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
Half-yearly financial report
Unique data record identifier
7123
Attachments
Submission date and time
24.02.2019 23:50:00
Content of announcement in Estonian
Title
PRF: AS-i PRFoods 2. kvartali ja 6 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 4. kvartali
ja 2. poolaasta andmeid. 2. kvartal on kalendriaasta 4. kvartal, 3. kvartal on
kalendriaasta 1. kvartal ja 4. kvartal on kalendriaasta 2. kvartal.
2. kvartali tulemused valmistasid pettumust mitmete Soomes kaotatud private
label lepingute tõttu. Soome turul on konkurents suuremahulistele private label
lepingutele märgatavalt kasvanud ning nende lepingute kasumlikkus on surve all.
Traditsiooniliselt on see toonud meile 4. kvartalis mahtude kasvu ja
kasumlikkuse. Juhtkond on reageerinud alustades kulude kokkuhoidu Eesti ja Soome
üksustes, kus oli kasumlikkuse langus kõige märkimisväärsem. Me ootame ainuüksi
Eestis aastast kokkuhoidu üle 300 000 euro peale kokkuhoiu algust 3. kvartali
lõpus. Juhtkond avaldab üksikasjalikuma kokkuhoiu kava 3. kvartali aruandes.
2. kvartali tulemused vähendasid ka 1. poolaasta tulemust. EBITDA Eesti ja Soome
üksustest kokku oli 2,3 miljoni euro võrra madalam. Trio Tradingu madalam
tulemus oli planeeritud tulenevalt värske kala strateegia muutusest - lõpetasime
kala vahendusmüügi teistele kalatöötlejatele. Heimon Kala ja Vetteli tulemused
nõuavad juhtkonna uudset tegevusplaani. 2. poolaastal oleme private label
müükides agressiivsemad, valmistades samal ajal ette nende müükide
kompenseerimist kõrgema marginaaliga omatoodete otsemüügi näol jaekettidele, mis
on Eestis juba toimumas. Kahjuks on see protsess võtnud eeldatust rohkem aega
nii sisemistel kui välistel põhjustel. Väliselt võtab jaekettidel aega, et
kohanduda klientide muutuvate nõudmistega. Sisemiselt peame parandama muutuste
kiirust. Meil on hea meel teatada, et esimesed jaeketid on võtnud omaks meie
pood-poes kontseptsiooni ning me loodame märkimisväärselt laiendada oma uut
lähenemist jaemüügile 2019/2020 aastal. Oleme ka lõpetanud John Ross Jr
kaubamärgi uuendamise ja toome selle turule 3. kvartalis.
Meie Suurbritannias asuva tütarettevõtte John Ross Jr müük kasvas 5% võrra, aga
veelgi olulisem on EBITDA kasv 35% võrra esimese kuue kuuga. On ilmne, et John
Ross Jr on teel müükide kasvu ja oluliselt suurenenud kasumlikkuse poole peale
John Ross Jr ja Coln Valley tegevuse ühendamist Aberdeenis.
Me ootame oma Suurbritannia üksuste tulemuslikkuse kasvu. Oleme astunud
vajalikke samme kindlustamaks meie Suurbritannia tehase jätkuvat varustatust
toorainega, kuna Brexit lisab selgelt mõningast ebakindlust. Juhtkond avaldab
täiendavat informatsiooni meie Suurbritannia tegevuse kohta.
Biomassi ümberhindlus oli oluliselt väiksem võrreldes eelmise aasta sama
perioodiga. Sellel on kaks peamist 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.
Me tegeleme aktiivselt uute kalakasvatuslubade taotlemisega Eestis ja kaks meie
taotlustest on juba menetlemisel. Me loodame juba 2019. aasta hooajal suurendada
mõnevõrra kalakasvatusmahtusid Eestis ja usume, et märkimisväärsem
kalakasvatusmahtude suurenemine jääb aastasse 2020.
6 kuu konsolideeritud tulemused on järgnevad:
* Auditeerimata konsolideeritud käive 46,12 miljonit eurot, kahanemine -3,86
miljonit eurot ehk -7,7%.
* Brutomarginaal 16,6%, kahanemine -1,4 protsendipunkti ehk -7,8%.
* Bioloogiliste varade ümberhindluse negatiivne mõju -1,56 miljonit eurot (2.
pa 2017: negatiivne mõju -1,66 miljonit eurot).
* Ühekordsete kulude negatiivne mõju tulemusele -0,02 miljonit eurot (2. pa
2017: negatiivne mõju -0,28 miljonit eurot).
* EBITDA äritegevusest +3,48 miljonit eurot, kahanemine -2,03 miljonit eurot.
* EBITDA +1,90 miljonit eurot, kahanemine -1,67 miljonit eurot (ilma
ühekordsete kulude mõjuta EBITDA +1,92 miljonit eurot, kahanemine -1,93
miljonit eurot).
* Ärikasum +0,80 miljonit eurot, kahanemine -1,71 miljonit eurot (ilma
ühekordsete kulude mõjuta ärikasum +0,83 miljonit eurot, kahanemine -1,97
miljonit eurot).
* Puhaskasum +0,36 miljonit eurot, kahanemine -1,98 miljonit eurot (ilma
ühekordsete kulude mõjuta puhaskasum +0,39 miljonit eurot, kahanemine -2,24
miljonit eurot).
Kvartaalne presentatsioon avaldatakse meie kodulehel hiljemalt 8. märtsil.
VÕTMENÄITAJAD
Kasumiaruanne, milj EUR 4kv 2018 3kv 2018 2kv 2018 1kv 2018 4kv 2017 3kv 2017
-------------------------------------------------------------------------------
Müügitulu 26,7 19,4 22,1 22,7 32,0 18,0
-------------------------------------------------------------------------------
Brutokasum 4,7 3,0 1,8 2,4 6,6 2,5
-------------------------------------------------------------------------------
EBITDA äritegevusest 2,4 1,1 -0,2 0,7 4,3 1,2
-------------------------------------------------------------------------------
EBITDA 0,8 1,1 0,3 0,6 1,6 2,0
-------------------------------------------------------------------------------
EBIT 0,2 0,6 -0,2 0,1 1,0 1,5
-------------------------------------------------------------------------------
EBT 0,0 0,4 -0,5 -0,2 0,8 1,3
-------------------------------------------------------------------------------
Puhaskasum (-kahjum) 0,2 0,1 -1,1 -0,2 1,2 1,1
-------------------------------------------------------------------------------
Brutorentaablus 17,7% 15,2% 7,9% 10,6% 20,5% 13,6%
-------------------------------------------------------------------------------
Äritegevuse EBITDA
marginaal 9,1% 5,4% -1,1% 3,1% 13,4% 6,7%
-------------------------------------------------------------------------------
EBITDA marginal 2,9% 5,8% 1,2% 2,5% 4,9% 11,1%
-------------------------------------------------------------------------------
EBIT marginal 0,9% 3,0% -1,1% 0,2% 3,1% 8,5%
-------------------------------------------------------------------------------
EBT marginal 0,1% 1,8% -2,3% -0,9% 2,5% 7,3%
-------------------------------------------------------------------------------
Puhasrentaablus 0,8% 0,7% -5,1% -1,0% 3,9% 6,2%
-------------------------------------------------------------------------------
Tegevuskulude suhtarv 11,2% 13,5% 12,0% 10,5% 9,3% 11,1%
-------------------------------------------------------------------------------
Bilanss, milj EUR 31.12.2018 30.09.2018 30.06.2018 31.03.2018 31.12.2017
---------------------------------------------------------------------------
Netovõlgnevus 20,0 21,9 18,1 16,7 16,6
---------------------------------------------------------------------------
Omakapital 24,2 24,1 23,3 24,3 24,7
---------------------------------------------------------------------------
Käibekapital 1,0 2,0 2,8 4,6 5,3
---------------------------------------------------------------------------
Varad 65,5 64,5 65,5 66,4 68,6
---------------------------------------------------------------------------
Likviidsuskordaja 1,0x 1,1x 1,1x 1,2x 1,2x
---------------------------------------------------------------------------
Omakapitali suhtarv 37,0% 37,4% 35,6% 36,6% 36,0%
---------------------------------------------------------------------------
Finantsvõimendus 45,2% 47,6% 43,7% 40,7% 40,1%
---------------------------------------------------------------------------
Võlakordaja 0,6x 0,6x 0,6x 0,6x 0,6x
---------------------------------------------------------------------------
Netovõlg/EBITDA 5,1x 3,8x 3,1x 2,6x 3,1x
---------------------------------------------------------------------------
Omakapitali tootlus -4,0% 0,1% 0,2% 8,6% 5,8%
---------------------------------------------------------------------------
Varade tootlus -1,5% 0,0% 0,1% 4,1% 2,7%
---------------------------------------------------------------------------
Konsolideeritud finantsseisundi aruanne
EUR '000 31.12.2018 31.12.2017 30.06.2018
-----------------------------------------------------------------------------
VARAD
-----------------------------------------------------------------------------
Raha ja ekvivalendid 4 910 6 491 5 960
-----------------------------------------------------------------------------
Nõuded ja ettemaksed 6 470 8 982 4 706
-----------------------------------------------------------------------------
Varud 11 553 11 747 12 678
-----------------------------------------------------------------------------
Bioloogilised varad 4 719 5 566 6 498
-----------------------------------------------------------------------------
Käibevara kokku 27 652 32 786 29 842
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Edasilükkunud tulumaksuvara 49 222 153
-----------------------------------------------------------------------------
Pikaajalised finantsinvesteeringud 134 102 134
-----------------------------------------------------------------------------
Materiaalne põhivara 14 569 13 225 12 764
-----------------------------------------------------------------------------
Immateriaalne vara 23 046 22 294 22 604
-----------------------------------------------------------------------------
Põhivara kokku 37 798 35 843 35 655
-----------------------------------------------------------------------------
VARAD KOKKU 65 450 68 629 65 497
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
-----------------------------------------------------------------------------
Võlakohustused 14 224 10 105 12 562
-----------------------------------------------------------------------------
Võlad ja ettemaksed 12 184 17 115 14 254
-----------------------------------------------------------------------------
Sihtfinantseerimine 241 306 216
-----------------------------------------------------------------------------
Lühiajalised kohustused kokku 26 649 27 526 27 032
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Võlakohustused 10 706 12 957 11 487
-----------------------------------------------------------------------------
Võlad ja ettemaksed 519 0 0
-----------------------------------------------------------------------------
Edasilükkunud tulumaksukohustus 2 094 2 267 2 441
-----------------------------------------------------------------------------
Sihtfinantseerimine 1 257 1 144 1 226
-----------------------------------------------------------------------------
Pikaajalised kohustused kokku 14 576 16 368 15 154
-----------------------------------------------------------------------------
KOHUSTUSED KOKKU 41 225 43 894 42 186
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Aktsiakapital 7 737 7 737 7 737
-----------------------------------------------------------------------------
Ülekurss 14 007 14 007 14 007
-----------------------------------------------------------------------------
Oma aktsiad -390 -390 -390
-----------------------------------------------------------------------------
Kohustuslik reservkapital 51 48 48
-----------------------------------------------------------------------------
Realiseerimata kursivahed -70 173 7
-----------------------------------------------------------------------------
Jaotamata kasum (-kahjum) 2 130 3 096 1 904
-----------------------------------------------------------------------------
Ettevõtte aktsionäridele kuuluv osa 23 465 24 671 23 313
-----------------------------------------------------------------------------
Väikeaktsionäridele kuuluv osa 760 64 -2
-----------------------------------------------------------------------------
OMAKAPITAL KOKKU 24 225 24 735 23 311
-----------------------------------------------------------------------------
OMAKAPITAL JA KOHUSTUSED KOKKU 65 450 68 629 65 497
-----------------------------------------------------------------------------
Konsolideeritud koondkasumiaruanne
EUR '000 4kv 2018 4kv 2017 2pa 2018 2pa 2017
-------------------------------------------------------------------------------
Müügitulud 26 729 31 992 46 122 49 982
-------------------------------------------------------------------------------
Müüdud kaupade kulu -22 011 -25 428 -38 448 -40 967
-------------------------------------------------------------------------------
Brutokasum 4 718 6 564 7 674 9 015
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tegevuskulud -2 996 -2 970 -5 619 -4 962
-------------------------------------------------------------------------------
Turundus- ja müügikulud -2 084 -2 131 -3 927 -3 506
-------------------------------------------------------------------------------
Üldhalduskulud -912 -839 -1 692 -1 456
-------------------------------------------------------------------------------
Muud äritulud/-kulud 136 124 303 114
-------------------------------------------------------------------------------
Bioloogiliste varade ümberhindlus -1 628 -2 727 -1 555 -1 655
-------------------------------------------------------------------------------
Ärikasum (-kahjum) 230 991 803 2 512
-------------------------------------------------------------------------------
Finantstulud 15 2 19 3
-------------------------------------------------------------------------------
Finantskulud -228 -204 -454 -413
-------------------------------------------------------------------------------
Maksustamiseelne kasum (-kahjum) 17 789 368 2 102
-------------------------------------------------------------------------------
Tulumaks 205 446 -4 241
-------------------------------------------------------------------------------
Aruandeperioodi puhaskasum (-kahjum) 222 1 235 364 2 343
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Aruandeperioodi puhaskasumi (-kahjum)
jaotus:
-------------------------------------------------------------------------------
emaettevõtte aktsionäridele kuuluv osa 130 1 166 229 2 279
-------------------------------------------------------------------------------
Väikeaktsionäridele kuuluv osa 92 69 135 64
-------------------------------------------------------------------------------
Aruandeperioodi puhaskasumi (-kahjum)
kokku 222 1 235 364 2 343
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Muu koondkasum (-kahjum), mida võib hiljem
klassifitseerida kasumiaruandesse:
-------------------------------------------------------------------------------
Valuutakursi vahed -101 -229 -77 -305
-------------------------------------------------------------------------------
Kokku koondkasum (-kahjum) 121 1 006 287 2 038
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Aruandeperioodi koondkasumi (-kahjum)
jaotus:
-------------------------------------------------------------------------------
emaettevõtte aktsionäridele kuuluv osa 29 937 152 1 974
-------------------------------------------------------------------------------
Väikeaktsionäridele kuuluv osa 92 69 135 64
-------------------------------------------------------------------------------
Aruandeperioodi koondkasum (-kahjum) kokku 121 1 006 287 2 038
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava puhaskasum (-kahjum) aktsia kohta
(EUR) 0,00 0,02 0,00 0,05
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Lahustatud puhaskasum (-kahjum) aktsia
kohta (EUR) 0,00 0,02 0,00 0,05
-------------------------------------------------------------------------------
Indrek Kasela
AS PRFoods
Juhatuse liige
T: +372 452 1470
[email protected]
www.prfoods.ee
Manus
* PRF_vahearuanne_6k2018_2019 (https://ml-
eu.globenewswire.com/Resource/Download/2b77db43-7e21-4382-910e-b32adc3a0871)
Content of announcement in English
Title
PRF: Consolidated Unaudited Interim Report of AS PRFoods for 2nd quarter and 6 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
4(th) quarter of 2017 and H2 of 2017 is used. Q2 is calendar year Q4, Q3 is
calendar year Q1 and Q4 is calendar year Q2.
Q2 results were disappointing due to loss of several private label contracts in
Finland. Increased competition in Finland for large volume private label
contracts has increased significantly and profitability of these contracts is
under pressure. Traditionally this has given us in Q4 both volume and
profitability. The management has taken action by starting a cost-cutting
program in our Estonian and Finnish operations, where most significant decrease
of profitability occurred. We expect annualized savings to amount to over
300,000 euros in Estonia alone once put in effect at the end of Q3. Management
will publish more detailed program in our Q3 report.
Q2 results weighted down H1 results for the group. In total, EBITDA from
Estonian and Finnish operations was lower by 2.3 million euros. Trio Trading
lower results were planned due to change of fresh fish strategy - stopping
trading of fish to other fish processing companies. Heimon Kala and Vettel
results require a new approach in the management actions. We will be more
aggressive in private label sales in H2 while we prepare to compensate these
sales with own label sales directly to retail at higher margins, process that is
already underway in Estonia. Unfortunately, this process is taking longer than
anticipated due to both internal and external reasons. Externally, the retailers
are slow to adapt to changing customer requirements. Internally, the speed of
change needs improving. We are happy to announce that first retailers have
accepted our shop-in-shop concept and we hope our new retail approach to be
scaled up significantly in 2019/2020. We have also completed our John Ross Jr
brand overhaul and will launch it in Q3.
Our subsidiary in the UK, John Ross Jr sales grew by 5%, but more importantly
EBITDA improved by 35% during first 6 months. It is clear that John Ross Jr is
on a path of growing sales and substantially increased profitability after we
consolidated operations of John Ross Jr and Coln Valley in Aberdeen.
We expect our UK operations to outperform. We have taken necessary steps to
continue supply of raw material to our UK factory as Brexit will clearly add
some uncertainty. Management will publish additional information regarding our
UK operations.
Biomass revaluation was significantly lower compared to the same period last
year. There are two main reasons. 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 an additional growth and we delayed
most of harvesting until November.
We are actively pursuing new farming licenses in Estonia, and 2 of our
applications are already under process. We hope to add some farming capacity
already for 2019 season in Estonia and believe that more significant amount of
new farming capacity will already be allocated for 2020.
6 months consolidated results are as follows:
* Unaudited consolidated revenue 46.12 million euros, a decrease by -3.86
million euros, i.e. -7.7%.
* Gross margin 16.6%, a decrease by -1.4 percentage points i.e. -7.8%.
* Negative impact from revaluation of biological assets -1.56 million euros
(2HY 2017: negative impact -1.66 million euros).
* Negative effect of one-offs on the result -0.02 million euros (2HY 2017:
negative impact -0.28 million euros).
* EBITDA from operations +3.48 million euros, a decrease by -2.03 million
euros.
* EBITDA +1.90 million euros, a decrease by -1.67 million euros (without one-
off effects EBITDA +1.92 million euros, a decrease by -1.93 million euros).
* Operating profit +0.80 million euros, a decrease by -1.71 million euros
(without one-off effects operating profit +0.83 million euros, a decrease by
-1.97 million euros).
* Net profit +0.36 million euros, a decrease by -1.98 million euros (without
one-off effects net profit +0.39 million euros, a decrease by -2.24 million
euros).
Quarterly presentation will be published on our website latest at 8(th) of
March.
KEY RATIOS
Income Statement, EUR mln 4Q 2018 3Q 2018 2Q 2018 1Q 2018 4Q 2017 3Q 2017
--------------------------------------------------------------------------
Sales 26.7 19.4 22.1 22.7 32.0 18.0
--------------------------------------------------------------------------
Gross profit 4.7 3.0 1.8 2.4 6.6 2.5
--------------------------------------------------------------------------
EBITDA from operations 2.4 1.1 -0.2 0.7 4.3 1.2
--------------------------------------------------------------------------
EBITDA 0.8 1.1 0.3 0.6 1.6 2.0
--------------------------------------------------------------------------
EBIT 0.2 0.6 -0.2 0.1 1.0 1.5
--------------------------------------------------------------------------
EBT 0.0 0.4 -0.5 -0.2 0.8 1.3
--------------------------------------------------------------------------
Net profit (-loss) 0.2 0.1 -1.1 -0.2 1.2 1.1
--------------------------------------------------------------------------
Gross margin 17.7% 15.2% 7.9% 10.6% 20.5% 13.6%
--------------------------------------------------------------------------
Operational EBITDA margin 9.1% 5.4% -1.1% 3.1% 13.4% 6.7%
--------------------------------------------------------------------------
EBITDA margin 2.9% 5.8% 1.2% 2.5% 4.9% 11.1%
--------------------------------------------------------------------------
EBIT margin 0.9% 3.0% -1.1% 0.2% 3.1% 8.5%
--------------------------------------------------------------------------
EBT margin 0.1% 1.8% -2.3% -0.9% 2.5% 7.3%
--------------------------------------------------------------------------
Net margin 0.8% 0.7% -5.1% -1.0% 3.9% 6.2%
--------------------------------------------------------------------------
Operating expense ratio 11.2% 13.5% 12.0% 10.5% 9.3% 11.1%
--------------------------------------------------------------------------
Balance Sheet, EUR mln 31.12.2018 30.09.2018 30.06.2018 31.03.2018 31.12.2017
------------------------------------------------------------------------------
Net debt 20.0 21.9 18.1 16.7 16.6
------------------------------------------------------------------------------
Equity 24.2 24.1 23.3 24.3 24.7
------------------------------------------------------------------------------
Working capital 1.0 2.0 2.8 4.6 5.3
------------------------------------------------------------------------------
Assets 65.5 64.5 65.5 66.4 68.6
------------------------------------------------------------------------------
Liquidity ratio 1.0x 1.1x 1.1x 1.2x 1.2x
------------------------------------------------------------------------------
Equity ratio 37.0% 37.4% 35.6% 36.6% 36.0%
------------------------------------------------------------------------------
Debt to total assets 45.2% 47.6% 43.7% 40.7% 40.1%
------------------------------------------------------------------------------
Gearing ratio 0.6x 0.6x 0.6x 0.6x 0.6x
------------------------------------------------------------------------------
Net debt-to-EBITDA 5.1x 3.8x 3.1x 2.6x 3.1x
------------------------------------------------------------------------------
ROE -4.0% 0.1% 0.2% 8.6% 5.8%
------------------------------------------------------------------------------
ROA -1.5% 0.0% 0.1% 4.1% 2.7%
------------------------------------------------------------------------------
Consolidated statement of financial position
EUR '000 31.12.2018 31.12.2017 30.06.2018
-------------------------------------------------------------------------
ASSETS
-------------------------------------------------------------------------
Cash and cash equivalents 4,910 6,491 5,960
-------------------------------------------------------------------------
Receivables and prepayments 6,470 8,982 4,706
-------------------------------------------------------------------------
Inventories 11,553 11,747 12,678
-------------------------------------------------------------------------
Biological assets 4,719 5,566 6,498
-------------------------------------------------------------------------
Total current assets 27,652 32,786 29,842
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Deferred income tax 49 222 153
-------------------------------------------------------------------------
Long-term financial investments 134 102 134
-------------------------------------------------------------------------
Tangible fixed assets 14,569 13,225 12,764
-------------------------------------------------------------------------
Intangible assets 23,046 22,294 22,604
-------------------------------------------------------------------------
Total non-current assets 37,798 35,843 35,655
-------------------------------------------------------------------------
TOTAL ASSETS 65,450 68,629 65,497
-------------------------------------------------------------------------
-------------------------------------------------------------------------
EQUITY AND LIABILITIES
-------------------------------------------------------------------------
Loans and borrowings 14,224 10,105 12,562
-------------------------------------------------------------------------
Payables 12,184 17,115 14,254
-------------------------------------------------------------------------
Government grants 241 306 216
-------------------------------------------------------------------------
Total current liabilities 26,649 27,526 27,032
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Loans and borrowings 10,706 12,957 11,487
-------------------------------------------------------------------------
Payables 519 0 0
-------------------------------------------------------------------------
Deferred tax liabilities 2,094 2,267 2,441
-------------------------------------------------------------------------
Government grants 1,257 1,144 1,226
-------------------------------------------------------------------------
Total non-current liabilities 14,576 16,368 15,154
-------------------------------------------------------------------------
TOTAL LIABILITIES 41,225 43,894 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 51 48 48
-------------------------------------------------------------------------
Currency translation reserve -70 173 7
-------------------------------------------------------------------------
Retained profit (-loss) 2,130 3,096 1,904
-------------------------------------------------------------------------
Equity attributable to parent 23,465 24,671 23,313
-------------------------------------------------------------------------
Non-controlling interest 760 64 -2
-------------------------------------------------------------------------
TOTAL EQUITY 24,225 24,735 23,311
-------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 65,450 68,629 65,497
-------------------------------------------------------------------------
Consolidated statement of profit or loss and other comprehensive income
EUR '000 4Q 2018 4Q 2017 2HY 2018 2HY 2017
-------------------------------------------------------------------------------
Sales 26,729 31,992 46,122 49,982
-------------------------------------------------------------------------------
Cost of goods sold -22,011 -25,428 -38,448 -40,967
-------------------------------------------------------------------------------
Gross profit 4,718 6,564 7,674 9,015
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Operating expenses -2,996 -2,970 -5,619 -4,962
-------------------------------------------------------------------------------
Selling and distribution expenses -2,084 -2,131 -3,927 -3,506
-------------------------------------------------------------------------------
Administrative expenses -912 -839 -1,692 -1,456
-------------------------------------------------------------------------------
Other income / expense 136 124 303 114
-------------------------------------------------------------------------------
Fair value adjustment on biological assets -1,628 -2,727 -1,555 -1,655
-------------------------------------------------------------------------------
Operating profit (-loss) 230 991 803 2,512
-------------------------------------------------------------------------------
Financial income 15 2 19 3
-------------------------------------------------------------------------------
Financial expenses -228 -204 -454 -413
-------------------------------------------------------------------------------
Profit (-loss) before tax 17 789 368 2,102
-------------------------------------------------------------------------------
Income tax 205 446 -4 241
-------------------------------------------------------------------------------
Net profit (-loss) for the period 222 1,235 364 2,343
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net profit (-loss) attributable to:
-------------------------------------------------------------------------------
Owners of the company 130 1,166 229 2,279
-------------------------------------------------------------------------------
Non-controlling interests 92 69 135 64
-------------------------------------------------------------------------------
Total net profit (-loss) 222 1,235 364 2,343
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Other comprehensive income (-loss) that may
subsequently be classified to profit or
loss:
-------------------------------------------------------------------------------
Foreign currency translation differences -101 -229 -77 -305
-------------------------------------------------------------------------------
Total comprehensive income (-expense) 121 1,006 287 2,038
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive income (-expense)
attributable to:
-------------------------------------------------------------------------------
Owners of the Company 29 937 152 1,974
-------------------------------------------------------------------------------
Non-controlling interests 92 69 135 64
-------------------------------------------------------------------------------
Total comprehensive income (-expense) for
the period 121 1,006 287 2,038
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit (-loss) per share (EUR) 0,00 0,02 0,00 0,05
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Diluted profit (-loss) per share (EUR) 0,00 0,02 0,00 0,05
-------------------------------------------------------------------------------
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 452 1470
[email protected]
www.prfoods.ee
Attachment
* PRF_interim_6m2018_2019 (https://ml-
eu.globenewswire.com/Resource/Download/aec58c0c-355f-40f8-9e80-4e433ca2937a)