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
9173
Attachments
Submission date and time
15.11.2021 17:02:53
Content of announcement in Estonian
Title
PRFoods auditeeritud konsolideeritud majandusaasta aruanne 2020/2021
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
ettevõtete ülesostudega ning pangad nõudsid agressiivselt laenuportfelli
vähendamist. Kolmandaks ei suutnud ega tahtnud Heimon Kala Oy endine juhtkond
reageerida muutustele, mistõttu kuhjusid probleemid sealses üksuses. Kõige kolme
kriisiga samaaegne tegelemine suurendas oluliselt kontserni kahjumit, kuna olime
sunnitud tegema otsuseid, mis tavaolukorras jäänuks tegemata.
Kõige selle tulemusena vähenes kontserni käive aasta baasil 25% 58,7 miljoni
euroni (2019/2020: 78,3 miljonit eurot).
Lõpptulemusena saime ajaloo esimese EBITDA kahjumi summas 1,3 miljonit eurot
(2019/2020: EBITDA kasum 1,9 miljonit eurot) ning puhaskahjumit 5,2 miljonit
eurot (2019/2020: puhaskahjum 1,9 miljonit eurot).
EBITDA'd 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 vabastasime 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 0,53 miljonit eurot.
Samuti vähenes ettevõtte netovõlg ning me suutsime vähendada lühiajaliste
kohustuste määra. Samuti tegi meie kalakasvatusüksus parema tulemuse ning on
seega 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 Shotimaa üksus, kuigi nende kasumlikkus ja käive vähenes pea
30%, suutis John Ross Jr lõpetada aasta 1,4 miljoni eurose EBITDA'ga. Samuti
tuleb kiita meie Eesti üksust, kes hoolimata HoReCa turu äralangemisest, on
suutnud kuust kuusse tõsta jaetoodete müüki Eestis.
Kontserni 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. Elimineerida 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 finantsstabiilsus ei ole lihtne, kus kontsernil oleks oma tegevuse
jaoks piisavalt likviidseid vahendeid. Samas peame arvestama, et 11 miljoni euro
ulatuses võlakirju on võetud John Ross Jr ostmistehingu refinantseerimiseks ning
John Ross Jr tulemused pole oluliselt kannatanud koroona tõttu, ettevõtte
rahavoog on 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 eemaldada.
Grupi võtmenäitajad
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KASUMIARUANNE
mln EUR 2020/2021 2019/2020 2018/2019 2017/2018 2016/2017
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Müügitulu 58,7 78,3 85,7 94,9 51,1
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Brutokasum 5,0 9,6 11,9 13,2 3,9
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EBITDA äritegevusest* -1,2 2,8 4,0 6,0 0,6
-------------------------------------------------------------------------------
EBITDA -1,3 1,9 1,7 4,4 2,0
-------------------------------------------------------------------------------
Ärikasum (-kahjum) -3,9 -0,7 -0,5 2,3 0,7
-------------------------------------------------------------------------------
EBT -5,0 -1,8 -1,2 1,4 0,5
-------------------------------------------------------------------------------
Puhaskasum (-kahjum) -5,2 -1,9 -1,5 1,0 0,2
-------------------------------------------------------------------------------
Brutomarginaal 8,5% 12,2% 13,9% 13,9% 7,7%
-------------------------------------------------------------------------------
Äritegevuse EBITDA
marginaal -2,1% 3,5% 4,7% 6,3% 1,2%
-------------------------------------------------------------------------------
EBITDA marginaal -2,1% 2,4% 2,0% 4,7% 3,8%
-------------------------------------------------------------------------------
Ärikasumi marginaal -6,6% -0,9% -0,5% 2,5% 1,4%
-------------------------------------------------------------------------------
EBT marginaal -8,5% -2,2% -1,4% 1,5% 1,1%
-------------------------------------------------------------------------------
Netomarginaal -8,8% -2,4% -1,7% 1,1% 0,4%
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Tegevuskulude suhtarv 16,1% 13,4% 12,5% 10,5% 9,6%
-------------------------------------------------------------------------------
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BILANSS
mln EUR 30.06.21 30.06.20 30.06.19 30.06.18 30.06.17
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Netovõlgnevus 22,4 20,7 20,5 18,1 1,0
-------------------------------------------------------------------------------
Omakapital 15,8 19,8 21,9 23,3 22,7
-------------------------------------------------------------------------------
Käibekapital -3,2 -4,0 -3,1 2,8 11,5
-------------------------------------------------------------------------------
Varad 55,6 57,1 62,5 65,5 33,5
-------------------------------------------------------------------------------
Likviidsuskordaja 0,8x 0,8x 0,9x 1,1x 2,3x
-------------------------------------------------------------------------------
Omakapitali suhtarv 28,4% 34,7% 35,0% 35,6% 67,8%
-------------------------------------------------------------------------------
Finantsvõimendus 58,7% 51,1% 48,3% 43,7% 4,1%
-------------------------------------------------------------------------------
Võlakordaja 0,7x 0,7x 0,7x 0,6x 0,3x
-------------------------------------------------------------------------------
Netovõlg/EBITDA
äritegevusest -17,9x 7,5x 5,1x 3,0x 1,6x
-------------------------------------------------------------------------------
Omakapitali tootlus -29,0% -9,1% -6,5% 4,3% 0,9%
-------------------------------------------------------------------------------
Varade tootlus -9,2% -3,2% -2,3% 2,0% 0,6%
-------------------------------------------------------------------------------
* enne ühekordseid tulusid-kulusid ja kalavarude ümberhindlust
Indrek Kasela
AS PRFoods
Juhatuse liige
T: +372 452 1470
[email protected]
www.prfoods.ee
Content of announcement in English
Title
PRFoods Audited Consolidated Annual Report 2020/2021
Message
Management Commentary
The most difficult year in group history is over. We were attacked from three
fronts: from one side the corona crisis caused a situation, where demand for
fish products and raw material prices were dropping drastically. This led to
decrease in gross margin and revenue. Secondly, we were entering into the crisis
with high financial leverage due to recent acquisitions of companies and banks
demanded aggressively us to reduce loan portfolio. Third, group previous
management of Finland was not able and didn't want to react to changes, which
meant that problems were accumulating in that unit. Dealing with all three
crisis at the same time was increasing group loss - we were forced to make
decisions, which would not normally have been done.
As a result of above, group's turnover decreased yearly bases 25% to 58.7
million euros(2019/2020: 78.3 million euros).
EBITDA loss 1.3 million euros was the final result - historically first one for
us (2019/2020: EBITDA profit 1.9 million euros). Net loss 5.2 million euros
(2019/2020: net loss 1.9 million euros).
EBITDA was significantly impacted: raw material prices increased abruptly when
corona restrictions were loosened, but at the same time Finnish market sales
prices were agreed during winter, when prices were lower. This led to the
situation in last quarter, where we were forced to sell some products below
COGS. To end this we had to release the local CEO and informed customers about
ending non-profitable contracts.
From positive side the group's cash flow from operations was positive by 2
million euros and total cashflow over the period improved by 0.53 million euros.
We also reduced our net debt and reduced significantly short term liabilities of
the company. Our fish farming unit presented better results and was a backbone
of the Scandinavian business. In that field we miss permission from Estonian
government to begin with large-scale fish-farming - due to that we missed
significant revenue.
Although our Scotland units net profit and turnover decreased up to 30%, John
Ross Jr managed to end the year with 1.4 million euros EBITDA. This was
outstanding as well as Estonian unit, who managed to rise from month to month
retail product sales despite HoReCa markets decrease close to zero.
The number of employees decreased by ca 10% on annual basis. Finland's units
cost decrease didn't match the decrease of revenue and margins. In conclusion we
can say that Finnish unit was the root cause of problems.
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 reeteil sales in UK, EU markets, including home market Estonia.
4. Group'strategic focus is on fish farming, as a division that has been
profitable every year. Target is to reach by 2023 fish farming volume of
10,000 tons, giving additional 45-50 million euros in sales by year.
Group's financial position is not simple. 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 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 in process.
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 hardened for second year in corona crisis, we know that it is not
sustainable to rely on outside help and all difficult decisions need to be taken
sooner than later. For our advantage the fish market has started much stronger
this year and is more predictable, the 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 of the GrouP
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INCOME STATEMENT
mln EUR 2020/2021 2019/2020 2018/ 2019 2017/2018 2016/2017
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Sales 58.7 78.3 85.7 94.9 51.1
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Gross profit 5.0 9.6 11.9 13.2 3.9
-------------------------------------------------------------------------------
EBITDA from operations* -1.2 2.8 4.0 6.0 0.6
-------------------------------------------------------------------------------
EBITDA -1.3 1.9 1.7 4.4 2.0
-------------------------------------------------------------------------------
EBIT -3.9 -0.7 -0.5 2.3 0.7
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EBT -5.0 -1.8 -1.2 1.4 0.5
-------------------------------------------------------------------------------
Net profit (-loss) -5.2 -1.9 -1.5 1.0 0.2
-------------------------------------------------------------------------------
Gross margin 8.5% 12.2% 13.9% 13.9% 7.7%
-------------------------------------------------------------------------------
Operational EBITDA
margin -2.1% 3.5% 4.7% 6.3% 1.2%
-------------------------------------------------------------------------------
EBITDA margin -2.1% 2.4% 2.0% 4.7% 3.8%
-------------------------------------------------------------------------------
EBIT margin -6.6% -0.9% -0.5% 2.5% 1.4%
-------------------------------------------------------------------------------
EBT margin -8.5% -2.2% -1.4% 1.5% 1.1%
-------------------------------------------------------------------------------
Net margin -8.8% -2.4% -1.7% 1.1% 0.4%
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Operating expense ratio 16.1% 13.4% 12.5% 10.5% 9.6%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
BALANCE SHEET
mln EUR 30.06.2021 30.06.2020 30.06.2019 30.06.2018 30.06.2017
-------------------------------------------------------------------------------
Net debt 22.4 20.7 20.5 18.1 1.0
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Equity 15.8 19.8 21.9 23.3 22.7
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Working capital -3.2 -4.0 -3.1 2.8 11.5
-------------------------------------------------------------------------------
Assets 55.6 57.1 62.5 65.5 33.5
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Liquidity ratio 0.8x 0.8x 0.9x 1.1x 2.3x
-------------------------------------------------------------------------------
Equity ratio 28.4% 34.7% 35.0% 35.6% 67.8%
-------------------------------------------------------------------------------
Gearing ratio 58.7% 51.1% 48.3% 43.7% 4.1%
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Debt to Asset 0.7x 0.7x 0.7x 0.6x 0.3x
-------------------------------------------------------------------------------
Net debt-to-EBITDA from
operations -17.9x 7.5x 5.1x 3.0x 1.6x
-------------------------------------------------------------------------------
ROE -29.0% -9.1% -6.5% 4.3% 0.9%
-------------------------------------------------------------------------------
ROA -9.2% -3.2% -2.3% 2.0% 0.6%
-------------------------------------------------------------------------------
* before one-offs and fair value adjustment of fish stock
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 452 1470
[email protected]
www.prfoods.ee