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30.11.2023 07:30:00
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AS-i PRFoods 2023/2024 majandusaasta 1. kvartali ja 3. kuu konsolideeritud auditeerimata vahearuanne
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AS-i PRFoods 2023/2024 majandusaasta 1. kvartali ja 3. kuu konsolideeritud auditeerimata vahearuanne JUHTKONNA KOMMENTAAR Käesoleva finantsaasta esimene kvartal algas heade tulemustega Suurbritanniast, kalakasvatus hooaeg on täies mahus käivitatud ja Eesti kannatab siiani Soome ekspordi katkemise all kuni 2023 lõpuni. Esimene kvartal on üks vaiksemaid hooaegasid, võrreldes kõrghooaegadega Q2 ja Q4. Käive oli 26% väiksem võrreldes eelmise aastaga, samas EBITDA kahjum suurenes ainult 140 tuhande euro võrra võrreldes eelmise aastaga. Palju olulisem, et meie tegevuskahjum vähenes taas, seekord 50%. Sellistel aegadel on isegi väikestest aga püsivatest muutustest kasu, et pikaajaliselt olukord muutuks. Ettevõtte tegevust on oluliselt tõhustatud, kuluefektiivsus on väga kõrge ning me teame, et kui lõpeb Soome ekspordi eksklusiivsusleping ning me võime järgmisest kalendriaastast taas Soome vabalt eksportida, paraneb massiivselt Eesti haru tulemus. Netokahjum oli 720 tuhat eurot võrreldes eelmise aasta 870 tuhande eurose kasumiga aga arvestada tuleb, et eelmise aasta Q1 oli meil erakordne finantstulu Rootsi üksuse müügist 1,7 miljonit eurot. Kõrge inflatsioon ja tarbijakäitumine mõjutab kõiki toiduainete tootjaid, kuid suures plaanis me ei näe nõudluse suurt vähenemist. Vastupidiselt, näha on, et kalatoodete jaehinnad on alla tulnud või stabiliseerunud ning me ennustame väga korralikku nõudlust jõuluperioodile. Stabiilsus on tähtsam kui volatiilsus, nii käibes kui tegevuses ning tänane vundament on oluliselt parem kui eelmistel aastatel. Me oleme väiksemad, aga efektiivsemad ja kui kunstlikud barjäärid ekspordid edendamisel nagu seda on meil Soomes, lõpevad, saame näidata juba palju paremaid tulemusi. VÕTMENÄITAJAD KASUMIARUANNE +----------------+-------------+---------+-------------+---------+-------------+ |mln EUR |1kv 2023/2024|2022/2023|1kv 2022/2023|2021/2022|1kv 2023/2024| +----------------+-------------+---------+-------------+---------+-------------+ |Müügitulu | 3,4| 19,6| 4,6| 42,1| 3,4| +----------------+-------------+---------+-------------+---------+-------------+ |Brutokasum | 0,1| 3,6| 0,5| 3,1| 0,1| +----------------+-------------+---------+-------------+---------+-------------+ |EBITDA | | | | | | |äritegevusest | -0,46| 0,3| -0,3| -1,7| -0,46| +----------------+-------------+---------+-------------+---------+-------------+ |EBITDA | -0,11| 0,3| -0,5| -2,1| -0,11| +----------------+-------------+---------+-------------+---------+-------------+ |EBIT | -0,4| -1,0| -0,8| -4,2| -0,4| +----------------+-------------+---------+-------------+---------+-------------+ |EBT | -0,7| 0,4| 0,9| -8,2| -0,7| +----------------+-------------+---------+-------------+---------+-------------+ |Puhaskasum (- | | | | | | |kahjum) | -0,7| 0,3| 0,9| -8,2| -0,7| +----------------+-------------+---------+-------------+---------+-------------+ |Brutomarginaal | 3,5%| 18,3%| 11,1%| 7,4%| 3,5%| +----------------+-------------+---------+-------------+---------+-------------+ |Äritegevuse | | | | | | |EBITDA marginaal| -13,6%| 1,5%| -6,9%| -4,6%| -13,6%| +----------------+-------------+---------+-------------+---------+-------------+ |EBITDA marginaal| -3,1%| 1,5%| -10,6%| -5,1%| -3,1%| +----------------+-------------+---------+-------------+---------+-------------+ |EBIT marginaal | -11,7%| -5,1%| -17,7%| -9,9%| -11,7%| +----------------+-------------+---------+-------------+---------+-------------+ |EBT marginaal | -20,7%| 2,0%| -19,0%| -19,5%| -20,7%| +----------------+-------------+---------+-------------+---------+-------------+ |Puhaskasumi | | | | | | |marginaal | -21,1%| 1,5%| 18,8%| -19,4%| -21,1%| +----------------+-------------+---------+-------------+---------+-------------+ |Tegevuskulude | | | | | | |suhtarv | -25,4%| 24,0%| -24,2%| 17,1%| -25,4%| +----------------+-------------+---------+-------------+---------+-------------+ BILANSS +--------------------------+------------+------------+------------+------------+ | mln EUR | 30.09.2023 | 30.06.2023 | 30.09.2022 | 30.06.2022 | +--------------------------+------------+------------+------------+------------+ | Netovõlgnevus | 17,0 | 16,7 | 18,8 | 24,7 | +--------------------------+------------+------------+------------+------------+ | Omakapital | 7,4 | 8,3 | 8,0 | 8,1 | +--------------------------+------------+------------+------------+------------+ | Käibekapital | 0,2 | 0,0 | 0,7 | -3,2 | +--------------------------+------------+------------+------------+------------+ | Varad | 29,3 | 30,2 | 33,1 | 38,9 | +--------------------------+------------+------------+------------+------------+ | Likviidsuskordaja | 1,0x | 1,0x | 1,1x | 0,7x | +--------------------------+------------+------------+------------+------------+ | Omakapitali suhtarv | 25,2% | 27,4% | 24,1% | 20,7% | +--------------------------+------------+------------+------------+------------+ | Finantsvõimendus | 69,7% | 66,9% | 70,2% | 75,4% | +--------------------------+------------+------------+------------+------------+ | Võlakordaja | 0,8x | 0,7x | 0,8x | 0,8x | +--------------------------+------------+------------+------------+------------+ | Netovõlg / EBITDA äriteg | 21,4x | 55,8x | -11,7x | -14,5x | +--------------------------+------------+------------+------------+------------+ | Omakapitali tootlus | -9,2% | 4,1% | 28,1% | -68,5% | +--------------------------+------------+------------+------------+------------+ | Varade tootlus | -2,4% | 1,0% | 7,2% | -17,3% | +--------------------------+------------+------------+------------+------------+ Konsolideeritud finantsseisundi aruanne +-------------------------------------+------------+------------+------------+ | EUR '000 | 30.09.2023 | 30.09.2022 | 30.06.2023 | +-------------------------------------+------------+------------+------------+ | VARAD | | | | +-------------------------------------+------------+------------+------------+ | Raha ja ekvivalendid | 199 | 345 | 394 | +-------------------------------------+------------+------------+------------+ | Nõuded ja ettemaksed | 1 330 | 4 811 | 2 118 | +-------------------------------------+------------+------------+------------+ | Varud | 1 909 | 2 102 | 1 861 | +-------------------------------------+------------+------------+------------+ | Bioloogilised varad | 1 130 | 955 | 772 | +-------------------------------------+------------+------------+------------+ | Käibevara kokku | 4 567 | 8 213 | 5 145 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | Pikaajalised finantsinvesteeringud | 382 | 304 | 381 | +-------------------------------------+------------+------------+------------+ | Materiaalne põhivara | 6 364 | 7 169 | 6 563 | +-------------------------------------+------------+------------+------------+ | Immateriaalne vara | 17 954 | 17 400 | 18 157 | +-------------------------------------+------------+------------+------------+ | Põhivara kokku | 24 700 | 24 873 | 25 101 | +-------------------------------------+------------+------------+------------+ | VARAD KOKKU | 26 267 | 33 086 | 30 246 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | KOHUSTUSED JA OMAKAPITAL | | | | +-------------------------------------+------------+------------+------------+ | Intressikandvad kohustused | 1 827 | 3 562 | 2 111 | +-------------------------------------+------------+------------+------------+ | Võlad ja ettemaksed | 2 947 | 3 965 | 3 035 | +-------------------------------------+------------+------------+------------+ | Lühiajalised kohustused kokku | 4 774 | 7 527 | 5 146 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | Intressikandvad kohustused | 15 354 | 15 592 | 15 024 | +-------------------------------------+------------+------------+------------+ | Edasilükkunud tulumaksukohustus | 1 454 | 1 644 | 1 466 | +-------------------------------------+------------+------------+------------+ | Sihtfinantseerimine | 309 | 342 | 318 | +-------------------------------------+------------+------------+------------+ | Pikaajalised kohustused kokku | 17 117 | 17 578 | 16 807 | +-------------------------------------+------------+------------+------------+ | KOHUSTUSED KOKKU | 21 891 | 25 105 | 21 953 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | Aktsiakapital | 7 737 | 7 737 | 7 737 | +-------------------------------------+------------+------------+------------+ | Ülekurss | 14 007 | 14 007 | 14 007 | +-------------------------------------+------------+------------+------------+ | Oma aktsiad | -390 | -390 | -390 | +-------------------------------------+------------+------------+------------+ | Kohustuslik reservkapital | 51 | 51 | 51 | +-------------------------------------+------------+------------+------------+ | Realiseerimata kursivahed | 412 | 394 | 608 | +-------------------------------------+------------+------------+------------+ | Jaotamata kasum (kahjum) | -14 655 | -14 043 | -13 981 | +-------------------------------------+------------+------------+------------+ | Ettevõtte aktsionäridele kuuluv osa | 7163 | 7 757 | 8 032 | +-------------------------------------+------------+------------+------------+ | Mittekontrolliv osalus | 213 | 223 | 259 | +-------------------------------------+------------+------------+------------+ | OMAKAPITAL KOKKU | 7 376 | 7 980 | 8 292 | +-------------------------------------+------------+------------+------------+ | OMAKAPITAL JA KOHUSTUSED KOKKU | 29 267 | 33 085 | 30 245 | +-------------------------------------+------------+------------+------------+ Konsolideeritud koondkasumiaruanne +----------------------------------------------------+------------+------------+ |EUR '000 |3k 2023/2024|3k 2022/2023| +----------------------------------------------------+------------+------------+ |Müügitulud | 3 411| 4 610| +----------------------------------------------------+------------+------------+ |Müüdud kaupade kulu | -3 290| -4 097| +----------------------------------------------------+------------+------------+ |Brutokasum | 121| 514| +----------------------------------------------------+------------+------------+ | | | | +----------------------------------------------------+------------+------------+ |Tegevuskulud | -867| -1 114| +----------------------------------------------------+------------+------------+ |Müügi- ja turustuskulud | -438| -643| +----------------------------------------------------+------------+------------+ |Üldhalduskulud | -429| -471| +----------------------------------------------------+------------+------------+ |Muud äritulud/-kulud | -9| -47| +----------------------------------------------------+------------+------------+ |Bioloogiliste varade ümberhindlus | 358| -170| +----------------------------------------------------+------------+------------+ |Ärikasum (-kahjum) | -398| -170| +----------------------------------------------------+------------+------------+ |Finantstulud/-kulud | -308| 1692| +----------------------------------------------------+------------+------------+ |Maksustamiseelne kasum (kahjum) | -705| 874| +----------------------------------------------------+------------+------------+ |Tulumaks | -14| -6| +----------------------------------------------------+------------+------------+ |Aruandeperioodi puhaskasum (-kahjum) | -719| 868| +----------------------------------------------------+------------+------------+ | | | | +----------------------------------------------------+------------+------------+ |Aruandeperioodi puhaskasumi (-kahjumi) jaotus: | | | +----------------------------------------------------+------------+------------+ |Emaettevõtte aktsionäridele kuuluv osa | -674| 878| +----------------------------------------------------+------------+------------+ |Mittekontrolliv osalus | -46| -8| +----------------------------------------------------+------------+------------+ |Aruandeperioodi puhaskasum (-kahjum) kokku | -720| 869| +----------------------------------------------------+------------+------------+ | | | | +----------------------------------------------------+------------+------------+ |Muu koondkasum (-kahjum), mida võib hiljem | | | |klassifitseerida kasumiaruandesse: | | | +----------------------------------------------------+------------+------------+ |Valuutakursi vahed | -196| -445| +----------------------------------------------------+------------+------------+ |Kokku koondkasum (-kahjum) | -916| 424| +----------------------------------------------------+------------+------------+ | | | | +----------------------------------------------------+------------+------------+ |Aruandeperioodi koondkasumi (-kahjumi) jaotus: | | | +----------------------------------------------------+------------+------------+ |Emaettevõtte aktsionäridele kuuluv osa | -870| 433| +----------------------------------------------------+------------+------------+ |Väikeaktsionäridele kuuluv osa | -46| -8| +----------------------------------------------------+------------+------------+ |Aruandeperioodi koondkasum (-kahjum) kokku | -916| 424| +----------------------------------------------------+------------+------------+ Indrek Kasela AS PRFoods Juhatuse liige T: +372 452 1470 investor@prfoods.ee www.prfoods.ee
Pealkiri
Consolidated Unaudited Interim Report of AS PRFoods for the 1nd quarter and 3 months of 2023/2024 financial year
Teade
Consolidated Unaudited Interim Report of AS PRFoods for the 1nd quarter and 3 months of 2023/2024 financial year MANAGEMENT COMMENTARY 1st Quarter of current financial year started with good results from UK, fish farming season in full swing and Estonian operations suffering from discontinuation of sales to Finland due to anti-competition situation. Q1 is one of quieter seasons for us as the seasonality plays strong role in Q2 and Q4. Sales were down 26%, EBITDA was less only by 140,000 EUR. More importantly our operating loss decreased by 50%. In times like these even incremental but steady improvements will bring about results in long term. The operations have been massively streamlined, cost efficiency at its best and we know that once the exclusivity period ends and we can restart exports to Finland, the profitability of Estonian business is going to be substantially improved. Net loss was 720,000 euros compared to 870,000 profit last year, but last year result was affected by one-off profit from sale of Swedish business which resulted in 1,7 million euro financial income. High inflation and consumers behaviour is affecting all the food producers, but overall we do not see big decline in demand. In contrary since the retail prices of fish products have come down, we expect very healthy demand for Christmas season. Stability is more important than volatility, both in sales and operations and the foundation is now much stronger than last years. We are smaller, but more efficient and once the artificial barriers to sales, like exclusivity in Finland, ends, we will demonstrate much better results. KEY RATIOS INCOME STATEMENT +--------------------------+------------+---------+------------+----------+ |mln EUR | | | | | |unless indicated otherwise|1Q 2022/2023|2022/2023|1Q 2022/2023|2021/20233| +--------------------------+------------+---------+------------+----------+ |Sales | 3,4| 19,6| 4,6| 42,1| +--------------------------+------------+---------+------------+----------+ |Gross profit | 0,1| 3,6| 0,5| 3,1| +--------------------------+------------+---------+------------+----------+ |EBITDA from operations | -0,46| 0,3| -0,3| -1,7| +--------------------------+------------+---------+------------+----------+ |EBITDA | -0,11| 0,3| -0,5| -1,9| +--------------------------+------------+---------+------------+----------+ |EBIT | -0,4| -1,0| -0,8| -4,2| +--------------------------+------------+---------+------------+----------+ |EBT | -0,7| 0,4| 0,9| -8,2| +--------------------------+------------+---------+------------+----------+ |Net profit (loss) | -0,7| 0,3| 0,9| -8,1| +--------------------------+------------+---------+------------+----------+ |Gross margin | 3,5%| 18,3%| 11,1%| 7,4%| +--------------------------+------------+---------+------------+----------+ |Operational EBITDA margin | -13,6%| 1,5%| -6,9%| -4,1%| +--------------------------+------------+---------+------------+----------+ |EBITDA margin | -3,1%| 1,5%| -10,6%| -5,1%| +--------------------------+------------+---------+------------+----------+ |EBIT margin | -11,7%| -5,1%| -17,7%| -9,9%| +--------------------------+------------+---------+------------+----------+ |EBT margin | -20,7%| 2,0%| -19,0%| -19,5%| +--------------------------+------------+---------+------------+----------+ |Net margin | -21,1%| 1,5%| 18,8%| -19,4%| +--------------------------+------------+---------+------------+----------+ |Operating expense ratio | -25,4%| 24,0%| -24,2%| 17,1%| +--------------------------+------------+---------+------------+----------+ BALANCE SHEET +----------------------------+----------+----------+----------+----------+ |mln EUR | | | | | |unless indicated otherwise |30.09.2023|30.06.2023|30.09.2022|30.06.2022| +----------------------------+----------+----------+----------+----------+ |Net debt | 17,0| 16,7| 18,8| 24,7| +----------------------------+----------+----------+----------+----------+ |Equity | 7,4| 8,3| 8,0| 8,1| +----------------------------+----------+----------+----------+----------+ |Working capital | 0,2| 0,0| 0,7| -3,2| +----------------------------+----------+----------+----------+----------+ |Assets | 29,3| 30,2| 33,1| 38,9| +----------------------------+----------+----------+----------+----------+ |Liquidity ratio | 1,0x| 1,0x| 1,1x| 0,7x| +----------------------------+----------+----------+----------+----------+ |Equity ratio | 25,2%| 27,4%| 24,1%| 20,7%| +----------------------------+----------+----------+----------+----------+ |Gearing ratio | 69,7%| 66,9%| 70,2%| 75,4%| +----------------------------+----------+----------+----------+----------+ |Debt to total assets | 0,8x| 0,7x| 0,8x| 0,8x| +----------------------------+----------+----------+----------+----------+ |Net debt to operating EBITDA| 21,4x| 55,8x| -11,7x| -14,5x| +----------------------------+----------+----------+----------+----------+ |ROE | -9,2%| 4,1%| 28,1%| -68,5%| +----------------------------+----------+----------+----------+----------+ |ROA | -2,4%| 1,0%| 7,2%| -17,3%| +----------------------------+----------+----------+----------+----------+ Consolidated Statement of Financial Position +----------------------------------+------------+------------+------------+ | EUR '000 | 30.09.2023 | 30.09.2022 | 30.06.2023 | +----------------------------------+------------+------------+------------+ | ASSETS | | | | +----------------------------------+------------+------------+------------+ | Cash and cash equivalents | 199 | 345 | 394 | +----------------------------------+------------+------------+------------+ | Receivables and prepayments | 1 330 | 4 811 | 2 118 | +----------------------------------+------------+------------+------------+ | Inventories | 1 909 | 2 102 | 1 861 | +----------------------------------+------------+------------+------------+ | Biological assets | 1 130 | 955 | 772 | +----------------------------------+------------+------------+------------+ | Total current assets | 4 567 | 8 213 | 5 145 | +----------------------------------+------------+------------+------------+ | | | | | +----------------------------------+------------+------------+------------+ | Long-term financial investments | 382 | 304 | 381 | +----------------------------------+------------+------------+------------+ | Tangible assets | 6 364 | 7 169 | 6 563 | +----------------------------------+------------+------------+------------+ | Intangible assets | 17 954 | 17 400 | 18 157 | +----------------------------------+------------+------------+------------+ | Total non-current assets | 24 700 | 24 873 | 25 101 | +----------------------------------+------------+------------+------------+ | TOTAL ASSETS | 26 267 | 33 086 | 30 246 | +----------------------------------+------------+------------+------------+ | | | | | +----------------------------------+------------+------------+------------+ | EQUITY AND LIABILITIES | | | | +----------------------------------+------------+------------+------------+ | Interest-bearing liabilities | 1 827 | 3 562 | 2 111 | +----------------------------------+------------+------------+------------+ | Payables and prepayments | 2 947 | 3 965 | 3 035 | +----------------------------------+------------+------------+------------+ | Total current liabilities | 4 774 | 7 527 | 5 146 | +----------------------------------+------------+------------+------------+ | | | | | +----------------------------------+------------+------------+------------+ | Interest-bearing liabilities | 15 354 | 15 592 | 15 024 | +----------------------------------+------------+------------+------------+ | Deferred tax liabilities | 1 454 | 1 644 | 1 466 | +----------------------------------+------------+------------+------------+ | Government grants | 309 | 342 | 318 | +----------------------------------+------------+------------+------------+ | Total non-current liabilities | 17 117 | 17 578 | 16 807 | +----------------------------------+------------+------------+------------+ | TOTAL LIABILITIES | 21 891 | 25 105 | 21 953 | +----------------------------------+------------+------------+------------+ | | | | | +----------------------------------+------------+------------+------------+ | Share capital | 7 737 | 7 737 | 7 737 | +----------------------------------+------------+------------+------------+ | Share premium | 14 007 | 14 007 | 14 007 | +----------------------------------+------------+------------+------------+ | Treasury shares | -390 | -390 | -390 | +----------------------------------+------------+------------+------------+ | Statutory capital reserve | 51 | 51 | 51 | +----------------------------------+------------+------------+------------+ | Currency translation differences | 412 | 394 | 608 | +----------------------------------+------------+------------+------------+ | Retained profit (loss) | -14 655 | -14 043 | -13 981 | +----------------------------------+------------+------------+------------+ | Equity attributable to parent | 7163 | 7 757 | 8 032 | +----------------------------------+------------+------------+------------+ | Non-controlling interest | 213 | 223 | 259 | +----------------------------------+------------+------------+------------+ | TOTAL EQUITY | 7 376 | 7 980 | 8 292 | +----------------------------------+------------+------------+------------+ | TOTAL EQUITY AND LIABILITIES | 29 267 | 33 085 | 30 245 | +----------------------------------+------------+------------+------------+ Consolidated Statement of Profit or Loss And Other Comprehensive Income +----------------------------------------------------+------------+------------+ |EUR '000 |3m 2023/2024|3m 2023/2024| +----------------------------------------------------+------------+------------+ |Revenue | 3 411| 4 610| +----------------------------------------------------+------------+------------+ |Cost of goods sold | -3 290| -4 097| +----------------------------------------------------+------------+------------+ |Gross profit | 121| 514| +----------------------------------------------------+------------+------------+ | | | | +----------------------------------------------------+------------+------------+ |Operating expenses | -867| -1 114| +----------------------------------------------------+------------+------------+ |Selling and distribution expenses | -438| -643| +----------------------------------------------------+------------+------------+ |Administrative expenses | -429| -471| +----------------------------------------------------+------------+------------+ |Other income / expense | -9| -47| +----------------------------------------------------+------------+------------+ |Fair value adjustment on biological assets | 358| -170| +----------------------------------------------------+------------+------------+ |Operating profit (loss) | -398| -170| +----------------------------------------------------+------------+------------+ |Financial income / expenses | -308| 1692| +----------------------------------------------------+------------+------------+ |Profit (Loss) before tax | -705| 874| +----------------------------------------------------+------------+------------+ |Income tax | -14| -6| +----------------------------------------------------+------------+------------+ |Net profit (loss) for the period | -719| 868| +----------------------------------------------------+------------+------------+ | | | | +----------------------------------------------------+------------+------------+ |Net profit (loss) attributable to: | | | +----------------------------------------------------+------------+------------+ |Owners of the Parent Company | -674| 878| +----------------------------------------------------+------------+------------+ |Non-controlling interests | -46| -8| +----------------------------------------------------+------------+------------+ |Total net profit (loss) for the period | -720| 869| +----------------------------------------------------+------------+------------+ | | | | +----------------------------------------------------+------------+------------+ |Other comprehensive income (loss) that may | | | |subsequently be classified to profit or loss: | | | +----------------------------------------------------+------------+------------+ |Foreign currency translation differences | -196| -445| +----------------------------------------------------+------------+------------+ |Total comprehensive income (expense) | -916| 424| +----------------------------------------------------+------------+------------+ | | | | +----------------------------------------------------+------------+------------+ |Total comprehensive income (expense) attributable | | | |to: | | | +----------------------------------------------------+------------+------------+ |Owners of the Parent Company | -870| 433| +----------------------------------------------------+------------+------------+ |Non-controlling interests | -46| -8| +----------------------------------------------------+------------+------------+ |Total comprehensive income (expense) for the period | -916| 424| +----------------------------------------------------+------------+------------+ Indrek Kasela AS PRFoods Member of the Management Board Phone:+372 452 1470 investor@prfoods.ee www.prfoods.ee