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31.05.2024 18:14:58
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AS-i PRFoods 2023/2024 majandusaasta 3. kvartali ja 9. kuu konsolideeritud auditeerimata vahearuanne
Teade
JUHTKONNA KOMMENTAAR
PRFoods jätkab praegu tegutsemist Eesti-Briti kontsernina, millel on kaks
tootmisüksust vastavalt Eestis ja Suurbritannias.
Käesoleva finantsaasta kolmas kvartal on osutunud prognoositult keeruliseks
lähtuvalt kehtivast majandusolukorrast, ettevõtluskliimast ja klientide
ostuvõimekuse lanegemisest. Kõrge inflatsioon ja tarbijakäitumine mõjutab kõiki
toiduainete tootjaid ning saame näha ka mõõdukat koguselise nõudluse vähenemist
nii Eesti kui Suurbritannia tootmisettevõtete müügiturgudel. Lisaks on näha, et
kalatoodete jaehinnad on langenud või stabiliseerunud. Suurbritannia on suutnud
hoida oma turupositsioone ning Eesti tootmisüksus on kasvatanud käivet Soomes.
Tootmisettevõtted on teinud head tööd ka uute eksportturgudele laienemisega ning
tegelenud aktiivselt olemasoleva kliendiportfelli hoidmise ja mahtude ning
müügiühikute kasvatamisega.
Grupp on endiselt muutuste faasis, millega on kaasnenud ka muudatused ettevõtete
juhtimises. Ettevõtte tegevust on oluliselt tõhustatud ning kuluefektiivsus on
kõrgel tasemel. Loomulikult on kogu grupis väljakutsete rohke periood, nagu
kõigil toidusektoris tegutsevatel ettevõtetel, kuid strateeglise plaani ja heade
meeskondadega mõlemal kontinendil suudame kindlustada oma turupositsioone ja
tõsta efektiivsusnäitajaid.
Kolmandas kvartalis:
* On kontserni fookuses olnud sisenemine uutele turgudele, nagu näiteks Aasia
ja Põhja-Ameerika. Käesoleva kvartaliaruande avalikustamise kuupäevaks on
kontsern suutnud edukalt luua suhteid uute äripartneritega nendes
piirkondades.
* Tegeleti kontserni auditikomitee ja juhtkonna muudatuste
implementeerimisega, mis viidi lõpule neljanda kvartali alguses. Kontserni
emaettevõtte nõukogu kinnitas uued auditikomitee liikmed. Auditikomitee
jätkab kolmeliikmelisena: nõukogu liige Aavo Kokk (esimees), Margus Olesk ja
Markus Mustakallio. Lõpule viidi ka Indrek Kasela tagasi astumine PRFoods
AS'i juhi kohalt ja tütarühingute Saaremere Kala AS ja Saare Kala Tootmine
AS juhatusest. PRFoods AS juhatus jätkab kaheliikmelisena - Kristjan Kotkas
ja Timo Pärn. Saaremere Kala AS ainsaks juhatuse liikmeks valiti Timo Pärn,
kes jätkab ka Saare Kala Tootmine OÜ juhina.
Uue juhatuse koosseis tegeleb kontserni olukorra, väljakutse ja vajalike
muudatuste kaardistamisega. Kontsern jätkab samaaegselt oma strateegia
elluviimist:
1. Tõusta regiooni liidriks kalatootmises
2. Jätkata vajalike muudatuste elluviimist, millega muuhulgas suurendatakse
efektiivsust juhtimistoimingutes.
3. Suurendada ja tugevdada jõuliselt ekspordivõimekust kõigis
tootmisettevõtetes
Müügitulu
Kontserni kolmanda kvartali müügitulu kokku oli 3,77 miljonit eurot, suurenedes
3% võrreldes eelmise aasta sama perioodiga (3kv 2022/2023: 3,7 miljonit eurot).
Kontserni üheksa kuu müügitulu oli 12,63 miljonit eurot, vähenedes 19,2%
võrreldes eelmise aasta sama perioodiga.
Müügitulu jagunemine klienditüüpide lõikes
mln EUR 3kv 2023/2024 9 kuud 2023/2024
HoReCa 0,51 2,10
Edasimüüjad 1,48 6,08
Hulgimüüjad 1,64 4,00
Muu 0,14 0,45
Kokku 3,77 12,63
Müügitulu jagunemine geograafiliselt
mln EUR 3kv 2023/2024 3kv 2022/2023 9 kuud 2023/2024 9 kuud 2022/2023
Suurbritannia 2,59 2,88 9,52 10,09
Eesti 1,18 0,79 3,11 5,50
Kokku 3,77 3,68 12,63 15,59
Kaubamärgid
Kontsernil on kaks olulist kaubamärki, milleks on ?Saare Kala" ja ?John Ross Jr
Aberdeen".
Suurima osatähtsuse käibest moodustab kontserni kaubamärk John Ross Jr Aberdeen,
mille müügitulu kolmandas kvartalis kogu kontserni käibest moodustas ligikaudu
67% (3kv 2022/2023: 78%). John Ross Jr Aberdeen'i kolmanda kvartali müügitulu
oli 2,6 miljonit eurot, vähenedes eelmise aasta sama perioodiga 10%. Üheksa kuu
seisuga moodustab John Ross Jr Aberdeen toodete müük 75% kogu kontserni
müügitulust (9 kuud 2022/2023: 65%) ja oli 9,5 miljonit eurot (9 kuud
2022/2023: 10,1 miljonit eurot), vähenedes eelmise aasta sama perioodiga 6%.
Kontserni kaubamärgi Saare Kala müügitulu kolmandas kvartalis oli 1,2 miljonit
eurot, suurenedes eelmise aasta sama perioodiga 49%. Saare Kala müügitulu kasv
on seotud eksportturu avanemisega Soome. Üheksa kuu seisuga oli Saare Kala
kaubamärgi müügitulu 3,1 miljonit eurot (9 kuud 2022/2023: 5,5 miljonit eurot),
vähenedes eelmise aasta sama perioodiga 43%.
Brutokasum ja brutomarginaal
Kolmanda kvartali brutokasum oli 0,5 miljonit eurot (3kv 2022/2023: 1,1 miljonit
eurot), vähenedes eelmise aasta sama perioodiga võrreldes 55%. Brutokasumi
langus on tingitud regiooni klientide ostujõu vähenemisega ning turu
müügihindade langusega lähtuvalt sellest. Käesoleva kvartali brutokasumi
marginaal langes 14,3 protsendipunkti võrra võrreldes eelmise aasta sama ajaga
ja oli 14,4%.
Kontserni üheksa kuu brutokasum oli 2,6 miljonit eurot (9 kuud 2022/2023: 3,2
miljonit eurot), vähenedes eelmise aasta sama perioodiga võrreldes 19%.
Kontserni üheksa kuu brutokasumi marginaal oli 20%, langedes 1 protsendipunkti
võrra võrreldes eelmise aasta sama perioodiga (9 kuud 2022/2023: 21%).
Müügi-, turustus- ja üldhalduskulud
Kontserni müügi-, turustus- ja üldhalduskulud olid kolmandas kvartalis 1,03
miljonit eurot, vähenedes eelmise aasta sama perioodiga 25% (3kv
2022/2023: 1,36 miljonit eurot). Kulude vähenemine on seotud üldiste kulude
kokkuhoiuga ja efektiivsuse tõstmisega.
Kontserni üheksa kuu müügi-, turustus- ja üldhalduskulud oli 3,53 miljonit
eurot, vähenedes eelmise aasta sama perioodiga 8% (9 kuud 2022/2023: 3,86
miljonit eurot).
EBITDA, äri- ja puhaskasum
Kontserni kolmanda kvartali EBITDA äritegevusest oli 0,4 miljonit eurot (3kv
2022/2023: 0,04 miljonit eurot). Kolmanda kvartali ärikahjum oli 0,5 miljonit
eurot (3kv 2022/2023: -0,07 miljonit eurot). Kolmanda kvartali lõpetamise 0,7
miljoni euro suuruse kahjumiga (3kv 2022/2023: 0,1 miljonit eurot).
Kontserni üheksa kuu EBITDA äritegevusest oli 0,05 miljonit eurot (9 kuud
2022/2023: 0,2 miljonit eurot). Üheksa kuu ärikahjum oli 0,9 miljonit eurot (9
kuud 2022/2023: -0,68 miljonit eurot). Üheksa kuu kontserni tulemus on -2,1
miljoni euro suurune kahjum (9 kuud 2022/2023: 0,8 miljonit eurot). Eelmise
aasta üheksa kuu kontserni tulemuste sisse jääb endise tütarettevõtte Överumans
Fisk AB aktsiate müümisest saadud ühekordne kasum summas 1,98 miljonit eurot.
Möödunud aasta 9 kuu tulemus ilma selle ühekordse tehingu mõjuta oli 1,18
miljoni euro suurune kahjum.
Finantsseisund
Kolmanda kvartali lõpu seisuga oli kontserni raha ja raha ekvivalendid saldo
0,48 miljonit eurot (0,39 miljonit eurot seisuga 30.06.2023).
Kvartali lõpu seisuga olid kontserni varud kokku 1,98 miljonit eurot, suurenedes
eelmise majandusaasta lõpuga võrreldes 0,12 miljoni euro võrra, st 6% võrreldes
eelmise majandusaasta lõpuga. Varude tase püsis stabiilsena ja on praeguste
ärimahtude juures optimaalsel tasemel.
Seisuga 31.03.2023 oli kontserni omakapital 5,8 miljonit eurot. Kontserni
omakapital on vähenenud 2,5 miljoni euro võrra võrreldes eelmise majandusaasta
lõpu seisuga (30.06.2023: 8,3 miljonit eurot. Omakapitali vähenemine on tingitud
kontserni kahjumlikest tulemustest käesoleval majandusaastal.
Kolmanda kvartali lõpu seisuga oli kontserni netovõlgnevus 13,6 miljonit eurot,
mis tähendab võlakohustuste vähenemist 3,1 miljoni euro võrra võrreldes eelmise
aasta lõpu seisuga (30.06.2023: 16,7 miljonit eurot). Netovõla vähenemine on
peamiselt tingitud AS PRFoods tagatud võlakirjade osalisest tagasiostust
kogunimiväärtuses 1,42 miljonit eurot ja seoses tütarettevõtte Redstorm OÜ
müügiga vähenes kontserni võlakohustused 1,5 miljoni euro võrra. Kontserni
juhatus tegeleb aktiivselt kontserni netovõla küsimusega. Netovõla suhe
omakapitali 31.03.2024 seisuga oli 239% (30.06.2023: 201%). Grupi
likviidsuskordaja oli kolmanda kvartali lõpuks (31.03.2024 ja 30.06.2023)
langenud 1-lt 0,4-le seoses võlakirjade liigitamisega pikaajalisest ümber
lühiajalisteks kohustisteks.
VÕTMENÄITAJAD
KASUMIARUANNE
+----------------------------+-------------+---------+-------------+---------+
|mln EUR |3kv 2023/2024|2022/2023|3kv 2022/2023|2021/2022|
+----------------------------+-------------+---------+-------------+---------+
| | | | | |
+----------------------------+-------------+---------+-------------+---------+
|Müügitulu | 3,8| 19,6| 3,7| 42,1|
+----------------------------+-------------+---------+-------------+---------+
|Brutokasum | 0,5| 3,6| 1,1| 3,1|
+----------------------------+-------------+---------+-------------+---------+
|EBITDA äritegevusest | 0,4| 0,3| 0,0| -1,7|
+----------------------------+-------------+---------+-------------+---------+
|EBITDA | 0,4| 0,3| 0,2| -2,1|
+----------------------------+-------------+---------+-------------+---------+
|EBIT | -0,5| -1,0| -0,1| -4,2|
+----------------------------+-------------+---------+-------------+---------+
|EBT | -0,7| 0,4| 0,1| -8,2|
+----------------------------+-------------+---------+-------------+---------+
|Puhaskasum (-kahjum) | -0,7| 0,3| 0,1| -8,2|
+----------------------------+-------------+---------+-------------+---------+
|Brutomarginaal | 14,4%| 18,3%| 28,7%| 7,4%|
+----------------------------+-------------+---------+-------------+---------+
|Äritegevuse EBITDA marginaal| 0,1| 1,5%| 0,1| -4,1%|
+----------------------------+-------------+---------+-------------+---------+
|EBITDA marginaal | 0,1| 1,5%| 5,7%| -5,1%|
+----------------------------+-------------+---------+-------------+---------+
|EBIT marginaal | -12,1%| -5,0%| -1,9%| -9,9%|
+----------------------------+-------------+---------+-------------+---------+
|EBT marginaal | -18,5%| 2,0%| 2,7%| -19,5%|
+----------------------------+-------------+---------+-------------+---------+
|Puhaskasumi marginaal | -18,4%| 1,7%| 2,8%| -19,4%|
+----------------------------+-------------+---------+-------------+---------+
|Tegevuskulude suhtarv | -27,2%| -24,0%| -37,1%| 17,1%|
+----------------------------+-------------+---------+-------------+---------+
BILANSS
+-----------------------------+----------+----------+----------+----------+
|mln EUR |31.03.2024|30.06.2023|31.02.2023|30.06.2022|
+-----------------------------+----------+----------+----------+----------+
| | | | | |
+-----------------------------+----------+----------+----------+----------+
|Netovõlgnevus | 13,6| 16,7| 16,58| 24,7|
+-----------------------------+----------+----------+----------+----------+
|Omakapital | 5,8| 8,3| 7,8| 8,1|
+-----------------------------+----------+----------+----------+----------+
|Käibekapital | -8,5| 0,0| 0,8| -3,2|
+-----------------------------+----------+----------+----------+----------+
|Varad | 24,3| 30,2| 29,8| 38,9|
+-----------------------------+----------+----------+----------+----------+
|Likviidsuskordaja | 0,4x| 1,0x| 1,0x| 0,7x|
+-----------------------------+----------+----------+----------+----------+
|Omakapitali suhtarv | 24,0%| 27,4%| 26,0%| 20,7%|
+-----------------------------+----------+----------+----------+----------+
|Finantsvõimendus | 70,0%| 66,9%| 68,1%| 75,4%|
+-----------------------------+----------+----------+----------+----------+
|Võlakordaja | 0,8x| 0,7x| 0,8x| 0,8x|
+-----------------------------+----------+----------+----------+----------+
|Netovõlg / äritegevuse EBITDA| 36,2x| 55,8x| 21,4x| -14,5x|
+-----------------------------+----------+----------+----------+----------+
|Omakapitali tootlus | -9,8%| 4,1%| 1,3%| -68,5%|
+-----------------------------+----------+----------+----------+----------+
|Varade tootlus | -2,5%| 1,0%| 0,3%| -17,3%|
+-----------------------------+----------+----------+----------+----------+
Konsolideeritud finantsseisundi aruanne
+---------------------------------+----------------+----------------+----------+
|EUR '000 | 31.03.2024| 31.03.2023|30.06.2023|
+---------------------------------+----------------+----------------+----------+
|VARAD | | | |
+---------------------------------+----------------+----------------+----------+
|Raha ja ekvivalendid | 476| 457| 394|
+---------------------------------+----------------+----------------+----------+
|Nõuded ja ettemaksed | 2 136| 3 093| 2 118|
+---------------------------------+----------------+----------------+----------+
|Varud | 1 976| 1 785| 1 861|
+---------------------------------+----------------+----------------+----------+
|Bioloogilised varad | 0| 0| 772|
+---------------------------------+----------------+----------------+----------+
|Käibevara kokku | 4 588| 5 336| 5 145|
+---------------------------------+----------------+----------------+----------+
| | | | |
+---------------------------------+----------------+----------------+----------+
|Pikaajalised | | | |
|finantsinvesteeringud | 372| 304| 381|
+---------------------------------+----------------+----------------+----------+
|Materiaalne põhivara | 4 307| 6 766| 6 563|
+---------------------------------+----------------+----------------+----------+
|Immateriaalne vara | 15 078| 17 401| 18 157|
+---------------------------------+----------------+----------------+----------+
|Põhivara kokku | 19 757| 24 471| 25 101|
+---------------------------------+----------------+----------------+----------+
|VARAD KOKKU | 24 345| 29 806| 30 246|
+---------------------------------+----------------+----------------+----------+
| | | | |
+---------------------------------+----------------+----------------+----------+
|KOHUSTUSED JA OMAKAPITAL | | | |
+---------------------------------+----------------+----------------+----------+
|Intressikandvad kohustused | 10 327| 1 450| 2 111|
+---------------------------------+----------------+----------------+----------+
|Võlad ja ettemaksed | 2 754| 3 055| 3 035|
+---------------------------------+----------------+----------------+----------+
|Lühiajalised kohustused kokku | 13 081| 4 505| 5 146|
+---------------------------------+----------------+----------------+----------+
| | | | |
+---------------------------------+----------------+----------------+----------+
|Intressikandvad kohustused | 3 740| 15 585| 15 024|
+---------------------------------+----------------+----------------+----------+
|Edasilükkunud tulumaksukohustus | 1 445| 1 645| 1 466|
+---------------------------------+----------------+----------------+----------+
|Sihtfinantseerimine | 245| 321| 318|
+---------------------------------+----------------+----------------+----------+
|Pikaajalised kohustused kokku | 5 430| 17 551| 16 807|
+---------------------------------+----------------+----------------+----------+
|KOHUSTUSED KOKKU | 18 511| 22 056| 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 | 508| 261| 608|
+---------------------------------+----------------+----------------+----------+
|Jaotamata kasum (kahjum) | -16 079| -14 162| -13 981|
+---------------------------------+----------------+----------------+----------+
|Ettevõtte aktsionäridele kuuluv | | | |
|osa | 5 834| 7 504| 8 032|
+---------------------------------+----------------+----------------+----------+
|Mittekontrolliv osalus | 0| 246| 259|
+---------------------------------+----------------+----------------+----------+
|OMAKAPITAL KOKKU | 5 833| 7 750| 8 292|
+---------------------------------+----------------+----------------+----------+
|OMAKAPITAL JA KOHUSTUSED KOKKU | 24 345| 29 806| 30 246|
+---------------------------------+----------------+----------------+----------+
Konsolideeritud koondkasumiaruanne
+----------------------------------------------------+------------+------------+
|EUR '000 |9k 2023/2024|9k 2022/2023|
+----------------------------------------------------+------------+------------+
|Müügitulud | 12 625| 15 585|
+----------------------------------------------------+------------+------------+
|Müüdud kaupade kulu | -9 985| -12 404|
+----------------------------------------------------+------------+------------+
|Brutokasum | 2 639| 3 181|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Tegevuskulud | -3 534| -3 855|
+----------------------------------------------------+------------+------------+
| Müügi- ja turustuskulud | -1 946| -1 935|
+----------------------------------------------------+------------+------------+
| Üldhalduskulud | -1 587| -1 920|
+----------------------------------------------------+------------+------------+
|Muud äritulud/-kulud | 6| -2|
+----------------------------------------------------+------------+------------+
|Bioloogiliste varade ümberhindlus | 0 | 0|
+----------------------------------------------------+------------+------------+
|Ärikasum (-kahjum) | -888| -677|
+----------------------------------------------------+------------+------------+
|Finantstulud/-kulud | -1 082| 1 619|
+----------------------------------------------------+------------+------------+
|Maksustamiseelne kasum (kahjum) | -1 970| 942|
+----------------------------------------------------+------------+------------+
|Tulumaks | -109| -106|
+----------------------------------------------------+------------+------------+
|Aruandeperioodi puhaskasum (-kahjum) | -2 079| 836|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Aruandeperioodi puhaskasumi (-kahjumi) jaotus: | | |
+----------------------------------------------------+------------+------------+
|Emaettevõtte aktsionäridele kuuluv osa | -2 075| 821|
+----------------------------------------------------+------------+------------+
|Mittekontrolliv osalus | -4| 15|
+----------------------------------------------------+------------+------------+
|Aruandeperioodi puhaskasum (-kahjum) kokku | -2 080| 836|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Muu koondkasum (-kahjum), mida võib hiljem | | |
|klassifitseerida kasumiaruandesse: | | |
+----------------------------------------------------+------------+------------+
|Valuutakursi vahed | -101| -578|
+----------------------------------------------------+------------+------------+
|Kokku koondkasum (-kahjum) | -2 181| 258|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Aruandeperioodi koondkasumi (-kahjumi) jaotus: | | |
+----------------------------------------------------+------------+------------+
|Emaettevõtte aktsionäridele kuuluv osa | -2 176| 243|
+----------------------------------------------------+------------+------------+
|Väikeaktsionäridele kuuluv osa | -4| 15|
+----------------------------------------------------+------------+------------+
|Aruandeperioodi koondkasum (-kahjum) kokku | -2 181| 258|
+----------------------------------------------------+------------+------------+
Kristjan Kotkas Timo Pärn
Juhatuse liige Juhatuse liige
investor@prfoods.ee (mailto:investor@prfoods.ee)
www.prfoods.ee (http://www.prfoods.ee)
Pealkiri
Consolidated Unaudited Interim Report of AS PRFoods for the 3rd quarter and 9 months of 2023/2024 financial year
Teade
MANAGEMENT COMMENTARY
PRFoods continues to operate as an Estonian-British group, having two
productions facilities in Estonia and United Kingdom respectively.
The third quarter of the current financial year has proven to be predictably
challenging due to the prevailing economic situation, business climate, and the
decline in customer purchasing power. High inflation and consumer behavior are
affecting all food producers, and we can observe a moderate decrease in demand
in terms of quantity in the sales markets of both Estonian and British
manufacturing companies. Additionally, it is evident that retail prices for fish
products have either decreased or stabilized. The UK has managed to maintain its
market positions, and the Estonian production unit has increased revenue in
Finland. Manufacturing companies have also done a good job expanding into new
export markets and have actively worked on maintaining the existing client
portfolio and increasing volumes and sales units.
The group is still in a phase of changes, which has also brought about changes
in company management. The company's operations have been significantly
streamlined, and cost efficiency is at a high level. Naturally, this is a
challenging period for the entire group, as it is for all companies in the food
sector. However, with a strategic plan and strong teams on both continents, we
are able to secure our market positions and improve efficiency indicators.
In the third quarter:
* The group's focus has been on entering new markets, such as Asia and North
America. By the date of the release of this quarterly report, the group has
successfully established relationships with new business partners in these
regions.
* Implementing the changes in the group's audit committee and management,
which were completed at the beginning of the fourth quarter. The audit
committee continues with three members: board member Aavo Kokk (chairman),
Margus Olesk, and Markus Mustakallio. The resignation of Indrek Kasela from
the position of CEO of PRFoods AS and from the boards of subsidiaries
Saaremere Kala AS and Saare Kala Tootmine AS was also finalized. The
management board of PRFoods AS continues with two members - Kristjan Kotkas
and Timo Pärn. Timo Pärn was elected as the sole member of the management
board of Saaremere Kala AS and continues as the manager of Saare Kala
Tootmine OÜ.
The new management board is addressing the situation, challenges, and necessary
changes within the group. Meanwhile, the group continues with the implementation
of its strategy.
The group continues to implement its strategy:
1. To become the leading fish producer in the region.
2. To continue the implementation of changes, which includes increasing
efficiency in management operations.
3. To significantly increase and strengthen export capabilities across all
production companies.
Revenue
The group's third-quarter sales revenue totaled 3.77 million euros, an increase
of 3% compared to the same period last year (3Q 2022/2023: 3.7 million euros).
The group's nine-month sales revenue was 12.63 million euros, a decrease of
19.2% compared to the same period last year.
Breakdown of sales revenue by customer type
EUR '000 3Q 2023/2024 9m 23/24
HoReCa 0.51 2.10
Retail chains 1.48 6.08
Wholesale 1.64 4.00
Other 0.14 0.45
Total 3.77 12.63
Sales revenue by geographical segment
EUR '000
3Q 2023/2024 3Q 2022/2023 9m 23/24 9m 22/23
Great Britain 2.59 2.88 9.52 10.09
Estonia 1.18 0.79 3.11 5.50
Total 3.77 3.68 12.63 15.59
Brands
The group has two significant brands: ?Saare Kala" and ?John Ross Jr Aberdeen."
The brand with the largest share of the group's revenue is John Ross Jr
Aberdeen, whose third-quarter sales revenue accounted for approximately 67% of
the group's total revenue (3Q 2022/2023: 78%). The third-quarter sales revenue
of John Ross Jr Aberdeen was 2.6 million euros, a decrease of 10% compared to
the same period last year. For the nine-month period, the sales of John Ross Jr
Aberdeen products constitute 75% of the group's total sales revenue (9m
22/23: 65%), accounting to 9.5 million euros (9m 22/23: 10.1 million euros), a
decrease of 6% compared to the same period last year.
The group's Saare Kala brand had third-quarter sales revenue of 1.2 million
euros, an increase of 49% compared to the same period last year. The growth in
Saare Kala's sales revenue is related to the opening of the export market to
Finland. For the nine-month period, the sales revenue of the Saare Kala brand
was 3.1 million euros (9m 22/23: 5.5 million euros), a decrease of 43% compared
to the same period last year.
Gross profit and gross margin
The third-quarter gross profit was 0.5 million euros (3Q 2022/2023: 1.1 million
euros), a decrease of 55% compared to the same period last year. The decline in
gross profit is due to the reduction in the purchasing power of customers in the
region and the decrease in market sales prices as a result. The gross profit
margin for this quarter fell by 14.3 percentage points compared to the same
period last year, standing at 14.4%.
The group's nine-month gross profit was 2.6 million euros (9m 22/23: 3.2 million
euros), a decrease of 19% compared to the same period last year. The nine-month
gross profit margin was 20%, a decrease of 1 percentage point compared to the
same period last year (9m 22/23: 21%).
Selling, distribution and administrative expenses
The group's sales, distribution, and administrative expenses in the third
quarter were 1.03 million euros, a decrease of 25% compared to the same period
last year (3Q 2022/2023: 1.36 million euros). The reduction in expenses is
associated with general cost savings and increased efficiency.
The group's nine-month sales, distribution, and administrative expenses were
3.53 million euros, a decrease of 8% compared to the same period last year (9m
22/23: 3.86 million euros).
EBITDA, operating and net profit
The group's third-quarter EBITDA from operations was 0.4 million euros (3Q
2022/2023: 0.04 million euros). The operating loss for the third quarter was
0.5 million euros (3Q 2022/2023: -0.07 million euros). The third quarter ended
with a net loss of 0.4 million euros (3Q 2022/2023: 0.1 million euros).
The group's nine-month EBITDA from operations was 0,05 million euros (9m
22/23: 0.2 million euros). The operating loss for the nine months was 0,9
million euros (9m 22/23: -0.68 million euros). The nine-month result for the
group was a net loss of 2.1 million euros (9m 22/23: 0.8 million euros). Last
year's nine-month results included a one-time profit of 1.98 million euros from
the sale of shares in the former subsidiary Överumans Fisk AB. The result for
the previous nine months, excluding this one-time transaction, was a loss of
1.18 million euros.
Financial position
As of the end of the third quarter, the group's cash and cash equivalents
balance was 0.48 million euros (0.39 million euros as of 30.06.2023).
At the end of the quarter, the group's inventories totaled 1.98 million euros,
an increase of 0.12 million euros, or 6%, compared to the end of the previous
financial year. The inventory level remained stable and is optimal given the
current business volumes.
As of 31.03.2024, the group's equity was 5.8 million euros, a decrease of 2.5
million euros compared to the end of the previous financial year (30.06.2023:
8.3 million euros). The decrease in equity is due to the group's loss-making
results in the current financial year.
At the end of the third quarter, the group's net debt was 13.6 million euros,
representing a decrease in liabilities of 3.1 million euros compared to the end
of the previous financial year (30.06.2023: 16.7 million euros). The reduction
in net debt is primarily due to the partial repurchase of AS PRFoods secured
bonds with a total nominal value of 1.42 million euros and the reduction of the
group's liabilities by 1.5 million euros related to the sale of the subsidiary
Redstorm OÜ. The management of the group is actively adressing the issue of the
group's net debt. The net debt to equity ratio as of 31.03.2024 was 239%
(30.06.2023: 201%). The group's liquidity ratio decreased from 1 to 0.4 by the
end of the third quarter (31.03.2024 and 30.06.2023) due to reclassification of
the bonds between non-current and current liabilities.
KEY RATIOS
INCOME STATEMENT
+-------------------------+-------------+---------+-------------+---------+
|mln EUR |3kv 2023/2024|2022/2023|3kv 2022/2023|2021/2022|
+-------------------------+-------------+---------+-------------+---------+
| | | | | |
+-------------------------+-------------+---------+-------------+---------+
|Sales | 3,8| 19,6| 3,7| 42,1|
+-------------------------+-------------+---------+-------------+---------+
|Gross profit | 0,5| 3,6| 1,1| 3,1|
+-------------------------+-------------+---------+-------------+---------+
|EBITDA from operations | 0,4| 0,3| 0,0| -1,7|
+-------------------------+-------------+---------+-------------+---------+
|EBITDA | 0,4| 0,3| 0,2| -2,1|
+-------------------------+-------------+---------+-------------+---------+
|EBIT | -0,5| -1,0| -0,1| -4,2|
+-------------------------+-------------+---------+-------------+---------+
|EBT | -0,7| 0,4| 0,1| -8,2|
+-------------------------+-------------+---------+-------------+---------+
|Net profit (loss) | -0,7| 0,3| 0,1| -8,2|
+-------------------------+-------------+---------+-------------+---------+
|Gross margin | 14,4%| 18,3%| 28,7%| 7,4%|
+-------------------------+-------------+---------+-------------+---------+
|Operational EBITDA margin| 0,1| 1,5%| 0,1| -4,1%|
+-------------------------+-------------+---------+-------------+---------+
|EBITDA margin | 0,1| 1,5%| 5,7%| -5,1%|
+-------------------------+-------------+---------+-------------+---------+
|EBIT margin | -12,1%| -5,0%| -1,9%| -9,9%|
+-------------------------+-------------+---------+-------------+---------+
|EBT margin | -18,5%| 2,0%| 2,7%| -19,5%|
+-------------------------+-------------+---------+-------------+---------+
|Net margin | -18,4%| 1,7%| 2,8%| -19,4%|
+-------------------------+-------------+---------+-------------+---------+
|Operating expense ratio | -27,2%| -24,0%| -37,1%| 17,1%|
+-------------------------+-------------+---------+-------------+---------+
BALANCE SHEET
+----------------------------+----------+----------+----------+----------+
|mln EUR |31.03.2024|30.06.2023|31.02.2023|30.06.2022|
+----------------------------+----------+----------+----------+----------+
| | | | | |
+----------------------------+----------+----------+----------+----------+
|Net debt | 13,6| 16,7| 16,58| 24,7|
+----------------------------+----------+----------+----------+----------+
|Equity | 5,8| 8,3| 7,8| 8,1|
+----------------------------+----------+----------+----------+----------+
|Working capital | -8,5| 0,0| 0,8| -3,2|
+----------------------------+----------+----------+----------+----------+
|Assets | 24,3| 30,2| 29,8| 38,9|
+----------------------------+----------+----------+----------+----------+
|Liquidity ratio | 0,4x| 1,0x| 1,0x| 0,7x|
+----------------------------+----------+----------+----------+----------+
|Equity ratio | 24,0%| 27,4%| 26,0%| 20,7%|
+----------------------------+----------+----------+----------+----------+
|Gearing ratio | 70,0%| 66,9%| 68,1%| 75,4%|
+----------------------------+----------+----------+----------+----------+
|Debt to total assets | 0,8x| 0,7x| 0,8x| 0,8x|
+----------------------------+----------+----------+----------+----------+
|Net debt to operating EBITDA| 36,2x| 55,8x| 21,4x| -14,5x|
+----------------------------+----------+----------+----------+----------+
|ROE | -9,8%| 4,1%| 1,3%| -68,5%|
+----------------------------+----------+----------+----------+----------+
|ROA | -2,5%| 1,0%| 0,3%| -17,3%|
+----------------------------+----------+----------+----------+----------+
Consolidated Statement of Financial Position
+--------------------------------+----------------+----------------+----------+
|EUR '000 | 31.03.2024| 31.03.2023|30.06.2023|
+--------------------------------+----------------+----------------+----------+
|ASSETS | | | |
+--------------------------------+----------------+----------------+----------+
|Cash and cash equivalents | 476| 457| 394|
+--------------------------------+----------------+----------------+----------+
|Receivables and prepayments | 2 136| 3 093| 2 118|
+--------------------------------+----------------+----------------+----------+
|Inventories | 1 976| 1 785| 1 861|
+--------------------------------+----------------+----------------+----------+
|Biological assets | 0| 0| 772|
+--------------------------------+----------------+----------------+----------+
|Total current assets | 4 588| 5 336| 5 145|
+--------------------------------+----------------+----------------+----------+
| | | | |
+--------------------------------+----------------+----------------+----------+
|Long-term financial investments | 372| 304| 381|
+--------------------------------+----------------+----------------+----------+
|Tangible assets | 4 307| 6 766| 6 563|
+--------------------------------+----------------+----------------+----------+
|Intangible assets | 15 078| 17 401| 18 157|
+--------------------------------+----------------+----------------+----------+
|Total non-current assets | 19 757| 24 471| 25 101|
+--------------------------------+----------------+----------------+----------+
|TOTAL ASSETS | 24 345| 29 806| 30 246|
+--------------------------------+----------------+----------------+----------+
| | | | |
+--------------------------------+----------------+----------------+----------+
|EQUITY AND LIABILITIES | | | |
+--------------------------------+----------------+----------------+----------+
|Interest-bearing liabilities | 10 327| 1 450| 2 111|
+--------------------------------+----------------+----------------+----------+
|Payables and prepayments | 2 754| 3 055| 3 035|
+--------------------------------+----------------+----------------+----------+
|Total current liabilities | 13 081| 4 505| 5 146|
+--------------------------------+----------------+----------------+----------+
| | | | |
+--------------------------------+----------------+----------------+----------+
|Interest-bearing liabilities | 3 740| 15 585| 15 024|
+--------------------------------+----------------+----------------+----------+
|Deferred tax liabilities | 1 445| 1 645| 1 466|
+--------------------------------+----------------+----------------+----------+
|Government grants | 245| 321| 318|
+--------------------------------+----------------+----------------+----------+
|Total non-current liabilities | 5 430| 17 551| 16 807|
+--------------------------------+----------------+----------------+----------+
|TOTAL LIABILITIES | 18 511| 22 056| 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| 508| 261| 608|
+--------------------------------+----------------+----------------+----------+
|Retained profit (loss) | -16 079| -14 162| -13 981|
+--------------------------------+----------------+----------------+----------+
|Equity attributable to parent | 5 834| 7 504| 8 032|
+--------------------------------+----------------+----------------+----------+
|Non-controlling interest | 0| 246| 259|
+--------------------------------+----------------+----------------+----------+
|TOTAL EQUITY | 5 833| 7 750| 8 292|
+--------------------------------+----------------+----------------+----------+
|TOTAL EQUITY AND LIABILITIES | 24 345| 29 806| 30 246|
+--------------------------------+----------------+----------------+----------+
Consolidated Statement of Profit or Loss And Other Comprehensive Income
+----------------------------------------------------+------------+------------+
|EUR '000 |9k 2023/2024|9k 2022/2023|
+----------------------------------------------------+------------+------------+
|Revenue | 12 625| 15 585|
+----------------------------------------------------+------------+------------+
|Cost of goods sold | -9 985| -12 404|
+----------------------------------------------------+------------+------------+
|Gross profit | 2 639| 3 181|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Operating expenses | -3 534| -3 855|
+----------------------------------------------------+------------+------------+
| Selling and distribution expenses | -1 946| -1 935|
+----------------------------------------------------+------------+------------+
| Administrative expenses | -1 587| -1 920|
+----------------------------------------------------+------------+------------+
|Other income / expense | 6| -2|
+----------------------------------------------------+------------+------------+
|Fair value adjustment on biological assets | 0 | 0|
+----------------------------------------------------+------------+------------+
|Operating profit (loss) | -888| -677|
+----------------------------------------------------+------------+------------+
|Financial income / expenses | -1 082| 1 619|
+----------------------------------------------------+------------+------------+
|Profit (Loss) before tax | -1 970| 942|
+----------------------------------------------------+------------+------------+
|Income tax | -109| -106|
+----------------------------------------------------+------------+------------+
|Net profit (loss) for the period | -2 079| 836|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Net profit (loss) attributable to: | | |
+----------------------------------------------------+------------+------------+
|Owners of the Parent Company | -2 075| 821|
+----------------------------------------------------+------------+------------+
|Non-controlling interests | -4| 15|
+----------------------------------------------------+------------+------------+
|Total net profit (loss) for the period | -2 080| 836|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Other comprehensive income (loss) that may | | |
|subsequently be classified to profit or loss: | | |
+----------------------------------------------------+------------+------------+
|Foreign currency translation differences | -101| -578|
+----------------------------------------------------+------------+------------+
|Total comprehensive income (expense) | -2 181| 258|
+----------------------------------------------------+------------+------------+
| | | |
+----------------------------------------------------+------------+------------+
|Total comprehensive income (expense) attributable | | |
|to: | | |
+----------------------------------------------------+------------+------------+
|Owners of the Parent Company | -2 176| 243|
+----------------------------------------------------+------------+------------+
|Non-controlling interests | -4| 15|
+----------------------------------------------------+------------+------------+
|Total comprehensive income (expense) for the period | -2 181| 258|
+----------------------------------------------------+------------+------------+
Kristjan Kotkas Timo Pärn
Juhatuse liige Juhatuse liige
investor@prfoods.ee (mailto:investor@prfoods.ee)
www.prfoods.ee (http://www.prfoods.ee)