Market announcement
AS PRFoods
LEI code
529900PFXFO2ZDCRNK93
Size of the entity
Medium group
Economic activities
Financial and Insurance Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
7612
Attachments
Submission date and time
30.11.2019 18:40:00
Content of announcement in Estonian
Title
PRF: AS-i PRFoods 2019/2020. majandusaasta 1. kvartali ja 3 kuu konsolideeritud auditeerimata vahearuanne
Message
AS- i PRFoods 2019/2020. majandusaasta 1. kvartali müügikäive oli 19,3 miljonit eurot ning puhaskasum 0,57 miljonit eurot, mis kasvas ligi neli korda võrreldes eelmise aasta sama perioodiga. EBITDA kasvas 31% 1,47 miljoni euroni. JUHTKONNA KOMMENTAAR Hea meel on tõdeda, et käesoleva finantsaasta esimese kvartali (2019. aasta 3. kvartal) põhjal võime öelda, et eelmisel majandusaastal Grupis alustatud ümberkorraldused on andnud positiivseid tulemusi. Aruandeperioodi iseloomustas üldine kalatoodete tooraine hindade langus, millest tulenevalt langesid nii kala- ja kalafilee kui suitsutatud toodete hinnad. Vaatamata Grupi põhitoodete ca 5%-lisele hinnalangusele, suutsime kogukäibe hoida eelmise aastaga pea samal tasemel. 2019. aasta 3. kvartali müügikäive oli 19,33 miljonit eurot (3. kv 2018: 19,39 miljonit eurot). Grupi konsolideeritud EBITDA aruandeperioodil oli 1,47 miljonit eurot, kasvades 31% võrreldes eelmise aasta sama perioodiga, mida mõjutas enim bioloogiliste varade ümberhindlusest tulenev kasum summas 0,85 miljonit eurot. Äritegevuse EBITDA (s.o enne ühekordseid tulusid-kulusid ja kalavarude ümberhindlust) oli 0,73 miljonit eurot (3. kv 2018: 1,06 miljonit eurot). Puhaskasum oli 0,57 miljonit eurot, mis on pea neli korda kõrgem eelmise aasta sama perioodi puhaskasumist (3. kv 2018: 0,14 miljonit eurot). Grupi tootmis- ja müügiettevõtted (Heimon Kala, John Ross Jr, Coln Valley Smokery, Trio Trading, Vettel) parandasid oluliselt oma äritulemust võrreldes eelmise aasta sama kvartaliga; sh ületades planeeritut kokku ca 0,3 miljoni euro võrra. Äritegevuse EBITDA langus võrreldes eelmise aastaga oli tingitud Rootsi kalakasvatuse üksuse (Överumans Fisk) madalamast tulemusest seoses kala turuhinna langusega, mille taastumist viimase kolme aasta madalaimalt tasemelt on juba märgata. Kalakasvatuse osas oleme lootusrikkad, et saame juba 2020. aastal täiendavaid kasvatusmahte. Jätkame selleks vajalike ettevalmistuste tegemist, mille tulemusel saaksime suurendada oma Eesti kalakasvandustest tulevat kvaliteetset toorainet. PRFoodsi fookus on olnud äritegevuse rahavoogude parandamisel, mis kajastub 3. kvartali 2019. aasta äritegevuse positiivses rahavoos summas 1,3 miljonit eurot võrreldes 0,1 miljoni euroga eelmise aasta samas perioodis. Ettevõtte netovõlgnevus oli 19,9 miljonit eurot seisuga 30.09.2019 (30.09.2018: 21,9 miljonit eurot), mis aasta lõpus väheneb investeerimislaenude tagasimaksete ning jõulumüükidest tuleneva kõrgema rahasaldo võrra. Grupi käibekapital oli seisuga 30.09.2019 negatiivne 3,0 miljoni euro võrra kuna lühiajalised kohustused sisaldavad kohustusi seotud osapooltele summas 4,1 miljonit eurot, mis oma olemuselt on pikaajalised, kuid raamatupidamise arvestuspõhimõtete tõttu tuleb näidata lühiajalistena. Jätkame Eesti ja Soome ettevõtete äritegevuste ühendamist ning sünergiate loomist, eriti tootearenduses ja müügis nii koduturul kui ka eksportturgudel. Soome tütarettevõtete äriline liitmine üheks ettevõtteks edeneb plaanipäraselt ja Trio Trading Oy ja Heimon Kala Oy liidetakse üheks ettevõtteks, mis jätkab Heimon Kala Oy nime all. Eestis oleme lansseerinud Soome-Eesti ühisbrändi - Heimon Kala ning ajaloos esimest korda sisenesime Saaremaal kasvatatud forelliga edukalt kohalikule jaeturule. Eesti kalatööstust tabanud listeeria puhangu taustal võime kinnitada, et PRFoodsi ettevõtted on läbinud kõik täiendavad kontrollid edukalt. Suurimat rolli mängib siin meie ettevõtete sisemine kvaliteedijuhtimine sh oma laboratooriumites igapäevaselt läbiviidavad kontrollid alates tooraine ostust kuni toote tehasest väljastamiseni. John Ross Jr´i uuendatud brändi lansseerimine algas kvartali lõpus ning eeldame järgnevates kvartalites käibe märkimisväärset kasvu Suurbritannia turul. Järgnevate perioodide eesmärkide saavutamiseks on Grupp kaasanud tugevdatud juhtkonna oma ala professionaalidest. Meie kollektiiv on teinud tulemusrikast tööd ettevõtte arendamisel ja kasumlikkuse parandamisel. PRFoodsi bilanss, tootmis- ja kliendibaas on tugev ning vaatame ootusrikkalt tuleviku poole. Suurte muutuste läbiviimine on alati keeruline ettevõtte töötajatele ning ma olen väga tänulik, et meie kollektiiv on entusiastlikult kaasa tulnud muudatustega ja andnud endast parima. VÕTMENÄITAJAD KASUMIARUANNE +---------------+--------+--------+--------+--------+--------+--------+--------+ |mln EUR |3kv 2019|2kv 2019|1kv 2019|4kv 2018|3kv 2018|2kv 2018|1kv 2018| +---------------+--------+--------+--------+--------+--------+--------+--------+ |Müügitulu | 19,3| 21,5| 18,1| 26,7| 19,4| 22,1| 22,7| +---------------+--------+--------+--------+--------+--------+--------+--------+ |Brutokasum | 2,6| 2,1| 2,1| 4,7| 3,0| 1,8| 2,4| +---------------+--------+--------+--------+--------+--------+--------+--------+ |EBITDA | | | | | | | | |äritegevusest | 0,7| 0,3| 0,2| 2,4| 1,1| -0,2| 0,7| +---------------+--------+--------+--------+--------+--------+--------+--------+ |EBITDA | 1,5| 0,3| -0,5| 0,8| 1,1| 0,3| 0,6| +---------------+--------+--------+--------+--------+--------+--------+--------+ |EBIT | 1,0| -0,3| -1,0| 0,2| 0,6| -0,2| 0,1| +---------------+--------+--------+--------+--------+--------+--------+--------+ |EBT | 0,8| -0,4| -1,2| 0,0| 0,4| -0,5| -0,2| +---------------+--------+--------+--------+--------+--------+--------+--------+ |Puhaskasum (- | | | | | | | | |kahjum) | 0,6| -0,6| -1,2| 0,2| 0,1| -1,1| -0,2| +---------------+--------+--------+--------+--------+--------+--------+--------+ |Brutomarginaal | 13,4%| 9,8%| 11,7%| 17,7%| 15,2%| 7,9%| 10,6%| +---------------+--------+--------+--------+--------+--------+--------+--------+ |Äritegevuse | | | | | | | | |EBITDA | | | | | | | | |marginaal | 3,8%| 1,4%| 1,1%| 9,1%| 5,4%| -1,1%| 3,1%| +---------------+--------+--------+--------+--------+--------+--------+--------+ |EBITDA | | | | | | | | |marginaal | 7,6%| 1,4%| -2,5%| 2,9%| 5,8%| 1,2%| 2,5%| +---------------+--------+--------+--------+--------+--------+--------+--------+ |EBIT marginaal | 5,0%| -1,2%| -5,6%| 0,9%| 3,0%| -1,1%| 0,2%| +---------------+--------+--------+--------+--------+--------+--------+--------+ |EBT marginaal | 3,9%| -2,0%| -6,5%| 0,1%| 1,8%| -2,3%| -0,9%| +---------------+--------+--------+--------+--------+--------+--------+--------+ |Puhaskasumi | | | | | | | | |marginaal | 2,9%| -3,0%| -6,6%| 0,8%| 0,7%| -5,1%| -1,0%| +---------------+--------+--------+--------+--------+--------+--------+--------+ |Tegevuskulude | | | | | | | | |suhtarv | 13,4%| 11,7%| 14,1%| 11,2%| 13,5%| 12,0%| 10,5%| +---------------+--------+--------+--------+--------+--------+--------+--------+ BILANSS +-----------------+----------+----------+----------+----------+----------+----------+----------+ |mln EUR |30.09.2019|30.06.2019|31.03.2019|31.12.2018|30.09.2018|30.06.2018|31.03.2018| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Netovõlgnevus | 19,9| 20,5| 18,7| 20,0| 21,9| 18,1| 16,7| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Omakapital | 22,8| 21,9| 23,3| 24,2| 24,1| 23,3| 24,3| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Käibekapital | -3,0| -3,1| -1,6| 1,0| 2,0| 2,8| 4,6| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Varad | 62,4| 62,5| 63,5| 65,5| 64,5| 65,5| 66,4| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Likviidsuskordaja| 0,9x| 0,9x| 0,9x| 1,0x| 1,1x| 1,1x| 1,2x| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Omakapitali | | | | | | | | |suhtarv | 36,5%| 35,0%| 36,7%| 37,0%| 37,4%| 35,6%| 36,6%| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Finantsvõimendus | 46,6%| 48,3%| 44,5%| 45,2%| 47,6%| 43,7%| 40,7%| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Võlakordaja | 0,6x| 0,7x| 0,6x| 0,6x| 0,6x| 0,6x| 0,6x| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Netovõlg / EBITDA| 5,4x| 5,1x| 5,4x| 5,1x| 3,8x| 3,1x| 2,6x| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Omakapitali | | | | | | | | |tootlus | -4,5%| -6,5%| -8,2%| -4,0%| 0,1%| 0,2%| 8,6%| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Varade tootlus | -1,6%| -2,3%| -3,0%| -1,5%| 0,0%| 0,1%| 4,1%| +-----------------+----------+----------+----------+----------+----------+----------+----------+ Konsolideeritud finantsseisundi aruanne +-------------------------------------+------------+------------+------------+ | Tuhandetes eurodes | 30.09.2019 | 30.09.2018 | 30.06.2019 | +-------------------------------------+------------+------------+------------+ | VARAD | | | | +-------------------------------------+------------+------------+------------+ | Raha ja ekvivalendid | 2 327 | 2 788 | 2 583 | +-------------------------------------+------------+------------+------------+ | Nõuded ja ettemaksed | 3 941 | 4 219 | 5 300 | +-------------------------------------+------------+------------+------------+ | Varud | 11 035 | 11 782 | 11 980 | +-------------------------------------+------------+------------+------------+ | Bioloogilised varad | 7 047 | 7 825 | 4 924 | +-------------------------------------+------------+------------+------------+ | Käibevara kokku | 24 350 | 26 614 | 24 787 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | Edasilükkunud tulumaksuvara | 58 | 26 | 41 | +-------------------------------------+------------+------------+------------+ | Pikaajalised finantsinvesteeringud | 202 | 134 | 202 | +-------------------------------------+------------+------------+------------+ | Materiaalne põhivara | 14 536 | 14 528 | 14 535 | +-------------------------------------+------------+------------+------------+ | Immateriaalne vara | 23 261 | 23 195 | 22 969 | +-------------------------------------+------------+------------+------------+ | Põhivara kokku | 38 057 | 37 883 | 37 747 | +-------------------------------------+------------+------------+------------+ | VARAD KOKKU | 62 407 | 64 497 | 62 534 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | KOHUSTUSED JA OMAKAPITAL | | | | +-------------------------------------+------------+------------+------------+ | Võlakohustused | 13 467 | 13 242 | 13 502 | +-------------------------------------+------------+------------+------------+ | Võlad ja ettemaksed | 13 796 | 11 179 | 14 105 | +-------------------------------------+------------+------------+------------+ | Sihtfinantseerimine | 126 | 242 | 234 | +-------------------------------------+------------+------------+------------+ | Lühiajalised kohustused kokku | 27 389 | 24 663 | 27 841 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | Võlakohustused | 8 745 | 11 480 | 9 540 | +-------------------------------------+------------+------------+------------+ | Võlad ja ettemaksed | 190 | 519 | 190 | +-------------------------------------+------------+------------+------------+ | Edasilükkunud tulumaksukohustus | 2 192 | 2 426 | 2 010 | +-------------------------------------+------------+------------+------------+ | Sihtfinantseerimine | 1 140 | 1 306 | 1 087 | +-------------------------------------+------------+------------+------------+ | Pikaajalised kohustused kokku | 12 267 | 15 731 | 12 827 | +-------------------------------------+------------+------------+------------+ | KOHUSTUSED KOKKU | 39 656 | 40 394 | 40 668 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | Aktsiakapital | 7 737 | 7 737 | 7 737 | +-------------------------------------+------------+------------+------------+ | Ülekurss | 14 007 | 14 007 | 14 007 | +-------------------------------------+------------+------------+------------+ | Oma aktsiad | -390 | -390 | -390 | +-------------------------------------+------------+------------+------------+ | Kohustuslik reservkapital | 51 | 48 | 51 | +-------------------------------------+------------+------------+------------+ | Realiseerimata kursivahed | 30 | 31 | -214 | +-------------------------------------+------------+------------+------------+ | Jaotamata kasum (-kahjum) | 636 | 2 004 | 66 | +-------------------------------------+------------+------------+------------+ | Ettevõtte aktsionäridele kuuluv osa | 22 071 | 23 437 | 21 257 | +-------------------------------------+------------+------------+------------+ | Väikeaktsionäridele kuuluv osa | 680 | 666 | 609 | +-------------------------------------+------------+------------+------------+ | OMAKAPITAL KOKKU | 22 751 | 24 103 | 21 866 | +-------------------------------------+------------+------------+------------+ | OMAKAPITAL JA KOHUSTUSED KOKKU | 62 407 | 64 497 | 62 534 | +-------------------------------------+------------+------------+------------+ Konsolideeritud koondkasumiaruanne +--------------------------------+--------+--------+-------------+-------------+ |Tuhandetes eurodes |3kv 2019|3kv 2018|12k 2018/2019|12k 2017/2018| +--------------------------------+--------+--------+-------------+-------------+ |Müügitulud | 19 329| 19 393| 85 727| 94 871| +--------------------------------+--------+--------+-------------+-------------+ |Müüdud kaupade kulu | -16 747| -16 437| -73 830| -81 694| +--------------------------------+--------+--------+-------------+-------------+ |Brutokasum | 2 582| 2 956| 11 897| 13 177| +--------------------------------+--------+--------+-------------+-------------+ | | | | | | +--------------------------------+--------+--------+-------------+-------------+ |Tegevuskulud | -2 598| -2 623| -10 702| -10 007| +--------------------------------+--------+--------+-------------+-------------+ | Turundus- ja müügikulud | -1 792| -1 843| -7 499| -7 125| +--------------------------------+--------+--------+-------------+-------------+ | Üldhalduskulud | -806| -780| -3 203| -2 882| +--------------------------------+--------+--------+-------------+-------------+ |Muud äritulud/-kulud | 128| 167| 83| -162| +--------------------------------+--------+--------+-------------+-------------+ |Bioloogiliste varade | | | | | |ümberhindlus | 846| 73| -1 744| -674| +--------------------------------+--------+--------+-------------+-------------+ |Ärikasum (-kahjum) | 958| 573| -466| 2 334| +--------------------------------+--------+--------+-------------+-------------+ | Finantstulud/-kulud | -203| -222| -776| -936| +--------------------------------+--------+--------+-------------+-------------+ |Maksustamiseelne kasum (-kahjum)| 755| 351| -1 242| 1 398| +--------------------------------+--------+--------+-------------+-------------+ | Tulumaks | -185| -209| -230| -399| +--------------------------------+--------+--------+-------------+-------------+ |Aruandeperioodi puhaskasum (- | | | | | |kahjum) | 570| 142| -1 472| 999| +--------------------------------+--------+--------+-------------+-------------+ | | | | | | +--------------------------------+--------+--------+-------------+-------------+ |Aruandeperioodi puhaskasumi (- | | | | | |kahjum) jaotus: | | | | | +--------------------------------+--------+--------+-------------+-------------+ |emaettevõtte aktsionäridele | | | | | |kuuluv osa | 513| 99| -1 458| 1 001| +--------------------------------+--------+--------+-------------+-------------+ |Väikeaktsionäridele kuuluv osa | 57| 43| -14| -2| +--------------------------------+--------+--------+-------------+-------------+ |Aruandeperioodi puhaskasumi (- | | | | | |kahjum) kokku | 570| 142| -1 472| 999| +--------------------------------+--------+--------+-------------+-------------+ | | | | | | +--------------------------------+--------+--------+-------------+-------------+ |Muu koondkasum (-kahjum), mida | | | | | |võib hiljem klassifitseerida | | | | | |kasumiaruandesse: | | | | | +--------------------------------+--------+--------+-------------+-------------+ |Valuutakursi vahed | 315| 24| -221| -410| +--------------------------------+--------+--------+-------------+-------------+ |Kokku koondkasum (-kahjum) | 885| 166| -1 693| 589| +--------------------------------+--------+--------+-------------+-------------+ | | | | | | +--------------------------------+--------+--------+-------------+-------------+ |Aruandeperioodi koondkasumi (- | | | | | |kahjum) jaotus: | | | | | +--------------------------------+--------+--------+-------------+-------------+ |emaettevõtte aktsionäridele | | | | | |kuuluv osa | 828| 123| -1 679| 591| +--------------------------------+--------+--------+-------------+-------------+ |Väikeaktsionäridele kuuluv osa | 57| 43| -14| -2| +--------------------------------+--------+--------+-------------+-------------+ |Aruandeperioodi koondkasum (- | | | | | |kahjum) kokku | 885| 166| -1 693| 589| +--------------------------------+--------+--------+-------------+-------------+ | | | | | | +--------------------------------+--------+--------+-------------+-------------+ |Tava puhaskasum (-kahjum) aktsia| | | | | |kohta (EUR) | 0,02| 0,00| -0,04| 0,02| +--------------------------------+--------+--------+-------------+-------------+ | | | | | | +--------------------------------+--------+--------+-------------+-------------+ |Lahustatud puhaskasum (-kahjum) | | | | | |aktsia kohta (EUR) | 0,02| 0,00| -0,04| 0,02| +--------------------------------+--------+--------+-------------+-------------+ 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 the 1st quarter and 3 months of 2019/2020 financial year
Message
OVERVIEW OF ECONOMIC ACTIVITIES PRFoods' sales of 1st quarter 2019/2020 financial year was 19.3 million euros. Net profit 0.57 million euros, four times higher than Q3/2018. EBITDA 1.47 million euros, growth 31%. MANAGEMENT COMMENTARY We are happy to announce that based on the first quarter of the financial year (3rd quarter of 2019) the restructuring processes commenced within the Group during the last financial year, are demonstrating positive results. The reporting period was characterized by a general decline in the prices of raw materials of fishery products, resulting in a fall in the prices of fish, fish fillets and smoked products. In spite of the approximately 5% price drop of the Group's main products, we were able to keep the total sales practically at the level of the last year. The third quarter sales for 2019 totalled 19.33 million euros (Q3 2018: 19.39 million euros). The Group's consolidated EBITDA for the reporting period was 1.47 million euros, an increase of 31% compared to the same period last year, which was mainly affected by the gain from revaluation of biological assets by 0.85 million euros. Operating EBITDA (i.e. excluding one-offs and fish stock revaluation) was 0.73 million euros (Q3 2018: 1.06 million euros). Net profit was 0.57 million euros, almost four times higher than the net profit for the same period last year (Q3 2018: 0.14 million euros). The Group's manufacturing and sales companies (Heimon Kala, John Ross Jr., Coln Valley Smokery, Trio Trading, Vettel) significantly improved their operational results compared to the same quarter last year; incl. exceeding the planned ones by ca 0.3 million euros in total. The decline in operating EBITDA compared to the previous year was attributable to the weaker performance of the Swedish fish farming unit (Överumans Fisk) due to the decline in the market price of fish, the recovery of which from its lowest level in the last three years is already noticeable. We are optimistic about getting additional farming licences already in 2020. We will continue to make necessary preparations to increase the farming capacity which in turn would increase the quality raw material supply from our own Estonian fish farms. PRFoods' focus has been on improving cash flow from operating activities, which is reflected in Q3 2019 positive cash flow from operating activities in the amount of 1.3 million euros compared to 0.1 million euros in the same period last year. The Company's net debt was 19.9 million euros as at 30.09.2019 (30.09.2018: 21.9 million euros), which will decrease at the end of the year by repayments of investment loans and higher cash balance due to Christmas sales. As at 30.09.2019, the Group's working capital was negative by 3.0 million euros as current liabilities include liabilities to related parties in the amount of 4.1 million euros, which by their nature are long-term but due to accounting principles shall be reported as current. We will continue to merge the business operations of the Estonian and Finnish companies and to create synergies, especially in product development and sales both in the domestic and export markets. The merger of the Finnish subsidiaries into one company is proceeding according to plan and Trio Trading Oy and Heimon Kala Oy will be merged into one company, which will continue under the name Heimon Kala Oy. In Estonia we have launched a Finnish-Estonian joint brand - Heimon Kala and for the first time in history we have successfully entered the local retail market with trout farmed in Saaremaa, Estonia. Regarding the outbreak of listeria that hit the Estonian fishing industry, we can confirm that PRFoods companies have passed all additional controls successfully. The biggest role here is played by our internal quality and food safety controls in our companies, including the day-to-day controls in our own laboratories from the purchase of raw fish to the dispatch of the product from the factory. The launch of John Ross Jr.'s renewed brand started at the end of the quarter and we expect significant growth in the UK market in the coming quarters. In order to achieve our goals in the coming periods, the Group has engaged a strengthened management team of professionals. PRFoods team has done excellent job in developing our business and profitability. PRFoods' balance sheet, production and customer base are strong, and we look optimistically towards future. Big changes are always challenging for people in the company and I am very thankful that our team has enthusiastically embraced the changes and given their best. KEY RATIOS INCOME STATEMENT +----------------------+-------+-------+-------+-------+-------+-------+-------+ |mln EUR |3Q 2019|2Q 2019|1Q 2019|4Q 2018|3Q 2018|2Q 2018|1Q 2018| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |Sales | 19,3| 21.5| 18.1| 26.7| 19.4| 22.1| 22.7| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |Gross profit | 2,6| 2.1| 2.1| 4.7| 3.0| 1.8| 2.4| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |EBITDA from operations| 0,7| 0.3| 0.2| 2.4| 1.1| -0.2| 0.7| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |EBITDA | 1,5| 0.3| -0.5| 0.8| 1.1| 0.3| 0.6| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |EBIT | 1,0| -0.3| -1.0| 0.2| 0.6| -0.2| 0.1| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |EBT | 0,8| -0.4| -1.2| 0.0| 0.4| -0.5| -0.2| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |Net profit (-loss) | 0,6| -0.6| -1.2| 0.2| 0.1| -1.1| -0.2| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |Gross margin | 13,4%| 9.8%| 11.7%| 17.7%| 15.2%| 7.9%| 10.6%| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |Operational EBITDA | | | | | | | | |margin | 3,8%| 1.4%| 1.1%| 9.1%| 5.4%| -1.1%| 3.1%| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |EBITDA margin | 7,6%| 1.4%| -2.5%| 2.9%| 5.8%| 1.2%| 2.5%| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |EBIT margin | 5,0%| -1.2%| -5.6%| 0.9%| 3.0%| -1.1%| 0.2%| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |EBT margin | 3,9%| -2.0%| -6.5%| 0.1%| 1.8%| -2.3%| -0.9%| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |Net margin | 2,9%| -3.0%| -6.6%| 0.8%| 0.7%| -5.1%| -1.0%| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |Operating expense | | | | | | | | |ratio | 13,4%| 11.7%| 14.1%| 11.2%| 13.5%| 12.0%| 10.5%| +----------------------+-------+-------+-------+-------+-------+-------+-------+ BALANCE SHEET +---------+----------+----------+----------+----------+----------+----------+----------+ |mln EUR |30.09.2019|30.06.2019|31.03.2019|31.12.2018|30.09.2018|30.06.2018|31.03.2018| +---------+----------+----------+----------+----------+----------+----------+----------+ |Net debt | 19,9| 20.5| 18.7| 20.0| 21.9| 18.1| 16.7| +---------+----------+----------+----------+----------+----------+----------+----------+ |Equity | 22,8| 21.9| 23.3| 24.2| 24.1| 23.3| 24.3| +---------+----------+----------+----------+----------+----------+----------+----------+ |Working | | | | | | | | |capital | -3,0| -3.1| -1.6| 1.0| 2.0| 2.8| 4.6| +---------+----------+----------+----------+----------+----------+----------+----------+ |Assets | 62,4| 62.5| 63.5| 65.5| 64.5| 65.5| 66.4| +---------+----------+----------+----------+----------+----------+----------+----------+ |Liquidity| | | | | | | | |ratio | 0,9x| 0.9x| 0.9x| 1.0x| 1.1x| 1.1x| 1.2x| +---------+----------+----------+----------+----------+----------+----------+----------+ |Equity | | | | | | | | |ratio | 36,5%| 35.0%| 36.7%| 37.0%| 37.4%| 35.6%| 36.6%| +---------+----------+----------+----------+----------+----------+----------+----------+ |Gearing | | | | | | | | |ratio | 46,6%| 48.3%| 44.5%| 45.2%| 47.6%| 43.7%| 40.7%| +---------+----------+----------+----------+----------+----------+----------+----------+ |Debt to | | | | | | | | |total | | | | | | | | |assets | 0,6x| 0.7x| 0.6x| 0.6x| 0.6x| 0.6x| 0.6x| +---------+----------+----------+----------+----------+----------+----------+----------+ |Net debt | | | | | | | | |to EBITDA| 5,4x| 5.1x| 5.4x| 5.1x| 3.8x| 3.1x| 2.6x| +---------+----------+----------+----------+----------+----------+----------+----------+ |ROE | -4,5%| -6.5%| -8.2%| -4.0%| 0.1%| 0.2%| 8.6%| +---------+----------+----------+----------+----------+----------+----------+----------+ |ROA | -1,6%| -2.3%| -3.0%| -1.5%| 0.0%| 0.1%| 4.1%| +---------+----------+----------+----------+----------+----------+----------+----------+ Consolidated Statement of Financial Position +---------------------------------+------------+------------+------------+ | Thousand euros | 30.09.2019 | 30.09.2018 | 30.06.2019 | +---------------------------------+------------+------------+------------+ | ASSETS | | | | +---------------------------------+------------+------------+------------+ | Cash and cash equivalents | 2 327 | 2 788 | 2 583 | +---------------------------------+------------+------------+------------+ | Receivables and prepayments | 3 941 | 4 219 | 5 300 | +---------------------------------+------------+------------+------------+ | Inventories | 11 035 | 11 782 | 11 980 | +---------------------------------+------------+------------+------------+ | Biological assets | 7 047 | 7 825 | 4 924 | +---------------------------------+------------+------------+------------+ | Total current assets | 24 350 | 26 614 | 24 787 | +---------------------------------+------------+------------+------------+ | | | | | +---------------------------------+------------+------------+------------+ | Deferred income tax | 58 | 26 | 41 | +---------------------------------+------------+------------+------------+ | Long-term financial investments | 202 | 134 | 202 | +---------------------------------+------------+------------+------------+ | Tangible fixed assets | 14 536 | 14 528 | 14 535 | +---------------------------------+------------+------------+------------+ | Intangible assets | 23 261 | 23 195 | 22 969 | +---------------------------------+------------+------------+------------+ | Total non-current assets | 38 057 | 37 883 | 37 747 | +---------------------------------+------------+------------+------------+ | TOTAL ASSETS | 62 407 | 64 497 | 62 534 | +---------------------------------+------------+------------+------------+ | | | | | +---------------------------------+------------+------------+------------+ | EQUITY AND LIABILITIES | | | | +---------------------------------+------------+------------+------------+ | Loans and borrowings | 13 467 | 13 242 | 13 502 | +---------------------------------+------------+------------+------------+ | Payables | 13 796 | 11 179 | 14 105 | +---------------------------------+------------+------------+------------+ | Government grants | 126 | 242 | 234 | +---------------------------------+------------+------------+------------+ | Total current liabilities | 27 389 | 24 663 | 27 841 | +---------------------------------+------------+------------+------------+ | | | | | +---------------------------------+------------+------------+------------+ | Loans and borrowings | 8 745 | 11 480 | 9 540 | +---------------------------------+------------+------------+------------+ | Payables | 190 | 519 | 190 | +---------------------------------+------------+------------+------------+ | Deferred tax liabilities | 2 192 | 2 426 | 2 010 | +---------------------------------+------------+------------+------------+ | Government grants | 1 140 | 1 306 | 1 087 | +---------------------------------+------------+------------+------------+ | Total non-current liabilities | 12 267 | 15 731 | 12 827 | +---------------------------------+------------+------------+------------+ | TOTAL LIABILITIES | 39 656 | 40 394 | 40 668 | +---------------------------------+------------+------------+------------+ | | | | | +---------------------------------+------------+------------+------------+ | 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 | 51 | +---------------------------------+------------+------------+------------+ | Currency translation reserve | 30 | 31 | -214 | +---------------------------------+------------+------------+------------+ | Retained profit (-loss) | 636 | 2 004 | 66 | +---------------------------------+------------+------------+------------+ | Equity attributable to parent | 22 071 | 23 437 | 21 257 | +---------------------------------+------------+------------+------------+ | Non-controlling interest | 680 | 666 | 609 | +---------------------------------+------------+------------+------------+ | TOTAL EQUITY | 22 751 | 24 103 | 21 866 | +---------------------------------+------------+------------+------------+ | TOTAL EQUITY AND LIABILITIES | 62 407 | 64 497 | 62 534 | +---------------------------------+------------+------------+------------+ Consolidated Statement of Profit or Loss And Other Comprehensive Income +----------------------------------+-------+-------+-------------+-------------+ |Thousand euros |3Q 2019|3Q 2018|12m 2018/2019|12m 2017/2018| +----------------------------------+-------+-------+-------------+-------------+ |Sales | 19 329| 19 393| 85,727| 94,871| +----------------------------------+-------+-------+-------------+-------------+ |Cost of goods sold |-16 747|-16 437| -73,830| -81,694| +----------------------------------+-------+-------+-------------+-------------+ |Gross profit | 2 582| 2 956| 11,897| 13,177| +----------------------------------+-------+-------+-------------+-------------+ | | | | | | +----------------------------------+-------+-------+-------------+-------------+ |Operating expenses | -2 598| -2 623| -10,702| -10,007| +----------------------------------+-------+-------+-------------+-------------+ | Selling and distribution | | | | | |expenses | -1 792| -1 843| -7,499| -7,125| +----------------------------------+-------+-------+-------------+-------------+ | Administrative expenses | -806| -780| -3,203| -2,882| +----------------------------------+-------+-------+-------------+-------------+ |Other income / expense | 128| 167| 83| -162| +----------------------------------+-------+-------+-------------+-------------+ |Fair value adjustment on | | | | | |biological assets | 846| 73| -1,744| -674| +----------------------------------+-------+-------+-------------+-------------+ |Operating profit (loss) | 958| 573| -466| 2,334| +----------------------------------+-------+-------+-------------+-------------+ |Financial income/-expenses | -203| -222| -776| -936| +----------------------------------+-------+-------+-------------+-------------+ |Profit (loss) before tax | 755| 351| -1,242| 1,398| +----------------------------------+-------+-------+-------------+-------------+ |Income tax | -185| -209| -230| -399| +----------------------------------+-------+-------+-------------+-------------+ |Net profit (loss) for the period | 570| 142| -1,472| 999| +----------------------------------+-------+-------+-------------+-------------+ | | | | | | +----------------------------------+-------+-------+-------------+-------------+ |Net profit (loss) attributable to:| | | | | +----------------------------------+-------+-------+-------------+-------------+ |Owners of the company | 513| 99| -1 458| 1,001| +----------------------------------+-------+-------+-------------+-------------+ |Non-controlling interests | 57| 43| -14| -2| +----------------------------------+-------+-------+-------------+-------------+ |Total net profit (loss) | 570| 142| -1,472| 999| +----------------------------------+-------+-------+-------------+-------------+ | | | | | | +----------------------------------+-------+-------+-------------+-------------+ |Other comprehensive income (loss) | | | | | |that may subsequently be | | | | | |classified to profit or loss: | | | | | +----------------------------------+-------+-------+-------------+-------------+ |Foreign currency translation | | | | | |differences | 315| 24| -221| -410| +----------------------------------+-------+-------+-------------+-------------+ |Total comprehensive income | | | | | |(expense) | 885| 166| -1,693| 589| +----------------------------------+-------+-------+-------------+-------------+ | | | | | | +----------------------------------+-------+-------+-------------+-------------+ |Total comprehensive income | | | | | |(expense) attributable to: | | | | | +----------------------------------+-------+-------+-------------+-------------+ |Owners of the Company | 828| 123| -1 679| 591| +----------------------------------+-------+-------+-------------+-------------+ |Non-controlling interests | 57| 43| -14| -2| +----------------------------------+-------+-------+-------------+-------------+ |Total comprehensive income | | | | | |(expense) for the period | 885| 166| -1 693| 589| +----------------------------------+-------+-------+-------------+-------------+ | | | | | | +----------------------------------+-------+-------+-------------+-------------+ |Profit (loss) per share (EUR) | 0,02| 0,00| -0,04| 0,02| +----------------------------------+-------+-------+-------------+-------------+ | | | | | | +----------------------------------+-------+-------+-------------+-------------+ |Diluted profit (loss) per share | | | | | |(EUR) | 0,02| 0,00| -0,04| 0,02| +----------------------------------+-------+-------+-------------+-------------+ Indrek Kasela AS PRFoods Member of the Management Board Phone: +372 452 1470 [email protected] www.prfoods.ee