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
9192
Attachments
Submission date and time
28.11.2021 19:17:27
Content of announcement in Estonian
Title
AS-i PRFoods 2021/2022 majandusaasta 1. kvartali ja 3. kuu konsolideeritud auditeerimata vahearuanne
Message
JUHTKONNA KOMMENTAAR
Esimeses kvartalis on palju sellist, millega võib rahul olla: meie käive kasvas
11,5% ning grupi puhaskahjum vähenes ca 50% võrra. Kahjuks on palju ka sellist,
mis paljastas Soome üksuse juhtimise massiivsed vead. Kõik PRFoodsi tänased
probleemid on seotud Soome üksuse suurte juhtimisvigadega perioodil 2020-2021.
Tänasega on lõpule viidud 100% Soome kogu juhtkonna ja kõikide võtmeisikute
vahetus, mida alustasime suvel ning tehtud otsus eriti kahjumliku Kokkola tehase
sulgemiseks. Antud tegevus tagab, et meie kasumlikkus taastub 2022 aastal.
Koroonakriis kiirendas Soome üksuste nõrkuse avaldumist ning kahjuks ei soovinud
eelmine juhtkond tunnistada oma eksimust ning viia läbi muutusi. Tunnistus selle
kohta, et oleme õigel teel õigete inimestega, kes liitusid Soome üksusega
sügisel, on asjaolu, et lõpuks oleme oktoobrist alates kasumis ka Soomes:
oktoobri EBITDA oli Heimon Kala Oy-s 28 tuhat eurot ning paranemine eelmise
aasta oktoobriga võrreldes oli ca 270 tuhat eurot. Soome üksus põhjustas ka
likviiduskriis ettevõttes, mida lahendame käesolevas kvartalis tänu
kalakasvastuse suurepärastele tulemustele ning kalakasvatusest kala
realiseerimisel vabanevale rahavoole.
Tänu Soome uue juhtkonna poolt oktoobris ja novembris läbi viidud tooteportfelli
hinnastamise ning tootmise korraldamisele oleme vabanenud kõigist kahjumlikest
toodetest Soomes ning on kinnitatud hinnatõusud ning müügitõus kõikides
kategooriates. Arvestades tormilisi aegu Soomes, proovime anda investoritele
regulaarsemalt infot Soome üksuse tegevusest.
Väga tublilt tegutsesid meie Suurbritannia üksus, kes isegi peale ühekordseid
kulusid suutis täita EBITDA eesmärgi summas 172 tuhat eurot. Eesti EBITDA oli
veel miinuses ca 150 tuhande euroga esimeses kvartalis tänu kahjumlikule Soome
müügile.
Soome üksuse juhtimise allakäik jätkus veel suvel kuna kallinenud tooraine
olukorras tootmise piiramise asemel hoopis suurendati kahjumlikku tootmist, mis
tekitas 880 tuhande euro suuruse EBITDA kahjumi. Kalakasvatus on tänu suurenenud
kasvatusmahule ning oluliselt tõusnud kalahinnale tegemas käesolevas kvartalis
väga head tulemust. Kalakasvastuse EBITDA võinuks olla veel suurem, kuid
otsustasime, et Rootsi kasvatusest kala väljavõtmine tingitud suve väiksemast
juurdekasvust jääb 2022 esimesse kvartalisse. Arvestades, et talvel on värske
kala hind ka kõrgem kui sügisel on antud otsus majanduslikult põhjendatud. Samas
vähendab see meie rahavoogu käesolevas kvartalis ca 1,5 miljoni euro võrra, mis
liigub edasi järgmisse aastasse.
Oleme järginud oma varasemalt kinnitatud tegevuskava kriisist väljumisel:
1. Vähedada ettevõtte laenukoormust pankade ees: rahavoog finantseerimisest oli
-1,5 miljonit eurot.
2. Restruktureerida täielikult Soome üksus, sealhulgas võimalusel kas müüa või
sulgeda kahjumlikud tegevused. Ellimineerida Soome müügist kõik
madalamarginaalsed tooted: eesmärk on saavutatud selle kalendriaasta
lõpuks.
3. Suurendada jaekaubanduse osakaalu UK, EL turgudel, sh koduturul Eestis:
eesmärk saavutatud kõikides riikides va Soomes..
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: Rootsi kasvatustest eeldame täiendavat biomassi 2022
sügiseks 1 500-1 700 tonni.
Ettevõtte finantstabiilsus ei ole lihtne. 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 väga tugev ning ettevõte maksab regulaarselt dividende
emaettevõttele, seega on olukord aktsepteeritav. John Ross Jr käesoleva
finantsaasta EBITDA peaks olema samal tasemel, mis oli koroona-eelsel ajal.
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.
VÕTMENÄITAJAD
KASUMIARUANNE
+--------------+---------+---------+---------+---------+---------+--------+--------+--------+
|mln EUR |3kv 2021 |2kv 2021 |1kv 2021 |4kv 2020 |3kv 2020 |2kv 2020|1kv 2020|4kv 2019|
+--------------+---------+---------+---------+---------+---------+--------+--------+--------+
|Müügitulu | 14,2| 14,7| 14,2| 17,0| 12,7| 15,1| 18,5| 25,4|
+--------------+---------+---------+---------+---------+---------+--------+--------+--------+
|Brutokasum | 0,8| 0,3| 0,9| 2,5| 1,2| 0,7| 2,0| 4,3|
+--------------+---------+---------+---------+---------+---------+--------+--------+--------+
|EBITDA | | | | | | | | |
|äritegevusest | -0,8| -1,0| -0,5| 0,6| -0,3| -0,4| 0,0| 2,1|
+--------------+---------+---------+---------+---------+---------+--------+--------+--------+
|EBITDA | 0,0| -0,7| -0,7| 0,7| -0,5| -0,4| -0,9| 1,4|
+--------------+---------+---------+---------+---------+---------+--------+--------+--------+
|EBIT | -0,7| -1,4| -1,4| 0,0| -1,1| -1,0| -1,4| 0,7|
+--------------+---------+---------+---------+---------+---------+--------+--------+--------+
|EBT | -0,6| -1,6| -1,8| -0,1| -1,4| -1,2| -1,8| 0,6|
+--------------+---------+---------+---------+---------+---------+--------+--------+--------+
|Puhaskasum (- | | | | | | | | |
|kahjum) | -0,7| -1,7| -1,8| -0,2| -1,4| -1,3| -1,7| 0,5|
+--------------+---------+---------+---------+---------+---------+--------+--------+--------+
|Brutomarginaal| 5,4%| 2,1%| 6,6%| 14,9%| 9,4%| 4,6%| 10,8%| 17,0%|
+--------------+---------+---------+---------+---------+---------+--------+--------+--------+
|Äritegev. | | | | | | | | |
|EBITDA | | | | | | | | |
|marginaal | -5,5%| -7,0%| -3,5%| 3,4%| -2,6%| -2,6%| 0,1%| 8,4%|
+--------------+---------+---------+---------+---------+---------+--------+--------+--------+
|EBITDA | | | | | | | | |
|marginaal | -0,1%| -4,8%| -5,3%| 4,1%| -3,8%| -2,6%| -4,6%| 5,3%|
+--------------+---------+---------+---------+---------+---------+--------+--------+--------+
|EBIT marginaal| -4,7%| -9,3%| -9,9%| 0,2%| -8,8%| -6,4%| -7,8%| 2,9%|
+--------------+---------+---------+---------+---------+---------+--------+--------+--------+
|EBT marginaal | -4,6%| -10,8%| -12,5%| -0,6%| -11,3%| -8,1%| -9,8%| 2,2%|
+--------------+---------+---------+---------+---------+---------+--------+--------+--------+
|Puhaskasumi | | | | | | | | |
|marginaal | -5,2%| -11,6%| -12,5%| -1,2%| -11,3%| -8,4%| -9,2%| 2,0%|
+--------------+---------+---------+---------+---------+---------+--------+--------+--------+
|Tegevuskulude | | | | | | | | |
|suhtarv | 16,3%| 15,4%| 15,6%| 15,6%| 18,2%| 13,9%| 14,3%| 12,5%|
+--------------+---------+---------+---------+---------+---------+--------+--------+--------+
BILANSS
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|mln EUR |30.09.2021|30.06.2021|31.03.2021|31.12.2020|30.09.2020|30.06.2020|31.03.2020|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Netovõlgnevus | 24,2| 20,9| 21,4| 21,9| 21,5| 20,7| 17,0|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Omakapital | 14,9| 15,8| 17,6| 18,6| 18,5| 19,8| 21,6|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Käibekapital | -2,6| -2,9| -5,0| -3,9| -4,4| -4,0| -2,5|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Varad | 56,0| 55,3| 54,5| 57,5| 57,4| 57,1| 56,9|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Likviidsuskordaja| 0,9x| 0,9x| 0,8x| 0,8x| 0,8x| 0,8x| 0,9x|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Omakapitali | | | | | | | |
|suhtarv | 26,7%| 28,6%| 32,4%| 32,4%| 32,3%| 34,7%| 37,9%|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Finantsvõimendus | 61,8%| 56,9%| 54,9%| 54,0%| 53,7%| 51,1%| 44,0%|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Võlakordaja | 0,7x| 0,7x| 0,7x| 0,7x| 0,7x| 0,7x| 0,6x|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Netovõlg / EBITDA| | | | | | | |
|äriteg | -14,3x| -16,9x| -55,3x| 160,0x| 12,8x| 7,5x| 5,3x|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Omakapitali | | | | | | | |
|tootlus | -26,7%| -28,7%| -23,8%| -21,9%| -7,0%| -9,1%| -5,7%|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Varade tootlus | -7,9%| -9,1%| -8,4%| -7,8%| -2,4%| -3,2%| -2,1%|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
Konsolideeritud finantsseisundi aruanne
+-------------------------------------+------------+------------+------------+
| Tuhandetes eurodes | 30.09.2021 | 30.09.2020 | 30.06.2021 |
+-------------------------------------+------------+------------+------------+
| VARAD | | | |
+-------------------------------------+------------+------------+------------+
| Raha ja ekvivalendid | 748 | 1 091 | 2 500 |
+-------------------------------------+------------+------------+------------+
| Nõuded ja ettemaksed | 3 231 | 3 232 | 3 512 |
+-------------------------------------+------------+------------+------------+
| Varud | 5 638 | 8 746 | 5 691 |
+-------------------------------------+------------+------------+------------+
| Bioloogilised varad | 7 746 | 5 423 | 4 795 |
+-------------------------------------+------------+------------+------------+
| Käibevara kokku | 17 363 | 18 492 | 16 498 |
+-------------------------------------+------------+------------+------------+
| | | | |
+-------------------------------------+------------+------------+------------+
| Edasilükkunud tulumaksuvara | 38 | 54 | 38 |
+-------------------------------------+------------+------------+------------+
| Pikaajalised finantsinvesteeringud | 305 | 232 | 302 |
+-------------------------------------+------------+------------+------------+
| Materiaalne põhivara | 14 897 | 16 006 | 15 300 |
+-------------------------------------+------------+------------+------------+
| Immateriaalne vara | 23 368 | 22 606 | 23 460 |
+-------------------------------------+------------+------------+------------+
| Põhivara kokku | 38 608 | 38 898 | 39 100 |
+-------------------------------------+------------+------------+------------+
| VARAD KOKKU | 55 971 | 57 390 | 55 598 |
+-------------------------------------+------------+------------+------------+
| | | | |
+-------------------------------------+------------+------------+------------+
| KOHUSTUSED JA OMAKAPITAL | | | |
+-------------------------------------+------------+------------+------------+
| Intressikandvad kohustused | 6 521 | 10 322 | 7 325 |
+-------------------------------------+------------+------------+------------+
| Võlad ja ettemaksed | 13 219 | 12 385 | 12 124 |
+-------------------------------------+------------+------------+------------+
| Sihtfinantseerimine | 207 | 212 | 207 |
+-------------------------------------+------------+------------+------------+
| Lühiajalised kohustused kokku | 19 947 | 22 919 | 19 656 |
+-------------------------------------+------------+------------+------------+
| | | | |
+-------------------------------------+------------+------------+------------+
| Intressikandvad kohustused | 18 411 | 12 261 | 17 561 |
+-------------------------------------+------------+------------+------------+
| Võlad ja ettemaksed | 0 | 900 | 0 |
+-------------------------------------+------------+------------+------------+
| Edasilükkunud tulumaksukohustus | 1 996 | 1 934 | 1 861 |
+-------------------------------------+------------+------------+------------+
| Sihtfinantseerimine | 695 | 833 | 746 |
+-------------------------------------+------------+------------+------------+
| Pikaajalised kohustused kokku | 21 102 | 15 928 | 20 168 |
+-------------------------------------+------------+------------+------------+
| KOHUSTUSED KOKKU | 41 049 | 38 847 | 39 824 |
+-------------------------------------+------------+------------+------------+
| | | | |
+-------------------------------------+------------+------------+------------+
| Aktsiakapital | 7 737 | 7 737 | 7 737 |
+-------------------------------------+------------+------------+------------+
| Ülekurss | 14 007 | 14 198 | 14 007 |
+-------------------------------------+------------+------------+------------+
| Oma aktsiad | -390 | -390 | -390 |
+-------------------------------------+------------+------------+------------+
| Kohustuslik reservkapital | 51 | 51 | 51 |
+-------------------------------------+------------+------------+------------+
| Realiseerimata kursivahed | 447 | -397 | 559 |
+-------------------------------------+------------+------------+------------+
| Jaotamata kasum (kahjum) | -7 641 | -3 056 | -6 723 |
+-------------------------------------+------------+------------+------------+
| Ettevõtte aktsionäridele kuuluv osa | 14 211 | 18 143 | 15 241 |
+-------------------------------------+------------+------------+------------+
| Mittekontrolliv osalus | 711 | 400 | 533 |
+-------------------------------------+------------+------------+------------+
| OMAKAPITAL KOKKU | 14 922 | 18 543 | 15 774 |
+-------------------------------------+------------+------------+------------+
| OMAKAPITAL JA KOHUSTUSED KOKKU | 55 971 | 57 390 | 55 598 |
+-------------------------------------+------------+------------+------------+
Konsolideeritud koondkasumiaruanne
+----------------------------------------------------+------------+------------+
|Tuhandetes eurodes |3k 2021/2022|3k 2020/2021|
+----------------------------------------------------+------------+------------+
|Müügitulud | 14 207| 12 737|
+----------------------------------------------------+------------+------------+
|Müüdud kaupade kulu | -13 433| -11 537|
+----------------------------------------------------+------------+------------+
|Brutokasum | 774| 1 200|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Tegevuskulud | -2 309| -2 322|
+----------------------------------------------------+------------+------------+
| Turundus- ja müügikulud | -1 581| -1 558|
+----------------------------------------------------+------------+------------+
| Üldhalduskulud | -728| -764|
+----------------------------------------------------+------------+------------+
|Muud äritulud/-kulud | 51| 91|
+----------------------------------------------------+------------+------------+
|Bioloogiliste varade ümberhindlus | 820| -94|
+----------------------------------------------------+------------+------------+
|Ärikasum (-kahjum) | -664| -1 125|
+----------------------------------------------------+------------+------------+
| Finantstulud/-kulud | 16| -309|
+----------------------------------------------------+------------+------------+
|Maksustamiseelne kasum (-kahjum) | -648| -1 434|
+----------------------------------------------------+------------+------------+
| Tulumaks | -92| -4|
+----------------------------------------------------+------------+------------+
|Aruandeperioodi puhaskasum (-kahjum) | -740| -1 438|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Aruandeperioodi puhaskasumi (-kahjum) jaotus: | | |
+----------------------------------------------------+------------+------------+
|emaettevõtte aktsionäridele kuuluv osa | -918| -1 402|
+----------------------------------------------------+------------+------------+
|Väikeaktsionäridele kuuluv osa | 178| -36|
+----------------------------------------------------+------------+------------+
|Aruandeperioodi puhaskasumi (-kahjum) kokku | -740| -1 438|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Muu koondkasum (-kahjum), mida võib hiljem | | |
|klassifitseerida kasumiaruandesse: | | |
+----------------------------------------------------+------------+------------+
|Valuutakursi vahed | -112| -31|
+----------------------------------------------------+------------+------------+
|Kokku koondkasum (-kahjum) | -852| -1 469|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Aruandeperioodi koondkasumi (-kahjum) jaotus: | | |
+----------------------------------------------------+------------+------------+
|emaettevõtte aktsionäridele kuuluv osa | -842| -1 433|
+----------------------------------------------------+------------+------------+
|Väikeaktsionäridele kuuluv osa | -10| -36|
+----------------------------------------------------+------------+------------+
|Aruandeperioodi koondkasum (-kahjum) kokku | -852| -1 469|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Tava puhaskasum (-kahjum) aktsia kohta (EUR) | -0,02| -0,04|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Lahustatud puhaskasum (-kahjum) aktsia kohta (EUR) | -0,02| -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 1nd quarter and 3 months of 2021/2022 financial year
Message
MANAGEMENT COMMENTARY
Q1 had many things we can be satisfied with- our sales grew by 11.5% and group
net loss decreased by 50%. Unfortunately, there are many things, that unearthed
massive management mistakes in Finnish unit. All PRFoods current problems stem
from management mistakes made in 2020-2021. As of toda, we have completed 100%
the change of management and key people in Finland, that we started in summer
and decision to close lossmaking Kokkola factory. These steps build base for
renewal of profitability in 2022.
Corona crises speed up the unearthing of weaknesses in Finnish unit, and
unfortunately the previous management did not want to acknowledge their mistakes
or correct them. The proof that we are on right track with right people who
joined us in fall this year, is the fact as of October we back to being
profitable also in Finland: Heimon Kala Oy October EBITDA was 28 thousand euros
and better by 270 thousand euros on YoY basis. Finnish unit caused liquidity
crisis, which we are correcting with increased performance of our farming unit
and cashflow released from biomass harvesting.
Thanks to the changes made to product portfolio and production by new Finnish
management, we are out of all non-profitable products in Finland and have
secured price and sales increases for next year in all categories. Considering
the turbulent times in Finland, we aim to provide investors with regular updates
from this unit.
Very well performed our UK unit, who despite some one-offs, fulfilled its EBITDA
target in the sum of 172 thousand euros. Estonian EBITDA was still in minus by
150 thousand euros in Q1 due to loss-making Finnish sales.
The decline in Finnish management continued in summer, where instead of cutting
loss-making production, they increased it, resulting in 880 thousand euros
EBITDA loss.
Fish farming is making very good results in current quarter thanks to increased
harvest volume and prices. Fish farming could even post a better EBITDA, but we
delayed our Swedish harvest until Q1 2022 due to smaller biomass increase in hot
summer. Considering that fresh fish prices are higher in winter, this decision
has positive economic impact. At the same time this will decrease our cash flow
from biomass in current quarter by 1.5 million euros, which will be deferred
until Q1 2022.
We have followed our previously announced plan to emerge from this crisis:
1. Decrease our bank loans: cash flow from financing was -1.5 million euros in
Q1
2. Restructure totally Finnish unit, including selling possibly or closing
units or closing loss making units. Eliminating form Finnish sales all low
margin products: target achieved by end of 2021.
3. Increas retail sales in UK, EU and other domestic markets: target achieved
in all markets, except Finland.
4. Group's strategic focus is on fish farming, as area that has been constantly
profitable. Group's target ist o achieve 10 thousand tons of biomass by
2023, which should give group sales of 40-50 million euros: Swedish farms
should contribute already additional 1.500-1.700 tons of biomass by fall
2022.
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 |3Q 2021|2Q 2021|1Q 2021|4Q 2020|3Q 2020|2Q 2020|1Q 2020|4Q 2019|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Sales | 14.2| 14.7| 14.2| 17.0| 12.7| 15.1| 18.5| 25.4|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Gross profit | 0.8| 0.3| 0.9| 2.5| 1.2| 0.7| 2.0| 4.3|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBITDA from | | | | | | | | |
|operations | -0.8| -1.0| -0.5| 0.6| -0.3| -0.1| 0.0| 2.1|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBITDA | 0.0| -0.7| -0.7| 0.7| -0.5| -0.1| -0.9| 1.4|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBIT | -0.7| -1.4| -1.4| 0.0| -1.1| -1.0| -1.4| 0.7|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBT | -0.6| -1.6| -1.8| -0.1| -1.4| -1.2| -1.8| 0.6|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Net profit (- | | | | | | | | |
|loss) | -0.7| -1.7| -1.8| -0.2| -1.4| -1.3| -1.7| 0.5|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Gross margin | 5.4%| 2.1%| 6.6%| 14.9%| 9.4%| 4.4%| 10.8%| 17.0%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Operational | | | | | | | | |
|EBITDA margin | -5.5%| -7.0%| -3.5%| 3.4%| -2.6%| -0.9%| 0.1%| 8.4%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBITDA margin | -0.1%| -4.8%| -5.3%| 4.1%| -3.8%| -0.5%| -4.6%| 5.3%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBIT margin | -4.7%| -9.3%| -9.9%| 0.2%| -8.8%| -6.4%| -7.8%| 2.9%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBT margin | -4.6%| -10.8%| -12.5%| -0.6%| -11.3%| -8.3%| -9.8%| 2.2%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Net margin | -5.2%| -11.6%| -12.5%| -1.2%| -11.3%| -8.4%| -9.2%| 2.0%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Operating | | | | | | | | |
|expense ratio | 16.3%| 15.4%| 15.6%| 15.6%| 18.2%| 14.0%| 14.3%| 12.5%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
BALANCE SHEET
+---------+----------+----------+----------+----------+----------+----------+----------+
|mln EUR |30.09.2021|30.06.2021|31.03.2021|31.12.2020|30.09.2020|30.06.2020|31.03.2020|
+---------+----------+----------+----------+----------+----------+----------+----------+
|Net debt | 24.2| 20.9| 21.4 21.9| 21.5| 20.7| 17.0|
+---------+----------+----------+---------------------+----------+----------+----------+
|Equity | 14.9| 15.8| 17.6 18.6| 18.5| 19.8| 21.6|
+---------+----------+----------+---------------------+----------+----------+----------+
|Working | | | | | | |
|capital | -2.6| -2.9| -5.0 -3.9| -4.4| -4.0| -2.5|
+---------+----------+----------+---------------------+----------+----------+----------+
|Assets | 56.0| 55.3| 54.5 57.5| 57.4| 57.1| 56.9|
+---------+----------+----------+---------------------+----------+----------+----------+
|Liquidity| | | | | | |
|ratio | 0.9x| 0.9x| 0.8x 0.8x| 0.8x| 0.8x| 0.9x|
+---------+----------+----------+---------------------+----------+----------+----------+
|Equity | | | | | | |
|ratio | 26.7%| 28.6%| 32.4% 32.4%| 32.3%| 34.7%| 37.9%|
+---------+----------+----------+---------------------+----------+----------+----------+
|Gearing | | | | | | |
|ratio | 61.8%| 56.9%| 54.9% 54.0%| 53.7%| 51.1%| 44.0%|
+---------+----------+----------+---------------------+----------+----------+----------+
|Debt to | | | | | | |
|total | | | | | | |
|assets | 0.7x| 0.7x| 0.7x 0.7x| 0.7x| 0.7x| 0.6x|
+---------+----------+----------+---------------------+----------+----------+----------+
|Net debt | | | | | | |
|to EBITDA| | | | | | |
|op | -14.3x| -16.9x| -55.3x 160.0x| 12.8x| 7.5x| 5.3x|
+---------+----------+----------+---------------------+----------+----------+----------+
|ROE | -26.7%| -28.7%| -23.8% -21.9%| -7.0%| -9.1%| -5.7%|
+---------+----------+----------+---------------------+----------+----------+----------+
|ROA | -7.9%| -9.1%| -8.4% -7.8%| -2.4%| -3.2%| -2.1%|
+---------+----------+----------+---------------------+----------+----------+----------+
Consolidated Statement of Financial Position
+---------------------------------+------------+------------+------------+
| Thousand euros | 30.09.2021 | 30.09.2020 | 30.06.2021 |
+---------------------------------+------------+------------+------------+
| ASSETS | | | |
+---------------------------------+------------+------------+------------+
| Cash and cash equivalents | 748 | 1.091 | 2.500 |
+---------------------------------+------------+------------+------------+
| Receivables and prepayments | 3.231 | 3.232 | 3.512 |
+---------------------------------+------------+------------+------------+
| Inventories | 5.638 | 8.746 | 5.691 |
+---------------------------------+------------+------------+------------+
| Biological assets | 7.746 | 5.423 | 4.795 |
+---------------------------------+------------+------------+------------+
| Total current assets | 17.363 | 18.492 | 16.498 |
+---------------------------------+------------+------------+------------+
| | | | |
+---------------------------------+------------+------------+------------+
| Deferred income tax | 38 | 54 | 38 |
+---------------------------------+------------+------------+------------+
| Long-term financial investments | 305 | 232 | 302 |
+---------------------------------+------------+------------+------------+
| Tangible fixed assets | 14.897 | 16.006 | 15.300 |
+---------------------------------+------------+------------+------------+
| Intangible assets | 23.368 | 22.606 | 23.460 |
+---------------------------------+------------+------------+------------+
| Total non-current assets | 38.608 | 38.898 | 39.100 |
+---------------------------------+------------+------------+------------+
| TOTAL ASSETS | 55.971 | 57.390 | 55.598 |
+---------------------------------+------------+------------+------------+
| | | | |
+---------------------------------+------------+------------+------------+
| EQUITY AND LIABILITIES | | | |
+---------------------------------+------------+------------+------------+
| Loans and borrowings | 6.521 | 10.322 | 7.325 |
+---------------------------------+------------+------------+------------+
| Payables | 13.219 | 12.385 | 12.124 |
+---------------------------------+------------+------------+------------+
| Government grants | 207 | 212 | 207 |
+---------------------------------+------------+------------+------------+
| Total current liabilities | 19.947 | 22.919 | 19.656 |
+---------------------------------+------------+------------+------------+
| | | | |
+---------------------------------+------------+------------+------------+
| Loans and borrowings | 18.411 | 12.261 | 17.561 |
+---------------------------------+------------+------------+------------+
| Payables | 0 | 900 | 0 |
+---------------------------------+------------+------------+------------+
| Deferred tax liabilities | 1.996 | 1.934 | 1.861 |
+---------------------------------+------------+------------+------------+
| Government grants | 695 | 833 | 746 |
+---------------------------------+------------+------------+------------+
| Total non-current liabilities | 21.102 | 15.928 | 20.168 |
+---------------------------------+------------+------------+------------+
| TOTAL LIABILITIES | 41.049 | 38.847 | 39.824 |
+---------------------------------+------------+------------+------------+
| | | | |
+---------------------------------+------------+------------+------------+
| Share capital | 7.737 | 7.737 | 7.737 |
+---------------------------------+------------+------------+------------+
| Share premium | 14.007 | 14.198 | 14.007 |
+---------------------------------+------------+------------+------------+
| Treasury shares | -390 | -390 | -390 |
+---------------------------------+------------+------------+------------+
| Statutory capital reserve | 51 | 51 | 51 |
+---------------------------------+------------+------------+------------+
| Currency translation reserve | 447 | -397 | 559 |
+---------------------------------+------------+------------+------------+
| Retained profit (-loss) | -7.641 | -3.056 | -6.723 |
+---------------------------------+------------+------------+------------+
| Equity attributable to parent | 14.211 | 18.143 | 15.241 |
+---------------------------------+------------+------------+------------+
| Non-controlling interest | 711 | 400 | 533 |
+---------------------------------+------------+------------+------------+
| TOTAL EQUITY | 14.922 | 18.543 | 15.774 |
+---------------------------------+------------+------------+------------+
| TOTAL EQUITY AND LIABILITIES | 55.971 | 57.390 | 55.598 |
+---------------------------------+------------+------------+------------+
Consolidated Statement of Profit or Loss And Other Comprehensive Income
+----------------------------------------------------+------------+------------+
|Thousand euros |3m 2021/2022|3m 2020/2021|
+----------------------------------------------------+------------+------------+
|Sales | 14.207| 12.737|
+----------------------------------------------------+------------+------------+
|Cost of goods sold | -13.433| -11.537|
+----------------------------------------------------+------------+------------+
|Gross profit | 774| 1.200|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Operating expenses | -2.309| -2.322|
+----------------------------------------------------+------------+------------+
|Selling and distribution expenses | -1.581| -1.558|
+----------------------------------------------------+------------+------------+
|Administrative expenses | -728| -764|
+----------------------------------------------------+------------+------------+
|Other income / expense | 51| 91|
+----------------------------------------------------+------------+------------+
|Fair value adjustment on biological assets | 820| -94|
+----------------------------------------------------+------------+------------+
|Operating profit (loss) | -664| -1.125|
+----------------------------------------------------+------------+------------+
|Financial income/-expenses | 16| -309|
+----------------------------------------------------+------------+------------+
|Profit (loss) before tax | -648| -1.434|
+----------------------------------------------------+------------+------------+
|Income tax | -92| -4|
+----------------------------------------------------+------------+------------+
|Net profit (loss) for the period | -740| -1.438|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Net profit (loss) attributable to: | | |
+----------------------------------------------------+------------+------------+
|Owners of the company | -918| -1.402|
+----------------------------------------------------+------------+------------+
|Non-controlling interests | 178| -36|
+----------------------------------------------------+------------+------------+
|Total net profit (loss) | -740| -1.438|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Other omprehensive income (loss) that may | | |
|subsequently be classified to profit or loss: | | |
+----------------------------------------------------+------------+------------+
|Foreign currency translation differences | -112| -31|
+----------------------------------------------------+------------+------------+
|Total comprehensive income (expense) | -852| -1.469|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Total comprehensive income (expense) attributable | | |
|to: | | |
+----------------------------------------------------+------------+------------+
|Owners of the Company | -842| -1.433|
+----------------------------------------------------+------------+------------+
|Non-controlling interests | -10| -36|
+----------------------------------------------------+------------+------------+
|Total comprehensive income (expense) for the period | -852| -1.469|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Profit (loss) per share (EUR) | -0.02| -0.04|
+----------------------------------------------------+------------+------------+
| | .| .|
+----------------------------------------------------+------------+------------+
|Diluted profit (loss) per share (EUR) | -0.02| -0.04|
+----------------------------------------------------+------------+------------+
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone:+372 452 1470
[email protected]
www.prfoods.ee