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
8024
Attachments
Submission date and time
17.05.2020 19:37:53
Content of announcement in Estonian
Title
PRF: AS-i PRFoods 2019/2020 majandusaasta 3. kvartali ja 9 kuu konsolideeritud auditeerimata vahearuanne
Message
ÜLEVAADE MAJANDUSTEGEVUSEST Majandusaasta 3. kvartal lõppes PRFoodsile 2%-lise müügikasvuga, kokku oli käive 18,5 miljonit eurot (9 kuud 63,2 miljonit eurot). 9 kuu EBITDA kasvas 35% võrra 2 miljoni euroni ning puhaskahjum vähenes 25% võrra 0,6 miljoni euroni võrreldes eelmise aasta sama perioodiga. Kvartali lõpp tõi ülemaailmse pandeemia jõudmise meie põhiturgudele ning eriolukorraga seotud piirangud hakkasid avaldama mõju. HoReCa piirangud ning lennutranspordi drastiline vähenemine mõjutasid märkimisväärselt käivet juba märtsi lõpus. Samuti, nagu iga kriisi ajal, tegid kliendid oma toidukorvis muudatusi, eelistades odavamaid tooteid. PRFoods läks Covid-19 pandeemiale vastu tugevdatud bilansiga, kuna olime just refinantseerinud oma lühiajalised laenud võlakirjadega ning samuti oleme parandanud oma rahavoogusid tingituna väiksemast tooraine laost. Suuremad muutused seisavad ees 4. kvartalis, aga näeme, et vähemalt juunis on osaliselt taastumas HoReCa (osakaal Grupi käibest 25%) ning toiduainetetööstused on turvalisemas seisus kui paljud muud sektorid. Covid-19 mõju PRFoods majandustulemustele kajastame finantsaasta 4. kvartali ja 12 kuu majandustulemustes. Grupi müügitulu Grupi auditeerimata konsolideeritud käive finantsaasta 3. kvartalis (so 2020. aasta 1. kv) oli 18,5 milj. eurot, suurenedes 2% võrreldes eelmise aasta sama perioodiga (2019. aasta 1. kv: 18,2 miljonit eurot). Grupi finantsaasta 9 kuu käive oli 63,2 milj. eurot jäädes eelmise aasta sama perioodiga pea samale tasemele (9 kuud 2018/2019: 64,2 milj.eurot). Aasta esimeses kvartalis kasvas värske kala- ja kalafilee müük 24% ning suitsutatud toodete müük langes 12 % võrreldes eelmise aasta sama perioodiga. Märtsi käivet mõjutas oluliselt müügilangus HoReCa segmendis (36%) seoses Covid-19 pandeemiast tuleneva eriolukorra kehtestamisega nii Soomes kui Eestis. Majandusaasta 9 kuu kokkuvõttes on toore kala ja -filee osakaal tooteportfellis kasvanud 45 %-ni (kasv 4 pp võrreldes eelmise sama perioodiga) ning suitsutatud toodete osakaal langenud 38%-ni (vähenemine vastavalt 5 pp). Värske kala ja -filee müük on olnud eelmainitud perioodil kõrgema marginaaliga kui tavaliselt, samas on värske kala marginaal ca kaks korda väiksem suitsutatud toodete marginaalist. Finantsaasta 3. kvartali ja 9 kuu tulemus Grupi 9 kuu konsolideeritud EBITDA oli 2,0 miljonit eurot (9 kuud 2018/2019: 1,5 milj. eurot), suurenedes eelmise aastaga võrreldes 35%, tulenedes peamiselt bioloogiliste varade ümberhindluse positiivsest mõjust. Äritegevuse EBITDA (s.o enne ühekordseid tulusid-kulusid ja kalavarude ümberhindlust) oli 2,9 miljonit eurot (9 kuud 2018/2019: 3,7 miljonit eurot). Puhaskahjum vähenes kuni 0,6 miljoni euroni (9 kuud 2018/2019 puhaskahjum: 0,8 miljonit eurot). Finantsaasta 3. kvartali äritegevuse EBITDA oli 0,03 milj. eurot (3.kvartal 2018/2019: 0,21 milj. eurot) ning puhaskahjum 1,7 milj. eurot, suurenedes eelmise aasta sama perioodiga 0,5 milj. eurot (3. kvartal 2018/2019: -1,2 milj. eurot). Bioloogiliste varade õiglase väärtuse ümberhindluse negatiivne mõju EBITDA-le oli 0,75 miljonit eurot (3kv 2018/2019: negatiivne mõju 0,46 miljonit eurot). Aruandeperioodi kõrgemate finantskulude põhjusteks on laenuintressist (3,25%) kõrgem võlakirjaintress (6,25%) (negatiivne mõju kvartali kasumile 0,03 milj. eurot) ning Rootsi krooni nõrgenemisest tulenev kursikahjum (-0,15 miljonit eurot). Positiivne on grupi EBITDA kasv 35% võrra 2 miljonini 3.kvartali lõpuks, eelkõige tänu bioloogiliste varade kasvule. Äritegevuse EBITDAd mõjutas suitsutatud toodete osakaalu vähenemine käibes, mis tulenes aasta alguse Soome müügikoguste vähenemisest private label -i segmendis. Järgnevate kvartalite puhul avaldab puhaskasumile negatiivset mõju laenude refinantseerimisest tulenev kõrgem intressikulu. Samas paraneb rahavoog aastas ca 2 miljonit eurot, tingituna võlakirjade erinevast tagasimaksegraafikust võrreldes pangalaenuga. Suurimat mõju tulemustele avaldab kala turuhinna langus. Aruandeperioodi lõpu seisuga on lõhe turuhind võrreldes aastatagusega langenud 31,1% ja vikerforelli hind 32,0%. Kahe aasta taguse hinnaga võrreldes on lõhe hind langenud 43,2% ja forell läinud 31,7% odavamaks. Võrreldes perioodi lõpu hinda kolm aastat tagasi on lõhe hind langenud 33,7% ja forelli hind 43,9%. Finantsseisund Ettevõtte netovõlgnevus oli 17,0 miljonit eurot seisuga 31.03.2020 (31.03.2019: 18,7 miljonit eurot). Grupi käibekapital oli seisuga 31.03.2020 negatiivne 2,5 miljoni euro võrra kuna lühiajalised kohustused sisaldavad kohustusi seotud osapooltele summas 4,2 miljoni eurot, mis oma olemuselt on pikaajalised, kuid raamatupidamise arvestuspõhimõtete tõttu tuleb näidata lühiajalistena. Raamatupidamisliku mõju elimineerides on käibekapital 1,7 milj. eurot. PRFoods viis edukalt lõpule võlakirjade mitteavaliku emissiooni 2020. aasta jaanuaris, mille tulemusel 9 miljoni euro ulatuses lühiajalisi kohustusi muutus pikaajaliseks vabastades rahavooge ca 2 miljoni euro võrra aastas. Võlastruktuuri muutus avaldab mõju ka ettevõtte majandustulemustele, finantskulude mõju PRFoodsi puhaskasumile on negatiivne 0,35 miljonit eurot aastas. Koroonaviiruse (Covid-19) pandeemia mõju Covid-19 pandeemiast tuleneva eriolukorra kehtestamise tõttu on ettevõtte käive alates märtsikuu keskpaigast märkimisväärselt langenud HoReCa segmendis, mille osakaal Grupi käibest on ligikaudu 25%. Märtsi käibe langus antud segmendis oli 36% ning aprillis 72%. Kuna hotellid ja restoranid on suletud või töötavad osalise koormusega ning seoses koolide distantsõppega koolide lõpuüritused jäävad ära või toimuvad piiratud mahus, siis suure tõenäosusega antud sektori müük enne suve keskpaika taastuma ei hakka. Olukorrast tingituna on märgata mõningast jaekaubanduse käibe kasvu (aprillis 8%), mis aga ei kata HoReCa segmendi langust ning pigem suureneb värske kala ja kalafilee osakaal kuum- ja külmsuitsutatud toodete asemel, mille kasumimarginaal on madalam. Kuna kriisi lõppu ja sellest taastumise aega on äärmiselt keeruline ennustada, siis ei ole hetkel võimalik usaldusväärselt hinnata kriisi finantsmõju pikemaajaliselt. Antud olukorras keskendub Grupp kulude ja rahavoogude juhtimisele, et tagada tegevuse jätkusuutlikkus ka tulevikus. Kindlasti on suurematel tööstustel nagu PRFoods parem toime tulla selliste kriisidega, samuti on ettevõtte tegevus jaotunud mitme turu vahel. Osadel turgudel eeldame oma positsioonide tugevnemist konkurentsi vähenemise tõttu. Grupi ettevõtted on vähendanud vastavalt tootmise langusele nii tootmis- kui kontoritöötajate tööaega ja töötasusid vahemikus 10 - 30%. Grupi juhatuse esimehe töötasu on vähendatud kaheks kuuks 50%. Ettevõte on aruandekuupäeva järgselt Eestis kasutanud riigi poolt pakutavat töötasu kompenseerimise toetust. 2020. aasta märtsikuus viis PRFoods läbi võlakirjade emissiooni avaliku pakkumise, mille perioodi planeerimisel ei osanud kriisi ette näha, mistõttu võlakirjade märkimine jäi oodatust oluliselt madalamaks - 1,9 miljonist märgiti 0,9 miljonit ehk 47% sh 0,5 milj. eurot PRFoodsi enda poolt märgitud võlakirjad eesmärgiga need realiseerida pärast kriisi lõppu. Finantsaasta sündmused ja tulevikuplaanid Käesolevat finantsaastat jääb mõjutama Covid-19 ning kindlasti näeme alanud majanduskriisi mõjusid realiseerumas järgmisel finantsaastal. PRFoodsi jaoks on suurim mõju kala turuhinnal. Aruandeperioodi lõpu seisuga on lõhe turuhind võrreldes aastatagusega langenud 31,1% ja vikerforelli hind 32,0%. Kahe aasta taguse hinnaga võrreldes on lõhe hind langenud 43,2% ja forell läinud 31,7% odavamaks. Võrreldes perioodi lõpu hinda kolm aastat tagasi on lõhe hind langenud 33,7% ja forelli hind 43,9%. Meie hinnangul näeme 2020. aasta puhul tervikuna madalaid kala hindu, tingituna HoReCa nõudluse vähenemisest. Tarbijale on see kindlasti hea uudis. Vaatamata osade toodete suurenenud tootmismahtudele ja nõudlusele, ei võimalda madalamad hinnad absoluutarvus teenida nii suurt kasumit. Samas võimaldab madalam hind oluliselt suurendada ekspordimahte. Arvestades olukorda vaatame tulevikule optimistlikumalt kui 3.kvartali lõpus. 2020. aasta suvel viime läbi suurema tootmise automatiseerimise ning tooteportfelli ümberkujundamise, mis võimaldab ettevõttel agressiivsemalt tegutseda nii koduturul kui taasavada suuremahuline eksport. 2019-2020 sügis- talve perioodil viisime läbi Soome-Eesti ettevõtete juhtimise ümberkorraldamise, millega olid seotud märkimisväärsed ühekordsed kulud ning uute süsteemide loomine mõjutas kindlasti ka müügitulemust. Oleme alates 4. kvartalist juurutanud kulude kokkuhoiuprogrammi, mis peaks andma meile aastas ca 0,4 miljonit eurot kokkuhoidu. Järgmise finantsaasta alguses planeerime lõpule viia ka võlakirjaemissiooni täismahus. Covid-19 on tekitanud uue olukorra, kuid vaatamata sellele ei pidanud PRFoods kordagi katkestama oma tootmist. VÕTMENÄITAJAD KASUMIARUANNE +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |mln EUR |1kv 2020|4kv 2019|3kv 2019|2kv 2019|1kv 2019|4kv 2018|3kv 2018|2kv 2018| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |Müügitulu | 18,5| 25,4| 19,3| 21,5| 18,1| 26,7| 19,4| 22,1| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |Brutokasum | 2,0| 4,3| 2,6| 2,1| 2,1| 4,7| 3,0| 1,8| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |EBITDA | | | | | | | | | |äritegevusest | 0,0| 2,1| 0,7| 0,3| 0,2| 2,4| 1,1| -0,2| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |EBITDA | -0,9| 1,4| 1,5| 0,3| -0,5| 0,8| 1,1| 0,3| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |EBIT | -1,4| 0,7| 1,0| -0,3| -1,0| 0,2| 0,6| -0,2| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |EBT | -1,8| 0,6| 0,8| -0,4| -1,2| 0,0| 0,4| -0,5| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |Puhaskasum (- | | | | | | | | | |kahjum) | -1,7| 0,5| 0,6| -0,6| -1,2| 0,2| 0,1| -1,1| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |Brutomarginaal| 10,8%| 17,0%| 13,4%| 9,8%| 11,7%| 17,7%| 15,2%| 7,9%| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |Äritegevuse | | | | | | | | | |EBITDA | | | | | | | | | |marginaal | 0,1%| 8,4%| 3,8%| 1,4%| 1,1%| 9,1%| 5,4%| -1,1%| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |EBITDA | | | | | | | | | |marginaal | -4,6%| 5,3%| 7,6%| 1,4%| -2,5%| 2,9%| 5,8%| 1,2%| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |EBIT marginaal| -7,8%| 2,9%| 5,0%| -1,2%| -5,6%| 0,9%| 3,0%| -1,1%| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |EBT marginaal | -9,8%| 2,2%| 3,9%| -2,0%| -6,5%| 0,1%| 1,8%| -2,3%| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |Puhaskasumi | | | | | | | | | |marginaal | -9,2%| 2,0%| 2,9%| -3,0%| -6,6%| 0,8%| 0,7%| -5,1%| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |Tegevuskulude | | | | | | | | | |suhtarv | 14,3%| 12,5%| 13,4%| 11,7%| 14,1%| 11,2%| 13,5%| 12,0%| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ BILANSS +-----------------+----------+----------+----------+----------+----------+----------+----------+ |mln EUR |31.03.2020|31.12.2019|30.09.2019|30.06.2019|31.03.2019|31.12.2018|30.09.2018| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Netovõlgnevus | 17,0 17,8| 19,9| 20,5| 18,7| 20,0| 21,9| +-----------------+---------------------+----------+----------+----------+----------+----------+ |Omakapital | 21,6 23,3| 22,8| 21,9| 23,3| 24,2| 24,1| +-----------------+---------------------+----------+----------+----------+----------+----------+ |Käibekapital | -2,5 -3,5| -3,0| -3,1| -1,6| 1,0| 2,0| +-----------------+---------------------+----------+----------+----------+----------+----------+ |Varad | 56,9 60,5| 62,4| 62,5| 63,5| 65,5| 64,5| +-----------------+---------------------+----------+----------+----------+----------+----------+ |Likviidsuskordaja| 0,9x 0,9x| 0,9x| 0,9x| 0,9x| 1,0x| 1,1x| +-----------------+---------------------+----------+----------+----------+----------+----------+ |Omakapitali | | | | | | | |suhtarv | 37,9% 38,5%| 36,5%| 35,0%| 36,7%| 37,0%| 37,4%| +-----------------+---------------------+----------+----------+----------+----------+----------+ |Finantsvõimendus | 44,0% 43,3%| 46,6%| 48,3%| 44,5%| 45,2%| 47,6%| +-----------------+---------------------+----------+----------+----------+----------+----------+ |Võlakordaja | 0,6x 0,6x| 0,6x| 0,7x| 0,6x| 0,6x| 0,6x| +-----------------+---------------------+----------+----------+----------+----------+----------+ |Netovõlg / EBITDA| 5,3x 5,3x| 5,4x| 5,1x| 5,4x| 5,1x| 3,8x| +-----------------+---------------------+----------+----------+----------+----------+----------+ |Omakapitali | | | | | | | |tootlus | -5,7% -3,2%| -4,5%| -6,5%| -8,2%| -4,0%| 0,1%| +-----------------+---------------------+----------+----------+----------+----------+----------+ |Varade tootlus | -2,1% -1,2%| -1,6%| -2,3%| -3,0%| -1,5%| 0,0%| +-----------------+---------------------+----------+----------+----------+----------+----------+ Konsolideeritud finantsseisundi aruanne +-------------------------------------+------------+------------+------------+ | Tuhandetes eurodes | 31.03.2020 | 31.03.2019 | 30.06.2019 | +-------------------------------------+------------+------------+------------+ | VARAD | | | | +-------------------------------------+------------+------------+------------+ | Raha ja ekvivalendid | 3 023 | 6 219 | 2 583 | +-------------------------------------+------------+------------+------------+ | Nõuded ja ettemaksed | 4 095 | 4 252 | 5 300 | +-------------------------------------+------------+------------+------------+ | Varud | 9 656 | 11 409 | 11 980 | +-------------------------------------+------------+------------+------------+ | Bioloogilised varad | 2 590 | 2 894 | 4 924 | +-------------------------------------+------------+------------+------------+ | Käibevara kokku | 19 364 | 24 774 | 24 787 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | Edasilükkunud tulumaksuvara | 18 | 17 | 41 | +-------------------------------------+------------+------------+------------+ | Pikaajalised finantsinvesteeringud | 215 | 135 | 202 | +-------------------------------------+------------+------------+------------+ | Materiaalne põhivara | 14 135 | 14 842 | 14 535 | +-------------------------------------+------------+------------+------------+ | Immateriaalne vara | 23 208 | 23 714 | 22 969 | +-------------------------------------+------------+------------+------------+ | Põhivara kokku | 37 576 | 38 708 | 37 747 | +-------------------------------------+------------+------------+------------+ | VARAD KOKKU | 56 940 | 63 482 | 62 534 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | KOHUSTUSED JA OMAKAPITAL | | | | +-------------------------------------+------------+------------+------------+ | Võlakohustused | 9 518 | 14 598 | 13 502 | +-------------------------------------+------------+------------+------------+ | Võlad ja ettemaksed | 12 142 | 11 563 | 14 105 | +-------------------------------------+------------+------------+------------+ | Sihtfinantseerimine | 187 | 245 | 234 | +-------------------------------------+------------+------------+------------+ | Lühiajalised kohustused kokku | 21 847 | 26 406 | 27 841 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | Võlakohustused | 10 489 | 10 296 | 9 540 | +-------------------------------------+------------+------------+------------+ | Võlad ja ettemaksed | 190 | 388 | 190 | +-------------------------------------+------------+------------+------------+ | Edasilükkunud tulumaksukohustus | 1 854 | 1 918 | 2 010 | +-------------------------------------+------------+------------+------------+ | Sihtfinantseerimine | 962 | 1 198 | 1 087 | +-------------------------------------+------------+------------+------------+ | Pikaajalised kohustused kokku | 13 495 | 13 800 | 12 827 | +-------------------------------------+------------+------------+------------+ | KOHUSTUSED KOKKU | 35 342 | 40 206 | 40 668 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | Aktsiakapital | 7 737 | 7 737 | 7 737 | +-------------------------------------+------------+------------+------------+ | Ülekurss | 14 007 | 14 007 | 14 007 | +-------------------------------------+------------+------------+------------+ | Oma aktsiad | -390 | -390 | -390 | +-------------------------------------+------------+------------+------------+ | Kohustuslik reservkapital | 51 | 51 | 51 | +-------------------------------------+------------+------------+------------+ | Realiseerimata kursivahed | 147 | 556 | -214 | +-------------------------------------+------------+------------+------------+ | Jaotamata kasum (-kahjum) | -550 | 576 | 66 | +-------------------------------------+------------+------------+------------+ | Ettevõtte aktsionäridele kuuluv osa | 21 002 | 22 537 | 21 257 | +-------------------------------------+------------+------------+------------+ | Väikeaktsionäridele kuuluv osa | 596 | 739 | 609 | +-------------------------------------+------------+------------+------------+ | OMAKAPITAL KOKKU | 21 598 | 23 276 | 21 866 | +-------------------------------------+------------+------------+------------+ | OMAKAPITAL JA KOHUSTUSED KOKKU | 56 940 | 63 482 | 62 534 | +-------------------------------------+------------+------------+------------+ Konsolideeritud koondkasumiaruanne +-----------------------+--------------+-------------+------------+------------+ |Tuhandetes eurodes | | 3kv | | | | |3kv 2019/2020| 2018/2019|9k 2019/2020|9k 2018/2019| +-----------------------+--------------+-------------+------------+------------+ |Müügitulud | 18 488| 18 120| 63 191| 64 242| +-----------------------+--------------+-------------+------------+------------+ |Müüdud kaupade kulu | -16 497| -15 999| -54 293| -54 447| +-----------------------+--------------+-------------+------------+------------+ |Brutokasum | 1 991| 2 121| 8 898| 9 795| +-----------------------+--------------+-------------+------------+------------+ | | | | | | +-----------------------+--------------+-------------+------------+------------+ |Tegevuskulud | -2 635| -2 561| -8 402| -8 180| +-----------------------+--------------+-------------+------------+------------+ | Turundus- ja | | | | | |müügikulud | -1 735| -1 775| -5 673| -5 702| +-----------------------+--------------+-------------+------------+------------+ | Üldhalduskulud | -900| -786| -2 729| -2 478| +-----------------------+--------------+-------------+------------+------------+ |Muud äritulud/-kulud | -35| -114| 299| 189| +-----------------------+--------------+-------------+------------+------------+ |Bioloogiliste varade | | | | | |ümberhindlus | -754| -457| -530| -2 012| +-----------------------+--------------+-------------+------------+------------+ |Ärikasum (-kahjum) | -1 433| -1 011| 265| -208| +-----------------------+--------------+-------------+------------+------------+ | Finantstulud/-kulud | -384| -112| -777| -607| +-----------------------+--------------+-------------+------------+------------+ |Maksustamiseelne kasum | | | | | |(-kahjum) | -1 817| -1 183| -512| -815| +-----------------------+--------------+-------------+------------+------------+ | Tulumaks | 120| -13| -119| -17| +-----------------------+--------------+-------------+------------+------------+ |Aruandeperioodi | | | | | |puhaskasum (-kahjum) | -1 697| -1 196| -631| -832| +-----------------------+--------------+-------------+------------+------------+ | | | | | | +-----------------------+--------------+-------------+------------+------------+ |Aruandeperioodi | | | | | |puhaskasumi (-kahjum) | | | | | |jaotus: | | | | | +-----------------------+--------------+-------------+------------+------------+ |emaettevõtte | | | | | |aktsionäridele kuuluv | | | | | |osa | -1 658| -1 177| -616| -948| +-----------------------+--------------+-------------+------------+------------+ |Väikeaktsionäridele | | | | | |kuuluv osa | -39| -19| -15| 116| +-----------------------+--------------+-------------+------------+------------+ |Aruandeperioodi | | | | | |puhaskasumi (-kahjum) | | | | | |kokku | -1 697| -1 196| -631| -832| +-----------------------+--------------+-------------+------------+------------+ | | | | | | +-----------------------+--------------+-------------+------------+------------+ |Muu koondkasum (- | | | | | |kahjum), mida võib | | | | | |hiljem klassifitseerida| | | | | |kasumiaruandesse: | | | | | +-----------------------+--------------+-------------+------------+------------+ |Valuutakursi vahed | -20| 626| 361| 549| +-----------------------+--------------+-------------+------------+------------+ |Kokku koondkasum (- | | | | | |kahjum) | -1 717| -570| -270| -283| +-----------------------+--------------+-------------+------------+------------+ | | | | | | +-----------------------+--------------+-------------+------------+------------+ |Aruandeperioodi | | | | | |koondkasumi (-kahjum) | | | | | |jaotus: | | | | | +-----------------------+--------------+-------------+------------+------------+ |emaettevõtte | | | | | |aktsionäridele kuuluv | | | | | |osa | -1 684| -551| -255| -399| +-----------------------+--------------+-------------+------------+------------+ |Väikeaktsionäridele | | | | | |kuuluv osa | -33| -19| -15| 116| +-----------------------+--------------+-------------+------------+------------+ |Aruandeperioodi | | | | | |koondkasum (-kahjum) | | | | | |kokku | -1 717| -570| -270| -283| +-----------------------+--------------+-------------+------------+------------+ | | | | | | +-----------------------+--------------+-------------+------------+------------+ |Tava puhaskasum (- | | | | | |kahjum) aktsia kohta | | | | | |(EUR) | -0,04| -0,01| -0,01| -0,01| +-----------------------+--------------+-------------+------------+------------+ | | | | | | +-----------------------+--------------+-------------+------------+------------+ |Lahustatud puhaskasum | | | | | |(-kahjum) aktsia kohta | | | | | |(EUR) | -0,04| -0,01| -0,01| -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 the 3rd quarter and 9 months of 2019/2020 financial year
Message
OVERVIEW OF ECONOMIC ACTIVITIES MANAGEMENT COMMENTARY The 3rd quarter of the financial year ended with a 2% sales growth for PRFoods, the total turnover was 18.5 million euros (9 months 63.2 million euros). 9-month EBITDA increased by 35% to 2 million euros and net loss decreased by 25% to 0.6 million euros compared to the same period last year. The end of the quarter brought a global pandemic to our key markets, and restrictions of the states of emergencies declared began to take effect. HoReCa restrictions and a drastic reduction in air transport had a significant impact on turnover as early as at the end of March. Also, as during any crisis, customers made changes to their food baskets in favour of cheaper products. PRFoods withstood the Covid-19 pandemic with a strengthened balance sheet, as we had just refinanced our short-term loans with secured bonds and we have also improved our cash flows due to a smaller raw material inventory. Major changes are expected in the fourth quarter, but we see that at least in June, HoReCa (share of 25% of the Group's turnover) is partially recovering and the food industry is in a safer position than many other sectors. The effect of Covid-19 on the financial results of PRFoods is reflected in the financial statements of the 4th quarter and 12 months of the financial year. The Group's revenue The Group's unaudited consolidated turnover in the 3rd quarter of the financial year (i.e. the 1st quarter of 2020) was 18.5 million euros, increasing by 2% compared to the same period of the previous year (Q1 2019: 18.2 million euros). The Group's turnover for the first 9 months of the financial year was 63.2 million euros remaining almost at the same level as in the same period of the previous year (9 months 2018/2019: 64.2 million euros). In the first quarter of the year, sales of fresh fish and fish fillets increased by 24% and sales of smoked products decreased by 12% compared to the same period last year. March sales were significantly affected by the decline in sales in the HoReCa segment (36%) due to the states of emergencies declared due to the Covid-19 pandemic in both Finland and Estonia. In the first 9 months of the financial year, the share of raw fish and fillets in the product portfolio has increased to 45% (increase of 4 pp compared to the same period last year) and the share of smoked products has decreased to 38% (decrease of 5 pp, respectively). Sales of fresh fish and fillets have been higher than usual in the aforementioned period, while the margin of fresh fish is about twice lower than the margin of smoked products. Results of the financial year's 3(rd) quarter and 9 months The Group's 9-month consolidated EBITDA was 2.0 million euros (9 months 2018/2019: 1.5 million euros), increasing by 35% compared to the previous year, mainly due to the positive effect of the revaluation of biological assets. EBITDA from operating activities (i.e. before non-recurring income-expenses and revaluation of fish stocks) was 2.9 million euros (9 months 2018/2019: 3.7 million euros). The net loss was 0.6 million euros (9 months 2018/2019 net loss: 0.8 million euros). EBITDA from operations for the 3rd quarter of the financial year was 0.03 million euros (3rd quarter 2018/2019: 0.21 million euros) and net loss 1.7 million euros, increasing by 0.5 million euros (3rd quarter 2018/2019: -1.2 million euros). Negative impact from revaluation of biological assets 0.75 million euros (3Q 2018/2019: negative impact 0.46 million euros). The reasons for the higher financial expenses during the reporting period are the higher bond interest rate (6.25%) than the loan interest rate (3.25%) (negative impact on the quarterly profit of 0.03 million euros) and the exchange rate loss due to the weakening of the Swedish krona (-0.15 million euros). The growth of the group's EBITDA by 35% to 2 million by the end of the 3rd quarter is positive, mainly due to the growth of biological assets. EBITDA from operations was affected by the decrease in the share of smoked products in sales, which was due to the decrease in sales volumes in the private label segment in Finland at the beginning of the year. In the following quarters, the refinancing of loans will have a negative impact on the net profit caused by higher interest rate. At the same time, the cash flow will improve by approximately 2 million euros per year due to the different repayment schedule of the bonds compared to the bank loan. The greatest impact on the results has the decline in the market price of fish. At the end of the reporting period, the market price of salmon has decreased by 31.1% and the price of rainbow trout by 32.0% compared to a year ago. Compared to the price two years ago, the price of salmon has decreased by 43.2% and trout has become 31.7% cheaper. Compared to the end-of-period price three years ago, the price of salmon has fallen by 33.7% and the price of trout by 43.9%. Financial position The company's net debt was 17.0 million euros as of 31.03.2020 (31.03.2019: 18.7 million euros). As of 31.03.2020, the Group's working capital was negative by 2.5 million euros as current liabilities include liabilities to related parties in the amount of 4.2 million euros, which are long-term in nature, but due to accounting principles must be shown as current. Eliminating the accounting effect, the working capital is 1.7 million euros. PRFoods successfully completed the non-public issue of bonds in January 2020, as a result of which short-term liabilities in the amount of 9 million euros became long-term, releasing cash flows by approximately 2 million euros per year. The change in the debt structure also has an impact on the company's financial results, the financial expenses' impact on PRFoods' net profit is negative by 0.35 million euros per year. Impact of the coronavirus (Covid-19) pandemic Due to the declaration of the state of emergency caused by Covid-19 pandemic, the company's turnover has significantly decreased in the HoReCa segment since mid-March, which accounts for approximately 25% of the Group's turnover. The decrease in turnover in this segment was 36% in March and 72% in April. As hotels and restaurants are closed or operating only part-time, and distance learning resulting in school graduation events to be cancelled or carried out in limited scopes, sales in this sector are unlikely to recover until mid-summer. Due to the situation, there is a slight increase in retail sales (8% in April), which does not cover the decline in the HoReCa segment and increases the share of fresh fish and fish fillets instead of hot and cold smoked products with lower profit margins. As it is extremely difficult to predict the end of the crisis and the time to recover from it, it is currently not possible to reliably assess the long-term financial impact of the crisis. In this situation, the Group focuses on cost and cash flow management to ensure the sustainability of its operations in the future. Larger industries, such as PRFoods, are most certainly better able to cope with such crises, also, the company's activities are spread across several markets. In some markets we expect our positions to strengthen as a result of reduced competition. Following the decline in production, the Group's companies have reduced the working hours and salaries of both production and office employees by between 10 and 30%. The remuneration of the chairman of the management board has been reduced by 50% for two months. After the reporting date, the company has used the salary compensation support offered by the Estonian state. In March 2020, PRFoods conducted a public offering of bond issues. While planning the period of the issue, the crisis occurring at the time of the issue period could not have been foreseen, which is why the subscription of bonds was significantly lower than expected - 0.9 million or 47% of the 1.9 million, including 0.5 million bonds subscribed by PRFoods with a perspective to sell these after the end of the crisis. Events and the future plans for the financial year This financial year will continue to be affected by Covid-19, and we will certainly see the effects of the current economic crisis materialize in the next financial year. For PRFoods, the biggest impact is on the market price of fish. At the end of the reporting period, the market price of salmon has decreased by 31.1% and the price of rainbow trout by 32.0% compared to a year ago. Compared to the price two years ago, the price of salmon has decreased by 43.2% and trout has become 31.7% cheaper. Compared to the end-of-period price three years ago, the price of salmon has fallen by 33.7% and the price of trout by 43.9%. We estimate that we will see low fish prices for 2020 as a whole, due to declining demand for HoReCa. This is definitely good news for consumers. Despite increased production volumes and demand for some products, lower prices do not allow such a large profit to be made in absolute terms. At the same time, the lower price allows to significantly increase export volumes. Considering the situation, we look more optimistically to the future than at the end of the 3rd quarter. In the summer of 2020, we will carry out greater automation of production and reorganization of the product portfolio, which will enable the company to operate more aggressively both in the domestic market and to reopen large-scale exports. In the autumn-winter period of 2019-2020, we carried out a reorganization of the management of Finnish-Estonian companies, which involved significant one-time costs, and the creation of new systems certainly affected the sales result. We have implemented a cost savings program since the 4th quarter, which should save us about 0.4 million euros a year. At the beginning of the next financial year, we also plan to complete the bond issue in full. Covid-19 has created a new situation, but PRFoods has never had to stop production. KEY RATIOS INCOME STATEMENT +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |mln EUR |1Q 2020|4Q 2019|3Q 2019|2Q 2019|1Q 2019|4Q 2018|3Q 2018|2Q 2018| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Sales | 18,5| 25.4| 19,3| 21.5| 18.1| 26.7| 19.4| 22.1| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Gross profit | 2,0| 4.3| 2,6| 2.1| 2.1| 4.7| 3.0| 1.8| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBITDA from | | | | | | | | | |operations | 0,0| 2.1| 0,7| 0.3| 0.2| 2.4| 1.1| -0.2| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBITDA | -0,9| 1.4| 1,5| 0.3| -0.5| 0.8| 1.1| 0.3| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBIT | -1,4| 0.7| 1,0| -0.3| -1.0| 0.2| 0.6| -0.2| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBT | -1,8| 0.6| 0,8| -0.4| -1.2| 0.0| 0.4| -0.5| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Net profit (- | | | | | | | | | |loss) | -1,7| 0.5| 0,6| -0.6| -1.2| 0.2| 0.1| -1.1| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Gross margin | 10,8%| 17.0%| 13,4%| 9.8%| 11.7%| 17.7%| 15.2%| 7.9%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Operational | | | | | | | | | |EBITDA margin | 0,1%| 8.4%| 3,8%| 1.4%| 1.1%| 9.1%| 5.4%| -1.1%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBITDA margin | -4,6%| 5.3%| 7,6%| 1.4%| -2.5%| 2.9%| 5.8%| 1.2%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBIT margin | -7,8%| 2.9%| 5,0%| -1.2%| -5.6%| 0.9%| 3.0%| -1.1%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBT margin | -9,8%| 2.2%| 3,9%| -2.0%| -6.5%| 0.1%| 1.8%| -2.3%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Net margin | -9,2%| 2.0%| 2,9%| -3.0%| -6.6%| 0.8%| 0.7%| -5.1%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Operating | | | | | | | | | |expense ratio | 14,3%| 12.5%| 13,4%| 11.7%| 14.1%| 11.2%| 13.5%| 12.0%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ BALANCE SHEET +---------+----------+----------+----------+----------+----------+----------+----------+ |mln EUR |31.03.2020|31.12.2019|30.09.2019|30.06.2019|31.03.2019|31.12.2018|30.09.2018| +---------+----------+----------+----------+----------+----------+----------+----------+ |Net debt | 17,0 17.8| 19,9| 20.5| 18.7| 20.0| 21.9| +---------+---------------------+----------+----------+----------+----------+----------+ |Equity | 21,6 23.3| 22,8| 21.9| 23.3| 24.2| 24.1| +---------+---------------------+----------+----------+----------+----------+----------+ |Working | | | | | | | |capital | -2,5 -3.5| -3,0| -3.1| -1.6| 1.0| 2.0| +---------+---------------------+----------+----------+----------+----------+----------+ |Assets | 56,9 60.5| 62,4| 62.5| 63.5| 65.5| 64.5| +---------+---------------------+----------+----------+----------+----------+----------+ |Liquidity| | | | | | | |ratio | 0,9x 0.9x| 0,9x| 0.9x| 0.9x| 1.0x| 1.1x| +---------+---------------------+----------+----------+----------+----------+----------+ |Equity | | | | | | | |ratio | 37,9% 38.5%| 36,5%| 35.0%| 36.7%| 37.0%| 37.4%| +---------+---------------------+----------+----------+----------+----------+----------+ |Gearing | | | | | | | |ratio | 44,0% 43.3%| 46,6%| 48.3%| 44.5%| 45.2%| 47.6%| +---------+---------------------+----------+----------+----------+----------+----------+ |Debt to | | | | | | | |total | | | | | | | |assets | 0,6x 0.6x| 0,6x| 0.7x| 0.6x| 0.6x| 0.6x| +---------+---------------------+----------+----------+----------+----------+----------+ |Net debt | | | | | | | |to EBITDA| 5,3x 5.3x| 5,4x| 5.1x| 5.4x| 5.1x| 3.8x| +---------+---------------------+----------+----------+----------+----------+----------+ |ROE | -5,7% -3.2%| -4,5%| -6.5%| -8.2%| -4.0%| 0.1%| +---------+---------------------+----------+----------+----------+----------+----------+ |ROA | -2,1% -1.2%| -1,6%| -2.3%| -3.0%| -1.5%| 0.0%| +---------+---------------------+----------+----------+----------+----------+----------+ Consolidated Statement of Financial Position +---------------------------------+------------+------------+------------+ | Thousand euros | 31.03.2020 | 31.03.2019 | 30.06.2019 | +---------------------------------+------------+------------+------------+ | ASSETS | | | | +---------------------------------+------------+------------+------------+ | Cash and cash equivalents | 3,023 | 6,219 | 2,583 | +---------------------------------+------------+------------+------------+ | Receivables and prepayments | 4,095 | 4,252 | 5,300 | +---------------------------------+------------+------------+------------+ | Inventories | 9,656 | 11,409 | 11,980 | +---------------------------------+------------+------------+------------+ | Biological assets | 2,590 | 2,894 | 4,924 | +---------------------------------+------------+------------+------------+ | Total current assets | 19,364 | 24,774 | 24,787 | +---------------------------------+------------+------------+------------+ | | | | | +---------------------------------+------------+------------+------------+ | Deferred income tax | 18 | 17 | 41 | +---------------------------------+------------+------------+------------+ | Long-term financial investments | 215 | 135 | 202 | +---------------------------------+------------+------------+------------+ | Tangible fixed assets | 14,135 | 14,842 | 14,535 | +---------------------------------+------------+------------+------------+ | Intangible assets | 23,208 | 23,714 | 22,969 | +---------------------------------+------------+------------+------------+ | Total non-current assets | 37,576 | 38,708 | 37,747 | +---------------------------------+------------+------------+------------+ | TOTAL ASSETS | 56,940 | 63,482 | 62,534 | +---------------------------------+------------+------------+------------+ | | | | | +---------------------------------+------------+------------+------------+ | EQUITY AND LIABILITIES | | | | +---------------------------------+------------+------------+------------+ | Loans and borrowings | 9,518 | 14,598 | 13,502 | +---------------------------------+------------+------------+------------+ | Payables | 12,142 | 11,563 | 14,105 | +---------------------------------+------------+------------+------------+ | Government grants | 187 | 245 | 234 | +---------------------------------+------------+------------+------------+ | Total current liabilities | 21,847 | 26,406 | 27,841 | +---------------------------------+------------+------------+------------+ | | | | | +---------------------------------+------------+------------+------------+ | Loans and borrowings | 10,489 | 10,296 | 9,540 | +---------------------------------+------------+------------+------------+ | Payables | 190 | 388 | 190 | +---------------------------------+------------+------------+------------+ | Deferred tax liabilities | 1,854 | 1,918 | 2,010 | +---------------------------------+------------+------------+------------+ | Government grants | 962 | 1,198 | 1,087 | +---------------------------------+------------+------------+------------+ | Total non-current liabilities | 13,495 | 13,800 | 12,827 | +---------------------------------+------------+------------+------------+ | TOTAL LIABILITIES | 35,342 | 40,206 | 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 | 51 | 51 | +---------------------------------+------------+------------+------------+ | Currency translation reserve | 147 | 556 | -214 | +---------------------------------+------------+------------+------------+ | Retained profit (-loss) | -550 | 576 | 66 | +---------------------------------+------------+------------+------------+ | Equity attributable to parent | 21,002 | 22,537 | 21,257 | +---------------------------------+------------+------------+------------+ | Non-controlling interest | 596 | 739 | 609 | +---------------------------------+------------+------------+------------+ | TOTAL EQUITY | 21,598 | 23,276 | 21,866 | +---------------------------------+------------+------------+------------+ | TOTAL EQUITY AND LIABILITIES | 56,940 | 63,482 | 62,534 | +---------------------------------+------------+------------+------------+ Consolidated Statement of Profit or Loss And Other Comprehensive Income +--------------------------+------------+------------+------------+------------+ |Thousand euros |3Q 2019/2020|3Q 2018/2019|9m 2019/2020|9m 2018/2019| +--------------------------+------------+------------+------------+------------+ |Sales | 18,488| 18,120| 63,191| 64,242| +--------------------------+------------+------------+------------+------------+ |Cost of goods sold | -16,497| -15,999| -54,293| -54,447| +--------------------------+------------+------------+------------+------------+ |Gross profit | 1,991| 2,121| 8,898| 9,795| +--------------------------+------------+------------+------------+------------+ | | | | | | +--------------------------+------------+------------+------------+------------+ |Operating expenses | -2,635| -2,561| -8,402| -8,180| +--------------------------+------------+------------+------------+------------+ | Selling and distribution| | | | | |expenses | -1,735| -1,775| -5,673| -5,702| +--------------------------+------------+------------+------------+------------+ | Administrative expenses | -900| -786| -2,729| -2,478| +--------------------------+------------+------------+------------+------------+ |Other income / expense | -35| -114| 299| 189| +--------------------------+------------+------------+------------+------------+ |Fair value adjustment on | | | | | |biological assets | -754| -457| -530| -2,012| +--------------------------+------------+------------+------------+------------+ |Operating profit (loss) | -1,433| -1,011| 265| -208| +--------------------------+------------+------------+------------+------------+ |Financial income/-expenses| -384| -112| -777| -607| +--------------------------+------------+------------+------------+------------+ |Profit (loss) before tax | -1,817| -1,183| -512| -815| +--------------------------+------------+------------+------------+------------+ |Income tax | 120| -13| -119| -17| +--------------------------+------------+------------+------------+------------+ |Net profit (loss) for the | | | | | |period | -1,697| -1,196| -631| -832| +--------------------------+------------+------------+------------+------------+ | | | | | | +--------------------------+------------+------------+------------+------------+ |Net profit (loss) | | | | | |attributable to: | | | | | +--------------------------+------------+------------+------------+------------+ |Owners of the company | -1,658| -1,177| -616| -948| +--------------------------+------------+------------+------------+------------+ |Non-controlling interests | -39| -19| -15| 116| +--------------------------+------------+------------+------------+------------+ |Total net profit (loss) | -1,697| -1,196| -631| -832| +--------------------------+------------+------------+------------+------------+ | | | | | | +--------------------------+------------+------------+------------+------------+ |Other comprehensive income| | | | | |(loss) that may | | | | | |subsequently be classified| | | | | |to profit or loss: | | | | | +--------------------------+------------+------------+------------+------------+ |Foreign currency | | | | | |translation differences | -20| 626| 361| 549| +--------------------------+------------+------------+------------+------------+ |Total comprehensive income| | | | | |(expense) | -1,717| -570| -270| -283| +--------------------------+------------+------------+------------+------------+ | | | | | | +--------------------------+------------+------------+------------+------------+ |Total comprehensive income| | | | | |(expense) attributable to:| | | | | +--------------------------+------------+------------+------------+------------+ |Owners of the Company | -1,684| -551| -255| -399| +--------------------------+------------+------------+------------+------------+ |Non-controlling interests | -33| -19| -15| 116| +--------------------------+------------+------------+------------+------------+ |Total comprehensive income| | | | | |(expense) for the period | -1,717| -570| -270| -283| +--------------------------+------------+------------+------------+------------+ | | | | | | +--------------------------+------------+------------+------------+------------+ |Profit (loss) per share | | | | | |(EUR) | -0.04| -0.01| -0.01| -0,01| +--------------------------+------------+------------+------------+------------+ | | | | | | +--------------------------+------------+------------+------------+------------+ |Diluted profit (loss) per | | | | | |share (EUR) | -0.04| -0.01| -0.01| -0,01| +--------------------------+------------+------------+------------+------------+ Indrek Kasela AS PRFoods Member of the Management Board Phone: +372 452 1470 [email protected] www.prfoods.ee