Market announcement
AS PRFoods
LEI code
529900PFXFO2ZDCRNK93
Size of the entity
Medium group
Economic activities
Financial and Insurance Activities
Country of registered office
Estonia
General information
Categories
Half-yearly financial report
Unique data record identifier
8592
Attachments
Submission date and time
21.02.2021 19:52:29
Content of announcement in Estonian
Title
AS-i PRFoods 2020/2021. majandusaasta 2. kvartali ja kuue kuu konsolideeritud auditeerimata vahearuanne
Message
JUHTKONNA KOMMENTAAR 2020 II poolaastat ilmestas COVID kriisi jätkumine. Lõheliste hinnad on 12- aasta madalaimad ning võrreldes eelmise aasta sama perioodiga ligi 38% madalam lõhel ning 22.5% madalam forellil. Siia tuleb veel lisada ülemaailmne nõudluse vähenemine HoReCa sektori sulgemise tõttu ning seega võib antud olukorda nimetada ?täiuslik torm". Ettevõtted, kes sellest kriisist väljuvad tervelt, on kindlasti tulevikus võitjad. Vaktsiinide tulek annab lootust, et 2021 II poolaastas võime näha mingit normaliseerumist ning nõudluse taastumist. 2022 on kalakasvatustel kindlasti kasumlikum aasta, sest kasvatajad oskavad paremini nõudlust planeerida. Tänased kasvatusmahud olid planeeritud enne kriisi ning sellest tulenevalt on turul massiivne ülepakkumine ning enamus kalakavatussektorist toimib kas kahjumlikult või omahinna piires. John Ross Jr on antud kriisis näidanud erakordselt head vastupanuvõimet ning eeldatavalt lõpetab 2020/2021 majandusaasta sama kasumlikult kui eelneva. Ettevõtte brutomarginaal on tõusnud juba üle 50%. Ka Eesti kulubaas ning tegevus on viidud vastavusse muutunud turuolukorrale. Kahjuks ei saa sama öelda Soome kohta, mistõttu viime läbi suuremad ümberkorraldused Soome tegevuses 2021 I kvartali jooksul. IV kvartali lõpetas grupp juba kasumiga. Tulenevalt oluliselt väiksemast käibest oli äritegevuse EBITDA marginaal 3.4% võrreldes 8.4% eelmise aasta samal perioodil (konsolideeritud EBITDA marginaal vastavalt 4,1% ja 5.3%). Tootmise kulubaasi ei ole võimalik kahjuks ilma suuremate restruktureerimistega vastavusse viia nii suure turu äralangemise tõttu. Samas oleme suutnud aasta algusest vähendada Soome üksuse kulusid ca 75,000 eurot kuus ning näeme võimalusi veelgi suuremaks kokkuhoiuks. Samas ei saa mööda vaadata sellest, et ettevõtte müük vajab taastamist, eelkõige Soomes. Käesoleva aasta alguse tegevuse fookus on kulubaasi vastavusse viimine turuolukorraga, ettevõtte likviidsuse parandamine ning Baltikumis ja Skandinaavias suurem fookus kalakasvastusele, kui jätkuvalt kõige perspektiivikamale osale. John Ross Jr on kriisiga toime tulnud väga hästi hoolimata 6 kuu käibelangusest ning on suurendanud oma kasumlikkust tänu madalamale toorainehinnale. Tänu vähedatud kulubaasile usume, et suudame nii 2020/2021 II poolaasta kui kogu finantsaasta lõpetada positiivse EBITDA-ga. VÕTMENÄITAJAD KASUMIARUANNE +--------------+---------+---------+--------+--------+--------+--------+--------+--------+ |mln EUR |4kv 2020 |3kv 2020 |2kv 2020|1kv 2020|4kv 2019|3kv 2019|2kv 2019|1kv 2019| +--------------+---------+---------+--------+--------+--------+--------+--------+--------+ |Müügitulu | 17,0| 12,7| 15,1| 18,5| 25,4| 19,3| 21,5| 18,1| +--------------+---------+---------+--------+--------+--------+--------+--------+--------+ |Brutokasum | 2,5| 1,2| 0,7| 2,0| 4,3| 2,6| 2,1| 2,1| +--------------+---------+---------+--------+--------+--------+--------+--------+--------+ |EBITDA | | | | | | | | | |äritegevusest | 0,6| -0,3| -0,4| 0,0| 2,1| 0,7| 0,3| 0,2| +--------------+---------+---------+--------+--------+--------+--------+--------+--------+ |EBITDA | 0,7| -0,5| -0,4| -0,9| 1,4| 1,5| 0,3| -0,5| +--------------+---------+---------+--------+--------+--------+--------+--------+--------+ |EBIT | 0,0| -1,1| -1,0| -1,4| 0,7| 1,0| -0,3| -1,0| +--------------+---------+---------+--------+--------+--------+--------+--------+--------+ |EBT | -0,1| -1,4| -1,2| -1,8| 0,6| 0,8| -0,4| -1,2| +--------------+---------+---------+--------+--------+--------+--------+--------+--------+ |Puhaskasum (- | | | | | | | | | |kahjum) | -0,2| -1,4| -1,3| -1,7| 0,5| 0,6| -0,6| -1,2| +--------------+---------+---------+--------+--------+--------+--------+--------+--------+ |Brutomarginaal| 14,9%| 9,4%| 4,6%| 10,8%| 17,0%| 13,4%| 9,8%| 11,7%| +--------------+---------+---------+--------+--------+--------+--------+--------+--------+ |Äriteg. EBITDA| | | | | | | | | |marginaal | 3,4%| -2,6%| -2,6%| 0,1%| 8,4%| 3,8%| 1,4%| 1,1%| +--------------+---------+---------+--------+--------+--------+--------+--------+--------+ |EBITDA | | | | | | | | | |marginaal | 4,1%| -3,8%| -2,6%| -4,6%| 5,3%| 7,6%| 1,4%| -2,5%| +--------------+---------+---------+--------+--------+--------+--------+--------+--------+ |EBIT marginaal| 0,2%| -8,8%| -6,4%| -7,8%| 2,9%| 5,0%| -1,2%| -5,6%| +--------------+---------+---------+--------+--------+--------+--------+--------+--------+ |EBT marginaal | -0,6%| -11,3%| -8,1%| -9,8%| 2,2%| 3,9%| -2,0%| -6,5%| +--------------+---------+---------+--------+--------+--------+--------+--------+--------+ |Puhaskasumi | | | | | | | | | |marginaal | -1,2%| -11,3%| -8,4%| -9,2%| 2,0%| 2,9%| -3,0%| -6,6%| +--------------+---------+---------+--------+--------+--------+--------+--------+--------+ |Tegevuskulude | | | | | | | | | |suhtarv | 15,6%| 18,2%| 13,9%| 14,3%| 12,5%| 13,4%| 11,7%| 14,1%| +--------------+---------+---------+--------+--------+--------+--------+--------+--------+ BILANSS +-----------------+----------+----------+----------+----------+----------+----------+----------+ |mln EUR |31.12.2020|30.09.2020|30.06.2020|31.03.2020|31.12.2019|30.09.2019|30.06.2019| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Netovõlgnevus | 21,9| 21,5| 20,7| 17,0| 17,8| 19,9| 20,5| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Omakapital | 18,6| 18,5| 19,8| 21,6| 23,3| 22,8| 21,9| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Käibekapital | -3,9| -4,4| -4,0| -2,5| -3,5| -3,0| -3,1| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Varad | 57,5| 57,4| 57,1| 56,9| 60,5| 62,4| 62,5| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Likviidsuskordaja| 0,8x| 0,8x| 0,8x| 0,9x| 0,9x| 0,9x| 0,9x| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Omakapitali | | | | | | | | |suhtarv | 32,4%| 32,3%| 34,7%| 37,9%| 38,5%| 36,5%| 35,0%| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Finantsvõimendus | 54,0%| 53,7%| 51,1%| 44,0%| 43,3%| 46,6%| 48,3%| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Võlakordaja | 0,7x| 0,7x| 0,7x| 0,6x| 0,6x| 0,6x| 0,7x| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Netovõlg / EBITDA| | | | | | | | |äriteg | 160,0x| 12,8x| 7,5x| 5,3x| 5,3x| 5,4x| 5,1x| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Omakapitali | | | | | | | | |tootlus | -21,9%| -7,0%| -9,1%| -5,7%| -3,2%| -4,5%| -6,5%| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Varade tootlus | -7,8%| -2,4%| -3,2%| -2,1%| -1,2%| -1,6%| -2,3%| +-----------------+----------+----------+----------+----------+----------+----------+----------+ Konsolideeritud finantsseisundi aruanne +-------------------------------------+------------+------------+------------+ | Tuhandetes eurodes | 31.12.2020 | 31.12.2019 | 30.06.2020 | +-------------------------------------+------------+------------+------------+ | VARAD | | | | +-------------------------------------+------------+------------+------------+ | Raha ja ekvivalendid | 962 | 2 680 | 2 276 | +-------------------------------------+------------+------------+------------+ | Nõuded ja ettemaksed | 4 153 | 6 342 | 3 578 | +-------------------------------------+------------+------------+------------+ | Varud | 9 627 | 9 104 | 7 884 | +-------------------------------------+------------+------------+------------+ | Bioloogilised varad | 3 702 | 4 354 | 4 249 | +-------------------------------------+------------+------------+------------+ | Käibevara kokku | 18 444 | 22 480 | 17 987 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | Edasilükkunud tulumaksuvara | 21 | 66 | 54 | +-------------------------------------+------------+------------+------------+ | Pikaajalised finantsinvesteeringud | 232 | 217 | 232 | +-------------------------------------+------------+------------+------------+ | Materiaalne põhivara | 15 968 | 14 444 | 16 179 | +-------------------------------------+------------+------------+------------+ | Immateriaalne vara | 22 841 | 23 286 | 22 672 | +-------------------------------------+------------+------------+------------+ | Põhivara kokku | 39 062 | 38 013 | 39 137 | +-------------------------------------+------------+------------+------------+ | VARAD KOKKU | 57 506 | 60 493 | 57 124 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | KOHUSTUSED JA OMAKAPITAL | | | | +-------------------------------------+------------+------------+------------+ | Võlakohustused | 9 634 | 12 505 | 10 611 | +-------------------------------------+------------+------------+------------+ | Võlad ja ettemaksed | 12 469 | 13 301 | 11 132 | +-------------------------------------+------------+------------+------------+ | Sihtfinantseerimine | 212 | 188 | 211 | +-------------------------------------+------------+------------+------------+ | Lühiajalised kohustused kokku | 22 315 | 25 994 | 21 954 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | Võlakohustused | 13 254 | 7 945 | 12 368 | +-------------------------------------+------------+------------+------------+ | Võlad ja ettemaksed | 596 | 190 | 190 | +-------------------------------------+------------+------------+------------+ | Edasilükkunud tulumaksukohustus | 1 912 | 2 070 | 1 920 | +-------------------------------------+------------+------------+------------+ | Sihtfinantseerimine | 785 | 981 | 873 | +-------------------------------------+------------+------------+------------+ | Pikaajalised kohustused kokku | 16 547 | 11 186 | 15 351 | +-------------------------------------+------------+------------+------------+ | KOHUSTUSED KOKKU | 38 862 | 37 180 | 37 305 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | Aktsiakapital | 7 737 | 7 737 | 7 737 | +-------------------------------------+------------+------------+------------+ | Ülekurss | 14 197 | 14 007 | 14 007 | +-------------------------------------+------------+------------+------------+ | Oma aktsiad | -390 | -390 | -390 | +-------------------------------------+------------+------------+------------+ | Kohustuslik reservkapital | 51 | 51 | 51 | +-------------------------------------+------------+------------+------------+ | Realiseerimata kursivahed | -98 | 167 | -366 | +-------------------------------------+------------+------------+------------+ | Jaotamata kasum (-kahjum) | -3 246 | 1 108 | -1 654 | +-------------------------------------+------------+------------+------------+ | Ettevõtte aktsionäridele kuuluv osa | 18 252 | 22 680 | 19 385 | +-------------------------------------+------------+------------+------------+ | Väikeaktsionäridele kuuluv osa | 392 | 633 | 434 | +-------------------------------------+------------+------------+------------+ | OMAKAPITAL KOKKU | 18 644 | 23 313 | 19 819 | +-------------------------------------+------------+------------+------------+ | OMAKAPITAL JA KOHUSTUSED KOKKU | 57 506 | 60 493 | 57 124 | +-------------------------------------+------------+------------+------------+ Konsolideeritud koondkasumiaruanne +------------------------+-------------+-------------+------------+------------+ |Tuhandetes eurodes |2kv 2020/2021|2kv 2019/2020|6k 2020/2021|6k 2019/2020| +------------------------+-------------+-------------+------------+------------+ |Müügitulud | 17 029| 25 374| 29 766| 44 703| +------------------------+-------------+-------------+------------+------------+ |Müüdud kaupade kulu | -14 496| -21 049| -26 033| -37 796| +------------------------+-------------+-------------+------------+------------+ |Brutokasum | 2 533| 4 325| 3 733| 6 907| +------------------------+-------------+-------------+------------+------------+ | | | | | | +------------------------+-------------+-------------+------------+------------+ |Tegevuskulud | -2 663| -3 169| -4 985| -5 767| +------------------------+-------------+-------------+------------+------------+ | Turundus- ja | | | | | |müügikulud | -1 809| -2 146| -3 367| -3 938| +------------------------+-------------+-------------+------------+------------+ | Üldhalduskulud | -854| -1 023| -1 618| -1 829| +------------------------+-------------+-------------+------------+------------+ |Muud äritulud/-kulud | 46| 206| 137| 334| +------------------------+-------------+-------------+------------+------------+ |Bioloogiliste varade | | | | | |ümberhindlus | 118| -622| 24| 224| +------------------------+-------------+-------------+------------+------------+ |Ärikasum (-kahjum) | 34| 740| -1 091| 1 698| +------------------------+-------------+-------------+------------+------------+ | Finantstulud/-kulud | -129| -190| -438| -393| +------------------------+-------------+-------------+------------+------------+ |Maksustamiseelne kasum | | | | | |(-kahjum) | -95| 550| -1 529| 1 305| +------------------------+-------------+-------------+------------+------------+ | Tulumaks | -101| -54| -105| -239| +------------------------+-------------+-------------+------------+------------+ |Aruandeperioodi | | | | | |puhaskasum (-kahjum) | -196| 496| -1 634| 1 066| +------------------------+-------------+-------------+------------+------------+ | | | | | | +------------------------+-------------+-------------+------------+------------+ |Aruandeperioodi | | | | | |puhaskasumi (-kahjum) | | | | | |jaotus: | | | | | +------------------------+-------------+-------------+------------+------------+ |emaettevõtte | | | | | |aktsionäridele kuuluv | | | | | |osa | -190| 529| -1 592| 1 042| +------------------------+-------------+-------------+------------+------------+ |Väikeaktsionäridele | | | | | |kuuluv osa | -6| -33| -42| 24| +------------------------+-------------+-------------+------------+------------+ |Aruandeperioodi | | | | | |puhaskasumi (-kahjum) | | | | | |kokku | -196| 496| -1 634| 1 066| +------------------------+-------------+-------------+------------+------------+ | | | | | | +------------------------+-------------+-------------+------------+------------+ |Muu koondkasum (- | | | | | |kahjum), mida võib | | | | | |hiljem klassifitseerida | | | | | |kasumiaruandesse: | | | | | +------------------------+-------------+-------------+------------+------------+ |Valuutakursi vahed | 169| 66| 268| 381| +------------------------+-------------+-------------+------------+------------+ |Kokku koondkasum (- | | | | | |kahjum) | -27| 562| -1 366| 1 447| +------------------------+-------------+-------------+------------+------------+ | | | | | | +------------------------+-------------+-------------+------------+------------+ |Aruandeperioodi | | | | | |koondkasumi (-kahjum) | | | | | |jaotus: | | | | | +------------------------+-------------+-------------+------------+------------+ |emaettevõtte | | | | | |aktsionäridele kuuluv | | | | | |osa | -21| 595| -1 324| 1 423| +------------------------+-------------+-------------+------------+------------+ |Väikeaktsionäridele | | | | | |kuuluv osa | -6| -33| -42| 24| +------------------------+-------------+-------------+------------+------------+ |Aruandeperioodi | | | | | |koondkasum (-kahjum) | | | | | |kokku | -27| 562| -1 366| 1 447| +------------------------+-------------+-------------+------------+------------+ | | | | | | +------------------------+-------------+-------------+------------+------------+ |Tava puhaskasum (- | | | | | |kahjum) aktsia kohta | | | | | |(EUR) | 0,00| 0,01| -0,04| 0,03| +------------------------+-------------+-------------+------------+------------+ | | | | | | +------------------------+-------------+-------------+------------+------------+ |Lahustatud puhaskasum (-| | | | | |kahjum) aktsia kohta | | | | | |(EUR) | 0,00| 0,01| -0,04| 0,03| +------------------------+-------------+-------------+------------+------------+ Indrek Kasela AS PRFoods Juhatuse liige T: +372 452 1470 [email protected] www.prfoods.ee?
Content of announcement in English
Title
Consolidated Unaudited Interim Report of AS PRFoods for the 2nd quarter and 6 months of 2020/2021 financial year
Message
MANAGEMENT COMMENTARY Second half of 2020 is characterized by continuation of COVID crisis. Salmon prices are 12-year low and compared to the same period last year, salmon prices are down 38% and rainbow trout is down by 22.5%. Adding to this global decrease in demand due to shutdown of HoReCa and you can call the situation as ?perfect storm". Companies who emerge from this crisis unscathed will be future winners. Arrival of vaccines is giving hope that we can see some normalization during 2nd half of 2021. 2022 will definitely be more profitable year in Fish farming as farmers can plan better the demand. Today's farming volumes were planned before crisis and therefore there is massive oversupply in the market and most Fish farmers operate either at loss or at break-even. John Ross Jr has shown extraordinary resilience in current crisis and is forecasted to end current financial year with similar result as to year before, gross margin of the business has risen over 50%. Estonian operations and cost base has been adjusted to the changed market situation. Unfortunately we cannot say the same about Finland and we plan to carry out significant restructuring of Finnish business during Q1. The group ended Q4 already in profit, but due to significantly lower sales, our operational EBITDA margin was 3.4% compared to 8.4% year before (consolidated EBITDA margin 4.1% and 5.3% accordingly). Production cost base cannot be adjusted to such drastic market changes without bigger restructuring. Yet we have managed to decrease costs in Finnish unit by 75,000 euros per month from beginning of the year and see further avenues for decreasing costs. At the same time we cannot ignore the fact that sales need to be recovered, particularly in Finland. The focus in the beginning of the year is to adjust cost base to the market situation, improving liquidity of the business and larger focus in Baltics and Scandinavia on Fish farming which continues to be the most promising area in business. John Ross Jr has adjusted extremely well to the crisis and despite loss of some sales in first 6 months of current financial year, has increased its profitability due to lower raw material prices. Thanks to lower cost base, we believe, that we will finish 2020/2021 II half and entire financial year with positive EBITDA. KEY RATIOS INCOME STATEMENT +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |mln EUR |4Q 2020|3Q 2020|2Q 2020|1Q 2020|4Q 2019|3Q 2019|2Q 2019|1Q 2019| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Sales | 17.0| 12.7| 15.1| 18.5| 25.4| 19.3| 21.5| 18.1| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Gross profit | 2.5| 1.2| 0.7| 2.0| 4.3| 2.6| 2.1| 2.1| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBITDA from | | | | | | | | | |operations | 0.6| -0.3| -0.4| 0.0| 2.1| 0.7| 0.3| 0.2| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBITDA | 0.7| -0.5| -0.4| -0.9| 1.4| 1.5| 0.3| -0.5| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBIT | 0.0| -1.1| -1.0| -1.4| 0.7| 1.0| -0.3| -1.0| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBT | -0.1| -1.4| -1.2| -1.8| 0.6| 0.8| -0.4| -1.2| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Net profit (- | | | | | | | | | |loss) | -0.2| -1.4| -1.3| -1.7| 0.5| 0.6| -0.6| -1.2| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Gross margin | 14.9%| 9.4%| 4.6%| 10.8%| 17.0%| 13.4%| 9.8%| 11.7%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Operational | | | | | | | | | |EBITDA margin | 3.4%| -2.6%| -2.6%| 0.1%| 8.4%| 3.8%| 1.4%| 1.1%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBITDA margin | 4.1%| -3.8%| -2.6%| -4.6%| 5.3%| 7.6%| 1.4%| -2.5%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBIT margin | 0.2%| -8.8%| -6.4%| -7.8%| 2.9%| 5.0%| -1.2%| -5.6%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBT margin | -0.6%| -11.3%| -8.1%| -9.8%| 2.2%| 3.9%| -2.0%| -6.5%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Net margin | -1.2%| -11.3%| -8.4%| -9.2%| 2.0%| 2.9%| -3.0%| -6.6%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Operating | | | | | | | | | |expense ratio | 15.6%| 18.2%| 13.9%| 14.3%| 12.5%| 13.4%| 11.7%| 14.1%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ BALANCE SHEET +---------+----------+----------+----------+----------+----------+----------+----------+ |mln EUR |31.12.2020|30.09.2020|30.06.2020|31.03.2020|31.12.2019|30.09.2019|30.06.2019| +---------+----------+----------+----------+----------+----------+----------+----------+ |Net debt | 21.9| 21.5| 20.7 17.0| 17.8| 19.9| 20.5| +---------+----------+----------+---------------------+----------+----------+----------+ |Equity | 18.6| 18.5| 19.8 21.6| 23.3| 22.8| 21.9| +---------+----------+----------+---------------------+----------+----------+----------+ |Working | | | | | | | |capital | -3.9| -4.4| -4.0 -2.5| -3.5| -3.0| -3.1| +---------+----------+----------+---------------------+----------+----------+----------+ |Assets | 57.5| 57.4| 57.1 56.9| 60.5| 62.4| 62.5| +---------+----------+----------+---------------------+----------+----------+----------+ |Liquidity| | | | | | | |ratio | 0.8x| 0.8x| 0.8x 0.9x| 0.9x| 0.9x| 0.9x| +---------+----------+----------+---------------------+----------+----------+----------+ |Equity | | | | | | | |ratio | 32.4%| 32.3%| 34.7% 37.9%| 38.5%| 36.5%| 35.0%| +---------+----------+----------+---------------------+----------+----------+----------+ |Gearing | | | | | | | |ratio | 54.0%| 53.7%| 51.1% 44.0%| 43.3%| 46.6%| 48.3%| +---------+----------+----------+---------------------+----------+----------+----------+ |Debt to | | | | | | | |total | | | | | | | |assets | 0.7x| 0.7x| 0.7x 0.6x| 0.6x| 0.6x| 0.7x| +---------+----------+----------+---------------------+----------+----------+----------+ |Net debt | | | | | | | |to EBITDA| | | | | | | |op | 160.0x| 12.8x| 7.5x 5.3x| 5.3x| 5.4x| 5.1x| +---------+----------+----------+---------------------+----------+----------+----------+ |ROE | -21.9%| -7.0%| -9.1% -5.7%| -3.2%| -4.5%| -6.5%| +---------+----------+----------+---------------------+----------+----------+----------+ |ROA | -7.8%| -2.4%| -3.2% -2.1%| -1.2%| -1.6%| -2.3%| +---------+----------+----------+---------------------+----------+----------+----------+ Consolidated Statement of Financial Position +---------------------------------+------------+------------+------------+ | Thousand euros | 31.12.2020 | 31.12.2019 | 30.06.2020 | +---------------------------------+------------+------------+------------+ | ASSETS | | | | +---------------------------------+------------+------------+------------+ | Cash and cash equivalents | 962 | 2 680 | 2 276 | +---------------------------------+------------+------------+------------+ | Receivables and prepayments | 4,153 | 6,342 | 3,578 | +---------------------------------+------------+------------+------------+ | Inventories | 9,627 | 9,104 | 7,884 | +---------------------------------+------------+------------+------------+ | Biological assets | 3,702 | 4,354 | 4,249 | +---------------------------------+------------+------------+------------+ | Total current assets | 18,444 | 22,480 | 17,987 | +---------------------------------+------------+------------+------------+ | | | | | +---------------------------------+------------+------------+------------+ | Deferred income tax | 21 | 66 | 54 | +---------------------------------+------------+------------+------------+ | Long-term financial investments | 232 | 217 | 232 | +---------------------------------+------------+------------+------------+ | Tangible fixed assets | 15,968 | 14,444 | 16,179 | +---------------------------------+------------+------------+------------+ | Intangible assets | 22,841 | 23,286 | 22,672 | +---------------------------------+------------+------------+------------+ | Total non-current assets | 39,062 | 38,013 | 39,137 | +---------------------------------+------------+------------+------------+ | TOTAL ASSETS | 57,506 | 60,493 | 57,124 | +---------------------------------+------------+------------+------------+ | | | | | +---------------------------------+------------+------------+------------+ | EQUITY AND LIABILITIES | | | | +---------------------------------+------------+------------+------------+ | Loans and borrowings | 9,634 | 12,505 | 10,611 | +---------------------------------+------------+------------+------------+ | Payables | 12,469 | 13,301 | 11,132 | +---------------------------------+------------+------------+------------+ | Government grants | 212 | 188 | 211 | +---------------------------------+------------+------------+------------+ | Total current liabilities | 22,315 | 25,994 | 21,954 | +---------------------------------+------------+------------+------------+ | | | | | +---------------------------------+------------+------------+------------+ | Loans and borrowings | 13,254 | 7,945 | 12,368 | +---------------------------------+------------+------------+------------+ | Payables | 596 | 190 | 190 | +---------------------------------+------------+------------+------------+ | Deferred tax liabilities | 1,912 | 2,070 | 1,920 | +---------------------------------+------------+------------+------------+ | Government grants | 785 | 981 | 873 | +---------------------------------+------------+------------+------------+ | Total non-current liabilities | 16,547 | 11,186 | 15,351 | +---------------------------------+------------+------------+------------+ | TOTAL LIABILITIES | 38,862 | 37,180 | 37,305 | +---------------------------------+------------+------------+------------+ | | | | | +---------------------------------+------------+------------+------------+ | Share capital | 7,737 | 7,737 | 7,737 | +---------------------------------+------------+------------+------------+ | Share premium | 14,197 | 14,007 | 14,007 | +---------------------------------+------------+------------+------------+ | Treasury shares | -390 | -390 | -390 | +---------------------------------+------------+------------+------------+ | Statutory capital reserve | 51 | 51 | 51 | +---------------------------------+------------+------------+------------+ | Currency translation reserve | -98 | 167 | -366 | +---------------------------------+------------+------------+------------+ | Retained profit (-loss) | -3,246 | 1,108 | -1,654 | +---------------------------------+------------+------------+------------+ | Equity attributable to parent | 18,252 | 22,680 | 19,385 | +---------------------------------+------------+------------+------------+ | Non-controlling interest | 392 | 633 | 434 | +---------------------------------+------------+------------+------------+ | TOTAL EQUITY | 18,644 | 23,313 | 19,819 | +---------------------------------+------------+------------+------------+ | TOTAL EQUITY AND LIABILITIES | 57,506 | 60,493 | 57,124 | +---------------------------------+------------+------------+------------+ Consolidated Statement of Profit or Loss And Other Comprehensive Income +--------------------+------------+------------+---------------+---------------+ |Thousand euros | | | 6 months| 6 months| | |2Q 2020/2021|2Q 2019/2020| 2020/2021| 2019/2020| +--------------------+------------+------------+---------------+---------------+ |Sales | 17,029| 25,374| 29,766| 44,703| +--------------------+------------+------------+---------------+---------------+ |Cost of goods sold | -14,496| -21,049| -26,033| -37,796| +--------------------+------------+------------+---------------+---------------+ |Gross profit | 2,533| 4,325| 3,733| 6,907| +--------------------+------------+------------+---------------+---------------+ | | | | | | +--------------------+------------+------------+---------------+---------------+ |Operating expenses | -2,663| -3,169| -4,985| -5,767| +--------------------+------------+------------+---------------+---------------+ |Selling and | | | | | |distribution | | | | | |expenses | -1,809| -2,146| -3,367| -3,938| +--------------------+------------+------------+---------------+---------------+ |Administrative | | | | | |expenses | -854| -1,023| -1,618| -1,829| +--------------------+------------+------------+---------------+---------------+ |Other income / | | | | | |expense | 46| 206| 137| 334| +--------------------+------------+------------+---------------+---------------+ |Fair value | | | | | |adjustment on | | | | | |biological assets | 118| -622| 24| 224| +--------------------+------------+------------+---------------+---------------+ |Operating profit | | | | | |(loss) | 34| 740| -1,091| 1,698| +--------------------+------------+------------+---------------+---------------+ |Financial income/- | | | | | |expenses | -129| -190| -438| -393| +--------------------+------------+------------+---------------+---------------+ |Profit (loss) before| | | | | |tax | -95| 550| -1,529| 1,305| +--------------------+------------+------------+---------------+---------------+ |Income tax | -101| -54| -105| -239| +--------------------+------------+------------+---------------+---------------+ |Net profit (loss) | | | | | |for the period | -196| 496| -1,634| 1,066| +--------------------+------------+------------+---------------+---------------+ | | | | | | +--------------------+------------+------------+---------------+---------------+ |Net profit (loss) | | | | | |attributable to: | | | | | +--------------------+------------+------------+---------------+---------------+ |Owners of the | | | | | |company | -190| 529| -1,592| 1,042| +--------------------+------------+------------+---------------+---------------+ |Non-controlling | | | | | |interests | -6| -33| -42| 24| +--------------------+------------+------------+---------------+---------------+ |Total net profit | | | | | |(loss) | -196| 496| -1,634| 1,066| +--------------------+------------+------------+---------------+---------------+ | | | | | | +--------------------+------------+------------+---------------+---------------+ |Other omprehensive | | | | | |income (loss) that | | | | | |may subsequently be | | | | | |classified to profit| | | | | |or loss: | | | | | +--------------------+------------+------------+---------------+---------------+ |Foreign currency | | | | | |translation | | | | | |differences | 169| 66| 268| 381| +--------------------+------------+------------+---------------+---------------+ |Total comprehensive | | | | | |income (expense) | -27| 562| -1,366| 1,447| +--------------------+------------+------------+---------------+---------------+ | | | | | | +--------------------+------------+------------+---------------+---------------+ |Total comprehensive | | | | | |income (expense) | | | | | |attributable to: | | | | | +--------------------+------------+------------+---------------+---------------+ |Owners of the | | | | | |Company | -21| 595| -1,324| 1,423| +--------------------+------------+------------+---------------+---------------+ |Non-controlling | | | | | |interests | -6| -33| -42| 24| +--------------------+------------+------------+---------------+---------------+ |Total comprehensive | | | | | |income (expense) for| | | | | |the period | -27| 562| -1,366| 1,447| +--------------------+------------+------------+---------------+---------------+ | | | | | | +--------------------+------------+------------+---------------+---------------+ |Profit (loss) per | | | | | |share (EUR) | 0.00| 0.01| -0.04| 0.03| +--------------------+------------+------------+---------------+---------------+ | | | | | | +--------------------+------------+------------+---------------+---------------+ |Diluted profit | | | | | |(loss) per share | | | | | |(EUR) | 0.00| 0.01| -0.04| 0.03| +--------------------+------------+------------+---------------+---------------+ Indrek Kasela AS PRFoods Member of the Management Board Phone:+372 452 1470 [email protected] www.prfoods.ee