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AS PRFoods
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Majandustegevusalad
Finants- ja kindlustustegevus
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Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
8229
Manused
Esitamise kuupäev ja aeg
23.08.2020 22:43:06
Teate sisu eesti keeles
Pealkiri
PRF: AS-i PRFoods 2019/2020 majandusaasta 4. kvartali ja 12 kuu konsolideeritud auditeerimata vahearuanne
Teade
ÜLEVAADE MAJANDUSTEGEVUSEST
JUHTKONNA KOMMENTAAR
AS-i PRFoods majandusaasta viimase kvartali finantstulemused on tugevalt
mõjutatud Covid-19 pandeemia tõttu väljakuulutatud eriolukorrast kõikides
riikides, kus Grupi ettevõtted tegutsevad (Eesti, Soome, Suurbritannia ja
Rootsi). Kvartali müügitulud langesid 29,7% võrreldes eelmise aasta sama
perioodiga, jäädes 15,1 miljoni euro tasemele (4.kv 18/19: 21,5 miljonit eurot).
Aasta kokkuvõttes jäi müügilangus 8,7% tasemele (12k 19/20: 78,3 miljonit eurot;
12k 18/19: 85,7 miljonit eurot) ning finantsaasta EBITDAks kujunes 1,6 miljonit
eurot (12k 18/19: 1,7 miljonit eurot). Arvestades turul valitsevat olukorda ning
võrreldes meie konkurentide tulemusi, võib aastaga rahule jääda. Finantsaasta
esimese poolaasta tulemuste põhjal ootasime palju tugevamat tulemust.
Arvestades, et juba jaanuarist oli Hiinas alanud koroonaviiruse mõju
globaalsele nõudlusele ja kalahinnale negatiivne, suutsime 2. poolaastal
reageerida rahuldavalt, kuid kogu turu languse taustal oli ülimalt keeruline
saavutada positiivset tulemust.
HoReCa piirangud ning lennutranspordi drastiline vähenemine mõjutasid ettevõtte
käivet juba märtsi keskpaigast ning kahjuks on hotellide, restoranide ning muu
toitlustusega seotud segmentide taastumine olnud PRFoodsi põhiturgudel Soomes ja
Suurbritannias siiani vaevaline. Tingituna lõhe ja forellihinna langusest on
odavnenud ka lõpptooted eriti Soome turul, mis mõjutab kasumlikkust. PRFoods
läks Covid-19 pandeemiale vastu tugevdatud bilansiga, olles aasta alguses
refinantseerinud lühiajalised laenud viie aastaste võlakirjadega, lisaks oleme
parandanud rahavoogusid hoides tooraine ladude taseme optimaalsel tasemel.
Grupi müügitulu
2019/2020. finantsaasta 4. kvartali auditeerimata esialgne konsolideeritud käive
oli 15,1 miljonit eurot langedes eelmise aasta sama perioodiga võrreldes 29,7%
(4kv. 18/19: 21,5 miljonit eurot). Majandusaasta 12 kuu esialgne käive oli 78,3
miljonit eurot (12k 18/19: 85,7 miljonit eurot).
4. kvartali müügilanguseks kokku kujunes 29,7%, sealhulgas müügikasv jaekettides
7,3%; müügilangus HoReCa sektoris 65,0% ja hulgimüügis 49,6% (osaliselt samuti
mõjutatud HoReCa (hotellid, restoranid, kohvikud) sektorist) võrreldes eelmise
aasta sama perioodiga.12 kuu käibe vähenemine kokku võrreldes eelmise aasta sama
perioodiga oli 8,7%, millele suurimat mõju avaldas 4.kvartali müügilangus.
Lisaks toimus 2019/2020. aastal muudatus tooteportfellis, kus värske kala ja
-filee osakaal suurenes 4 pp ning suitsutatud toodete osakaal vastavalt vähenes.
Värske kala ja -filee osakaal tooteportfellist on 45,6% (41,7% eelmisel aastal)
ning suitsutatud toodete osakaal on 38,4% (43,0% eelmisel aastal).
Värske kala ja filee müügihind on otseselt mõjutatud lõhe ja forelli ekspordi
turuhindadest, mis on olnud kalendriaasta algusest langustrendis.
Aruandeperioodi jooksul kõikus kala turuhind oluliselt, näiteks märtsis 2020 oli
lõhe turuhind võrreldes aastatagusega langenud 31,1% ja vikerforelli hind
32,0%. Kahe aasta taguse hinnaga võrreldes oli lõhe hind langenud 43,2% ja
forell läinud 31,7% odavamaks. Eelkõige mõjutas see negatiivselt värske kala
hulgimüügihindasid ja käivet.
Finantsaasta 4. kvartali ja 12 kuu tulemus
4. kvartali äritegevuse EBITDAks kujunes -0,4 miljonit eurot vähenedes eelmise
aasta sama perioodiga võrreldes 0,7 miljonit eurot (4.kv 18/19: 0,3 miljonit
eurot). Eelpool mainitud HoReCa sektori müügilangus ning kala turuhindade langus
põhjustasid viimase kvartali brutomarginaali 5,2 pp-lise vähenemise
(brutomarginaal 4kv 19/20: 4,6% vs 4kv 18/19: 9,8%). Kvartali puhaskahjumiks
kujunes 1,3 miljonit eurot, suurenedes eelmise aasta sama perioodiga 0,6
miljonit eurot (4. kv 18/19: -0,6 miljonit eurot), tulenedes peamiselt eelpool
mainitud brutokasumi langusest.
Grupi 12 kuu konsolideeritud EBITDA oli 1,6 miljonit eurot (12k 18/19: 1,7
miljonit eurot), vähenedes eelmise aastaga võrreldes 9,8%. Äritegevuse EBITDAks
(s.o enne ühekordseid tulusid-kulusid ja kalavarude ümberhindlust) kujunes 2,5
miljonit eurot (12k 18/19: 4,0 miljonit eurot). Äritegevuse EBITDAd mõjutas
negatiivselt suitsutatud toodete osakaalu vähenemine käibes, mis tulenes
peamiselt Soome müügikoguste vähenemisest private labeli segmendis, Covid-19
negatiivne mõju HoReCa sektori müügile ning kala turuhindade langus. Aasta
kokkuvõttes vähenes brutomarginaal 1,7 pp võrreldes eelmise finantsaastaga (12k
19/20: 12,2% vs 12k 18/19: 13,9%).
Aruandeaasta puhaskahjumiks kujunes 1,9 miljonit eurot (12k 18/19: 1,5 miljonit
eurot), sh finantskulud kasvasid 0,3 miljoni euro võrra seoses intressikulude
kasvuga (investeerimislaenu intress 3,25% vs võlakirjaintress 6,25%).
Finantsseisund
Ettevõtte netovõlgnevus oli 19,4 miljonit eurot seisuga 30.06.2020 (30.06.2019:
20,5 miljonit eurot). Grupi käibekapital oli seisuga 30.06.2020 negatiivne 3,8
miljoni eurot kuna lühiajalised kohustused sisaldavad kohustusi seotud
osapooltele summas 4,2 miljoni eurot, mis oma olemuselt on pikaajalised, kuid
raamatupidamise arvestuspõhimõtete tõttu tuleb näidata lühiajalistena.
Raamatupidamisliku mõju elimineerides on käibekapital 0,4 miljonit eurot.
PRFoods viis edukalt lõpule võlakirjade mitteavaliku emissiooni 2020. aasta
jaanuaris, mille tulemusel 9 miljoni euro ulatuses lühiajalisi kohustusi muutus
pikaajaliseks vabastades rahavooge ca 2 miljoni euro võrra aastas.
Võlastruktuuri muutus avaldab mõju ka ettevõtte majandustulemustele,
finantskulude mõju PRFoodsi puhaskasumile on negatiivne 0,35 miljonit eurot
aastas.
Koroonaviiruse (Covid-19) pandeemia mõju
Covid-19 pandeemiast tuleneva eriolukorra kehtestamise tõttu on ettevõtte käive
alates märtsikuu keskpaigast märkimisväärselt langenud HoReCa segmendis, mille
osakaal Grupi käibest on ligikaudu 30%. Antud segmendi müügilanguseks kujunes
finantsaasta viimases kvartalis ca 70%, mida jaekaubanduse 7%-line käibekasv
paraku ei kata, vaid pigem suurenes värske kala ja kalafilee osakaal kuum- ja
külmsuitsutatud toodete asemel, mille kasumimarginaal on oluliselt madalam.
Võttes arvesse aasta esimese 9 kuu keskmise brutomarginaali (13,9%), hindame
COVID-19 otseseks negatiivseks mõjuks EBITDA-le 0,6 miljonit eurot. Grupi
tulemustele avaldas negatiivset mõju eelkõige Soome üksus, samas Suurbritannia
üksuse tulemus püsis eelmise aastaga samal tasemel hoolimata koroonaviirusest
tingitud olukorrast.
Grupi ettevõtted on vähendanud vastavalt tootmise langusele nii tootmis- kui
kontoritöötajate tööaega ja töötasusid vahemikus 10-30%. Grupi ettevõtted Eestis
ja Suurbritannias on kasutanud riigi poolt pakutavaid töötasu kompenseerimise
toetusi.
Grupp on keskendunud kulude ja rahavoogude juhtimisele, et tagada tegevuse
jätkusuutlikkus ka tulevikus. Kindlasti on suurematel tööstustel nagu PRFoods
parem toime tulla selliste kriisidega, samuti on ettevõtte tegevus jaotunud
mitme turu vahel. Osadel turgudel eeldame oma positsioonide tugevnemist
konkurentsi vähenemise tõttu.
2020. aasta märtsikuus viis PRFoods läbi võlakirjade emissiooni avaliku
pakkumise, mille perioodi planeerimisel ei osanud kriisi ette näha, mistõttu
võlakirjade märkimine jäi oodatust oluliselt madalamaks - 1,9 miljonist märgiti
0,9 miljonit ehk 47% sh 0,5 miljonit eurot PRFoodsi enda poolt märgitud
võlakirjad eesmärgiga need realiseerida pärast kriisi lõppu.
Finantsaasta sündmused ja tulevikuplaanid
Käesolevat finantsaastat jääb mõjutama Covid-19 ning kindlasti näeme alanud
majanduskriisi mõjusid realiseerumas järgmisel finantsaastal. Me eeldame, et
HoReCa sektori taastumist ei ole näha enne 2021.aastat. Arvestades, et kogu
globaalse HoReCa osakaal lõhe ja forelli puhul on ca 30% on koroonaepideemia
mõjul tekkinud turul ülepakkumine. Tarbimise vähenemise trend on näha ka teiste
toiduainete puhul, näiteks liha ja piim, kuna kehtivad nii reisi- kui sisemaised
piirangud. Samas, riikides, kus on siiani edukalt koroonaviirusega võideldud, sh
Eesti, on näha HoReCa kiiret taastumist. Kuna olukord muutub kiiresti, on raske
teha pikaajalisi ennustusi.
Analüütikute ja Fishpooli lõhe tulevikuhindade baasil saab eeldada alles 2021.
aastal hindade kasvu ning nõudluse suurenemist kuni 9% võrra. 2021.aasta
keskmine lõhehinna tulevikuhind raporti esitamise kuupäevaga on 5,55 eur/kg
võrreldes 4,40 eur/kg augustis 2020.
PRFoodsi jaoks on suurim mõju kala turuhinnal. Seda kahel peamisel põhjusel: a)
mõju kalakasvatusele, b) Soome jaehindade muutusele, kus lõpptoodete hinnad
reageerivad koheselt ka tooraine hinnalangusele tingituna kogu turu private
labeli suurest osakaalust. Aruandeperioodi jooksul kõikus kala turuhind
oluliselt, näiteks märtsis 2020 oli lõhe turuhind võrreldes aastatagusega
langenud 31,1% ja vikerforelli hind 32,0%. Kahe aasta taguse hinnaga võrreldes
oli lõhe hind langenud 43,2% ja forell läinud 31,7% odavamaks. Tingituna HoReCa
nõudluse vähenemisest, näeme 2020. aasta puhul tervikuna madalaid kala hindasid.
Tarbijale on see kindlasti hea uudis. Vaatamata osade toodete suurenenud
tootmismahtudele ja nõudlusele, ei võimalda madalamad hinnad absoluutarvus
teenida nii suurt kasumit. Samas võimaldab madalam hind oluliselt suurendada
ekspordimahte.
Arvestades olukorda vaatame tulevikule optimistlikumalt kui 4.kvartali lõpus,
seda järgnevatel põhjustel:
? John Ross Jr ja Coln Valley on suutnud säilitada oma absoluutkasumlikkuse
hoolimata ligi 30%-lisest käibe langusest tingituna bränditoodete kõrgemast
kasumlikkusest;
? Eesti turul oleme suutnud oma tooteid oluliselt paremini müüa ning näeme,
et 2020/2021. finantsaasta jooksul suurendame märkimisväärselt oma
tooteportfelli Eestis jaetoodete osas;
* Oleme lõpule viinud 2019.aastal alustatud Soome ja Eesti tootmisüksuste
juhtimise tsentraliseerimise, sh juhtkonna vahetuse. Trio Trading ja Heimon
Kala ühendamine Soomes on toimunud. Lisaks tuli meil üles ehitada uus
müügimeeskond, mis töötajate vahetuse tõttu omas ajutist negatiivset mõju
käibele;
? Suurendame Eestis ja Soomes tehaste automatiseerituse taset, mille
tulemusena oleme tulevikus suutelised palju efektiivsemalt ja väiksema inimeste
arvuga korraldama tootmist;
? Suuremamahulisem investeeringute programm on toimunud tootmises. Jätkame
kalakasvatuse investeeringute programmi;
? Positiivsed uudised Eestist ja Rootsist kalakasvatuse mahtude suurenemise
osas võimaldavad meil efektiivsemalt ja kasumlikumalt kasvatada kala ning tõusta
Eesti- Soome üheks suurimaks ja keskkonnasõbralikumaks kalakasvatajaks;
? Eeldame, et otsene koroonaviiruse põhjustatud kahju on möödunud. Samas on
ettearvamatu kaasneva majanduskriisi pikaajaline mõju tarbijate käitumisele ning
samuti konkurentsile.
Oleme alates 4. kvartalist juurutanud kulude kokkuhoiuprogrammi, mille
tulemusena kulud vähenevad aastas ca 0,4 miljonit eurot. 2019. aastal alustatud
ühe miljoni euro säästuprogramm on seega täidetud. 2020/2021. finantsaasta
põhiteemaks on kasumlikkuse säilitamine ja kasv tugeva ülepakkumise tingimustes
turul. Arvestades Grupi ettevõtete regionaalset positsiooni usume, et suudame
tekkinud olukorraga konkurentidest paremini hakkama saada.
Covid-19 on tekitanud uue olukorra, kuid vaatamata sellele ei pidanud PRFoods
kordagi katkestama oma tootmist. Jätkame PRFoodsist keskkonnasõbraliku ja
kvaliteetse kalakasvataja ja -töötleja väljaarendamisega.
VÕTMENÄITAJAD
KASUMIARUANNE
+--------------+--------+--------+--------+--------+--------+--------+--------+--------+
|mln EUR |2kv 2020|1kv 2020|4kv 2019|3kv 2019|2kv 2019|1kv 2019|4kv 2018|3kv 2018|
+--------------+--------+--------+--------+--------+--------+--------+--------+--------+
|Müügitulu | 15,1| 18,5| 25,4| 19,3| 21,5| 18,1| 26,7| 19,4|
+--------------+--------+--------+--------+--------+--------+--------+--------+--------+
|Brutokasum | 0,7| 2,0| 4,3| 2,6| 2,1| 2,1| 4,7| 3,0|
+--------------+--------+--------+--------+--------+--------+--------+--------+--------+
|EBITDA | | | | | | | | |
|äritegevusest | -0,4| 0,0| 2,1| 0,7| 0,3| 0,2| 2,4| 1,1|
+--------------+--------+--------+--------+--------+--------+--------+--------+--------+
|EBITDA | -0,4| -0,9| 1,4| 1,5| 0,3| -0,5| 0,8| 1,1|
+--------------+--------+--------+--------+--------+--------+--------+--------+--------+
|EBIT | -1,0| -1,4| 0,7| 1,0| -0,3| -1,0| 0,2| 0,6|
+--------------+--------+--------+--------+--------+--------+--------+--------+--------+
|EBT | -1,2| -1,8| 0,6| 0,8| -0,4| -1,2| 0,0| 0,4|
+--------------+--------+--------+--------+--------+--------+--------+--------+--------+
|Puhaskasum (- | | | | | | | | |
|kahjum) | -1,3| -1,7| 0,5| 0,6| -0,6| -1,2| 0,2| 0,1|
+--------------+--------+--------+--------+--------+--------+--------+--------+--------+
|Brutomarginaal| 4,6%| 10,8%| 17,0%| 13,4%| 9,8%| 11,7%| 17,7%| 15,2%|
+--------------+--------+--------+--------+--------+--------+--------+--------+--------+
|Äritegevuse | | | | | | | | |
|EBITDA | | | | | | | | |
|marginaal | -2,6%| 0,1%| 8,4%| 3,8%| 1,4%| 1,1%| 9,1%| 5,4%|
+--------------+--------+--------+--------+--------+--------+--------+--------+--------+
|EBITDA | | | | | | | | |
|marginaal | -2,6%| -4,6%| 5,3%| 7,6%| 1,4%| -2,5%| 2,9%| 5,8%|
+--------------+--------+--------+--------+--------+--------+--------+--------+--------+
|EBIT marginaal| -6,4%| -7,8%| 2,9%| 5,0%| -1,2%| -5,6%| 0,9%| 3,0%|
+--------------+--------+--------+--------+--------+--------+--------+--------+--------+
|EBT marginaal | -8,1%| -9,8%| 2,2%| 3,9%| -2,0%| -6,5%| 0,1%| 1,8%|
+--------------+--------+--------+--------+--------+--------+--------+--------+--------+
|Puhaskasumi | | | | | | | | |
|marginaal | -8,4%| -9,2%| 2,0%| 2,9%| -3,0%| -6,6%| 0,8%| 0,7%|
+--------------+--------+--------+--------+--------+--------+--------+--------+--------+
|Tegevuskulude | | | | | | | | |
|suhtarv | 13,9%| 14,3%| 12,5%| 13,4%| 11,7%| 14,1%| 11,2%| 13,5%|
+--------------+--------+--------+--------+--------+--------+--------+--------+--------+
BILANSS
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|mln EUR |30.06.2020|31.03.2020|31.12.2019|30.09.2019|30.06.2019|31.03.2019|31.12.2018|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Netovõlgnevus | 19,4| 17,0 17,8| 19,9| 20,5| 18,7| 20,0|
+-----------------+----------+---------------------+----------+----------+----------+----------+
|Omakapital | 19,8| 21,6 23,3| 22,8| 21,9| 23,3| 24,2|
+-----------------+----------+---------------------+----------+----------+----------+----------+
|Käibekapital | -3,8| -2,5 -3,5| -3,0| -3,1| -1,6| 1,0|
+-----------------+----------+---------------------+----------+----------+----------+----------+
|Varad | 55,9| 56,9 60,5| 62,4| 62,5| 63,5| 65,5|
+-----------------+----------+---------------------+----------+----------+----------+----------+
|Likviidsuskordaja| 0,8x| 0,9x 0,9x| 0,9x| 0,9x| 0,9x| 1,0x|
+-----------------+----------+---------------------+----------+----------+----------+----------+
|Omakapitali | | | | | | |
|suhtarv | 35,4%| 37,9% 38,5%| 36,5%| 35,0%| 36,7%| 37,0%|
+-----------------+----------+---------------------+----------+----------+----------+----------+
|Finantsvõimendus | 49,9%| 44,0% 43,3%| 46,6%| 48,3%| 44,5%| 45,2%|
+-----------------+----------+---------------------+----------+----------+----------+----------+
|Võlakordaja | 0,6x| 0,6x 0,6x| 0,6x| 0,7x| 0,6x| 0,6x|
+-----------------+----------+---------------------+----------+----------+----------+----------+
|Netovõlg / EBITDA| | | | | | |
|äriteg | 7,8x| 5,3x 5,3x| 5,4x| 5,1x| 5,4x| 5,1x|
+-----------------+----------+---------------------+----------+----------+----------+----------+
|Omakapitali | | | | | | |
|tootlus | -9,1%| -5,7% -3,2%| -4,5%| -6,5%| -8,2%| -4,0%|
+-----------------+----------+---------------------+----------+----------+----------+----------+
|Varade tootlus | -3,2%| -2,1% -1,2%| -1,6%| -2,3%| -3,0%| -1,5%|
+-----------------+----------+---------------------+----------+----------+----------+----------+
Konsolideeritud finantsseisundi aruanne
+-------------------------------------+------------+------------+
| Tuhandetes eurodes | 30.06.2020 | 30.06.2019 |
+-------------------------------------+------------+------------+
| VARAD | | |
+-------------------------------------+------------+------------+
| Raha ja ekvivalendid | 2 276 | 2 583 |
+-------------------------------------+------------+------------+
| Nõuded ja ettemaksed | 3 711 | 5 300 |
+-------------------------------------+------------+------------+
| Varud | 7 884 | 11 980 |
+-------------------------------------+------------+------------+
| Bioloogilised varad | 4 249 | 4 924 |
+-------------------------------------+------------+------------+
| Käibevara kokku | 18 120 | 24 787 |
+-------------------------------------+------------+------------+
| | | |
+-------------------------------------+------------+------------+
| Edasilükkunud tulumaksuvara | 67 | 41 |
+-------------------------------------+------------+------------+
| Pikaajalised finantsinvesteeringud | 232 | 202 |
+-------------------------------------+------------+------------+
| Materiaalne põhivara | 14 856 | 14 535 |
+-------------------------------------+------------+------------+
| Immateriaalne vara | 22 672 | 22 969 |
+-------------------------------------+------------+------------+
| Põhivara kokku | 37 827 | 37 747 |
+-------------------------------------+------------+------------+
| VARAD KOKKU | 55 947 | 62 534 |
+-------------------------------------+------------+------------+
| | | |
+-------------------------------------+------------+------------+
| KOHUSTUSED JA OMAKAPITAL | | |
+-------------------------------------+------------+------------+
| Võlakohustused | 10 382 | 13 502 |
+-------------------------------------+------------+------------+
| Võlad ja ettemaksed | 11 291 | 14 105 |
+-------------------------------------+------------+------------+
| Sihtfinantseerimine | 211 | 234 |
+-------------------------------------+------------+------------+
| Lühiajalised kohustused kokku | 21 884 | 27 841 |
+-------------------------------------+------------+------------+
| | | |
+-------------------------------------+------------+------------+
| Võlakohustused | 11 259 | 9 540 |
+-------------------------------------+------------+------------+
| Võlad ja ettemaksed | 190 | 190 |
+-------------------------------------+------------+------------+
| Edasilükkunud tulumaksukohustus | 1 913 | 2 010 |
+-------------------------------------+------------+------------+
| Sihtfinantseerimine | 873 | 1 087 |
+-------------------------------------+------------+------------+
| Pikaajalised kohustused kokku | 14 235 | 12 827 |
+-------------------------------------+------------+------------+
| KOHUSTUSED KOKKU | 36 119 | 40 668 |
+-------------------------------------+------------+------------+
| | | |
+-------------------------------------+------------+------------+
| Aktsiakapital | 7 737 | 7 737 |
+-------------------------------------+------------+------------+
| Ülekurss | 14 007 | 14 007 |
+-------------------------------------+------------+------------+
| Oma aktsiad | -390 | -390 |
+-------------------------------------+------------+------------+
| Kohustuslik reservkapital | 51 | 51 |
+-------------------------------------+------------+------------+
| Realiseerimata kursivahed | 30 | -214 |
+-------------------------------------+------------+------------+
| Jaotamata kasum (-kahjum) | -2 186 | 66 |
+-------------------------------------+------------+------------+
| Ettevõtte aktsionäridele kuuluv osa | 19 249 | 21 257 |
+-------------------------------------+------------+------------+
| Väikeaktsionäridele kuuluv osa | 579 | 609 |
+-------------------------------------+------------+------------+
| OMAKAPITAL KOKKU | 19 828 | 21 866 |
+-------------------------------------+------------+------------+
| OMAKAPITAL JA KOHUSTUSED KOKKU | 55 947 | 62 534 |
+-------------------------------------+------------+------------+
Konsolideeritud koondkasumiaruanne
+--------------------+-----------------+-----------+-------------+-------------+
|Tuhandetes eurodes | 4kv |4kv | | |
| | 2019/2020| 2018/2019|12k 2019/2020|12k 2018/2019|
+--------------------+-----------------+-----------+-------------+-------------+
|Müügitulud | 15 101| 21 485| 78 292| 85 727|
+--------------------+-----------------+-----------+-------------+-------------+
|Müüdud kaupade kulu | -14 412| -19 383| -68 705| -73 830|
+--------------------+-----------------+-----------+-------------+-------------+
|Brutokasum | 689| 2 102| 9 587| 11 897|
+--------------------+-----------------+-----------+-------------+-------------+
| | | | | |
+--------------------+-----------------+-----------+-------------+-------------+
|Tegevuskulud | -2 107| -2 522| -10 509| -10 702|
+--------------------+-----------------+-----------+-------------+-------------+
| Turundus- ja | | | | |
|müügikulud | -1 387| -1 797| -7 060| -7 499|
+--------------------+-----------------+-----------+-------------+-------------+
| Üldhalduskulud | -720| -725| -3 449| -3 203|
+--------------------+-----------------+-----------+-------------+-------------+
|Muud äritulud/-kulud| 211| -106| 510| 83|
+--------------------+-----------------+-----------+-------------+-------------+
|Bioloogiliste varade| | | | |
|ümberhindlus | 239| 268| -291| -1 744|
+--------------------+-----------------+-----------+-------------+-------------+
|Ärikasum (-kahjum) | -968| -258| -703| -466|
+--------------------+-----------------+-----------+-------------+-------------+
| Finantstulud/- | | | | |
|kulud | -254| -169| -1 031| -776|
+--------------------+-----------------+-----------+-------------+-------------+
|Maksustamiseelne | | | | |
|kasum (-kahjum) | -1 222| -427| -1 734| -1 242|
+--------------------+-----------------+-----------+-------------+-------------+
| Tulumaks | -47| -213| -166| -230|
+--------------------+-----------------+-----------+-------------+-------------+
|Aruandeperioodi | | | | |
|puhaskasum (-kahjum)| -1 269| -640| -1 900| -1 472|
+--------------------+-----------------+-----------+-------------+-------------+
| | | | | |
+--------------------+-----------------+-----------+-------------+-------------+
|Aruandeperioodi | | | | |
|puhaskasumi (- | | | | |
|kahjum) jaotus: | | | | |
+--------------------+-----------------+-----------+-------------+-------------+
|emaettevõtte | | | | |
|aktsionäridele | | | | |
|kuuluv osa | -1 254| -621| -1 870| -1 458|
+--------------------+-----------------+-----------+-------------+-------------+
|Väikeaktsionäridele | | | | |
|kuuluv osa | -15| -19| -30| -14|
+--------------------+-----------------+-----------+-------------+-------------+
|Aruandeperioodi | | | | |
|puhaskasumi (- | | | | |
|kahjum) kokku | -1 269| -640| -1 900| -1 472|
+--------------------+-----------------+-----------+-------------+-------------+
| | | | | |
+--------------------+-----------------+-----------+-------------+-------------+
|Muu koondkasum (- | | | | |
|kahjum), mida võib | | | | |
|hiljem | | | | |
|klassifitseerida | | | | |
|kasumiaruandesse: | | | | |
+--------------------+-----------------+-----------+-------------+-------------+
|Valuutakursi vahed | -117| -770| 244| -221|
+--------------------+-----------------+-----------+-------------+-------------+
|Kokku koondkasum (- | | | | |
|kahjum) | -1 386| -1 410| -1 656| -1 693|
+--------------------+-----------------+-----------+-------------+-------------+
| | | | | |
+--------------------+-----------------+-----------+-------------+-------------+
|Aruandeperioodi | | | | |
|koondkasumi (- | | | | |
|kahjum) jaotus: | | | | |
+--------------------+-----------------+-----------+-------------+-------------+
|emaettevõtte | | | | |
|aktsionäridele | | | | |
|kuuluv osa | -1 371| -1 391| -1 626| -1 679|
+--------------------+-----------------+-----------+-------------+-------------+
|Väikeaktsionäridele | | | | |
|kuuluv osa | -15| -19| -30| -14|
+--------------------+-----------------+-----------+-------------+-------------+
|Aruandeperioodi | | | | |
|koondkasum (-kahjum)| | | | |
|kokku | -1 386| -1 410| -1 656| -1 693|
+--------------------+-----------------+-----------+-------------+-------------+
| | | | | |
+--------------------+-----------------+-----------+-------------+-------------+
|Tava puhaskasum (- | | | | |
|kahjum) aktsia kohta| -0,03| | | |
|(EUR) | | -0,02| -0,05| -0,04|
+--------------------+-----------------+-----------+-------------+-------------+
| | | | | |
+--------------------+-----------------+-----------+-------------+-------------+
|Lahustatud | | | | |
|puhaskasum (-kahjum)| | | | |
|aktsia kohta (EUR) | -0,03| -0,02| -0,05| -0,04|
+--------------------+-----------------+-----------+-------------+-------------+
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 4th quarter and 12 months of 2019/2020 financial year
Teade
OVERVIEW OF ECONOMIC ACTIVITIES
MANAGEMENT COMMENTARY
The financial results of AS PRFoods for the last quarter of the financial year
have been strongly affected by the states of emergency declared due to the
Covid-19 pandemic in all countries where the Group companies operate (Estonia,
Finland, Great Britain and Sweden). Sales revenue for the quarter decreased by
29.7% compared to the same period last year, amounting to 15.1 million euros (Q4
18/19: 21.5 million euros). In the year as a whole, the sales decline was 8.7%
(12m 19/20: 78.3 million euros; 12m 18/19: 85.7 million euros) and the EBITDA
for the financial year was 1.6 million euros (12m 18/19: 1.7 million euros).
Considering the situation in the market and comparing the results of our
competitors, we can be satisfied with the year. Based on the results of the
first half of the financial year, we expected a much stronger result. Given that
the impact of the coronavirus on global demand and fish prices rising from China
already in January, was negative, we were able to respond satisfactorily during
the second half of the financial year, but it was extremely difficult to achieve
a positive result with the entire market in descent.
HoReCa's restrictions and the drastic decline in air transport affected the
company's turnover since mid-March, and unfortunately the recovery of the hotel,
restaurant and other catering segments has been difficult in PRFoods' main
markets in Finland and the United Kingdom. Due to the decline in salmon and
trout prices, finished products have also become cheaper, especially in the
Finnish market, affecting profitability. PRFoods withstood the Covid-19 pandemic
with a strengthened balance sheet, having refinanced short-term loans with five-
year bonds at the beginning of the year, and also, we have improved cash flows
by keeping the level of raw material inventory at an optimal level.
Group sales revenue
The unaudited preliminary consolidated turnover of the 4th quarter of 2019/2020
financial year was 15.1 million euros, decreasing by 29.7% compared to the same
period in the previous financial year (4Q 18/19: 21.5 million euros). The
initial turnover for the 12 months of the financial year was 78.3 million euros
(12m 18/19: 85.7 million euros).
The total decrease in sales in the 4th quarter was 29.7%, including sales growth
in retail chains by 7.3%; sales decline in the HoReCa sector by 65.0% and in
wholesale by 49.6% (partly also affected by the HoReCa (hotels, restaurants,
cafés) sector) compared to the same period last year. The total decrease in 12-
month turnover compared to the same period last year was 8.7% mostly affected by
the decline in the 4th quarter. Also, during 2019/2020 there was a change in the
product portfolio; the share of raw fish and fillets product group increased by
4 pp and the share of smoked products decreased accordingly. The share of raw
fish and fillets in the product portfolio is 45.6% (41.7% last year) and the
share of smoked products is 38.4% (43.0% last year).
The sales price of raw fish and fillets is directly affected by the export
prices of salmon and trout, which have been on a downward trend since the
beginning of the calendar year. During the reporting period, the market price of
fish fluctuated significantly, for example in March 2020 the market price of
salmon had decreased by 31.1% and the price of rainbow trout by 32.0% compared
to a year ago. Compared to the prices two years ago, the price of salmon had
fallen by 43.2% and trout by 31.7%. Foremost, it had a negative impact on
wholesale prices and turnover of fresh fish.
Result for the 4th quarter and 12 months of the financial year
EBITDA from operating activities in the 4th quarter was -0.4 million euros,
decreasing by 0.7 million euros (Q4 18/19: 0.3 million euros). The above-
mentioned decline in sales in the HoReCa sector and the decline in fish market
prices caused a 5.2 pp decrease in the gross margin of the last quarter (gross
margin Q4 19/20: 4.6% vs. Q4 18/19: 9.8%). The net loss for the quarter was 1.3
million euros, increasing by 0.6 million euros (Q4 18/19: -0.6 million euros),
mainly due to the above-mentioned decrease in gross profit.
The Group's 12-month consolidated EBITDA was 1.6 million euros (12m 18/19: 1.7
million euros), a decrease of 9.8% compared to the previous year. EBITDA from
operations (i.e. before one-offs and revaluation of bioassets) was 2.5 million
euros (12m 18/19: 4.0 million euros). EBITDA from operations was negatively
impacted by a decrease in the share of smoked products in sales, which was
mainly due to lower sales volumes in Finland in the private label segment, by
the negative impact of Covid-19 on sales in the HoReCa sector and the fall in
market prices for fish. In the year as a whole, the gross margin decreased by
1.7 pp compared to the previous financial year (12m 19/20: 12.2% vs
12m 18/19: 13.9%).
The net loss for the reporting year was 1.9 million euros (12m 18/19: 1.5
million euros), incl. an increase in financial expenses by 0.3 million euros due
to the increase in interest expenses (investment loan interest rate 3.25% vs.
bond interest rate 6.25%).
Financial position
The company's net debt was 19.4 million euros as at 30.06.2020 (30.06.2019:
20.5 million euros). The Group's working capital as at 30.06.2020 was minus 3.8
million euros as current liabilities include liabilities to related parties in
the amount of 4.2 million euros, which are long-term in nature, but due to
accounting principles must be categorised as short-term liabilities. Eliminating
the accounting effect, the working capital is 0.4 million euros. PRFoods
successfully completed a private placement of bonds in January 2020, as a result
of which short-term liabilities in the amount of 9 million euros became long-
term ones, releasing cash flows of about 2 million euros per year. The change in
the debt structure also has an impact on the company's financial results, the
impact of financial expenses on PRFoods' net profit is negative by 0.35 million
euros per year.
Impact of the coronavirus (Covid-19) pandemic
Due to the imposition of special situation restrictions because of the Covid-19
pandemic, the company's turnover has significantly decreased in the HoReCa
segment which accounts for approximately 30% of the Group's turnover since mid-
March. The decline in sales in this segment in the last quarter of the financial
year was about 70%, which was unfortunately not covered by the 7% growth in
retail sales, but rather the share of raw fish and fish fillets with
significantly lower profit margins increased instead of hot and cold smoked
products. Taking into account the average gross margin for the first 9 months of
the year (13.9%), we estimate the direct negative impact of Covid-19 on EBITDA
of 0.6 million euros. The Group's results were negatively affected primarily by
the Finnish unit, while the British unit's result remained at the same level as
last year, despite the situation caused by the coronavirus.
In line with the decline in production, the Group's companies have reduced the
working hours and salaries of both production and office employees by 10-30%.
The Group's companies in Estonia and the United Kingdom have used the salary
compensation subsidies offered by the states.
The Group is focused on cost and cash flow management to ensure the
sustainability of its operations in the future. Certainly, larger industries
such as PRFoods are better able to cope with such crises, and the company's
activities are spread across several markets. In some markets, we expect our
positions to strengthen due to reduced competition.
In March 2020, PRFoods conducted a public offering of bond issues amidst the
period of crisis which could not have been foreseen when planning the issue,
resulting in the subscription of bonds significantly below expectations - 0.9
million or 47% of the 1.9 million was subscribed, including 0.5 million bonds
subscribed by PRFoods to sell them after the end of the crisis.
Events and future plans for the financial year
This financial year will continue to be affected by Covid-19, and we will
certainly see the effects of the ongoing economic crisis materialize in the next
financial year. We assume the recovery of the HoReCa sector will not be seen
until 2021. Considering that the share of total global HoReCa in salmon and
trout is about 30%, there is an oversupply in the market due to the corona
epidemic. The trend of declining consumption can also be seen in other foods,
such as meat and milk, as both travel and domestic restrictions apply. However,
in countries where the coronavirus has been successfully combated so far,
including Estonia, rapid recovery of HoReCa can be seen. As the situation
changes quickly, it is difficult to make long-term predictions.
According to analysts and Fishpool's salmon futures prices, price growth and
demand growth of up to 9% can be expected only in 2021. The average futures
price of salmon for 2021 at the date of the report is 5.55 euros/kg compared to
4.40 euros/kg in August 2020.
For PRFoods, the market price of fish has the biggest impact. This is due to two
main reasons: a) the impact on fish farming, b) the change in Finnish retail
prices, where the prices of final products also react immediately to the fall in
raw material prices due to the large share of the private label in the market.
During the reporting period, the market price of fish fluctuated significantly,
for example in March 2020 the market price of salmon had decreased by 31.1% and
the price of rainbow trout by 32.0% compared to a year ago. Compared to the
price two years ago, the price of salmon had fallen by 43.2% and trout by
31.7%. Due to the decrease in demand for HoReCa, we see low fish prices for
2020 as a whole. This is definitely good news for consumers. Despite the
increased production volumes and demand for some products, lower prices do not
allow such a large profit to be made in absolute terms. At the same time, lower
prices allow to significantly increase export volumes.
Considering the situation, we are more optimistic about the future than at the
end of the 4th quarter, for the following reasons:
* John Ross Jr. and Coln Valley have been able to maintain their profitability
in absolute terms despite a nearly 30% drop in turnover due to higher
profitability of branded products;
* In the Estonian market, we have been able to sell our products significantly
better and we see that during the financial year of 2020/2021 we will
significantly increase our product portfolio of retail products for the
Estonian market;
* We have completed the centralization of the management of the Finnish and
Estonian production units, which started in 2019, including the change of
management. The merger of Trio Trading and Heimon Kala in Finland has been
completed. In addition, we built up a new sales team, which had a temporary
negative impact on sales revenue due to turnover of personnel;
* We will increase the level of automation in the Estonian and Finnish
production units, as a result of which we will be able to organize
production much more efficiently and with fewer people in the future;
* A larger investment program has taken place in production. We will continue
the fish farming investment program;
* Positive news from Estonia and Sweden regarding the increase in fish farming
volumes will enable us to grow fish more efficiently and profitably and
become one of the largest and most environmentally friendly fish farmers in
Estonia and Finland;
* We assume that the direct damage caused by the coronavirus has passed. At
the same time, the long-term effects of the accompanying economic crisis on
consumer behaviour as well as on competition are unpredictable.
We have implemented a cost-saving program since the 4th quarter, resulting in
costs decreasing by approximately 0.4 million euros per year. The one-million-
euro savings program launched in 2019 has thus been completed. The main theme of
the financial year of 2020/2021 is maintaining profitability and growth in the
conditions of a strong market oversupply. Considering the regional position of
the Group's companies, we believe that we will be able to cope better with the
situation than our competitors.
Covid-19 created a new situation, but despite it, PRFoods never had to stop its
production. We continue to develop PRFoods as an environmentally friendly and
high-quality fish farming and processing company.
KEY RATIOS
INCOME STATEMENT
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|mln EUR |2Q 2020|1Q 2020|4Q 2019|3Q 2019|2Q 2019|1Q 2019|4Q 2018|3Q 2018|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Sales | 15,1| 18,5| 25.4| 19,3| 21.5| 18.1| 26.7| 19.4|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Gross profit | 0,7| 2,0| 4.3| 2,6| 2.1| 2.1| 4.7| 3.0|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBITDA from | | | | | | | | |
|operations | -0,4| 0,0| 2.1| 0,7| 0.3| 0.2| 2.4| 1.1|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBITDA | -0,4| -0,9| 1.4| 1,5| 0.3| -0.5| 0.8| 1.1|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBIT | -1,0| -1,4| 0.7| 1,0| -0.3| -1.0| 0.2| 0.6|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBT | -1,2| -1,8| 0.6| 0,8| -0.4| -1.2| 0.0| 0.4|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Net profit (- | | | | | | | | |
|loss) | -1,3| -1,7| 0.5| 0,6| -0.6| -1.2| 0.2| 0.1|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Gross margin | 4,6%| 10,8%| 17.0%| 13,4%| 9.8%| 11.7%| 17.7%| 15.2%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Operational | | | | | | | | |
|EBITDA margin | -2,6%| 0,1%| 8.4%| 3,8%| 1.4%| 1.1%| 9.1%| 5.4%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBITDA margin | -2,6%| -4,6%| 5.3%| 7,6%| 1.4%| -2.5%| 2.9%| 5.8%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBIT margin | -6,4%| -7,8%| 2.9%| 5,0%| -1.2%| -5.6%| 0.9%| 3.0%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBT margin | -8,1%| -9,8%| 2.2%| 3,9%| -2.0%| -6.5%| 0.1%| 1.8%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Net margin | -8,4%| -9,2%| 2.0%| 2,9%| -3.0%| -6.6%| 0.8%| 0.7%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Operating | | | | | | | | |
|expense ratio | 13,9%| 14,3%| 12.5%| 13,4%| 11.7%| 14.1%| 11.2%| 13.5%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
BALANCE SHEET
+---------+----------+----------+----------+----------+----------+----------+----------+
|mln EUR |30.06.2020|31.03.2020|31.12.2019|30.09.2019|30.06.2019|31.03.2019|31.12.2018|
+---------+----------+----------+----------+----------+----------+----------+----------+
|Net debt | 19,4| 17,0 17.8| 19,9| 20.5| 18.7| 20.0|
+---------+----------+---------------------+----------+----------+----------+----------+
|Equity | 19,8| 21,6 23.3| 22,8| 21.9| 23.3| 24.2|
+---------+----------+---------------------+----------+----------+----------+----------+
|Working | | | | | | |
|capital | -3,8| -2,5 -3.5| -3,0| -3.1| -1.6| 1.0|
+---------+----------+---------------------+----------+----------+----------+----------+
|Assets | 55,9| 56,9 60.5| 62,4| 62.5| 63.5| 65.5|
+---------+----------+---------------------+----------+----------+----------+----------+
|Liquidity| | | | | | |
|ratio | 0,8x| 0,9x 0.9x| 0,9x| 0.9x| 0.9x| 1.0x|
+---------+----------+---------------------+----------+----------+----------+----------+
|Equity | | | | | | |
|ratio | 35,4%| 37,9% 38.5%| 36,5%| 35.0%| 36.7%| 37.0%|
+---------+----------+---------------------+----------+----------+----------+----------+
|Gearing | | | | | | |
|ratio | 49,9%| 44,0% 43.3%| 46,6%| 48.3%| 44.5%| 45.2%|
+---------+----------+---------------------+----------+----------+----------+----------+
|Debt to | | | | | | |
|total | | | | | | |
|assets | 0,6x| 0,6x 0.6x| 0,6x| 0.7x| 0.6x| 0.6x|
+---------+----------+---------------------+----------+----------+----------+----------+
|Net debt | | | | | | |
|to EBITDA| | | | | | |
|op | 7,8x| 5,3x 5.3x| 5,4x| 5.1x| 5.4x| 5.1x|
+---------+----------+---------------------+----------+----------+----------+----------+
|ROE | -9,1%| -5,7% -3.2%| -4,5%| -6.5%| -8.2%| -4.0%|
+---------+----------+---------------------+----------+----------+----------+----------+
|ROA | -3,2%| -2,1% -1.2%| -1,6%| -2.3%| -3.0%| -1.5%|
+---------+----------+---------------------+----------+----------+----------+----------+
Consolidated Statement of Financial Position
+---------------------------------+------------+------------+
| Thousand euros | 30.06.2020 | 30.06.2019 |
+---------------------------------+------------+------------+
| ASSETS | | |
+---------------------------------+------------+------------+
| Cash and cash equivalents | 2,276 | 2,583 |
+---------------------------------+------------+------------+
| Receivables and prepayments | 3,711 | 5,300 |
+---------------------------------+------------+------------+
| Inventories | 7,884 | 11,980 |
+---------------------------------+------------+------------+
| Biological assets | 4,249 | 4,924 |
+---------------------------------+------------+------------+
| Total current assets | 18,120 | 24,787 |
+---------------------------------+------------+------------+
| | | |
+---------------------------------+------------+------------+
| Deferred income tax | 67 | 41 |
+---------------------------------+------------+------------+
| Long-term financial investments | 232 | 202 |
+---------------------------------+------------+------------+
| Tangible fixed assets | 14,856 | 14,535 |
+---------------------------------+------------+------------+
| Intangible assets | 22,672 | 22,969 |
+---------------------------------+------------+------------+
| Total non-current assets | 37,827 | 37,747 |
+---------------------------------+------------+------------+
| TOTAL ASSETS | 55,947 | 62,534 |
+---------------------------------+------------+------------+
| | | |
+---------------------------------+------------+------------+
| EQUITY AND LIABILITIES | | |
+---------------------------------+------------+------------+
| Loans and borrowings | 10,382 | 13,502 |
+---------------------------------+------------+------------+
| Payables | 11,291 | 14,105 |
+---------------------------------+------------+------------+
| Government grants | 211 | 234 |
+---------------------------------+------------+------------+
| Total current liabilities | 21,884 | 27,841 |
+---------------------------------+------------+------------+
| | | |
+---------------------------------+------------+------------+
| Loans and borrowings | 11,259 | 9,540 |
+---------------------------------+------------+------------+
| Payables | 190 | 190 |
+---------------------------------+------------+------------+
| Deferred tax liabilities | 1,913 | 2,010 |
+---------------------------------+------------+------------+
| Government grants | 873 | 1,087 |
+---------------------------------+------------+------------+
| Total non-current liabilities | 14,235 | 12,827 |
+---------------------------------+------------+------------+
| TOTAL LIABILITIES | 36,119 | 40,668 |
+---------------------------------+------------+------------+
| | | |
+---------------------------------+------------+------------+
| Share capital | 7,737 | 7,737 |
+---------------------------------+------------+------------+
| Share premium | 14,007 | 14,007 |
+---------------------------------+------------+------------+
| Treasury shares | -390 | -390 |
+---------------------------------+------------+------------+
| Statutory capital reserve | 51 | 51 |
+---------------------------------+------------+------------+
| Currency translation reserve | 30 | -214 |
+---------------------------------+------------+------------+
| Retained profit (-loss) | -2,186 | 66 |
+---------------------------------+------------+------------+
| Equity attributable to parent | 19,249 | 21,257 |
+---------------------------------+------------+------------+
| Non-controlling interest | 579 | 609 |
+---------------------------------+------------+------------+
| TOTAL EQUITY | 19,828 | 21,866 |
+---------------------------------+------------+------------+
| TOTAL EQUITY AND LIABILITIES | 55,947 | 62,534 |
+---------------------------------+------------+------------+
Consolidated Statement of Profit or Loss And Other Comprehensive Income
+------------------------+------------+------------+-------------+-------------+
|Thousand euros |4Q 2019/2020|4Q 2018/2019|12m 2019/2020|12m 2018/2019|
+------------------------+------------+------------+-------------+-------------+
|Sales | 15,101| 21,485| 78,292| 85,727|
+------------------------+------------+------------+-------------+-------------+
|Cost of goods sold | -14,412| -19,383| -68,705| -73,830|
+------------------------+------------+------------+-------------+-------------+
|Gross profit | 689| 2,102| 9,587| 11,897|
+------------------------+------------+------------+-------------+-------------+
| | | | | |
+------------------------+------------+------------+-------------+-------------+
|Operating expenses | -2,107| -2,522| -10,509| -10,702|
+------------------------+------------+------------+-------------+-------------+
|Selling and distribution| | | | |
|expenses | -1,387| -1,797| -7,060| -7,499|
+------------------------+------------+------------+-------------+-------------+
|Administrative expenses | -720| -725| -3,449| -3,203|
+------------------------+------------+------------+-------------+-------------+
|Other income / expense | 211| -106| 510| 83|
+------------------------+------------+------------+-------------+-------------+
|Fair value adjustment on| | | | |
|biological assets | 239| 268| -291| -1,744|
+------------------------+------------+------------+-------------+-------------+
|Operating profit (loss) | -968| -258| -703| -466|
+------------------------+------------+------------+-------------+-------------+
|Financial income/- | | | | |
|expenses | -254| -169| -1,031| -776|
+------------------------+------------+------------+-------------+-------------+
|Profit (loss) before tax| -1,222| -427| -1,734| -1,242|
+------------------------+------------+------------+-------------+-------------+
|Income tax | -47| -213| -166| -230|
+------------------------+------------+------------+-------------+-------------+
|Net profit (loss) for | | | | |
|the period | -1,269| -640| -1,900| -1,472|
+------------------------+------------+------------+-------------+-------------+
| | | | | |
+------------------------+------------+------------+-------------+-------------+
|Net profit (loss) | | | | |
|attributable to: | | | | |
+------------------------+------------+------------+-------------+-------------+
|Owners of the company | -1,254| -621| -1,870| -1,458|
+------------------------+------------+------------+-------------+-------------+
|Non-controlling | | | | |
|interests | -15| -19| -30| -14|
+------------------------+------------+------------+-------------+-------------+
|Total net profit (loss) | -1,269| -640| -1,900| -1,472|
+------------------------+------------+------------+-------------+-------------+
| | | | | |
+------------------------+------------+------------+-------------+-------------+
|Other omprehensive | | | | |
|income (loss) that may | | | | |
|subsequently be | | | | |
|classified to profit or | | | | |
|loss: | | | | |
+------------------------+------------+------------+-------------+-------------+
|Foreign currency | | | | |
|translation differences | -117| -770| 244| -221|
+------------------------+------------+------------+-------------+-------------+
|Total comprehensive | | | | |
|income (expense) | -1,386| -1,410| -1,656| -1,693|
+------------------------+------------+------------+-------------+-------------+
| | | | | |
+------------------------+------------+------------+-------------+-------------+
|Total comprehensive | | | | |
|income (expense) | | | | |
|attributable to: | | | | |
+------------------------+------------+------------+-------------+-------------+
|Owners of the Company | -1,371| -1,391| -1,626| -1,679|
+------------------------+------------+------------+-------------+-------------+
|Non-controlling | | | | |
|interests | -15| -19| -30| -14|
+------------------------+------------+------------+-------------+-------------+
|Total comprehensive | | | | |
|income (expense) for the| | | | |
|period | -1,386| -1,410| -1,656| -1,693|
+------------------------+------------+------------+-------------+-------------+
| | | | | |
+------------------------+------------+------------+-------------+-------------+
|Profit (loss) per share | | | | |
|(EUR) | -0.03| -0.02| -0.05| -0.04|
+------------------------+------------+------------+-------------+-------------+
| | | | | |
+------------------------+------------+------------+-------------+-------------+
|Diluted profit (loss) | | | | |
|per share (EUR) | -0,03| -0,02| -0,05| -004|
+------------------------+------------+------------+-------------+-------------+
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone:+372 452 1470
[email protected]
www.prfoods.ee