to continue well into end of
current financial year. Outlook for H1 2018 remains also positive.
PRFoods Q1 revenues were 22.7 million euros, increase of 115.3% year-on-year.
EBITDA from operations 0.7 million euros and EBITDA 0.6 million euros,
improvement respectively of 341.5% and 203.0% on yearly basis.
2017/2018 financial year was extended until 30.06.2018, to reflect financial
year of acquired businesses, PRFoods 15 months figures were as follows: revenues
132.5 million euros, EBITDA from operations 7.6 million euros, EBITDA 5.6
million euros and net profit 1.7 million euros.
These numbers are in line with management expectations and prove that the
strategy undertaken and executed by PRFoods is right.
First time since 2016 our Q1 EBITDA from operations is also positive, improving
by 1.0 million euros compared to Q1 2017.
All our core markets performed well and we hope to increase in near future our
exports to existing export markets. Similarly, all product and client groups all
posted positive growth.
Fish farming Q1 biomass revaluation effect was similar to Q1 2017, despite the
fact that rainbow trout prices had fallen by 17.9% on year-on-year. Salmon
prices actually increased by 16.6% compared to last year. Salmon had an uptick
end of Q1 due to colder winters and lower stock from other regions. Overall due
to significant growth in fish consumption globally, we do not expect salmon or
rainbow trout prices to fall. Compared to end of 2016 and Q1 2017 abnormal price
fluctuations, we believe we are entering less volatile period at least in mid-
term. PRFoods is looking to increase it is current fish farming capacity and is
actively looking for new sites around Baltic Sea and Scotland.
At the end of Q1 biomass value was 4.6 million euros compared to 6.5 million
euros year ago, while in tons decrease has been 7.7%, revaluation effect was
-24.5%.
Cost efficiency of the business as percentage of sales has decreased across the
board, with slight increase in staff costs. Employment costs increase was
planned and in future we look more at automation and efficiencies as we are
quite competitive in labour market and can attract best employees.
The average number of employees in Q1 2018 was 362.
Capital structure of PRFoods is optimal at the moment, net debt is 16.7 million
euros and equity is 24.5 million euros, equity level is 37.8%.
Debt to EBITDA has decreased to 2.7, in long term PRFoods would like to keep
debt to EBITDA at 3-3.5 level.
PRFoods share continue to be one of the best performing shares on year on year
comparison, outperforming both OMX Tallinn and Baltic Benchmark indexes
significantly (respectively 13.1%, 19.7%) having annualized return of 93.4%.
Management of PRFoods maintains positive outlook for the remaining 2017/2018
financial year. We are restructuring our sales in Finland after departure of one
of Trio's main customers, but we are positive that we replace these sales
directly to the same end consumers at higher margins.
Main risks related to volatility of fish prices, Brexit, weak sterling remain,
but management is taking active measures to counteract these risks.
We thank our employees for doing an excellent job, our customers for buying our
products and our shareholders for their continued support.
Quarterly presentation will be published on our website within 2 weeks.
The 1(st) quarter of 2018 compared to the 1(st) quarter of 2017
* Unaudited consolidated revenue 22.74 million euros, increase +12.18 million
euros, i.e. +115.3%.
* Gross margin 10.7%, increase +5.8 percentage points, i.e. +115.5%.
* Negative impact from revaluation of biological assets -0.12 million euros
(Q1 2017: negative effect -0.27 million euros).
* EBITDA from operations +0.70 million euros, increase +0.99 million euros.
* EBITDA +0.58 million euros, increase +1.14 million euros.
* The operating profit +0.12 million euros, increase +1.00 million euros.
* Net loss -0.30 million euros, decrease -0.54 million.
The 15 months of 2017/2018 compared to the 12 months of 2016
* Unaudited consolidated revenue 96.35 million euros, increase +48.92 million
euros, i.e. +103.1%.
* Gross margin 13.5%, increase +5.0 percentage points.
* Negative impact from revaluation of biological assets -1.62 million euros
(12 months 2016: positive impact of +2.26 million euros).
* Effect of one-offs to the result -0.31 million euros (12 month 2016:
negative influence -0.40 million euros).
* EBITDA from operations +6.02 million euros, increase +5.26 million euros.
* EBITDA +4.08 million euros, increase +1.47 million euros.
* The operating profit +2.13 million euros, increase +0.75 million euros.
* Net profit +1.12 million euros, increase +0.40 million euros.
KEY RATIOS
Income Statement, EUR mln Q1 2018 Q1 2017 15m 2017 12m 2017 12m 2016
---------------------------------------------------------------------
Sales 22.7 10.6 96.4 73.6 47.4
---------------------------------------------------------------------
Gross profit 2.4 0.5 13.0 10.6 4.0
---------------------------------------------------------------------
EBITDA from operations 0.7 -0.3 6.0 5.4 0.8
---------------------------------------------------------------------
EBITDA 0.6 -0.6 4.1 3.6 2.6
---------------------------------------------------------------------
EBIT 0.1 -0.9 2.1 2.0 1.4
---------------------------------------------------------------------
EBT -0.3 -0.9 0.9 1.2 1.1
---------------------------------------------------------------------
Net profit (-loss) -0.3 -0.8 1.1 1.4 0.7
---------------------------------------------------------------------
Gross margin 10.7% 5.0% 13.5% 14.4% 8.5%
---------------------------------------------------------------------
Operational EBITDA margin 3.1% -2.7% 6.2% 7.3% 1.6%
---------------------------------------------------------------------
EBITDA margin 2.5% -5.3% 4.2% 4.8% 5.5%
---------------------------------------------------------------------
EBIT margin 0.5% -8.3% 2.2% 2.7% 2.9%
---------------------------------------------------------------------
EBT margin -1.2% -8.5% 1.0% 1.6% 2.4%
---------------------------------------------------------------------
Net margin -1.3% -7.9% 1.2% 1.9% 1.5%
---------------------------------------------------------------------
Operating expense ratio 10.3% 11.2% 10.0% 9.9% 10.1%
---------------------------------------------------------------------
Balance Sheet, EUR mln 31.03.2018 31.03.2017 31.12.2017 31.12.2016
-----------------------------------------------------------------------------
Net debt 16.7 1.6 16.6 0.3
-----------------------------------------------------------------------------
Equity 24.5 22.8 24.8 23.8
-----------------------------------------------------------------------------
Working capital 4.6 11.5 5.3 12.4
-----------------------------------------------------------------------------
Assets 64.8 33.3 67.0 35.1
-----------------------------------------------------------------------------
Liquidity ratio 1.2 2.4 1.2 2.4
-----------------------------------------------------------------------------
Equity ratio 37.8% 68.5% 37.1% 67.9%
-----------------------------------------------------------------------------
Gearing ratio 40.6% 6.4% 40.0% 1.2%
-----------------------------------------------------------------------------
Net debt-to-EBITDA 2.7 6.4 3.1 0.4
-----------------------------------------------------------------------------
ROE 8.3% 1.5% 5.8% 3.0%
-----------------------------------------------------------------------------
ROA 4.0% 1.1% 2.8% 2.2%
-----------------------------------------------------------------------------
Consolidated statement of financial position
EUR '000 31.03.2018 31.03.2017 31.12.2017 31.12.2016
----------------------------------------------------------------------------
ASSETS
----------------------------------------------------------------------------
Cash and cash equivalents 7,128 3,570 6,491 4,374
----------------------------------------------------------------------------
Receivables and prepayments 5,773 2,557 8,982 4,056
----------------------------------------------------------------------------
Inventories 13,495 7,225 11,747 5,393
----------------------------------------------------------------------------
Biological assets 4,560 6,543 5,566 7,584
----------------------------------------------------------------------------
Total current assets 30,956 19,895 32,786 21,407
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Deferred income tax 214 228 222 230
----------------------------------------------------------------------------
Long-term financial investments 102 102 102 103
----------------------------------------------------------------------------
Tangible fixed assets 11,129 7,112 11,425 7,285
----------------------------------------------------------------------------
Intangible assets 22,425 6,007 22,450 6,031
----------------------------------------------------------------------------
Total non-current assets 33,870 13,449 34,199 13,649
----------------------------------------------------------------------------
TOTAL ASSETS 64,826 33,344 66,985 35,056
----------------------------------------------------------------------------
----------------------------------------------------------------------------
EQUITY AND LIABILITIES
----------------------------------------------------------------------------
Loans and borrowings 11,615 4,271 10,105 3,716
----------------------------------------------------------------------------
Payables 14,521 3,950 17,115 5,131
----------------------------------------------------------------------------
Government grants 265 176 306 162
----------------------------------------------------------------------------
Total current liabilities 26,401 8,397 27,526 9,009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Loans and borrowings 12,229 862 12,957 940
----------------------------------------------------------------------------
Deferred tax liabilities 503 685 523 747
----------------------------------------------------------------------------
Government grants 1,216 564 1,144 551
----------------------------------------------------------------------------
Total non-current liabilities 13,948 2,111 14,624 2,238
----------------------------------------------------------------------------
TOTAL LIABILITIES 40,349 10,508 42,150 11,247
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Share capital 7,737 7,737 7,737 7,737
----------------------------------------------------------------------------
Share premium 14,007 14,007 14,007 14,007
----------------------------------------------------------------------------
Treasury shares -390 -390 -390 -256
----------------------------------------------------------------------------
Statutory capital reserve 48 12 48 12
----------------------------------------------------------------------------
Currency translation reserve 112 428 173 428
----------------------------------------------------------------------------
Retained profit (-loss) 2,875 1,042 3,185 1,881
----------------------------------------------------------------------------
Equity attributable to parent 24,389 22,836 24,760 23,809
----------------------------------------------------------------------------
Non-controlling interest 88 0 75 0
----------------------------------------------------------------------------
TOTAL EQUITY 24,477 22,836 24,835 23,809
----------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 64,826 33,344 66,985 35,056
----------------------------------------------------------------------------
Consolidated statement of profit or loss and other comprehensive income
EUR '000 Q1 2018 Q1 2017 15m 2017 12m 2017 12m 2016
-------------------------------------------------------------------------------
Sales 22,740 10,562 96,350 73,610 47,429
-------------------------------------------------------------------------------
Cost of goods sold -20,299 -10,036 -83,333 -63,034 -43,410
-------------------------------------------------------------------------------
Gross profit 2,441 526 13,017 10,576 4,019
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Operating expenses -2,351 -1,179 -9,657 -7,306 -4,785
-------------------------------------------------------------------------------
Selling and distribution expenses -1,659 -837 -6,809 -5,150 -3,346
-------------------------------------------------------------------------------
Administrative expenses -692 -342 -2,848 -2,156 -1,439
-------------------------------------------------------------------------------
Other income/expenses 152 50 392 240 -118
-------------------------------------------------------------------------------
Fair value adjustment on biological
assets -118 -270 -1,623 -1,505 2,263
-------------------------------------------------------------------------------
Operating profit (-loss) 124 -873 2,129 2,005 1,379
-------------------------------------------------------------------------------
Financial income 2 6 6 4 2
-------------------------------------------------------------------------------
Financial expenses -391 -34 -1,193 -802 -240
-------------------------------------------------------------------------------
Profit (-loss) before tax -265 -901 942 1,207 1,141
-------------------------------------------------------------------------------
Income tax -32 62 176 208 -426
-------------------------------------------------------------------------------
Net profit (-loss) for the period -297 -839 1,118 1,415 715
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net profit (-loss) attributable to:
-------------------------------------------------------------------------------
Owners of the company -310 -839 1,030 1,340 715
-------------------------------------------------------------------------------
Non-controlling interests 13 0 88 75 0
-------------------------------------------------------------------------------
Total net profit (-loss) -297 -839 1,118 1,415 715
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Other comprehensive income (-loss)
that may subsequently be classified
to profit or loss:
-------------------------------------------------------------------------------
Foreign currency translation
differences -61 0 -316 -255 -43
-------------------------------------------------------------------------------
Total comprehensive income (-
expense) -358 -839 802 1,160 672
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive income (-
expense) attributable to:
-------------------------------------------------------------------------------
Owners of the Company -371 -839 714 1,085 672
-------------------------------------------------------------------------------
Non-controlling interests 13 0 88 75 0
-------------------------------------------------------------------------------
Total comprehensive income (-
expense) for the period -358 -839 802 1,160 672
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit (-loss) per share (EUR) -0.01 -0.02 0.02 0.03 0.02
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Diluted profit (-loss) per share
(EUR) -0.01 -0.02 0.02 0.03 0.02
-------------------------------------------------------------------------------
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 452 1470
[email protected]
www.prfoods.ee
Attachment
* PRF_interim_15m2017 (https://prlibrary-
eu.nasdaq.com/Resource/Download/65c9dc1c-e81b-405b-ad61-50259938a96c)