Börsiteade
AS PRFoods
LEI kood
529900PFXFO2ZDCRNK93
Emitendi suuruskategooria
Keskmise suurusega kontsern
Majandustegevusalad
Finants- ja kindlustustegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Poolaastaaruanne
Teate ID
7803
Manused
Esitamise kuupäev ja aeg
21.02.2020 19:00:00
Teate sisu eesti keeles
Pealkiri
PRF: AS-i PRFoods 2019/2020 majandusaasta 2. kvartali ja 6 kuu konsolideeritud auditeerimata vahearuanne
Teade
ÜLEVAADE MAJANDUSTEGEVUSEST JUHTKONNA KOMMENTAAR Käesoleva finantsaasta esimene poolaasta (2019. aasta 2. pa) möödus ettevõttele edukalt. Käibe langusele vaatamata, suutsime väga oluliselt parandada kogukasumlikkust ja kapitali efektiivsust. Grupi konsolideeritud EBITDA aruandeperioodil oli 2,8 miljonit eurot, kasvades 48% võrreldes eelmise aasta sama perioodiga, mida mõjutas enim bioloogiliste varade ümberhindlus. Äritegevuse EBITDA (s.o enne ühekordseid tulusid-kulusid ja kalavarude ümberhindlust) oli 2,9 miljonit eurot (2. pa 2018: 3,5 miljonit eurot). Puhaskasum oli 1,1 miljonit eurot, mis on pea kolm korda kõrgem eelmise aasta sama perioodi puhaskasumist (2. pa 2018: 0,4 miljonit eurot). 2019. aasta teist poolaastat iseloomustas lõhe- ja forelli turuhindade enam kui 8%-line langus, millest tulenevalt tekkis Soome jaekettidel ootus private label´i segmendis suitsutatud toodete hindade langetamiseks. Kasumlikkuse säilitamise eesmärgil otsustasime selleks perioodiks pakkumist kuum- ja külmsuitsutatud toodete osas Soome turul jaekettides vähendada. Suitsutatud toodete käibe vähenemise suutsime osaliselt asendada kala ja kalafilee ning muude kalatoodete müügiga. 2020. aasta esimesel poolaastal on suitsutatud toodete private label´i segmendi hinnatase taastumas ning jätkame tarnetega eelmise aastaga võrreldaval tasemel. PRFoodsi üks põhifookus on olnud äritegevuse rahavoogude parandamine, mis kajastub 2019. aasta 2. pa äritegevuse positiivses rahavoos summas 4,5 miljonit eurot võrreldes 2,7 miljoni euroga eelmise aasta samas perioodis. Ettevõtte netovõlgnevus oli 17,8 miljonit eurot seisuga 31.12.2019 (30.12.2018: 20,0 miljonit eurot). Grupi käibekapital oli seisuga 30.12.2019 negatiivne 3,5 miljoni euro võrra kuna lühiajalised kohustused sisaldavad kohustusi seotud osapooltele summas 4,2 miljoni eurot, mis oma olemuselt on pikaajalised, kuid raamatupidamise arvestuspõhimõtete tõttu tuleb näidata lühiajalistena. Jätkame Eesti ja Soome ettevõtete äritegevuste ühendamist ning sünergiate loomist, eriti tootearenduses ja müügis nii kodu- kui eksportturgudel. Soome ettevõtete Heimon Kala ja Trio Trading juriidiline ühinemine toimus 31.01.2020, millega kaasnes ettevõtte juhtkonna ja peamiste ärifunktsioonide tsentraliseerimine. Eestis oleme lansseerinud Soome-Eesti ühisbrändi - Heimon Kala ning esimest korda sisenesime Saaremaal kasvatatud vikerforelliga Eesti jaeturule. Lähiaastatel on tootearenduse prioriteet omakasvatatud kala väärindamisel. Kalakasvatuse osas oleme saanud Rootsist positiivse vastuse olemasolevate kasvanduste laiendamiseks. Eestis tegeleme nii olemasoleva kasvanduse suurendamise kui uute kasvatuslubade taotlemisega. Selleks jätkame vajalike ettevalmistuste tegemist, mille tulemusel saaksime suurendada oma kalakasvandustest pärit kvaliteetse tooraine mahtu. John Ross Jr´i uuendatud brändi lansseerimine algas eelmise kvartali lõpus ning järgnevates perioodides ootame uue brändi käibe kasvu Suurbritannia turul. Ettevõte on jätkuvalt keskendunud keskkonnasäästliku tootmise tõhustamisele, mis hõlmab nii tooraine kasutamist, energiaallikaid kui pakkematerjale. Ohumärkidena peame välja tooma teravnenud konkurentsi Soome turul ning sellest tulenevalt jaetoodete hinnalanguse võrreldes eelmise aasta sama perioodiga. Eesti kalatööstust tabanud listeeriaskandaal mõjutas siinse jaeturu kogumahtu märkimisväärselt, kuid PRFoodsi müügile see suurt mõju ei avaldanud tulenevalt Eesti turu väikesest osakaalust ettevõtte kogukäibes. Listeeriaskandaali taustal võime kinnitada, et PRFoodsi ettevõtted on läbinud kõik täiendavad kontrollid edukalt ning Grupi tootmisüksused omavad kvaliteedijuhtimise rahvusvahelisi sertifikaate. Lisaks auditeerivad meie tehaseid regulaarselt suuremad lepingupartnerid ja need auditid on läbitud pea maksimaalsete tulemustega. Suurimat rolli mängibki siin meie ettevõtete sisemine kvaliteedijuhtimine sh oma laboratooriumites igapäevaselt läbiviidavad kontrollid alates tooraine ostust kuni toote tehasest väljastamiseni ning töötajate professionaalsus. 31.01.2020 jõustunud Brexit´il meie Suurbritannia ettevõtetele käesoleval finantsaastal mõju ei ole, kuid pole selge milliseks kujuneb selle pikaajaline mõju pärast üleminekuperioodi lõppu. Samuti on ebaselge, kas ja milline on pikaajaline mõju koroonaviirusel kaupade ekspordile. 2020. aasta alguses oli märgata nõudluse vähenemist ning samuti muutus keerulisemaks lõhehinna prognoosimine olukorras, kus lõhetootjate tarned Aasiasse on takistatud. Käesoleval kalendriaastal on planeeritud suuremad tehaste kaasajastamised Eestis ja Soomes ning samuti muudatused tooteportfellis, mis võivad tuua kaasa lühiajalise käibe ja kasumi vähenemise võrreldes eelneva perioodiga. Arvestades eeltoodut ning suurenenud maailmamajanduse riske, loobub PRFoods eelmise majandusaasta lõpus tehtud käibe ja kasumi prognoosist käesoleva finantsaasta kohta. Juhul, kui ettevõte otsustab välja anda uuendatud prognoosi, tehakse selle kohta vastav teade. Positiivse poole pealt soovime välja tuua, et PRFoods viis edukalt lõpule võlakirjade mitteavaliku emissiooni 2020. aasta alguses, mille tulemusel 9 miljoni euro ulatuses lühiajalisi kohustusi muutus pikaajaliseks vabastades lühiajalisi rahavooge ca 2 miljoni euro võrra aastas. 2020. aasta 1. kvartalis kavatseb ettevõte läbi viia ka võlakirjade täiendava avaliku emissiooni. Järgnevate perioodide eesmärkide saavutamiseks on Grupp tugevdanud juhtkonda nii tootearenduse kui finantsjuhtimise osas. Meie kollektiiv on teinud tulemusrikast tööd ettevõtte arendamisel ja kasumlikkuse parandamisel. PRFoodsi bilanss, tootmis- ja kliendibaas on tugev ning vaatame ootusrikkalt tuleviku poole. Suurte muutuste läbiviimine on alati keeruline ettevõtte töötajatele ning ma olen väga tänulik, et meie kollektiiv on entusiastlikult kaasa tulnud muudatustega ja andnud endast parima. VÕTMENÄITAJAD KASUMIARUANNE +---------------+--------+--------+--------+--------+--------+--------+--------+ |mln EUR |4kv 2019|3kv 2019|2kv 2019|1kv 2019|4kv 2018|3kv 2018|2kv 2018| +---------------+--------+--------+--------+--------+--------+--------+--------+ |Müügitulu | 25,4| 19,3| 21,5| 18,1| 26,7| 19,4| 22,1| +---------------+--------+--------+--------+--------+--------+--------+--------+ |Brutokasum | 4,3| 2,6| 2,1| 2,1| 4,7| 3,0| 1,8| +---------------+--------+--------+--------+--------+--------+--------+--------+ |EBITDA | | | | | | | | |äritegevusest | 2,1| 0,7| 0,3| 0,2| 2,4| 1,1| -0,2| +---------------+--------+--------+--------+--------+--------+--------+--------+ |EBITDA | 1,4| 1,5| 0,3| -0,5| 0,8| 1,1| 0,3| +---------------+--------+--------+--------+--------+--------+--------+--------+ |EBIT | 0,7| 1,0| -0,3| -1,0| 0,2| 0,6| -0,2| +---------------+--------+--------+--------+--------+--------+--------+--------+ |EBT | 0,6| 0,8| -0,4| -1,2| 0,0| 0,4| -0,5| +---------------+--------+--------+--------+--------+--------+--------+--------+ |Puhaskasum (- | | | | | | | | |kahjum) | 0,5| 0,6| -0,6| -1,2| 0,2| 0,1| -1,1| +---------------+--------+--------+--------+--------+--------+--------+--------+ |Brutomarginaal | 17,0%| 13,4%| 9,8%| 11,7%| 17,7%| 15,2%| 7,9%| +---------------+--------+--------+--------+--------+--------+--------+--------+ |Äritegevuse | | | | | | | | |EBITDA | | | | | | | | |marginaal | 8,4%| 3,8%| 1,4%| 1,1%| 9,1%| 5,4%| -1,1%| +---------------+--------+--------+--------+--------+--------+--------+--------+ |EBITDA | | | | | | | | |marginaal | 5,3%| 7,6%| 1,4%| -2,5%| 2,9%| 5,8%| 1,2%| +---------------+--------+--------+--------+--------+--------+--------+--------+ |EBIT marginaal | 2,9%| 5,0%| -1,2%| -5,6%| 0,9%| 3,0%| -1,1%| +---------------+--------+--------+--------+--------+--------+--------+--------+ |EBT marginaal | 2,2%| 3,9%| -2,0%| -6,5%| 0,1%| 1,8%| -2,3%| +---------------+--------+--------+--------+--------+--------+--------+--------+ |Puhaskasumi | | | | | | | | |marginaal | 2,0%| 2,9%| -3,0%| -6,6%| 0,8%| 0,7%| -5,1%| +---------------+--------+--------+--------+--------+--------+--------+--------+ |Tegevuskulude | | | | | | | | |suhtarv | 12,5%| 13,4%| 11,7%| 14,1%| 11,2%| 13,5%| 12,0%| +---------------+--------+--------+--------+--------+--------+--------+--------+ BILANSS +-----------------+----------+----------+----------+----------+----------+----------+----------+ |mln EUR |31.12.2019|30.09.2019|30.06.2019|31.03.2019|31.12.2018|30.09.2018|30.06.2018| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Netovõlgnevus | 17,8| 19,9| 20,5| 18,7| 20,0| 21,9| 18,1| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Omakapital | 23,3| 22,8| 21,9| 23,3| 24,2| 24,1| 23,3| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Käibekapital | -3,5| -3,0| -3,1| -1,6| 1,0| 2,0| 2,8| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Varad | 60,5| 62,4| 62,5| 63,5| 65,5| 64,5| 65,5| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Likviidsuskordaja| 0,9x| 0,9x| 0,9x| 0,9x| 1,0x| 1,1x| 1,1x| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Omakapitali | | | | | | | | |suhtarv | 38,5%| 36,5%| 35,0%| 36,7%| 37,0%| 37,4%| 35,6%| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Finantsvõimendus | 43,3%| 46,6%| 48,3%| 44,5%| 45,2%| 47,6%| 43,7%| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Võlakordaja | 0,6x| 0,6x| 0,7x| 0,6x| 0,6x| 0,6x| 0,6x| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Netovõlg / EBITDA| 5,3x| 5,4x| 5,1x| 5,4x| 5,1x| 3,8x| 3,1x| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Omakapitali | | | | | | | | |tootlus | -3,2%| -4,5%| -6,5%| -8,2%| -4,0%| 0,1%| 0,2%| +-----------------+----------+----------+----------+----------+----------+----------+----------+ |Varade tootlus | -1,2%| -1,6%| -2,3%| -3,0%| -1,5%| 0,0%| 0,1%| +-----------------+----------+----------+----------+----------+----------+----------+----------+ Konsolideeritud finantsseisundi aruanne +-------------------------------------+------------+------------+------------+ | Tuhandetes eurodes | 31.12.2019 | 31.12.2018 | 30.06.2019 | +-------------------------------------+------------+------------+------------+ | VARAD | | | | +-------------------------------------+------------+------------+------------+ | Raha ja ekvivalendid | 2 680 | 4 910 | 2 583 | +-------------------------------------+------------+------------+------------+ | Nõuded ja ettemaksed | 6 342 | 6 470 | 5 300 | +-------------------------------------+------------+------------+------------+ | Varud | 9 104 | 11 553 | 11 980 | +-------------------------------------+------------+------------+------------+ | Bioloogilised varad | 4 354 | 4 719 | 4 924 | +-------------------------------------+------------+------------+------------+ | Käibevara kokku | 22 480 | 27 652 | 24 787 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | Edasilükkunud tulumaksuvara | 66 | 49 | 41 | +-------------------------------------+------------+------------+------------+ | Pikaajalised finantsinvesteeringud | 217 | 134 | 202 | +-------------------------------------+------------+------------+------------+ | Materiaalne põhivara | 14 444 | 14 569 | 14 535 | +-------------------------------------+------------+------------+------------+ | Immateriaalne vara | 23 286 | 23 046 | 22 969 | +-------------------------------------+------------+------------+------------+ | Põhivara kokku | 38 013 | 37 798 | 37 747 | +-------------------------------------+------------+------------+------------+ | VARAD KOKKU | 60 493 | 65 450 | 62 534 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | KOHUSTUSED JA OMAKAPITAL | | | | +-------------------------------------+------------+------------+------------+ | Võlakohustused | 12 505 | 14 224 | 13 502 | +-------------------------------------+------------+------------+------------+ | Võlad ja ettemaksed | 13 301 | 12 184 | 14 105 | +-------------------------------------+------------+------------+------------+ | Sihtfinantseerimine | 188 | 241 | 234 | +-------------------------------------+------------+------------+------------+ | Lühiajalised kohustused kokku | 25 994 | 26 649 | 27 841 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | Võlakohustused | 7 945 | 10 706 | 9 540 | +-------------------------------------+------------+------------+------------+ | Võlad ja ettemaksed | 190 | 519 | 190 | +-------------------------------------+------------+------------+------------+ | Edasilükkunud tulumaksukohustus | 2 070 | 2 094 | 2 010 | +-------------------------------------+------------+------------+------------+ | Sihtfinantseerimine | 981 | 1 257 | 1 087 | +-------------------------------------+------------+------------+------------+ | Pikaajalised kohustused kokku | 11 186 | 14 576 | 12 827 | +-------------------------------------+------------+------------+------------+ | KOHUSTUSED KOKKU | 37 180 | 41 225 | 40 668 | +-------------------------------------+------------+------------+------------+ | | | | | +-------------------------------------+------------+------------+------------+ | 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 | 167 | -70 | -214 | +-------------------------------------+------------+------------+------------+ | Jaotamata kasum (-kahjum) | 1 108 | 2 130 | 66 | +-------------------------------------+------------+------------+------------+ | Ettevõtte aktsionäridele kuuluv osa | 22 680 | 23 465 | 21 257 | +-------------------------------------+------------+------------+------------+ | Väikeaktsionäridele kuuluv osa | 633 | 760 | 609 | +-------------------------------------+------------+------------+------------+ | OMAKAPITAL KOKKU | 23 313 | 24 225 | 21 866 | +-------------------------------------+------------+------------+------------+ | OMAKAPITAL JA KOHUSTUSED KOKKU | 60 493 | 65 450 | 62 534 | +-------------------------------------+------------+------------+------------+ Konsolideeritud koondkasumiaruanne +-----------------------+--------------+-------------+------------+------------+ |Tuhandetes eurodes | | 2kv | | | | |2kv 2019/2020| 2018/2019|6k 2019/2020|6k 2018/2019| +-----------------------+--------------+-------------+------------+------------+ |Müügitulud | 25 374| 26 729| 44 703| 46 122| +-----------------------+--------------+-------------+------------+------------+ |Müüdud kaupade kulu | -21 049| -22 011| -37 796| -38 448| +-----------------------+--------------+-------------+------------+------------+ |Brutokasum | 4 325| 4 718| 6 907| 7 674| +-----------------------+--------------+-------------+------------+------------+ | | | | | | +-----------------------+--------------+-------------+------------+------------+ |Tegevuskulud | -3 169| -2 996| -5 767| -5 619| +-----------------------+--------------+-------------+------------+------------+ | Turundus- ja | | | | | |müügikulud | -2 146| -2 084| -3 938| -3 927| +-----------------------+--------------+-------------+------------+------------+ | Üldhalduskulud | -1 023| -912| -1 829| -1 692| +-----------------------+--------------+-------------+------------+------------+ |Muud äritulud/-kulud | 206| 136| 334| 303| +-----------------------+--------------+-------------+------------+------------+ |Bioloogiliste varade | | | | | |ümberhindlus | -622| -1 628| 224| -1 555| +-----------------------+--------------+-------------+------------+------------+ |Ärikasum (-kahjum) | 740| 230| 1 698| 803| +-----------------------+--------------+-------------+------------+------------+ | Finantstulud/-kulud | -190| -213| -393| -435| +-----------------------+--------------+-------------+------------+------------+ |Maksustamiseelne kasum | | | | | |(-kahjum) | 550| 17| 1 305| 368| +-----------------------+--------------+-------------+------------+------------+ | Tulumaks | -54| 205| -239| -4| +-----------------------+--------------+-------------+------------+------------+ |Aruandeperioodi | | | | | |puhaskasum (-kahjum) | 496| 222| 1 066| 364| +-----------------------+--------------+-------------+------------+------------+ | | | | | | +-----------------------+--------------+-------------+------------+------------+ |Aruandeperioodi | | | | | |puhaskasumi (-kahjum) | | | | | |jaotus: | | | | | +-----------------------+--------------+-------------+------------+------------+ |emaettevõtte | | | | | |aktsionäridele kuuluv | | | | | |osa | 529| 130| 1 042| 229| +-----------------------+--------------+-------------+------------+------------+ |Väikeaktsionäridele | | | | | |kuuluv osa | -33| 92| 24| 135| +-----------------------+--------------+-------------+------------+------------+ |Aruandeperioodi | | | | | |puhaskasumi (-kahjum) | | | | | |kokku | 496| 222| 1 066| 364| +-----------------------+--------------+-------------+------------+------------+ | | | | | | +-----------------------+--------------+-------------+------------+------------+ |Muu koondkasum (- | | | | | |kahjum), mida võib | | | | | |hiljem klassifitseerida| | | | | |kasumiaruandesse: | | | | | +-----------------------+--------------+-------------+------------+------------+ |Valuutakursi vahed | 66| -101| 381| -77| +-----------------------+--------------+-------------+------------+------------+ |Kokku koondkasum (- | | | | | |kahjum) | 562| 121| 1 447| 287| +-----------------------+--------------+-------------+------------+------------+ | | | | | | +-----------------------+--------------+-------------+------------+------------+ |Aruandeperioodi | | | | | |koondkasumi (-kahjum) | | | | | |jaotus: | | | | | +-----------------------+--------------+-------------+------------+------------+ |emaettevõtte | | | | | |aktsionäridele kuuluv | | | | | |osa | 595| 29| 1 423| 152| +-----------------------+--------------+-------------+------------+------------+ |Väikeaktsionäridele | | | | | |kuuluv osa | -33| 92| 24| 135| +-----------------------+--------------+-------------+------------+------------+ |Aruandeperioodi | | | | | |koondkasum (-kahjum) | | | | | |kokku | 562| 121| 1 447| 287| +-----------------------+--------------+-------------+------------+------------+ | | | | | | +-----------------------+--------------+-------------+------------+------------+ |Tava puhaskasum (- | | | | | |kahjum) aktsia kohta | | | | | |(EUR) | 0,02| 0,00| 0,04| 0,00| +-----------------------+--------------+-------------+------------+------------+ | | | | | | +-----------------------+--------------+-------------+------------+------------+ |Lahustatud puhaskasum | | | | | |(-kahjum) aktsia kohta | | | | | |(EUR) | 0,02| 0,00| 0,04| 0,00| +-----------------------+--------------+-------------+------------+------------+ Indrek Kasela AS PRFoods Juhatuse liige T: +372 452 1470 [email protected] www.prfoods.ee?
Teate sisu inglise keeles
Pealkiri
PRF: Consolidated Unaudited Interim Report of AS PRFoods for the 2nd quarter and 6 months of 2019/2020 financial year
Teade
OVERVIEW OF ECONOMIC ACTIVITIES MANAGEMENT COMMENTARY The first half of this financial year (2HY 2019) was successful for the Company. Despite the decline in sales, we were able to significantly improve overall profitability and capital efficiency. The Group's consolidated EBITDA for the reporting period was 2.8 million euros, an increase of 48% compared to the same period last year being mainly affected by the revaluation of biological assets. Operating EBITDA (i.e., excluding one- offs and fair value adjustment of fish stock) was 2.9 million euros (2HY 2018: 3.5 million euros). Net profit amounted to 1.1 million euros, almost three times higher than the net profit for the same period last year (2HY 2018: 0.4 million euros). The second half of 2019 was characterized by a more than 8% decline in salmon and trout market prices, which resulted in Finnish retail chains expecting lower prices for smoked products in the private label segment. To maintain profitability, we decided to reduce the supply of hot and cold smoked products in the Finnish retail market during this period. We were able to partially replace the decline in the turnover of smoked products with sales of fish and fish fillets and other fish products. In the first half of 2020, prices for the private label segment of smoked products are recovering and we will continue with deliveries at the same level as last year. One of PRFoods' main focuses has been improving cash flow from operating activities, which is reflected in 2HY 2019 positive cash flow from operating activities of 4.5 million euros compared to 2.7 million euros in the same period last year. The Company's net debt was 17.8 million euros as of 31.12.2019 (30.12.2018: 20.0 million euros). The Group's working capital as of 31.12.2019 was -3.5 million euros, the reason being that current liabilities include related party liabilities of 4.2 million euros, which by their nature are long- term but shall be accounted for as short-term due to accounting principles. We will continue to merge the business activities of Estonian and Finnish companies and create synergies, especially in product development and sales in both domestic and export markets. The legal merger of the Finnish companies Heimon Kala and Trio Trading took place on 31.01.2020, which resulted in the centralization of the companies' management and key business functions. In Estonia, we have launched a Finnish-Estonian joint brand - Heimon Kala, and for the first time entered the Estonian retail market with rainbow trout farmed in Saaremaa. In the coming years, the priority of product development is to enrich the value of fish farmed in our fish farms. With regard to fish farming, we have received a positive response from Sweden to expand existing fish farms. In Estonia, we continue increasing the existing farm and applying for new farming licenses. We continue to make the necessary preparations to increase the volume of quality raw material from our fish farms. The John Ross Jr.'s renewed brand was launched at the end of last quarter and in the coming periods we expect the new brand to generate revenue growth in the UK market. The Company continues to focus on enhancing environmentally friendly production, including raw materials, energy sources, and packaging. As signs of threats, we have to highlight the increased competition in the Finnish market which has led to a decline in retail prices compared to the same period last year. The listeria scandal that hit the Estonian fishing industry had a significant impact on the overall retail market, but did not have a significant impact on the total sales of PRFoods as the share of the Estonian market in the Company's total turnover is small. In the light of the listeria scandal, we can confirm that the PRFoods companies have successfully passed all additional controls and that the Group's production units have international quality management certifications. In addition, our factories are regularly audited by our major counterparties and these audits are performed with near-maximum results. The biggest role here is played by the internal quality management of our companies, including the day-to-day controls in our laboratories, from the purchase of raw materials to the dispatch of the product, and the professionalism of our staff. The Brexit, which came into effect on 31.01.2020, will have no effect on our UK companies this financial year, however, it is unclear what the long-term impact will be once the transition period ends. It is also unclear whether and to what extent will the long-term effects of the outbreak of the coronavirus be on commodity exports. Early 2020 saw a decline in demand, and it also made it more difficult to forecast the price of salmon in a situation where deliveries of salmon producers to Asia were hindered. There are major factory modernizations in Estonia and Finland as well as changes in the product portfolio planned for this calendar year, which may result in short-term sales and profit decrease compared to the previous period. Taking into account the above and the increased risks of the global economy, PRFoods will forego the estimates of turnover and profit for the current financial year made at the end of the previous financial year. If the Company decides to issue an updated forecast, it will notify accordingly. On the positive side, we would like to point out that PRFoods successfully completed a non-public bond issue in early 2020, which resulted in short-term liabilities of 9 million euros becoming long-term, releasing thereby short-term cash flows of approximately 2 million euros per year. In the first quarter of 2020, the Company also plans to carry out an additional public issue of bonds. In order to achieve the goals in the following periods, the Group has strengthened its management in both product development and financials. Our people have worked hard to develop the Company and improve its profitability. PRFoods' balance sheet, production and customer base are strong, and we look expectantly to the future. Making big changes is always difficult for employees and I am very grateful that our people are enthusiastically embraced the changes and given their best. KEY RATIOS INCOME STATEMENT +----------------------+-------+-------+-------+-------+-------+-------+-------+ |mln EUR |4Q 2019|3Q 2019|2Q 2019|1Q 2019|4Q 2018|3Q 2018|2Q 2018| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |Sales | 25.4| 19,3| 21.5| 18.1| 26.7| 19.4| 22.1| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |Gross profit | 4.3| 2,6| 2.1| 2.1| 4.7| 3.0| 1.8| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |EBITDA from operations| 2.1| 0,7| 0.3| 0.2| 2.4| 1.1| -0.2| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |EBITDA | 1.4| 1,5| 0.3| -0.5| 0.8| 1.1| 0.3| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |EBIT | 0.7| 1,0| -0.3| -1.0| 0.2| 0.6| -0.2| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |EBT | 0.6| 0,8| -0.4| -1.2| 0.0| 0.4| -0.5| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |Net profit (-loss) | 0.5| 0,6| -0.6| -1.2| 0.2| 0.1| -1.1| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |Gross margin | 17.0%| 13,4%| 9.8%| 11.7%| 17.7%| 15.2%| 7.9%| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |Operational EBITDA | | | | | | | | |margin | 8.4%| 3,8%| 1.4%| 1.1%| 9.1%| 5.4%| -1.1%| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |EBITDA margin | 5.3%| 7,6%| 1.4%| -2.5%| 2.9%| 5.8%| 1.2%| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |EBIT margin | 2.9%| 5,0%| -1.2%| -5.6%| 0.9%| 3.0%| -1.1%| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |EBT margin | 2.2%| 3,9%| -2.0%| -6.5%| 0.1%| 1.8%| -2.3%| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |Net margin | 2.0%| 2,9%| -3.0%| -6.6%| 0.8%| 0.7%| -5.1%| +----------------------+-------+-------+-------+-------+-------+-------+-------+ |Operating expense | | | | | | | | |ratio | 12.5%| 13,4%| 11.7%| 14.1%| 11.2%| 13.5%| 12.0%| +----------------------+-------+-------+-------+-------+-------+-------+-------+ BALANCE SHEET +---------+----------+----------+----------+----------+----------+----------+----------+ |mln EUR |31.12.2019|30.09.2019|30.06.2019|31.03.2019|31.12.2018|30.09.2018|30.06.2018| +---------+----------+----------+----------+----------+----------+----------+----------+ |Net debt | 17.8| 19,9| 20.5| 18.7| 20.0| 21.9| 18.1| +---------+----------+----------+----------+----------+----------+----------+----------+ |Equity | 23.3| 22,8| 21.9| 23.3| 24.2| 24.1| 23.3| +---------+----------+----------+----------+----------+----------+----------+----------+ |Working | | | | | | | | |capital | -3.5| -3,0| -3.1| -1.6| 1.0| 2.0| 2.8| +---------+----------+----------+----------+----------+----------+----------+----------+ |Assets | 60.5| 62,4| 62.5| 63.5| 65.5| 64.5| 65.5| +---------+----------+----------+----------+----------+----------+----------+----------+ |Liquidity| | | | | | | | |ratio | 0.9x| 0,9x| 0.9x| 0.9x| 1.0x| 1.1x| 1.1x| +---------+----------+----------+----------+----------+----------+----------+----------+ |Equity | | | | | | | | |ratio | 38.5%| 36,5%| 35.0%| 36.7%| 37.0%| 37.4%| 35.6%| +---------+----------+----------+----------+----------+----------+----------+----------+ |Gearing | | | | | | | | |ratio | 43.3%| 46,6%| 48.3%| 44.5%| 45.2%| 47.6%| 43.7%| +---------+----------+----------+----------+----------+----------+----------+----------+ |Debt to | | | | | | | | |total | | | | | | | | |assets | 0.6x| 0,6x| 0.7x| 0.6x| 0.6x| 0.6x| 0.6x| +---------+----------+----------+----------+----------+----------+----------+----------+ |Net debt | | | | | | | | |to EBITDA| 5.3x| 5,4x| 5.1x| 5.4x| 5.1x| 3.8x| 3.1x| +---------+----------+----------+----------+----------+----------+----------+----------+ |ROE | -3.2%| -4,5%| -6.5%| -8.2%| -4.0%| 0.1%| 0.2%| +---------+----------+----------+----------+----------+----------+----------+----------+ |ROA | -1.2%| -1,6%| -2.3%| -3.0%| -1.5%| 0.0%| 0.1%| +---------+----------+----------+----------+----------+----------+----------+----------+ Consolidated Statement of Financial Position +---------------------------------+------------+------------+------------+ | Thousand euros | 31.12.2019 | 31.12.2018 | 30.06.2019 | +---------------------------------+------------+------------+------------+ | ASSETS | | | | +---------------------------------+------------+------------+------------+ | Cash and cash equivalents | 2,680 | 4,910 | 2 583 | +---------------------------------+------------+------------+------------+ | Receivables and prepayments | 6,342 | 6,470 | 5 300 | +---------------------------------+------------+------------+------------+ | Inventories | 9,104 | 11,553 | 11 980 | +---------------------------------+------------+------------+------------+ | Biological assets | 4,354 | 4,719 | 4 924 | +---------------------------------+------------+------------+------------+ | Total current assets | 22,480 | 27,652 | 24 787 | +---------------------------------+------------+------------+------------+ | | | | | +---------------------------------+------------+------------+------------+ | Deferred income tax | 66 | 49 | 41 | +---------------------------------+------------+------------+------------+ | Long-term financial investments | 217 | 134 | 202 | +---------------------------------+------------+------------+------------+ | Tangible fixed assets | 14,444 | 14,569 | 14 535 | +---------------------------------+------------+------------+------------+ | Intangible assets | 23,286 | 23,046 | 22 969 | +---------------------------------+------------+------------+------------+ | Total non-current assets | 38,013 | 37,798 | 37 747 | +---------------------------------+------------+------------+------------+ | TOTAL ASSETS | 60,493 | 65,450 | 62 534 | +---------------------------------+------------+------------+------------+ | | | | | +---------------------------------+------------+------------+------------+ | EQUITY AND LIABILITIES | | | | +---------------------------------+------------+------------+------------+ | Loans and borrowings | 12,505 | 14,224 | 13 502 | +---------------------------------+------------+------------+------------+ | Payables | 13,301 | 12,184 | 14 105 | +---------------------------------+------------+------------+------------+ | Government grants | 188 | 241 | 234 | +---------------------------------+------------+------------+------------+ | Total current liabilities | 25,994 | 26,649 | 27 841 | +---------------------------------+------------+------------+------------+ | | | | | +---------------------------------+------------+------------+------------+ | Loans and borrowings | 7,945 | 10,706 | 9 540 | +---------------------------------+------------+------------+------------+ | Payables | 190 | 519 | 190 | +---------------------------------+------------+------------+------------+ | Deferred tax liabilities | 2,070 | 2,094 | 2 010 | +---------------------------------+------------+------------+------------+ | Government grants | 981 | 1,257 | 1 087 | +---------------------------------+------------+------------+------------+ | Total non-current liabilities | 11,186 | 14,576 | 12 827 | +---------------------------------+------------+------------+------------+ | TOTAL LIABILITIES | 37,180 | 41,225 | 40 668 | +---------------------------------+------------+------------+------------+ | | | | | +---------------------------------+------------+------------+------------+ | 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 reserve | 167 | -70 | -214 | +---------------------------------+------------+------------+------------+ | Retained profit (-loss) | 1108 | 2,130 | 66 | +---------------------------------+------------+------------+------------+ | Equity attributable to parent | 22,680 | 23,465 | 21 257 | +---------------------------------+------------+------------+------------+ | Non-controlling interest | 633 | 760 | 609 | +---------------------------------+------------+------------+------------+ | TOTAL EQUITY | 23,313 | 24,225 | 21 866 | +---------------------------------+------------+------------+------------+ | TOTAL EQUITY AND LIABILITIES | 60,493 | 65,450 | 62 534 | +---------------------------------+------------+------------+------------+ Consolidated Statement of Profit or Loss And Other Comprehensive Income +--------------------------+------------+------------+------------+------------+ |Thousand euros |2Q 2019/2020|2Q 2018/2019|6m 2019/2020|6m 2018/2019| +--------------------------+------------+------------+------------+------------+ |Sales | 25,374| 26,729| 44,703| 46 122| +--------------------------+------------+------------+------------+------------+ |Cost of goods sold | -21,049| -22,011| -37,796| -38 448| +--------------------------+------------+------------+------------+------------+ |Gross profit | 4,325| 4,718| 6,907| 7 674| +--------------------------+------------+------------+------------+------------+ | | | | | | +--------------------------+------------+------------+------------+------------+ |Operating expenses | -3,169| -2,996| -5,767| -5 619| +--------------------------+------------+------------+------------+------------+ | Selling and distribution| | | | | |expenses | -2,146| -2,084| -3,938| -3 927| +--------------------------+------------+------------+------------+------------+ | Administrative expenses | -1,023| -912| -1,829| -1 692| +--------------------------+------------+------------+------------+------------+ |Other income / expense | 206| 136| 334| 303| +--------------------------+------------+------------+------------+------------+ |Fair value adjustment on | | | | | |biological assets | -622| -1,628| 224| -1 555| +--------------------------+------------+------------+------------+------------+ |Operating profit (loss) | 740| 230| 1,698| 803| +--------------------------+------------+------------+------------+------------+ |Financial income/-expenses| -190| -213| -393| -435| +--------------------------+------------+------------+------------+------------+ |Profit (loss) before tax | 550| 17| 1,305| 368| +--------------------------+------------+------------+------------+------------+ |Income tax | -54| 205| -239| -4| +--------------------------+------------+------------+------------+------------+ |Net profit (loss) for the | | | | | |period | 496| 222| 1,066| 364| +--------------------------+------------+------------+------------+------------+ | | | | | | +--------------------------+------------+------------+------------+------------+ |Net profit (loss) | | | | | |attributable to: | | | | | +--------------------------+------------+------------+------------+------------+ |Owners of the company | 529| 130| 1,042| 229| +--------------------------+------------+------------+------------+------------+ |Non-controlling interests | -33| 92| 24| 135| +--------------------------+------------+------------+------------+------------+ |Total net profit (loss) | 496| 222| 1,066| 364| +--------------------------+------------+------------+------------+------------+ | | | | | | +--------------------------+------------+------------+------------+------------+ |Other comprehensive income| | | | | |(loss) that may | | | | | |subsequently be classified| | | | | |to profit or loss: | | | | | +--------------------------+------------+------------+------------+------------+ |Foreign currency | | | | | |translation differences | 66| -101| 381| -77| +--------------------------+------------+------------+------------+------------+ |Total comprehensive income| | | | | |(expense) | 562| 121| 1,447| 287| +--------------------------+------------+------------+------------+------------+ | | | | | | +--------------------------+------------+------------+------------+------------+ |Total comprehensive income| | | | | |(expense) attributable to:| | | | | +--------------------------+------------+------------+------------+------------+ |Owners of the Company | 595| 29| 1,423| 152| +--------------------------+------------+------------+------------+------------+ |Non-controlling interests | -33| 92| 24| 135| +--------------------------+------------+------------+------------+------------+ |Total comprehensive income| | | | | |(expense) for the period | 562| 121| 1,447| 287| +--------------------------+------------+------------+------------+------------+ | | | | | | +--------------------------+------------+------------+------------+------------+ |Profit (loss) per share | | | | | |(EUR) | 0.02| 0.00| 0.04| 0.00| +--------------------------+------------+------------+------------+------------+ | | | | | | +--------------------------+------------+------------+------------+------------+ |Diluted profit (loss) per | | | | | |share (EUR) | 0.02| 0.00| 0.04| 0.00| +--------------------------+------------+------------+------------+------------+ Indrek Kasela AS PRFoods Member of the Management Board Phone: +372 452 1470 [email protected] www.prfoods.ee