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PRF: Unaudited preliminary consolidated turnover of AS PRFoods in the 4th quarter and 2nd half year of 2019

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PRFoods' unaudited preliminary consolidated turnover in 4Q 2019 (i.e. 2Q of the
fiscal year 2019/2020) amounted to EUR 25.43 million euros (26.71 million euros
in 4Q 2018). The unaudited preliminary consolidated turnover in 2(nd) half year
2019 (i.e. 1(st) half year of the fiscal year 2019/2020) amounted to EUR 44.75
million euros (46.11 million euros in 2(nd) half year 2018)

The  second half of  2019 was characterized by  more than 8% drop  in the market
prices of salmon and trout, which resulted in Finnish retail chains' expectation
to  lower the prices  of smoked products  in private label  segment. In order to
maintain  profitability, we decided to reduce the  supply of hot and cold smoked
products on the Finnish market for the period. We were able to partially replace
the  decline in the turnover  of smoked products with  a 7% increase in sales of
fish  and fish  fillets and  other fish  products. Smoked products private label
segment  price level  had recovered  by 2020 first  half of  the year and we are
continuing with supply in earlier level.

The  share of raw fish and fillets' product group in total turnover increased by
4.56 percentage  points and the share of  other fish products increased by 2.49
percentage  points.  The  share  of  smoked  fish  products  decreased  by 6.93
percentage points.

+-----------------------------------+-------+--------+-------+--------+
|Turnover by product groups, mln EUR|4Q 2019|Share, %|4Q 2018|Share, %|
+-----------------------------------+-------+--------+-------+--------+
|Raw fish and fillets               |  11.35|  44.64%|  10.70|  40.07%|
+-----------------------------------+-------+--------+-------+--------+
|Smoked products                    |   9.20|  36.17%|  11.51|  43.09%|
+-----------------------------------+-------+--------+-------+--------+
|Other fish products                |   4.88|  19.17%|   4.46|  16.68%|
+-----------------------------------+-------+--------+-------+--------+
|Other revenue                      |   0.01|   0.03%|   0.04|   0.15%|
+-----------------------------------+-------+--------+-------+--------+
|Total                              |  25.43| 100.00%|  26.71| 100.00%|
+-----------------------------------+-------+--------+-------+--------+

The  share of  HoReCa and  wholesale client  groups increased by 1.76 percentage
points  and by 1.66 percentage points, respectively.  The share of retail client
group decreased by 6.73 percentage points.

+------------------------------------+---------+----------+---------+----------+
| Turnover by client groups, mln EUR | 4Q 2019 | Share, % | 4Q 2018 | Share, % |
+------------------------------------+---------+----------+---------+----------+
| Retail chains                      |    9.40 |   36.98% |   11.67 |   43.71% |
+------------------------------------+---------+----------+---------+----------+
| Wholesale                          |    8.83 |   34.74% |    8.83 |   33.07% |
+------------------------------------+---------+----------+---------+----------+
| HoReCa                             |    6.01 |   23.62% |    5.84 |   21.86% |
+------------------------------------+---------+----------+---------+----------+
| Other revenue                      |    1.19 |    4.66% |    0.36 |    1.36% |
+------------------------------------+---------+----------+---------+----------+
| Total                              |   25.43 |  100.00% |   26.71 |  100.00% |
+------------------------------------+---------+----------+---------+----------+

The  three largest  markets had  an aggregated  turnover of  21.80 million euros
accounting  for 85.73% of total sales in 4Q 2019 compared to 24.20 million euros
in  4Q 2018, when the  turnover of  the largest  markets accounted for 90.60% of
total sales.

+--------------------------------+---------+----------+---------+----------+
| Turnover by countries, mln EUR | 4Q 2019 | Share, % | 4Q 2018 | Share, % |
+--------------------------------+---------+----------+---------+----------+
| Finland                        |   15.84 |   62.29% |   18.29 |   68.46% |
+--------------------------------+---------+----------+---------+----------+
| Great Britain                  |    3.46 |   13.61% |    3.77 |   14.11% |
+--------------------------------+---------+----------+---------+----------+
| Estonia                        |    2.50 |    9.83% |    2.14 |    8.03% |
+--------------------------------+---------+----------+---------+----------+
| Latvia                         |    1.72 |    6.75% |    0.67 |    2.52% |
+--------------------------------+---------+----------+---------+----------+
| Other countries                |    1.91 |    7.53% |    1.84 |    6.88% |
+--------------------------------+---------+----------+---------+----------+
| Total                          |   25.43 |  100.00% |   26.71 |  100.00% |
+--------------------------------+---------+----------+---------+----------+

Among  other  countries,  turnover  of  France  (turnover  4Q 2019: 0.36 million
euros),  Belgium (0.32 million  euros) and Greece  (0.26 million euros) were the
largest ones.

Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 452 1470
[email protected]
www.prfoods.ee