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
Other corporate action
Unique data record identifier
6987
Attachments
Submission date and time
30.11.2018 08:58:00
Content of announcement in Estonian
Title
PRF: AS-i PRFoods 2018. aasta 3. kvartali ja 3 kuud 2018/2019 majandusaasta konsolideeritud auditeerimata vahearuanne
Message
Ülevaade majandustegevusest
Juhtkonna kommentaar
Tuletame meelde, et seoses üleminekuga uuele majandusaastale pikenes eelmine
finantsaasta 18 kuule. 01.07.2018 alanud finantsaasta on tavapäraselt 12 kuud ja
lõpeb 30.06.2019. Aruandes on võrdlusandmetena kasutatud 2017. aasta 3. kvartali
andmeid.
PRFoodsi 3. kvartali tulemused annavad märku, et valitud strateegia on end
õigustamas. Suund võeti toodete kasumlikkuse parandamisele ning madala
marginaaliga toodete osakaalu vähendamisele ning see on hakanud tulemustes
kajastuma. Brutokasumi kasv 21% on väga positiivne. Samuti oleme suurendanud
eelkõike omatoodete osakaalu jaekaubanduses, sealhulgas ka Eestis. Suurbritannia
käibe puhul tuleb arvestada, et Suurbritannia nael on peale Brexiti
väljakuulutamist olnud väga volatiilne. 3. kvartali tegevuskulusid ja EBITDAd
mõjutas ka sügisel väljamakstud ühekordsed boonused eelmise finantsaasta eest,
mis viisid ajutiselt meie palgakulud üles. Arvestades, et suurem palgatõus
toimus ettevõttes eelmisel aastal ära, ei näe lühiajalises perspektiivis survet
palgakuludele. Samuti oleme võtnud suuna, et ettevõtete ühendamise kaudu
vähendada dubleerivaid tegevusi administratsioonis ning viia grupi tugiteenuseid
nendesse riikidesse, kus on optimaalsemad kulud.
Uute investeeringute tegemine on kokkulepitud graafikus ning alates 2019.
aastast liigume kontsernis keskkonnasäästlike pakendite täielikule üleminekule,
alustades protsessi Eestist.
Biomassi ümberhindlus oli oluliselt väiksem võrreldes eelmise aasta 3.
kvartaliga. Sellel on kaks põhjust, osaliselt alustasime väiksema mahuga ning
suve alguse biomassi juurdekasv oli väiksem, kuid samas võimaldas meil 3.
kvartali parem ilm kala suuremaks kasvatada ning enamus kala väljapüügist jäi
novembrisse. Seega kandub biomassi juurdehindlus sel aastal 4. kvartalisse.
3 kuu konsolideeritud tulemused on järgnevad:
* Auditeerimata konsolideeritud käive 19,39 miljonit eurot, kasv +1,40
miljonit eurot ehk +7,8%.
* Brutomarginaal 15,2%, kasv +1,6 protsendipunkti ehk +11,9%.
* Bioloogiliste varade ümberhindluse positiivne mõju +0,07 miljonit eurot (3.
kvartal 2017: positiivne mõju +1,07 miljonit eurot).
* Ühekordsete kulude negatiivne mõju tulemusele -0,01 miljonit eurot (3.
kvartal 2017: negatiivne mõju -0,28 miljonit eurot).
* EBITDA äritegevusest +1,06 miljonit eurot, kahanemine -0,15 miljonit eurot.
* EBITDA +1,12 miljonit eurot, kahanemine -0,88 miljonit eurot (ilma
ühekordsete kulude mõjuta EBITDA +1,13 miljonit eurot, kahanemine -1,15
miljonit eurot).
* Ärikasum +0,57 miljonit eurot, kahanemine -0,95 miljonit eurot (ilma
ühekordsete kulude mõjuta ärikasum +0,58 miljonit eurot, kahanemine -1,22
miljonit eurot).
* Puhaskasum +0,14 miljonit eurot, kahanemine -0,97 miljonit eurot (ilma
ühekordsete kulude mõjuta puhaskasum +0,15 miljonit eurot, kahanemine -1,23
miljonit eurot).
4. kvartali prognoos vastab meie ootustele ning juhtkond on positiivne
ettevõtete väljavaadete ning paranenud kasumlikkuse osas.
Kvartaalne presentatsioon avaldatakse meie kodulehel hiljemalt 7. detsembril.
VÕTMENÄITAJAD
Kasumiaruanne, milj EUR 3kv 2018 3kv 2017 18k 2017/2018
---------------------------------------------------------------------
Müügitulu 19,4 18,0 118,5
---------------------------------------------------------------------
Brutokasum 3,0 2,5 14,7
---------------------------------------------------------------------
EBITDA äritegevusest 1,1 1,2 5,8
---------------------------------------------------------------------
EBITDA 1,1 2,0 4,2
---------------------------------------------------------------------
EBIT 0,6 1,5 1,5
---------------------------------------------------------------------
EBT 0,4 1,3 0,5
---------------------------------------------------------------------
Puhaskasum (-kahjum) 0,1 1,1 0,1
---------------------------------------------------------------------
Brutorentaablus 15,2% 13,6% 12,4%
---------------------------------------------------------------------
Äritegevuse EBITDA marginaal 5,4% 6,7% 4,9%
---------------------------------------------------------------------
EBITDA marginal 5,8% 11,1% 3,5%
---------------------------------------------------------------------
EBIT marginal 3,0% 8,5% 1,3%
---------------------------------------------------------------------
EBT marginal 1,8% 7,3% 0,4%
---------------------------------------------------------------------
Puhasrentaablus 0,7% 6,2% 0,05%
---------------------------------------------------------------------
Tegevuskulude suhtarv 13,5% 11,1% 10,5%
---------------------------------------------------------------------
Bilanss, milj EUR 30.09.2018 30.09.2017 30.06.2018
-------------------------------------------------------------
Netovõlgnevus 21,9 16,7 18,1
-------------------------------------------------------------
Omakapital 24,1 23,7 23,3
-------------------------------------------------------------
Käibekapital 2,0 5,1 2,8
-------------------------------------------------------------
Varad 64,5 68,0 65,5
-------------------------------------------------------------
Likviidsuskordaja 1,1x 1,2x 1,1x
-------------------------------------------------------------
Omakapitali suhtarv 37,4% 34,9% 35,6%
-------------------------------------------------------------
Finantsvõimendus 47,6% 41,3% 43,7%
-------------------------------------------------------------
Võlakordaja 0,6x 0,7x 0,6x
-------------------------------------------------------------
Netovõlg/EBITDA 3,8x 8,0x 3,1x
-------------------------------------------------------------
Omakapitali tootlus 0,1% -1,4% 0,2%
-------------------------------------------------------------
Varade tootlus 0,0% -0,6% 0,1%
-------------------------------------------------------------
Konsolideeritud finantsseisundi aruanne
EUR '000 30.09.2018 30.09.2017 30.06.2018
-----------------------------------------------------------------------------
VARAD
-----------------------------------------------------------------------------
Raha ja ekvivalendid 2 788 6 420 5 960
-----------------------------------------------------------------------------
Nõuded ja ettemaksed 4 219 6 102 4 706
-----------------------------------------------------------------------------
Varud 11 782 8 641 12 678
-----------------------------------------------------------------------------
Bioloogilised varad 7 825 10 551 6 498
-----------------------------------------------------------------------------
Käibevara kokku 26 614 31 714 29 842
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Edasilükkunud tulumaksuvara 26 226 153
-----------------------------------------------------------------------------
Pikaajalised finantsinvesteeringud 134 102 134
-----------------------------------------------------------------------------
Materiaalne põhivara 14 528 13 562 12 764
-----------------------------------------------------------------------------
Immateriaalne vara 23 195 22 383 22 604
-----------------------------------------------------------------------------
Põhivara kokku 37 883 36 273 35 655
-----------------------------------------------------------------------------
VARAD KOKKU 64 497 67 987 65 497
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
-----------------------------------------------------------------------------
Võlakohustused 13 242 9 460 12 562
-----------------------------------------------------------------------------
Võlad ja ettemaksed 11 179 16 831 14 254
-----------------------------------------------------------------------------
Sihtfinantseerimine 242 307 216
-----------------------------------------------------------------------------
Lühiajalised kohustused kokku 24 663 26 598 27 032
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Võlakohustused 11 480 13 661 11 487
-----------------------------------------------------------------------------
Võlad ja ettemaksed 519 0 0
-----------------------------------------------------------------------------
Edasilükkunud tulumaksukohustus 2 426 2 843 2 441
-----------------------------------------------------------------------------
Sihtfinantseerimine 1 306 1 156 1 226
-----------------------------------------------------------------------------
Pikaajalised kohustused kokku 15 731 17 660 15 154
-----------------------------------------------------------------------------
KOHUSTUSED KOKKU 40 394 44 258 42 186
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Aktsiakapital 7 737 7 737 7 737
-----------------------------------------------------------------------------
Ülekurss 14 007 14 007 14 007
-----------------------------------------------------------------------------
Oma aktsiad -390 -390 -390
-----------------------------------------------------------------------------
Kohustuslik reservkapital 48 48 48
-----------------------------------------------------------------------------
Realiseerimata kursivahed 31 344 7
-----------------------------------------------------------------------------
Jaotamata kasum (-kahjum) 2 004 1 988 1 904
-----------------------------------------------------------------------------
Ettevõtte aktsionäridele kuuluv osa 23 437 23 734 23 313
-----------------------------------------------------------------------------
Väikeaktsionäridele kuuluv osa 666 -5 -2
-----------------------------------------------------------------------------
OMAKAPITAL KOKKU 24 103 23 729 23 311
-----------------------------------------------------------------------------
OMAKAPITAL JA KOHUSTUSED KOKKU 64 497 67 987 65 497
-----------------------------------------------------------------------------
Konsolideeritud koondkasumiaruanne
EUR '000 3kv 2018 3kv 2017 18k 2017/2018
-------------------------------------------------------------------------------
Müügitulud 19 393 17 990 118 499
-------------------------------------------------------------------------------
Müüdud kaupade kulu -16 437 -15 539 -103 811
-------------------------------------------------------------------------------
Brutokasum 2 956 2 451 14 688
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tegevuskulud -2 623 -1 992 -12 423
-------------------------------------------------------------------------------
Turundus- ja müügikulud -1 843 -1 375 -8 841
-------------------------------------------------------------------------------
Üldhalduskulud -780 -617 -3 582
-------------------------------------------------------------------------------
Muud äritulud 238 513 1 059
-------------------------------------------------------------------------------
Muud ärikulud -71 -523 -1 309
-------------------------------------------------------------------------------
Bioloogiliste varade ümberhindlus 73 1 072 -524
-------------------------------------------------------------------------------
Ärikasum (-kahjum) 573 1 521 1 491
-------------------------------------------------------------------------------
Finantstulud 4 1 10
-------------------------------------------------------------------------------
Finantskulud -226 -209 -1 034
-------------------------------------------------------------------------------
Maksustamiseelne kasum (-kahjum) 351 1 313 467
-------------------------------------------------------------------------------
Tulumaks -209 -205 -410
-------------------------------------------------------------------------------
Aruandeperioodi puhaskasum (-kahjum) 142 1 108 57
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Aruandeperioodi puhaskasumi (-kahjum) jaotus:
-------------------------------------------------------------------------------
emaettevõtte aktsionäridele kuuluv osa 99 1 113 59
-------------------------------------------------------------------------------
Väikeaktsionäridele kuuluv osa 43 -5 -2
-------------------------------------------------------------------------------
Aruandeperioodi puhaskasumi (-kahjum) kokku 142 1 108 57
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Muu koondkasum (-kahjum), mida võib hiljem
klassifitseerida kasumiaruandesse:
-------------------------------------------------------------------------------
Valuutakursi vahed 24 -76 -421
-------------------------------------------------------------------------------
Kokku koondkasum (-kahjum) 166 1 032 -364
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Aruandeperioodi koondkasumi (-kahjum) jaotus:
-------------------------------------------------------------------------------
emaettevõtte aktsionäridele kuuluv osa 123 1 037 -362
-------------------------------------------------------------------------------
Väikeaktsionäridele kuuluv osa 43 -5 -2
-------------------------------------------------------------------------------
Aruandeperioodi koondkasum (-kahjum) kokku 166 1 032 -364
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava puhaskasum (-kahjum) aktsia kohta (EUR) 0,00 0,03 -0,01
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Lahustatud puhaskasum (-kahjum) aktsia kohta
(EUR) 0,00 0,03 -0,01
-------------------------------------------------------------------------------
Indrek Kasela
AS PRFoods
Juhatuse liige
T: +372 452 1470
[email protected]
www.prfoods.ee
Manus
* PRF_vahearuanne_3k2018_2019 (https://prlibrary-
eu.nasdaq.com/Resource/Download/2c8e387b-b341-49e8-987e-594cca206269)
Content of announcement in English
Title
PRF: Consolidated Unaudited Interim Report of AS PRFoods for 3rd quarter of 2018 and 3 months of 2018/2019 financial year
Message
Overview of the economic activities
Management commentary
We remind you that since we changed our financial year, the last financial year
was extended to 18 months. The financial year that began on 01.07.2018 is of
standard length and ends 30.06.2019. In the report, the comparable data from the
3(rd) quarter of 2017 is used.
The Q3 results of PRFoods indicate that the chosen strategy is bearing fruit. We
took the direction to margin improvement and discontinuing activities in lower
margin sectors and this has started to manifest itself in results. Gross profit
growth by 21% is very positive. We have also increased our own brand's share in
retail, including in Estonia. The UK sales have been impacted by a very volatile
UK Sterling since Brexit vote. Q3 operating results and EBITDA was impacted by
one-time bonuses paid for previous financial year, that temporarily hiked our
labour costs. Considering that the major salary increases in the company took
place last year, we do not see any short-term pressure on wages. We have also
started to consolidate parallel functions in the group companies and moving the
group's support services to regions with more optimal costs.
New investments programme is on track and from 2019 we are moving to only using
environmentally sustainable packaging, starting from Estonia first.
Biomass revaluation was significantly lower compared to same period last year.
There are mainly two reasons for that, we started the season with lower biomass
volume and the biomass growth in the beginning of the season was slower, but at
the same time better weather in Q3 allowed for additional growth and we delayed
most of harvesting until November. Hence the biomass revaluation was transferred
to Q4.
3 months consolidated results are as follows:
* Unaudited consolidated revenue 19.39 million euros, an increase by +1.40
million euros, i.e. +7.8%.
* Gross margin 15.2%, an increase by +1.6 percentage points i.e. +11.9%.
* Positive impact from revaluation of biological assets +0.07 million euros
(3Q 2017: positive impact +1.07 million euros).
* Negative effect of one-offs to the result -0.01 million euros (3Q 2017:
negative influence -0.28 million euros).
* EBITDA from operations +1.06 million euros, a decrease by -0.15 million
euros.
* EBITDA +1.12 million euros, a decrease by -0.88 million euros (without one-
off effects EBITDA +1.13 million euros, a decrease by -1.15 million euros).
* The operating profit +0.57 million euros, a decrease by -0.95 million euros
(without one-off effects operating profit +0.58 million euros, a decrease by
-1.22 million euros).
* Net profit +0.14 million euros, a decrease by -0.97 million euros (without
one-off effects net profit +0.15 million euros, a decrease by -1.23 million
euros).
Q4 forecast meets the management's expectations and the management remains
positive about the outlook and improved profitability.
Quarterly presentation will be published on our website latest at 7(th) of
December.
KEY RATIOS
Income Statement, EUR mln Q3 2018 Q3 2017 18m 2017/2018
----------------------------------------------------------------
Sales 19.4 18.0 118.5
----------------------------------------------------------------
Gross profit 3.0 2.5 14.7
----------------------------------------------------------------
EBITDA from operations 1.1 1.2 5.8
----------------------------------------------------------------
EBITDA 1.1 2.0 4.2
----------------------------------------------------------------
EBIT 0.6 1.5 1.5
----------------------------------------------------------------
EBT 0.4 1.3 0.5
----------------------------------------------------------------
Net profit (-loss) 0.1 1.1 0.1
----------------------------------------------------------------
Gross margin 15.2% 13.6% 12.4%
----------------------------------------------------------------
Operational EBITDA margin 5.4% 6.7% 4.9%
----------------------------------------------------------------
EBITDA margin 5.8% 11.1% 3.5%
----------------------------------------------------------------
EBIT margin 3.0% 8.5% 1.3%
----------------------------------------------------------------
EBT margin 1.8% 7.3% 0.4%
----------------------------------------------------------------
Net margin 0.7% 6.2% 0.05%
----------------------------------------------------------------
Operating expense ratio 13.5% 11.1% 10.5%
----------------------------------------------------------------
Balance Sheet, EUR mln 30.09.2018 30.09.2017 30.06.2018
----------------------------------------------------------------
Net debt 21.9 16.7 18.1
----------------------------------------------------------------
Equity 24.1 23.7 23.3
----------------------------------------------------------------
Working capital 2.0 5.1 2.8
----------------------------------------------------------------
Assets 64.5 68.0 65.5
----------------------------------------------------------------
Liquidity ratio 1.1x 1.2x 1.1x
----------------------------------------------------------------
Equity ratio 37.4% 34.9% 35.6%
----------------------------------------------------------------
Debt to total assets 47.6% 41.3% 43.7%
----------------------------------------------------------------
Gearing ratio 0.6x 0.7x 0.6x
----------------------------------------------------------------
Net debt-to-EBITDA 3.8x 8.0x 3.1x
----------------------------------------------------------------
ROE 0.1% -1.4% 0.2%
----------------------------------------------------------------
ROA 0.0% -0.6% 0.1%
----------------------------------------------------------------
Consolidated statement of financial position
EUR '000 30.09.2018 30.09.2017 30.06.2018
-------------------------------------------------------------------------
ASSETS
-------------------------------------------------------------------------
Cash and cash equivalents 2,788 6,420 5,960
-------------------------------------------------------------------------
Receivables and prepayments 4,219 6,102 4,706
-------------------------------------------------------------------------
Inventories 11,782 8,641 12,678
-------------------------------------------------------------------------
Biological assets 7,825 10,551 6,498
-------------------------------------------------------------------------
Total current assets 26,614 31,714 29,842
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Deferred income tax 26 226 153
-------------------------------------------------------------------------
Long-term financial investments 134 102 134
-------------------------------------------------------------------------
Tangible fixed assets 14,528 13,562 12,764
-------------------------------------------------------------------------
Intangible assets 23,195 22,383 22,604
-------------------------------------------------------------------------
Total non-current assets 37,883 36,273 35,655
-------------------------------------------------------------------------
TOTAL ASSETS 64,497 67,987 65,497
-------------------------------------------------------------------------
-------------------------------------------------------------------------
EQUITY AND LIABILITIES
-------------------------------------------------------------------------
Loans and borrowings 13,242 9,460 12,562
-------------------------------------------------------------------------
Payables 11,179 16,831 14,254
-------------------------------------------------------------------------
Government grants 242 307 216
-------------------------------------------------------------------------
Total current liabilities 24,663 26,598 27,032
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Loans and borrowings 11,480 13,661 11,487
-------------------------------------------------------------------------
Payables 519 0 0
-------------------------------------------------------------------------
Deferred tax liabilities 2,426 2,843 2,441
-------------------------------------------------------------------------
Government grants 1,306 1,156 1,226
-------------------------------------------------------------------------
Total non-current liabilities 15,731 17,660 15,154
-------------------------------------------------------------------------
TOTAL LIABILITIES 40,394 44,258 42,186
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Share capital 7,737 7,737 7,737
-------------------------------------------------------------------------
Share premium 14,007 14,007 14,007
-------------------------------------------------------------------------
Treasury shares -390 -390 -390
-------------------------------------------------------------------------
Statutory capital reserve 48 48 48
-------------------------------------------------------------------------
Currency translation reserve 31 344 7
-------------------------------------------------------------------------
Retained profit (-loss) 2,004 1,988 1,904
-------------------------------------------------------------------------
Equity attributable to parent 23,437 23,734 23,313
-------------------------------------------------------------------------
Non-controlling interest 666 -5 -2
-------------------------------------------------------------------------
TOTAL EQUITY 24,103 23,729 23,311
-------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 64,497 67,987 65,497
-------------------------------------------------------------------------
Consolidated statement of profit or loss and other comprehensive income
EUR '000 Q3 2018 Q3 2017 18m 2017/2018
-------------------------------------------------------------------------------
Sales 19,393 17,990 118,499
-------------------------------------------------------------------------------
Cost of goods sold -16,437 -15,539 -103,811
-------------------------------------------------------------------------------
Gross profit 2,956 2,451 14,688
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Operating expenses -2,623 -1,992 -12,423
-------------------------------------------------------------------------------
Selling and distribution expenses -1,843 -1,375 -8,841
-------------------------------------------------------------------------------
Administrative expenses -780 -617 -3,582
-------------------------------------------------------------------------------
Other income 238 513 1,059
-------------------------------------------------------------------------------
Other expenses -71 -523 -1,309
-------------------------------------------------------------------------------
Fair value adjustment on biological assets 73 1,072 -524
-------------------------------------------------------------------------------
Operating profit (-loss) 573 1,521 1,491
-------------------------------------------------------------------------------
Financial income 4 1 10
-------------------------------------------------------------------------------
Financial expenses -226 -209 -1,034
-------------------------------------------------------------------------------
Profit (-loss) before tax 351 1,313 467
-------------------------------------------------------------------------------
Income tax -209 -205 -410
-------------------------------------------------------------------------------
Net profit (-loss) for the period 142 1,108 57
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net profit (-loss) attributable to:
-------------------------------------------------------------------------------
Owners of the company 99 1,113 59
-------------------------------------------------------------------------------
Non-controlling interests 43 -5 -2
-------------------------------------------------------------------------------
Total net profit (-loss) 142 1,108 57
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Other comprehensive income (-loss) that may
subsequently be classified to profit or loss:
-------------------------------------------------------------------------------
Foreign currency translation differences 24 -76 -421
-------------------------------------------------------------------------------
Total comprehensive income (-expense) 166 1,032 -364
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive income (-expense)
attributable to:
-------------------------------------------------------------------------------
Owners of the Company 123 1,037 -362
-------------------------------------------------------------------------------
Non-controlling interests 43 -5 -2
-------------------------------------------------------------------------------
Total comprehensive income (-expense) for the
period 166 1,032 -364
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit (-loss) per share (EUR) 0.00 0.03 -0.01
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Diluted profit (-loss) per share (EUR) 0.00 0.03 -0.01
-------------------------------------------------------------------------------
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 452 1470
[email protected]
www.prfoods.ee
Attachment
* PRF_interim_3m2018_2019 (https://prlibrary-
eu.nasdaq.com/Resource/Download/185e79e1-bbb7-4a69-8558-7ac1aebef220)