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PRF: AS Premia Foods consolidated unaudited interim report of Q1 and 3 months of 2011

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Tallinn, Estonia, 2011-05-23 15:30 CEST (GLOBE NEWSWIRE) --


The consolidated turnover of Premia Foods for the 3 months of 2011 was 16.7
million euro, which is by 1.7 million euro i.e. 11.2% higher than a year
earlier. The share of export was 72% of the turnover. 

The greatest contributor to the growth of turnover was ice cream sector where
turnover increased over two times compared to the last year or 111%, whereas on
the Baltic market the growth of the ice cream turnover was 12%. Fish and fish
products business segment and frozen goods segment continued with turnovers
comparable to the first quarter of 2010. 

Key events of the 1st quarter:

  -- Relocation of St Petersburg production unit with accompanying estimated
     one-off-costs of 0.28 million euro during the first half year of 2011.
  -- The Easter season which is significantly influencing the fish consumption
     on the Finnish market was in the 2nd quarter, in 2010 was in the 1st
     quarter.
  -- Decrease of biological assets or livestock of fish which is typical to
     winter season and accompanying change in EBITDA by -0.7 million euro.
  -- On the St. Petersburg's market the consumer market price increase which was
     caused by the rising raw material prices took place in the second half of
     March. On the Baltic market the price increases in the beginning of the 1st
     quarter and on the Finnish market in the beginning of May.

In the 1st quarter the consolidated gross profit of Premia Foods was 3.2
million euro which is 8% higher than a year earlier. Gross profit increase in
the 1st quarter without Khladokombinat which results are not part of 1st
quarter results of 2010 was 2%. 

In the 1st quarter the group's gross margin was on comparable base 20.7%
increasing by 0.7 percentage point. 

The gross margin of the Baltic ice cream segment increased compared to the last
year and was 41%, whereas EBITDA of the segment was in the Baltic 0.2 million
euro higher. 

The gross margin of frozen food segment increased also and was 23%. EBITDA is
on the same level with the last year. 

The gross margin of the fish segment was 13% and somehow smaller result
compared to the last year was caused by the factors mentioned above. 

The group's average gross margin including Khladokombinat was 19.4%, which
corresponded to the level targeted by the management. 

Equity ratio was 57% and liquidity ratio was 1.75 at the end of the quarter. In
comparison with the same period last year all capital ratios have significantly
improved and financial position of the company is continuously strong. 

 The following factors are expected to have positive impact on the 2nd quarter
results: 

  -- In the fish segment - uprise of biological assets, the Easter season, six
     new products and price hikes in the Finnish market in May.
  -- Shutdown of the ice cream production unit in the centre of St. Petersburg
     in the beginning of June and starting production in the new rental facility
     in the city of Kirishi, 160 km away from St Petersburg. During the second
     half of March the increase of price list prices was implemented.
  -- Assumed slowdown in rise of raw material prices in the ice cream segment.
  -- Launch of over twenty novelties in the ice cream segment both in the Baltic
     and St. Petersburg markets.

 The interim report of Q1 of year 2011 of Premia Foods and the presentation of
summary of the report are available in NASDAQ OMX website and in Premia Foods
website www.premiafoods.eu under section “Investor Relations”. 


         Additional information:
         Kuldar Leis
         Premia Foods
         Chairman of Management Board
         T: +372 6 033 800
         [email protected]
         www.premiafoods.eu