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
7298
Attachments
Submission date and time
20.05.2019 00:12:53
Content of announcement in Estonian
Title
PRF: AS-i PRFoods 3. kvartali ja 9 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 andmeid võrreldud võrreldavate perioodide lõikes:
ettevõtte käesoleva majandusaasta 3. kvartalit e 2019. aasta 1. kvartalit
võrreldakse 2018. aasta 1. kvartaliga ning majandusaasta 9 kuud ehk perioodi
01.07.2018 - 31.03.2019 võrreldakse perioodiga 01.07.2017 - 31.03.2018.
PRFoodsi 2018/2019. finantsaasta 3. kvartali müügitulu oli 18,1 miljonit eurot
(eelmisel aastal samal ajal 22,7 miljonit eurot) ning 9 kuu müügitulu oli 64,2
miljonit eurot (72,7 miljonit eurot). Müügi vähenemise tingisid eelkõige väiksem
müük Eesti tehasest Soome ja toorkala vahendamise vähenemine Soomes.
Samas oli brutokasumi vähenemine oluliselt väiksem käibe vähenemisest.
2018/2019. aasta 3. kvartali brutokasum oli 2,1 miljonit eurot võrreldes 2,4
miljoni euroga aasta tagasi. Seega oleme 3. kvartalis suutnud oluliselt
parandada brutokasumi marginaali, kuid mitte veel saavutada käivet vajalikus
mahus. 9 kuu brutokasum oli 9,8 miljonit eurot võrrelduna 11,4 miljoni euroga
eelmisel aastal.
Grupi EBITDA oli 3. kvartalis -0.5 miljonit eurot (eelmisel aastal 0,6 miljonit
eurot). 9 kuu baasil oli Grupi EBITDA 1,4 miljonit eurot võrreldes 4,1 miljoni
euroga eelmisel aastal. Põhiliselt mõjutas EBITDAd eelmise kvartali erakordselt
halb tulemus Eesti üksusest, mis jätkus osaliselt veel 3. kvartalis.
Kontserni konsolideerimisgrupi, Saaremere Kala EBITDA prognoos kogu 2018/2019.
aastaks on 4,3 miljonit eurot (arvestamata PRFoodsi, kontserni emaettevõtte
juhtimiskulusid).
2018/2019. finantsaasta põhiline tegevus on olnud suunatud tooteportfelli
muutmisele, liikumaks välja madala marginaalsusega toodetest, mis on toonud
endaga kaasa ka käibelanguse. Kõrgemad tootemarginaalid ei kompenseeri veel
käibe langusest tulenevat oluliselt madalamat kogukasumit. Alles aprillist
suutsime saavutada suuremat käivet kuupõhiselt võrreldes eelmise aastaga. Samuti
on kala hinna vähenemine mõjutanud biomassi ehk kalakasvatuste kogukasumlikkust
(võrreldes eelmise aastaga: 3. kvartali vahe oli 0,3 miljonit eurot, 9 kuu
baasil oli vahe 0,2 miljonit eurot).
Analüüsides Grupi tulemusi erinevate riikide kaupa on hea meel, et Heimon Kala,
Grupi peamine Soome üksus, on saavutanud 3. kvartalis 82% suurema EBITDA
võrreldes eelmise aastaga. Trio Trading oli samas jätkuvalt kahjumis nii 3.
kvartalis kui 9 kuu kokkuvõttes, mistõttu oleme alustanud seal kulude
restruktureerimist.
Suurim langus on kahjuks toimunud Eestis. Eesti tehase kahjum tulenes samas
põhiliselt kahest asjaolust - suurenenud tööjõukulud ja väiksem müük Soome ca
1,5 miljoni euro võrra. Eesti üksuste tulemusega ei saa rahul olla. Samas on
Eesti üksus suutnud kasvatada käivet Eesti-siseselt 700 000 euro võrra,
peamiselt jaekettidele ja suurematele laevafirmadele.
Suurbritannias on lõpule viidud Coln Valley tootmise üleviimine Aberdeeni.
Sellega seoses tuleb 4. kvartalis lisakulusid ca 200 000 eurot Coln Valley
tehase rendilepingu lõpetamise eest, kuid samas säästame pikaajalistelt
rendikohustustelt ca 500 000 aastat järgmise 7 aasta jooksul.
Ettevõtte bilanss on jätkuvalt hea, vaba raha on ettevõttel 6,2 miljonit
(eelmisel aastal samal perioodil 7,1 miljonit eurot).
3. kvartalis alustasime ulatuslikku ettevõtete sünergia- ja kulude kokkuhoiu
programmi. Vastavalt juba realiseerunud kavadele, oleme vähendanud grupisisesest
sünergiast tulenevalt Trio Tradingus kulusid aasta baasil 480 000 euro ulatuses.
Eestis oleme algatanud kulude kokkuhoiu programmi, mille aastane mõju on
eelduslikult 360 000 eurot. Grupi eesmärk on vähendada järgmisel finantsaastal
kulusid vähemalt 1 miljoni euro võrra.
Kuigi ei saa rahul olla grupi tootmis- ja müügiüksuste restruktureerimise
kiirusega, oleme saavutanud positiivse arengu meie kalakasvatuse üksuses.
Rootsist ootame täiendavaid kasvatuslube juba sel aastal ning Eestis on
alustatud keskkonnamõjude hindamist kolmel alal. Loodame, et need viiakse läbi
2019 aastal, et alustada kalakasvatuste rajamist juba 2020. aastal lisaks
olemasolevale kasvatusele. Positiivsete arengute korral peaks meie kasvatusmaht
tõusma lähiaastatel vähemalt 5000 tonni võrra. Lisaks oleme alustanud Paldiskis
kalakasvatuse rajamise uurimist.
2018/2019. finantsaasta lõpuks on kavas alustada kõiki ettevõtte kulubaasi
optimeerivaid tegevusi ning järgmisel finantsaastal saavutada oluliselt suurem
käive kui käesoleval aastal.
2018/2019. majandusaasta 3. kvartal (s.o edaspidi 2019. aasta 1. kvartal)
võrreldes 2018. aasta 1. kvartaliga:
* Auditeerimata konsolideeritud käive 18,12 miljonit eurot, kahanemine 4,62
miljonit eurot ehk 20,3%.
* Brutomarginaal 11,7% (1. kvartal 2018: 10,6%).
* Bioloogiliste varade ümberhindluse negatiivne mõju 0,46 miljonit eurot (1.
kvartal 2018: negatiivne mõju 0,12 miljonit eurot).
* Ühekordsete kulude negatiivne mõju tulemusele 0,20 miljonit eurot (1.
kvartal 2018: negatiivne mõju 0,004 miljonit eurot).
* EBITDA äritegevusest 0,21 miljonit eurot, kahanemine 0,49 miljonit eurot.
* EBITDA -0,45 miljonit eurot, kahanemine 1,03 miljonit eurot (ilma
ühekordsete kulude mõjuta EBITDA -0,25 miljonit eurot, kahanemine 0,83
miljonit eurot).
* Ärikahjum 1,01 miljonit eurot, kahanemine 1,07 miljonit eurot (ilma
ühekordsete kulude mõjuta ärikahjum 0,81 miljonit eurot, kahanemine 0,87
miljonit eurot).
* Puhaskahjum 1,20 miljonit eurot, suurenemine 0,98 miljonit eurot (ilma
ühekordsete kulude mõjuta puhaskahjum 0,99 miljonit eurot, suurenemine 0,78
miljonit eurot).
2018/2019. majandusaasta 9 kuud võrreldes 2017/2018. aasta 9 kuuga:
* Auditeerimata konsolideeritud käive 64,24 miljonit eurot, kahanemine 8,48
miljonit eurot ehk -11,7%.
* Brutomarginaal 15,2% (9k 2017/2018: 15,7%).
* Bioloogiliste varade ümberhindluse negatiivne mõju 2,01 miljonit eurot (9k
2017/2018: negatiivne mõju 1,77 miljonit eurot).
* Ühekordsete kulude mõju tulemusele 0,23 miljonit eurot (9k 2017/2018: 0,29
miljonit eurot).
* EBITDA äritegevusest 3,69 miljonit eurot, kahanemine 2,51 miljonit eurot.
* EBITDA 1,45 miljonit eurot, kahanemine 2,70 miljonit eurot (ilma ühekordsete
kulude mõjuta EBITDA 1,68 miljonit eurot, kahanemine 2,75 miljonit eurot).
* Ärikahjum 0,21 miljonit eurot, kahanemine 2,78 miljonit eurot (ilma
ühekordsete kulude mõjuta ärikasum 0,03 miljonit eurot, kahanemine 2,83
miljonit eurot).
* Puhaskahjum 0,83 miljonit eurot, kahanemine 2,96 miljonit eurot (ilma
ühekordsete kulude mõjuta puhaskahjum 0,60 miljonit eurot, kahanemine 3,01
miljonit eurot).
Kvartaalne presentatsioon avaldatakse meie kodulehel hiljemalt 24. mail.
VÕTMENÄITAJAD
Kasumiaruanne,
milj EUR 1kv 2019 4kv 2018 3kv 2018 2kv 2018 1kv 2018 4kv 2017 3kv 2017
-------------------------------------------------------------------------------
Müügitulu 18,1 26,7 19,4 22,1 22,7 32,0 18,0
-------------------------------------------------------------------------------
Brutokasum 2,1 4,7 3,0 1,8 2,4 6,6 2,5
-------------------------------------------------------------------------------
EBITDA
äritegevusest 0,2 2,4 1,1 -0,2 0,7 4,3 1,2
-------------------------------------------------------------------------------
EBITDA -0,5 0,8 1,1 0,3 0,6 1,6 2,0
-------------------------------------------------------------------------------
EBIT -1,0 0,2 0,6 -0,2 0,1 1,0 1,5
-------------------------------------------------------------------------------
EBT -1,2 0,0 0,4 -0,5 -0,2 0,8 1,3
-------------------------------------------------------------------------------
Puhaskasum (-
kahjum) -1,2 0,2 0,1 -1,1 -0,2 1,2 1,1
-------------------------------------------------------------------------------
Brutorentaablus 11,7% 17,7% 15,2% 7,9% 10,6% 20,5% 13,6%
-------------------------------------------------------------------------------
Äritegevuse
EBITDA
marginaal 1,1% 9,1% 5,4% -1,1% 3,1% 13,4% 6,7%
-------------------------------------------------------------------------------
EBITDA marginal -2,5% 2,9% 5,8% 1,2% 2,5% 4,9% 11,1%
-------------------------------------------------------------------------------
EBIT marginal -5,6% 0,9% 3,0% -1,1% 0,2% 3,1% 8,5%
-------------------------------------------------------------------------------
EBT marginal -6,5% 0,1% 1,8% -2,3% -0,9% 2,5% 7,3%
-------------------------------------------------------------------------------
Puhasrentaablus -6,6% 0,8% 0,7% -5,1% -1,0% 3,9% 6,2%
-------------------------------------------------------------------------------
Tegevuskulude
suhtarv 14,1% 11,2% 13,5% 12,0% 10,5% 9,3% 11,1%
-------------------------------------------------------------------------------
Bilanss, milj EUR 31.03.2019 31.12.2018 30.09.2018 30.06.2018 31.03.2018 31.12.2017
------------------------------------------------------------------------------------
Netovõlgnevus 18,7 20,0 21,9 18,1 16,7 16,6
------------------------------------------------------------------------------------
Omakapital 23,3 24,2 24,1 23,3 24,3 24,7
------------------------------------------------------------------------------------
Käibekapital -1,6 1,0 2,0 2,8 4,6 5,3
------------------------------------------------------------------------------------
Varad 63,5 65,5 64,5 65,5 66,4 68,6
------------------------------------------------------------------------------------
Likviidsuskordaja 0,9x 1,0x 1,1x 1,1x 1,2x 1,2x
------------------------------------------------------------------------------------
Omakapitali
suhtarv 36,7% 37,0% 37,4% 35,6% 36,6% 36,0%
------------------------------------------------------------------------------------
Finantsvõimendus 44,5% 45,2% 47,6% 43,7% 40,7% 40,1%
------------------------------------------------------------------------------------
Võlakordaja 0,6x 0,6x 0,6x 0,6x 0,6x 0,6x
------------------------------------------------------------------------------------
Netovõlg/EBITDA 5,4x 5,1x 3,8x 3,1x 2,6x 3,1x
------------------------------------------------------------------------------------
Omakapitali
tootlus -8,2% -4,0% 0,1% 0,2% 8,6% 5,8%
------------------------------------------------------------------------------------
Varade tootlus -3,0% -1,5% 0,0% 0,1% 4,1% 2,7%
------------------------------------------------------------------------------------
Konsolideeritud finantsseisundi aruanne
EUR '000 31.03.2019 31.03.2018 30.06.2018
-----------------------------------------------------------------------------
VARAD
-----------------------------------------------------------------------------
Raha ja ekvivalendid 6 219 7 128 5 960
-----------------------------------------------------------------------------
Nõuded ja ettemaksed 4 252 5 773 4 706
-----------------------------------------------------------------------------
Varud 11 409 13 495 12 678
-----------------------------------------------------------------------------
Bioloogilised varad 2 894 4 560 6 498
-----------------------------------------------------------------------------
Käibevara kokku 24 774 30 956 29 842
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Edasilükkunud tulumaksuvara 17 214 153
-----------------------------------------------------------------------------
Pikaajalised finantsinvesteeringud 135 102 134
-----------------------------------------------------------------------------
Materiaalne põhivara 14 842 12 896 12 764
-----------------------------------------------------------------------------
Immateriaalne vara 23 714 22 233 22 604
-----------------------------------------------------------------------------
Põhivara kokku 38 708 35 445 35 655
-----------------------------------------------------------------------------
VARAD KOKKU 63 482 66 401 65 497
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
-----------------------------------------------------------------------------
Võlakohustused 14 598 11 615 12 562
-----------------------------------------------------------------------------
Võlad ja ettemaksed 11 563 14 521 14 254
-----------------------------------------------------------------------------
Sihtfinantseerimine 245 265 216
-----------------------------------------------------------------------------
Lühiajalised kohustused kokku 26 406 26 401 27 032
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Võlakohustused 10 296 12 229 11 487
-----------------------------------------------------------------------------
Võlad ja ettemaksed 388 0 0
-----------------------------------------------------------------------------
Edasilükkunud tulumaksukohustus 1 918 2 233 2 441
-----------------------------------------------------------------------------
Sihtfinantseerimine 1 198 1 216 1 226
-----------------------------------------------------------------------------
Pikaajalised kohustused kokku 13 800 15 678 15 154
-----------------------------------------------------------------------------
KOHUSTUSED KOKKU 40 206 42 079 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 556 112 7
-----------------------------------------------------------------------------
Jaotamata kasum (-kahjum) 576 2 736 1 904
-----------------------------------------------------------------------------
Ettevõtte aktsionäridele kuuluv osa 22 537 24 250 23 313
-----------------------------------------------------------------------------
Väikeaktsionäridele kuuluv osa 739 72 -2
-----------------------------------------------------------------------------
OMAKAPITAL KOKKU 23 276 24 322 23 311
-----------------------------------------------------------------------------
OMAKAPITAL JA KOHUSTUSED KOKKU 63 482 66 401 65 497
-----------------------------------------------------------------------------
Konsolideeritud koondkasumiaruanne
EUR '000 1kv 2019 1kv 2018 9k 2018/2019 9k 2017/2018 18k 2017/2018
-------------------------------------------------------------------------------
Müügitulud 18 120 22 740 64 242 72 722 118 499
-------------------------------------------------------------------------------
Müüdud kaupade kulu -15 999 -20 332 -54 447 -61 299 -103 811
-------------------------------------------------------------------------------
Brutokasum 2 121 2 408 9 795 11 423 14 688
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tegevuskulud -2 561 -2 387 -8 180 -7 349 -12 423
-------------------------------------------------------------------------------
Turundus- ja
müügikulud -1 775 -1 695 -5 702 -5 201 -8 841
-------------------------------------------------------------------------------
Üldhalduskulud -786 -692 -2 478 -2 148 -3 582
-------------------------------------------------------------------------------
Muud äritulud/-kulud -114 152 189 266 -250
-------------------------------------------------------------------------------
Bioloogiliste varade
ümberhindlus -457 -118 -2 012 -1 773 -524
-------------------------------------------------------------------------------
Ärikasum (-kahjum) -1 011 55 -208 2 567 1 491
-------------------------------------------------------------------------------
Finantstulud 17 2 36 5 10
-------------------------------------------------------------------------------
Finantskulud -189 -258 -643 -671 -1 034
-------------------------------------------------------------------------------
Maksustamiseelne
kasum (-kahjum) -1 183 -201 -815 1 901 467
-------------------------------------------------------------------------------
Tulumaks -13 -18 -17 223 -410
-------------------------------------------------------------------------------
Aruandeperioodi
puhaskasum (-kahjum) -1 196 -219 -832 2 124 57
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Aruandeperioodi
puhaskasumi (-
kahjum) jaotus:
-------------------------------------------------------------------------------
emaettevõtte
aktsionäridele
kuuluv osa -1 177 -227 -948 2 052 59
-------------------------------------------------------------------------------
Väikeaktsionäridele
kuuluv osa -19 8 116 72 -2
-------------------------------------------------------------------------------
Aruandeperioodi
puhaskasumi (-
kahjum) kokku -1 196 -219 -832 2 124 57
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Muu koondkasum (-
kahjum), mida võib
hiljem
klassifitseerida
kasumiaruandesse:
-------------------------------------------------------------------------------
Valuutakursi vahed 626 -61 549 -305 -421
-------------------------------------------------------------------------------
Kokku koondkasum (-
kahjum) -570 -280 -283 1 819 -364
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Aruandeperioodi
koondkasumi (-
kahjum) jaotus:
-------------------------------------------------------------------------------
emaettevõtte
aktsionäridele
kuuluv osa -551 -288 -399 1 747 -362
-------------------------------------------------------------------------------
Väikeaktsionäridele
kuuluv osa -19 8 116 72 -2
-------------------------------------------------------------------------------
Aruandeperioodi
koondkasum (-kahjum)
kokku -570 -280 -283 1 819 -364
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava puhaskasum (-
kahjum) aktsia kohta
(EUR) -0,01 -0,01 -0,01 0,05 -0,01
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Lahustatud
puhaskasum (-kahjum)
aktsia kohta (EUR) -0,01 -0,01 -0,01 0,05 -0,01
-------------------------------------------------------------------------------
Indrek Kasela
AS PRFoods
Juhatuse liige
T: +372 452 1470
[email protected]
www.prfoods.ee
Content of announcement in English
Title
PRF: Consolidated Unaudited Interim Report of AS PRFoods for 3rd quarter and 9 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 previous financial
year was 18 months long. The current financial year that began on 01.07.2018 is
of standard length and ends on 30.06.2019. The comparable data presented in the
report stems from comparable periods: the 3(rd) quarter of the current financial
year i.e. the 1(st) quarter of 2019 is compared to the 1(st) quarter of 2018,
and 9 months of the financial year i.e. the period from 01.07.2018 till
31.03.2019 is compared to the period from 01.07.2017 till 31.03.2018.
PRFoods' sales in Q3 of the financial year 2018/2019 were 18.1 million euros
(same period previous year 22.7 million euros) and 9-months' sales were 64.2
million euros (72.7 million euros). Decrease of sales is largely attributable to
slower sales from Estonia to Finland and a decrease of trading revenue i.e.
sales of raw fish in Finland.
At the same time the decrease of gross profit was substantially less. In Q3 of
2018/2019 gross profit was 2.1 million euros compared to 2.4 million euros last
year. Hence, we managed to increase gross profit margin in Q3, but not yet
achieve the required sales levels. 9-months gross profit was 9.8 million euros
compared to 11.4 million euros last year.
The Group's EBITDA in Q3 was -0.5 million euros (last year 0.6 million euros).
9-months' EBITDA was 1.4 million euros compared to 4.1 million euros last year.
EBITDA was negatively affected mainly by extraordinarily weak result from the
Estonian unit, which continued to some extent into Q3.
The Group's consolidation unit's, Saaremere Kala's EBITDA forecast for
2018/2019 full financial year is 4.3 million euros (this does not include
expenses related to the Group's holding company PRFoods).
2018/2019 financial year's primary activities are mainly focussed on changing
the product portfolio, and to exit lower margin products, which has caused
significant decrease in comparable sales. Higher gross margins do not yet
compensate for lost sales in overall profit. Only in April we managed to
increase sales year-on-year basis. Also, a decrease in fish prices had a
negative effect on biomass valuation (compared to last year, in Q3 the
difference was -0.3 million euros, on 9-months basis -0.2 million euros).
When analysing the Group's activities on country basis, we are happy to declare
that our main Finnish unit, Heimon Kala, achieved 82% higher EBITDA in Q3 than
last year. Trio Trading is still making loss both in Q3 and 9-months basis, and
we have since launched a radical cost cutting programme there.
The biggest decrease in the performance comes from Estonia. The loss is mainly
attributable to two causes: higher personnel costs and ca 1.5 million euros
lower sales to Finland. We cannot be happy with the performance of Estonian
unit. At the same time, the Estonian unit has managed to increase domestic sales
by 700,000 euros, mainly to retail segment and bigger ship handlers.
In the UK, we finished the transfer of production from Coln Valley to Aberdeen
in April, which will cause ca 200,000 euros extra costs for termination of Coln
Valley factory rental agreement in Q4. At the same time, long-term savings
amount to 500,000 euro over the next 7 years.
The Group' balance sheet continues to be good, we have 6,2 million euros cash
balance (last year same time 7.1 million euros).
In Q3 we launched a significant synergy and cost cutting programme. According to
plans already realized, we have reduced thanks to the group synergies, costs in
Trio Trading on annual basis by 480,000 euros. In Estonia similar measures
amount presumably to 360,000 euros in annual savings. The Group's target is to
reduce costs in the next financial year by at least 1 million euros.
While we cannot be content with the speed of restructurings in our production
and sales units, we have achieved positive developments in our fish farming
unit. We expect additional farming licences from Sweden already this year. In
Estonia, the authorities have started the official process for environmental
impact analysis, which we hope to complete in 2019, so we could start preparing
for new fish farms in Estonia already in 2020. In case of positive developments,
we can increase our farming capacity by at least 5000 tons in coming years. We
have also launched a project to study the feasibility of fish farms in Paldiski,
Estonia.
By the end of 2018/2019 financial year, we have started synergy and cost
optimisation programmes in all of the Group companies and in the next year we
aspire to achieve significantly bigger sales compared to the current year.
3(rd) quarter of the financial year 2018/2019 (i.e., hereinafter 1(st) quarter
of 2019) compared to the 1(st) quarter of 2018:
* Unaudited consolidated revenue 18.12 million euros, a decrease by 4.62
million euros, i.e. 20.3%.
* Gross margin 11.7% (1Q 2018: 10.6%).
* Negative impact from revaluation of biological assets 0.46 million euros (1Q
2018: negative impact 0.12 million euros).
* Negative effect of one-offs on the result 0.20 million euros (1Q 2018:
negative impact 0.004 million euros).
* EBITDA from operations 0.21 million euros, a decrease by 0.49 million euros.
* EBITDA -0.45 million euros, a decrease by 1.03 million euros (without one-
off effects EBITDA -0.25 million euros, a decrease by 0.83 million euros).
* Operating loss 1.01 million euros, a decrease by 1.07 million euros (without
one-off effects operating loss 0.81 million euros, a decrease by 0.87
million euros).
* Net loss 1.20 million euros, an increase by 0.98 million euros. (without
one-off effects net loss 0.99 million euros, an increase by 0.78 million
euros).
9 months of the financial year 2018/2019 compared to 9 months of 2017/2018:
* Unaudited consolidated revenue 64.24 million euros, a decrease by 8.48
million euros, i.e. -11.7%.
* Gross margin 15.2% (9m 2017/2018: 15.7%).
* Negative impact from revaluation of biological assets 2.01 million euros (9m
2017/2018: negative impact 1.77 million euros).
* Negative effect of one-offs on the result 0.23 million euros (9m 2017/2018:
negative impact 0.29 million euros).
* EBITDA from operations 3.69 million euros, a decrease by 2.51 million euros.
* EBITDA 1.45 million euros, a decrease by 2.70 million euros (without one-off
effects EBITDA 1.68 million euros, a decrease by 2.75 million euros).
* Operating loss 0.21 million euros, a decrease by 2.78 million euros (without
one-off effects operating profit 0.03 million euros, a decrease by 2.83
million euros).
* Net loss 0.83 million euros, a decrease by 2.96 million euros (without one-
off effects net loss 0.60 million euros, a decrease by 3.01 million euros).
Quarterly presentation will be published on our website latest at 24(th) of May.
KEY RATIOS
Income Statement, EUR
mln 1Q 2019 4Q 2018 3Q 2018 2Q 2018 1Q 2018 4Q 2017 3Q 2017
-------------------------------------------------------------------------------
Sales 18.1 26.7 19.4 22.1 22.7 32.0 18.0
-------------------------------------------------------------------------------
Gross profit 2.1 4.7 3.0 1.8 2.4 6.6 2.5
-------------------------------------------------------------------------------
EBITDA from operations 0.2 2.4 1.1 -0.2 0.7 4.3 1.2
-------------------------------------------------------------------------------
EBITDA -0.5 0.8 1.1 0.3 0.6 1.6 2.0
-------------------------------------------------------------------------------
EBIT -1.0 0.2 0.6 -0.2 0.1 1.0 1.5
-------------------------------------------------------------------------------
EBT -1.2 0.0 0.4 -0.5 -0.2 0.8 1.3
-------------------------------------------------------------------------------
Net profit (-loss) -1.2 0.2 0.1 -1.1 -0.2 1.2 1.1
-------------------------------------------------------------------------------
Gross margin 11.7% 17.7% 15.2% 7.9% 10.6% 20.5% 13.6%
-------------------------------------------------------------------------------
Operational EBITDA
margin 1.1% 9.1% 5.4% -1.1% 3.1% 13.4% 6.7%
-------------------------------------------------------------------------------
EBITDA margin -2.5% 2.9% 5.8% 1.2% 2.5% 4.9% 11.1%
-------------------------------------------------------------------------------
EBIT margin -5.6% 0.9% 3.0% -1.1% 0.2% 3.1% 8.5%
-------------------------------------------------------------------------------
EBT margin -6.5% 0.1% 1.8% -2.3% -0.9% 2.5% 7.3%
-------------------------------------------------------------------------------
Net margin -6.6% 0.8% 0.7% -5.1% -1.0% 3.9% 6.2%
-------------------------------------------------------------------------------
Operating expense
ratio 14.1% 11.2% 13.5% 12.0% 10.5% 9.3% 11.1%
-------------------------------------------------------------------------------
Balance
Sheet, EUR
mln 31.03.2019 31.12.2018 30.09.2018 30.06.2018 31.03.2018 31.12.2017
-------------------------------------------------------------------------------
Net debt 18.7 20.0 21.9 18.1 16.7 16.6
-------------------------------------------------------------------------------
Equity 23.3 24.2 24.1 23.3 24.3 24.7
-------------------------------------------------------------------------------
Working
capital -1.6 1.0 2.0 2.8 4.6 5.3
-------------------------------------------------------------------------------
Assets 63.5 65.5 64.5 65.5 66.4 68.6
-------------------------------------------------------------------------------
Liquidity
ratio 0.9x 1.0x 1.1x 1.1x 1.2x 1.2x
-------------------------------------------------------------------------------
Equity ratio 36.7% 37.0% 37.4% 35.6% 36.6% 36.0%
-------------------------------------------------------------------------------
Debt to
total assets 44.5% 45.2% 47.6% 43.7% 40.7% 40.1%
-------------------------------------------------------------------------------
Gearing
ratio 0.6x 0.6x 0.6x 0.6x 0.6x 0.6x
-------------------------------------------------------------------------------
Net debt-to-
EBITDA 5.4x 5.1x 3.8x 3.1x 2.6x 3.1x
-------------------------------------------------------------------------------
ROE -8.2% -4.0% 0.1% 0.2% 8.6% 5.8%
-------------------------------------------------------------------------------
ROA -3.0% -1.5% 0.0% 0.1% 4.1% 2.7%
-------------------------------------------------------------------------------
Consolidated statement of financial position
EUR '000 31.03.2019 31.03.2018 30.06.2018
-------------------------------------------------------------------------
ASSETS
-------------------------------------------------------------------------
Cash and cash equivalents 6,219 7,128 5,960
-------------------------------------------------------------------------
Receivables and prepayments 4,252 5,773 4,706
-------------------------------------------------------------------------
Inventories 11,409 13,495 12,678
-------------------------------------------------------------------------
Biological assets 2,894 4,560 6,498
-------------------------------------------------------------------------
Total current assets 24,774 30,956 29,842
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Deferred income tax 17 214 153
-------------------------------------------------------------------------
Long-term financial investments 135 102 134
-------------------------------------------------------------------------
Tangible fixed assets 14,842 12,896 12,764
-------------------------------------------------------------------------
Intangible assets 23,714 22,233 22,604
-------------------------------------------------------------------------
Total non-current assets 38,708 35,445 35,655
-------------------------------------------------------------------------
TOTAL ASSETS 63,482 66,401 65,497
-------------------------------------------------------------------------
-------------------------------------------------------------------------
EQUITY AND LIABILITIES
-------------------------------------------------------------------------
Loans and borrowings 14,598 11,615 12,562
-------------------------------------------------------------------------
Payables 11,563 14,521 14,254
-------------------------------------------------------------------------
Government grants 245 265 216
-------------------------------------------------------------------------
Total current liabilities 26,406 26,401 27,032
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Loans and borrowings 10,296 12,229 11,487
-------------------------------------------------------------------------
Payables 388 0 0
-------------------------------------------------------------------------
Deferred tax liabilities 1,918 2,233 2,441
-------------------------------------------------------------------------
Government grants 1,198 1,216 1,226
-------------------------------------------------------------------------
Total non-current liabilities 13,800 15,678 15,154
-------------------------------------------------------------------------
TOTAL LIABILITIES 40,206 42,079 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 556 112 7
-------------------------------------------------------------------------
Retained profit (-loss) 576 2,736 1,904
-------------------------------------------------------------------------
Equity attributable to parent 22,537 24,250 23,313
-------------------------------------------------------------------------
Non-controlling interest 739 72 -2
-------------------------------------------------------------------------
TOTAL EQUITY 23,276 24,322 23,311
-------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 63,482 66,401 65,497
-------------------------------------------------------------------------
Consolidated statement of profit or loss and other comprehensive income
EUR '000 1Q 2019 1Q 2018 9m 2018/2019 9m 2017/2018 18m 2017/2018
-------------------------------------------------------------------------------
Sales 18,120 22,740 64,242 72,722 118,499
-------------------------------------------------------------------------------
Cost of goods sold -15,999 -20,332 -54,447 -61,299 -103,811
-------------------------------------------------------------------------------
Gross profit 2,121 2,408 9,795 11,423 14,688
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Operating expenses -2,561 -2,387 -8,180 -7,349 -12,423
-------------------------------------------------------------------------------
Selling and
distribution expenses -1,775 -1,695 -5,702 -5,201 -8,841
-------------------------------------------------------------------------------
Administrative
expenses -786 -692 -2,478 -2,148 -3,582
-------------------------------------------------------------------------------
Other income / expense -114 152 189 266 -250
-------------------------------------------------------------------------------
Fair value adjustment
on biological assets -457 -118 -2,012 -1,773 -524
-------------------------------------------------------------------------------
Operating profit (-
loss) -1,011 55 -208 2,567 1,491
-------------------------------------------------------------------------------
Financial income 17 2 36 5 10
-------------------------------------------------------------------------------
Financial expenses -189 -258 -643 -671 -1,034
-------------------------------------------------------------------------------
Profit (-loss) before
tax -1,183 -201 -815 1,901 467
-------------------------------------------------------------------------------
Income tax -13 -18 -17 223 -410
-------------------------------------------------------------------------------
Net profit (-loss) for
the period -1,196 -219 -832 2,124 57
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net profit (-loss)
attributable to:
-------------------------------------------------------------------------------
Owners of the company -1,177 -227 -948 2,052 59
-------------------------------------------------------------------------------
Non-controlling
interests -19 8 116 72 -2
-------------------------------------------------------------------------------
Total net profit (-
loss) -1,196 -219 -832 2,124 57
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Other comprehensive
income (-loss) that
may subsequently be
classified to profit
or loss:
-------------------------------------------------------------------------------
Foreign currency
translation
differences 626 -61 549 -305 -421
-------------------------------------------------------------------------------
Total comprehensive
income (-expense) -570 -280 -283 1,819 -364
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive
income (-expense)
attributable to:
-------------------------------------------------------------------------------
Owners of the Company -551 -288 -399 1,747 -362
-------------------------------------------------------------------------------
Non-controlling
interests -19 8 116 72 -2
-------------------------------------------------------------------------------
Total comprehensive
income (-expense) for
the period -570 -280 -283 1,819 -364
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit (-loss) per
share (EUR) -0.01 -0.01 -0.01 0.05 -0.01
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Diluted profit (-loss)
per share (EUR) -0.01 -0.01 -0.01 0.05 -0.01
-------------------------------------------------------------------------------
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 452 1470
[email protected]
www.prfoods.ee