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
9007
Attachments
Submission date and time
23.08.2021 00:47:10
Content of announcement in Estonian
Title
AS-i PRFoods 2020/2021 majandusaasta 4. kvartali ja 12. kuu konsolideeritud auditeerimata vahearuanne
Message
JUHTKONNA KOMMENTAAR
Kontserni ajaloo kõige raskem aasta on lõppenud. Meid tabas rünnak kolmelt
rindelt : ühelt poolt tekitas koroona pandeemia olukorra, kus vähenes
samaaegselt nõudlus ja toorkala hind drastiliselt, mis viis brutomarginaali ja
käibe vähenemisele. Me sisenesime kriisi kõrge finantsvõimendusega seoses
hiljutiste ettevõtte ülesostudega ning pangad nõudsid agressiivselt
laenuportfelli vähendamist. Kolmandaks ei suutnud ega tahtnud meie Soome endine
juhtkond reageerida muutustele, mistõttu kuhjusid probleemid sealses üksuses.
Kõige kolme kriisiga samaaegne tegelemine suurendas oluliselt ettevõtte
kahjumit, kuna olime sunnitud tegema otsuseid, mis tavaolukorras jäänuks
tegemata.
Kõige selle tulemusena vähenes kontserni käive aasta baasil 25% 58,7 miljoni
euroni ( 78,7 miljonit eelmine aasta).
Lõpptulemusena saime ajaloo esimese EBITDA kahjumi summas -1,24 miljonit eurot
(2,75 miljonit eelmine aasta) ning puhaskahjumit 5,1 miljonit eurot (-1,9
miljonit eurot eelmine aasta).
IV kvartali EBITDAt mõjutas oluliselt see, et toorkala hind tõusis järsult
tingituna pandeemia piirangute kiirest leevenemisest, kuid samas Soomes
müüdavate kalatoodete hinnad olid kinnitatud juba talvel, kui toorakala hind oli
oluliselt madalam. See tekitas viimases kvartalis olukorra, kus olime sunnitud
müüma osasid tooteid alla omahinna. Selle tegevuse lõpetamiseks vabastamise
töölt sealse tegevjuhi ning teavitasime ka kliente kahjulike lepingute
lõpetamisest.
Kui leida midagi positiivset, siis kontserni rahavoog äritegevusest oli
positiivne 2 miljonit eurot ning perioodi rahavoog paranes 0.51 miljonit eurot.
Samuti vähenes ettevõtte netovõlg ning me suutsime vähendada lühiajaliste
kohustuste määra. Samuti tegi meie kalakasvatusüksus parema tulemuse ning on
meie Skandinaavia äri selgroog. Suurim probleem on siiani, et Eesti riik pole
lubanud alustada suuremahulise kalakasvatusega, mistõttu jäi eelmisest
perioodist saamata märkimisväärne tulu.
Väga tubli oli meie Shoti üksus, kuigi nende kasumlikkus ja käive vähenes pea
30%, suutis John Ross Jr lõpetada aasta 1,4 miljoni eurose EBITDAga. Samuti
tuleb kiita meie Eesti üksust, kes hoolimata HoReCa turu äralangemisest, on
suutnud kuust kuusse tõsta jaetoodete müüki Eestis
Ettevõtte töötajate arv vähenes aasta baasil ca 10%, kuid ilmselgelt ei vastanud
Soome üksuse kulude vähenemine käibe ja marginaalide vähenemisele. Kokkuvõttes
võib öelda, et Soome äriüksus on kogu probleemistiku alge.
PRFoodsi tegevuskava kriisist väljumisel on järgmine:
1. Vähendada ettevõtte laenukoormust läbi positiivse EBITDA ja omakapitali
tugevdamise.
2. Restruktureerida täielikult Soome üksus, sealhulgas võimalusel kas müüa või
sulgeda kahjumlikud tegevused. Ellimineerida Soome müügist kõik
madalamarginaalsed tooted.
3. Suurendada jaekaubanduse osakaalu UK, EL turgudel, sh koduturul Eestis.
4. Kontserni strateegiline fookus on kalakasvatusel, kui valdkonnal, mis on
suutnud igal aastal olla kasumlik. Kontserni eesmärk on saavutada aastaks
2023 kalakasvatuse maht 10,000 tonni, mis peaks andma käivet ca 45-50
miljonit eurot aastas.
Ettevõtte finantstabiilsus ei ole lihtne. Samas peame arvestama, et 11 miljonit
ulatuses võlakirju on võetud John Ross Jr ostmistehingu refinantseerimiseks ning
John Ross Jr tulemused pole oluliselt kannatanud koroona tõttu, ettevõtte
rahavoog on väga tugev ning ettevõte maksab regulaarselt dividende
emaettevõttele, seega on olukord aktsepteeritav. Kalakasvatus nõuab pikaajalist
kapitali kalasööda ostmiseks, millega tegeleme. Eelmisel aastal olime sunnitud
vähendama oluliselt käibekapitalis võõrvahendeid, mis tekitas omakorda pingelise
olukorra tegevuse rahastamisel. Oleme vähendanud käibekapitali osakaalu
tavaoperatsioonides, vähendades meie laojääke. Kõige olulisem on taastada
kiiresti ettevõtte kasumlikkus vähendatud käibe olukorras ning likvideerida
kahjumlikud üksused.
Olles karastunud nüüd juba teist aastat kestvas koroona-kriisis, teame, et jääda
lootma välisele toele, ei ole jätkusuutlik ning kõik rasked otsused tuleb teha
varem kui hiljem. Meie õnneks on kalaturg alanud aastal palju tugevam ning
ennustatav ning nõudlus meie toodete järgi kasvav. Alanud finantsaasta eesmärk
on kasum ning kõik seda takistavad tegurid tuleb eemaldad.
VÕTMENÄITAJAD
KASUMIARUANNE
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|mln EUR |2kv 2021 |1kv 2021 |4kv 2020 |3kv 2020 |2kv 2020|1kv 2020|4kv 2019|3kv 2019|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|Müügitulu | 14,7| 14,2| 17,0| 12,7| 15,1| 18,5| 25,4| 19,3|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|Brutokasum | 0,3| 0,9| 2,5| 1,2| 0,7| 2,0| 4,3| 2,6|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|EBITDA | | | | | | | | |
|äritegevusest | -1,0| -0,5| 0,6| -0,3| -0,4| 0,0| 2,1| 0,7|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|EBITDA | -0,7| -0,7| 0,7| -0,5| -0,4| -0,9| 1,4| 1,5|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|EBIT | -1,4| -1,4| 0,0| -1,1| -1,0| -1,4| 0,7| 1,0|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|EBT | -1,6| -1,8| -0,1| -1,4| -1,2| -1,8| 0,6| 0,8|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|Puhaskasum (- | | | | | | | | |
|kahjum) | -1,7| -1,8| -0,2| -1,4| -1,3| -1,7| 0,5| 0,6|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|Brutomarginaal| 2,1%| 6,6%| 14,9%| 9,4%| 4,6%| 10,8%| 17,0%| 13,4%|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|Äritegev. | | | | | | | | |
|EBITDA | | | | | | | | |
|marginaal | -7,0%| -3,5%| 3,4%| -2,6%| -2,6%| 0,1%| 8,4%| 3,8%|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|EBITDA | | | | | | | | |
|marginaal | -4,8%| -5,3%| 4,1%| -3,8%| -2,6%| -4,6%| 5,3%| 7,6%|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|EBIT marginaal| -9,3%| -9,9%| 0,2%| -8,8%| -6,4%| -7,8%| 2,9%| 5,0%|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|EBT marginaal | -10,8%| -12,5%| -0,6%| -11,3%| -8,1%| -9,8%| 2,2%| 3,9%|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|Puhaskasumi | | | | | | | | |
|marginaal | -11,6%| -12,5%| -1,2%| -11,3%| -8,4%| -9,2%| 2,0%| 2,9%|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|Tegevuskulude | | | | | | | | |
|suhtarv | 15,4%| 15,6%| 15,6%| 18,2%| 13,9%| 14,3%| 12,5%| 13,4%|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
BILANSS
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|mln EUR |30.06.2021|31.03.2021|31.12.2020|30.09.2020|30.06.2020|31.03.2020|31.12.2019|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Netovõlgnevus | 20,9| 21,4| 21,9| 21,5| 20,7| 17,0| 17,8|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Omakapital | 15,8| 17,6| 18,6| 18,5| 19,8| 21,6| 23,3|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Käibekapital | -2,9| -5,0| -3,9| -4,4| -4,0| -2,5| -3,5|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Varad | 55,3| 54,5| 57,5| 57,4| 57,1| 56,9| 60,5|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Likviidsuskordaja| 0,9x| 0,8x| 0,8x| 0,8x| 0,8x| 0,9x| 0,9x|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Omakapitali | | | | | | | |
|suhtarv | 28,6%| 32,4%| 32,4%| 32,3%| 34,7%| 37,9%| 38,5%|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Finantsvõimendus | 56,9%| 54,9%| 54,0%| 53,7%| 51,1%| 44,0%| 43,3%|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Võlakordaja | 0,7x| 0,7x| 0,7x| 0,7x| 0,7x| 0,6x| 0,6x|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Netovõlg / EBITDA| | | | | | | |
|äriteg | -16,9x| -55,3x| 160,0x| 12,8x| 7,5x| 5,3x| 5,3x|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Omakapitali | | | | | | | |
|tootlus | -28,7%| -23,8%| -21,9%| -7,0%| -9,1%| -5,7%| -3,2%|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Varade tootlus | -9,1%| -8,4%| -7,8%| -2,4%| -3,2%| -2,1%| -1,2%|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
Konsolideeritud finantsseisundi aruanne
+-------------------------------------+------------+------------+
| Tuhandetes eurodes | 30.06.2021 | 30.06.2020 |
+-------------------------------------+------------+------------+
| VARAD | | |
+-------------------------------------+------------+------------+
| Raha ja ekvivalendid | 2 500 | 2 276 |
+-------------------------------------+------------+------------+
| Nõuded ja ettemaksed | 3 295 | 3 578 |
+-------------------------------------+------------+------------+
| Varud | 5 691 | 7 884 |
+-------------------------------------+------------+------------+
| Bioloogilised varad | 4 795 | 4 249 |
+-------------------------------------+------------+------------+
| Käibevara kokku | 16 281 | 17 987 |
+-------------------------------------+------------+------------+
| | | |
+-------------------------------------+------------+------------+
| Edasilükkunud tulumaksuvara | 21 | 54 |
+-------------------------------------+------------+------------+
| Pikaajalised finantsinvesteeringud | 302 | 232 |
+-------------------------------------+------------+------------+
| Materiaalne põhivara | 15 236 | 16 179 |
+-------------------------------------+------------+------------+
| Immateriaalne vara | 23 457 | 22 672 |
+-------------------------------------+------------+------------+
| Põhivara kokku | 39 016 | 39 137 |
+-------------------------------------+------------+------------+
| VARAD KOKKU | 55 297 | 57 124 |
+-------------------------------------+------------+------------+
| | | |
+-------------------------------------+------------+------------+
| KOHUSTUSED JA OMAKAPITAL | | |
+-------------------------------------+------------+------------+
| Intressikandvad kohustused | 6 396 | 10 611 |
+-------------------------------------+------------+------------+
| Võlad ja ettemaksed | 12 530 | 11 132 |
+-------------------------------------+------------+------------+
| Sihtfinantseerimine | 207 | 211 |
+-------------------------------------+------------+------------+
| Lühiajalised kohustused kokku | 19 133 | 21 954 |
+-------------------------------------+------------+------------+
| | | |
+-------------------------------------+------------+------------+
| Intressikandvad kohustused | 16 988 | 12 368 |
+-------------------------------------+------------+------------+
| Võlad ja ettemaksed | 723 | 190 |
+-------------------------------------+------------+------------+
| Edasilükkunud tulumaksukohustus | 1 868 | 1 920 |
+-------------------------------------+------------+------------+
| Sihtfinantseerimine | 746 | 873 |
+-------------------------------------+------------+------------+
| Pikaajalised kohustused kokku | 20 325 | 15 351 |
+-------------------------------------+------------+------------+
| KOHUSTUSED KOKKU | 39 458 | 37 305 |
+-------------------------------------+------------+------------+
| | | |
+-------------------------------------+------------+------------+
| Aktsiakapital | 7 737 | 7 737 |
+-------------------------------------+------------+------------+
| Ülekurss | 14 198 | 14 007 |
+-------------------------------------+------------+------------+
| Oma aktsiad | -390 | -390 |
+-------------------------------------+------------+------------+
| Kohustuslik reservkapital | 51 | 51 |
+-------------------------------------+------------+------------+
| Realiseerimata kursivahed | 583 | -366 |
+-------------------------------------+------------+------------+
| Jaotamata kasum (kahjum) | -6 682 | -1 654 |
+-------------------------------------+------------+------------+
| Ettevõtte aktsionäridele kuuluv osa | 15 497 | 19 385 |
+-------------------------------------+------------+------------+
| Mittekontrolliv osalus | 342 | 434 |
+-------------------------------------+------------+------------+
| OMAKAPITAL KOKKU | 15 839 | 19 819 |
+-------------------------------------+------------+------------+
| OMAKAPITAL JA KOHUSTUSED KOKKU | 55 297 | 57 124 |
+-------------------------------------+------------+------------+
Konsolideeritud koondkasumiaruanne
+----------------------+-------------+-------------+-------------+-------------+
|Tuhandetes eurodes |4kv 2020/2021|4kv 2019/2020|12k 2020/2021|12k 2019/2020|
+----------------------+-------------+-------------+-------------+-------------+
|Müügitulud | 14 740| 15 101| 58 692| 78 292|
+----------------------+-------------+-------------+-------------+-------------+
|Müüdud kaupade kulu | -14 437| -14 412| -53 717| -68 710|
+----------------------+-------------+-------------+-------------+-------------+
|Brutokasum | 303| 689| 4 975| 9 582|
+----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+----------------------+-------------+-------------+-------------+-------------+
|Tegevuskulud | -2 264| -2 107| -9 468| -10 509|
+----------------------+-------------+-------------+-------------+-------------+
| Turundus- ja | | | | |
|müügikulud | -1 499| -1 387| -6 389| -7 060|
+----------------------+-------------+-------------+-------------+-------------+
| Üldhalduskulud | -765| -720| -3 079| -3 449|
+----------------------+-------------+-------------+-------------+-------------+
|Muud äritulud/-kulud | 146| 211| 309| 519|
+----------------------+-------------+-------------+-------------+-------------+
|Bioloogiliste varade | | | | |
|ümberhindlus | 441| 239| 311| -291|
+----------------------+-------------+-------------+-------------+-------------+
|Ärikasum (-kahjum) | -1 374| -968| -3 873| -699|
+----------------------+-------------+-------------+-------------+-------------+
| Finantstulud/-kulud | -223| -254| -1 031| -1 062|
+----------------------+-------------+-------------+-------------+-------------+
|Maksustamiseelne kasum| | | | |
|(-kahjum) | -1 597| -1 222| -4 904| -1 761|
+----------------------+-------------+-------------+-------------+-------------+
| Tulumaks | -110| -47| -216| -134|
+----------------------+-------------+-------------+-------------+-------------+
|Aruandeperioodi | | | | |
|puhaskasum (-kahjum) | -1 707| -1 269| -5 120| -1 895|
+----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+----------------------+-------------+-------------+-------------+-------------+
|Aruandeperioodi | | | | |
|puhaskasumi (-kahjum) | | | | |
|jaotus: | | | | |
+----------------------+-------------+-------------+-------------+-------------+
|emaettevõtte | | | | |
|aktsionäridele kuuluv | | | | |
|osa | -1 697| -1 254| -5 028| -1 718|
+----------------------+-------------+-------------+-------------+-------------+
|Väikeaktsionäridele | | | | |
|kuuluv osa | -10| -15| -92| -177|
+----------------------+-------------+-------------+-------------+-------------+
|Aruandeperioodi | | | | |
|puhaskasumi (-kahjum) | | | | |
|kokku | -1 707| -1 269| -5 120| -1 895|
+----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+----------------------+-------------+-------------+-------------+-------------+
|Muu koondkasum (- | | | | |
|kahjum), mida võib | | | | |
|hiljem | | | | |
|klassifitseerida | | | | |
|kasumiaruandesse: | | | | |
+----------------------+-------------+-------------+-------------+-------------+
|Valuutakursi vahed | -100| -117| 949| -152|
+----------------------+-------------+-------------+-------------+-------------+
|Kokku koondkasum (- | | | | |
|kahjum) | -1 807| -1 386| -4 171| -2 047|
+----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+----------------------+-------------+-------------+-------------+-------------+
|Aruandeperioodi | | | | |
|koondkasumi (-kahjum) | | | | |
|jaotus: | | | | |
+----------------------+-------------+-------------+-------------+-------------+
|emaettevõtte | | | | |
|aktsionäridele kuuluv | | | | |
|osa | -1 797| -1 371| -4 079| -1 870|
+----------------------+-------------+-------------+-------------+-------------+
|Väikeaktsionäridele | | | | |
|kuuluv osa | -10| -15| -92| -177|
+----------------------+-------------+-------------+-------------+-------------+
|Aruandeperioodi | | | | |
|koondkasum (-kahjum) | | | | |
|kokku | -1 807| -1 386| -4 171| -2 047|
+----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+----------------------+-------------+-------------+-------------+-------------+
|Tava puhaskasum (- | | | | |
|kahjum) aktsia kohta | | | | |
|(EUR) | -0,04| -0,03| -0,13| -0,04|
+----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+----------------------+-------------+-------------+-------------+-------------+
|Lahustatud puhaskasum | | | | |
|(-kahjum) aktsia kohta| | | | |
|(EUR) | -0,04| -0,03| -0,13| -0,04|
+----------------------+-------------+-------------+-------------+-------------+
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 4nd quarter and 12 months of 2020/2021 financial year
Message
MANAGEMENT COMMENTARY
The most difficult year in the history of the group is over. We were attacked
from three fronts: from one side, corona crises, caused a situation of drastic
drop in prices and demand for fish products, causing drop in gross margin and
sales. Secondly, we entered the crisis with very high leverage due to recent
acquisitions and were forced by banks to reduce aggressively our loan portfolio.
Third, our now-ex management in Finnish unit did not want and could not react to
market changes, whereby we accumulated problems there with long-term effect.
Dealing with all three criseses simulteanously increased significantly our loss,
as we were forced to take decisions, that would have not happened under normal
circumstances.
As a result of all this group's sales decreased by 25% to 58,7 million euros (
78,7 million euros yoy).
As end result we had our first historical EBITDA loss of -1,24 million euros
(2,75 million euros yoy) and net loss of -5,1 million euros (-1,9 million euros
yoy).
Q4 EBITDA was largely impacted by the fact that raw material prices suddenly
increased due to loosening of coroan restrictions, while our Finnish market
product end prices were fixed in winter, when raw material prices were
significantly lower. This caused a situation in last quarter, where we sold some
of our products below COGS. In order to end such practice , we had to terminate
our local CEO and notified clients of termination of such contracts.
If to find anything positiive, then group's cash flow from operations was
positiive by 2 million euros and total cashflow over the periood improved by
0.51 million euros. We also reduced our net debt and reduced significantly short
term liabilities of the company. Also our fish farming unit posted a better
result and was the backbone of our Scandinavian operations. Our biggest problem
is that Estonian government is delaying decision to allow sea farming in
Estonia, due to which we could not earn significant additional income from last
periood.
Our Scottish division was very brave, and even though their sales and net profit
decreased by 30%, John Ross Jr still managed to post 1,4 million euros EBITDA.
I would also like to thank our Estonian unit, that despite the disappreance of
HoReCa, managed to grow each month sales in retail significantly.
The number of employees decreased by ca 10% on annual basis, but obviously the
cost base of Finnish unit did not respond to decrease in sales and margins. In
summary, we can say that root cause of our problems is Finnish business
division.
PRFoodsi action plan to overcome the crisis is:
1. Decrease overall debt level through positiive EBITDA and strengthening of
equity base.
2. Completely restructure Finnish division, either through disposal or closure
of loss-making business units. Eliminate totally all low margin products
form Finnish sales.
3. Increase retail sales in UK, EU markets, including home market Estonia.
4. Group'strategic focus is on fish farming, as divisjon that has been
profitable every year. Target is to reach by 2023 fish farming võlume of
10,000 tons, giving additional 45-50 million euros in sales.
Group's financial position is not easy. At the same time, we must remember that
11 million euros bonds have been issued solely for refinancing of John Ross Jr.
Acquisition and John Ross Jr results have not been impacted so severly, their
operational cash flow is very strong and they pay regularly dividends to parent
company, therefore we find their leverage to be acceptable. Fish farming
requires long term capital for fish feed and this is under works.
Last year we were forced to reduce significantly working capital financing
through banks, which put strain on company's finances. We have reduced
significantly working capital needs in operations, also through lower inventory.
Most important is to restore profitability in the environment of lower sales and
restructure loss-making business units.
Having cut our teeth now for second year in corona crisis, we know that it is
not sustainable to rely on outside help and all tough decisions need to be taken
sooner than later. For our advantage the fish market has started much stronger
this year and is more predictable and demand for our products is growing. The
only objective of new financial year is profit and everything that blocks our
road to profitabilty must be eliminated.
KEY RATIOS
INCOME STATEMENT
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|mln EUR |2Q 2021|1Q 2021|4Q 2020|3Q 2020|2Q 2020|1Q 2020|4Q 2019|3Q 2019|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Sales | 14.7| 14.2| 17.0| 12.7| 15.1| 18.5| 25.4| 19.3|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Gross profit | 0.3| 0.9| 2.5| 1.2| 0.7| 2.0| 4.3| 2.6|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBITDA from | | | | | | | | |
|operations | -1.0| -0.5| 0.6| -0.3| -0.4| 0.0| 2.1| 0.7|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBITDA | -0.7| -0.7| 0.7| -0.5| -0.4| -0.9| 1.4| 1.5|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBIT | -1.4| -1.4| 0.0| -1.1| -1.0| -1.4| 0.7| 1.0|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBT | -1.6| -1.8| -0.1| -1.4| -1.2| -1.8| 0.6| 0.8|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Net profit (- | | | | | | | | |
|loss) | -1.7| -1.8| -0.2| -1.4| -1.3| -1.7| 0.5| 0.6|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Gross margin | 2.1%| 6.6%| 14.9%| 9.4%| 4.6%| 10.8%| 17.0%| 13.4%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Operational | | | | | | | | |
|EBITDA margin | -7.0%| -3.5%| 3.4%| -2.6%| -2.6%| 0.1%| 8.4%| 3.8%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBITDA margin | -4.8%| -5.3%| 4.1%| -3.8%| -2.6%| -4.6%| 5.3%| 7.6%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBIT margin | -9.3%| -9.9%| 0.2%| -8.8%| -6.4%| -7.8%| 2.9%| 5.0%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBT margin | -10.8%| -12.5%| -0.6%| -11.3%| -8.1%| -9.8%| 2.2%| 3.9%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Net margin | -11.6%| -12.5%| -1.2%| -11.3%| -8.4%| -9.2%| 2.0%| 2.9%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Operating | | | | | | | | |
|expense ratio | 15.4%| 15.6%| 15.6%| 18.2%| 13.9%| 14.3%| 12.5%| 13.4%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
BALANCE SHEET
+---------+----------+----------+----------+----------+----------+----------+----------+
|mln EUR |30.06.2021|31.03.2021|31.12.2020|30.09.2020|30.06.2020|31.03.2020|31.12.2019|
+---------+----------+----------+----------+----------+----------+----------+----------+
|Net debt | 20.9| 21.4| 21.9 21.5| 20.7| 17.0| 17.8|
+---------+----------+----------+---------------------+----------+----------+----------+
|Equity | 15.8| 17.6| 18.6 18.5| 19.8| 21.6| 23.3|
+---------+----------+----------+---------------------+----------+----------+----------+
|Working | | | | | | |
|capital | -2.9| -5.0| -3.9 -4.4| -4.0| -2.5| -3.5|
+---------+----------+----------+---------------------+----------+----------+----------+
|Assets | 55.3| 54.5| 57.5 57.4| 57.1| 56.9| 60.5|
+---------+----------+----------+---------------------+----------+----------+----------+
|Liquidity| | | | | | |
|ratio | 0.9x| 0.8x| 0.8x 0.8x| 0.8x| 0.9x| 0.9x|
+---------+----------+----------+---------------------+----------+----------+----------+
|Equity | | | | | | |
|ratio | 28.6%| 32.4%| 32.4% 32.3%| 34.7%| 37.9%| 38.5%|
+---------+----------+----------+---------------------+----------+----------+----------+
|Gearing | | | | | | |
|ratio | 56.9%| 54.9%| 54.0% 53.7%| 51.1%| 44.0%| 43.3%|
+---------+----------+----------+---------------------+----------+----------+----------+
|Debt to | | | | | | |
|total | | | | | | |
|assets | 0.7x| 0.7x| 0.7x 0.7x| 0.7x| 0.6x| 0.6x|
+---------+----------+----------+---------------------+----------+----------+----------+
|Net debt | | | | | | |
|to EBITDA| | | | | | |
|op | -16.9x| -55.3x| 160.0x 12.8x| 7.5x| 5.3x| 5.3x|
+---------+----------+----------+---------------------+----------+----------+----------+
|ROE | -28.7%| -23.8%| -21.9% -7.0%| -9.1%| -5.7%| -3.2%|
+---------+----------+----------+---------------------+----------+----------+----------+
|ROA | -9.1%| -8.4%| -7.8% -2.4%| -3.2%| -2.1%| -1.2%|
+---------+----------+----------+---------------------+----------+----------+----------+
Consolidated Statement of Financial Position
+---------------------------------+------------+------------+
| Thousand euros | 30.06.2021 | 30.06.2020 |
+---------------------------------+------------+------------+
| ASSETS | | |
+---------------------------------+------------+------------+
| Cash and cash equivalents | 2,500 | 2,276 |
+---------------------------------+------------+------------+
| Receivables and prepayments | 3,295 | 3,578 |
+---------------------------------+------------+------------+
| Inventories | 5,691 | 7,884 |
+---------------------------------+------------+------------+
| Biological assets | 4,795 | 4,249 |
+---------------------------------+------------+------------+
| Total current assets | 16,281 | 17,987 |
+---------------------------------+------------+------------+
| | | |
+---------------------------------+------------+------------+
| Deferred income tax | 21 | 54 |
+---------------------------------+------------+------------+
| Long-term financial investments | 302 | 232 |
+---------------------------------+------------+------------+
| Tangible fixed assets | 15,236 | 16,179 |
+---------------------------------+------------+------------+
| Intangible assets | 23,457 | 22,672 |
+---------------------------------+------------+------------+
| Total non-current assets | 39,016 | 39,137 |
+---------------------------------+------------+------------+
| TOTAL ASSETS | 55,297 | 57,124 |
+---------------------------------+------------+------------+
| | | |
+---------------------------------+------------+------------+
| EQUITY AND LIABILITIES | | |
+---------------------------------+------------+------------+
| Loans and borrowings | 6,396 | 10,611 |
+---------------------------------+------------+------------+
| Payables | 12,530 | 11,132 |
+---------------------------------+------------+------------+
| Government grants | 207 | 211 |
+---------------------------------+------------+------------+
| Total current liabilities | 19,133 | 21,954 |
+---------------------------------+------------+------------+
| | | |
+---------------------------------+------------+------------+
| Loans and borrowings | 16,988 | 12,368 |
+---------------------------------+------------+------------+
| Payables | 723 | 190 |
+---------------------------------+------------+------------+
| Deferred tax liabilities | 1,868 | 1,920 |
+---------------------------------+------------+------------+
| Government grants | 746 | 873 |
+---------------------------------+------------+------------+
| Total non-current liabilities | 20,325 | 15,351 |
+---------------------------------+------------+------------+
| TOTAL LIABILITIES | 39,458 | 37,305 |
+---------------------------------+------------+------------+
| | | |
+---------------------------------+------------+------------+
| Share capital | 7,737 | 7,737 |
+---------------------------------+------------+------------+
| Share premium | 14,198 | 14,007 |
+---------------------------------+------------+------------+
| Treasury shares | -390 | -390 |
+---------------------------------+------------+------------+
| Statutory capital reserve | 51 | 51 |
+---------------------------------+------------+------------+
| Currency translation reserve | 583 | -366 |
+---------------------------------+------------+------------+
| Retained profit (-loss) | -6,682 | -1,654 |
+---------------------------------+------------+------------+
| Equity attributable to parent | 15,497 | 19,385 |
+---------------------------------+------------+------------+
| Non-controlling interest | 342 | 434 |
+---------------------------------+------------+------------+
| TOTAL EQUITY | 15,839 | 19,819 |
+---------------------------------+------------+------------+
| TOTAL EQUITY AND LIABILITIES | 55,297 | 57,124 |
+---------------------------------+------------+------------+
Consolidated Statement of Profit or Loss And Other Comprehensive Income
+--------------------+------------+------------+---------------+---------------+
|Thousand euros | | | 12 months| 12 months|
| |4Q 2020/2021|4Q 2019/2020| 2020/2021| 2019/2020|
+--------------------+------------+------------+---------------+---------------+
|Sales | 14,740| 15,101| 58,692| 78,292|
+--------------------+------------+------------+---------------+---------------+
|Cost of goods sold | -14,437| -14,412| -53,717| -68,710|
+--------------------+------------+------------+---------------+---------------+
|Gross profit | 303| 689| 4,975| 9,582|
+--------------------+------------+------------+---------------+---------------+
| | | | | |
+--------------------+------------+------------+---------------+---------------+
|Operating expenses | -2,264| -2,107| -9,468| -10,509|
+--------------------+------------+------------+---------------+---------------+
|Selling and | | | | |
|distribution | | | | |
|expenses | -1,499| -1,387| -6,389| -7,060|
+--------------------+------------+------------+---------------+---------------+
|Administrative | | | | |
|expenses | -765| -720| -3,079| -3,449|
+--------------------+------------+------------+---------------+---------------+
|Other income / | | | | |
|expense | 146| 211| 309| 519|
+--------------------+------------+------------+---------------+---------------+
|Fair value | | | | |
|adjustment on | | | | |
|biological assets | 441| 239| 311| -291|
+--------------------+------------+------------+---------------+---------------+
|Operating profit | | | | |
|(loss) | -1,374| -968| -3,873| -699|
+--------------------+------------+------------+---------------+---------------+
|Financial income/- | | | | |
|expenses | -223| -254| -1,031| -1,062|
+--------------------+------------+------------+---------------+---------------+
|Profit (loss) before| | | | |
|tax | -1,597| -1,222| -4,904| -1,761|
+--------------------+------------+------------+---------------+---------------+
|Income tax | -110| -47| -216| -134|
+--------------------+------------+------------+---------------+---------------+
|Net profit (loss) | | | | |
|for the period | -1,707| -1,269| -5,120| -1,895|
+--------------------+------------+------------+---------------+---------------+
| | | | | |
+--------------------+------------+------------+---------------+---------------+
|Net profit (loss) | | | | |
|attributable to: | | | | |
+--------------------+------------+------------+---------------+---------------+
|Owners of the | | | | |
|company | -1,697| -1,254| -5,028| -1,718|
+--------------------+------------+------------+---------------+---------------+
|Non-controlling | | | | |
|interests | -10| -15| -92| -177|
+--------------------+------------+------------+---------------+---------------+
|Total net profit | | | | |
|(loss) | -1,707| -1,269| -5,120| -1,895|
+--------------------+------------+------------+---------------+---------------+
| | | | | |
+--------------------+------------+------------+---------------+---------------+
|Other omprehensive | | | | |
|income (loss) that | | | | |
|may subsequently be | | | | |
|classified to profit| | | | |
|or loss: | | | | |
+--------------------+------------+------------+---------------+---------------+
|Foreign currency | | | | |
|translation | | | | |
|differences | -100| -117| 949| -152|
+--------------------+------------+------------+---------------+---------------+
|Total comprehensive | | | | |
|income (expense) | -1,807| -1,386| -4,171| -2,047|
+--------------------+------------+------------+---------------+---------------+
| | | | | |
+--------------------+------------+------------+---------------+---------------+
|Total comprehensive | | | | |
|income (expense) | | | | |
|attributable to: | | | | |
+--------------------+------------+------------+---------------+---------------+
|Owners of the | | | | |
|Company | -1,797| -1,371| -4,079| -1,870|
+--------------------+------------+------------+---------------+---------------+
|Non-controlling | | | | |
|interests | -10| -15| -92| -177|
+--------------------+------------+------------+---------------+---------------+
|Total comprehensive | | | | |
|income (expense) for| | | | |
|the period | -1,807| -1,386| -4,171| -2,047|
+--------------------+------------+------------+---------------+---------------+
| | | | | |
+--------------------+------------+------------+---------------+---------------+
|Profit (loss) per | | | | |
|share (EUR) | -0.04| -0.03| -0.13| -0.04|
+--------------------+------------+------------+---------------+---------------+
| | | | | |
+--------------------+------------+------------+---------------+---------------+
|Diluted profit | | | | |
|(loss) per share | | | | |
|(EUR) | -0.04| -0.03| -0.13| -0.04|
+--------------------+------------+------------+---------------+---------------+
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 452 1470
[email protected]
www.prfoods.ee