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Teate ID
9331
Manused
Esitamise kuupäev ja aeg
16.02.2022 09:17:30
Teate sisu eesti keeles
Pealkiri
AS-i PRFoods 2021/2022 majandusaasta 2. kvartali ja 6. kuu konsolideeritud auditeerimata vahearuanne
Teade
2021 kalendriaasta on läbi saanud ning sellega on lõppenud ka Soome saaga.
Vastavalt avalikustatud teabele on sõlmitud Heimon Kala Oy 100% aktsiate
müügileping. Isegi arvestades mõningast paranemist äritegevuse EBITDAs , oli
selge, et ilma konsolideerimiseta olnuks Heimon Kala Oy-l väga rakse jätkate
iseseisva ettevõttena ning Heimon Kala Oy on kontserni mõistes kasulikum müüa
kui jätkata tema restruktureerimist ning rekapitaliseerimist.Soome kahjumite
põhjused on 2020 ja 2021 Soome selle hetke johtona ebakompetentsus toodete
hinnatamisel ja kulubaasi juhtimisel. Private label toodete hinnad, mida pakuti
klientidele 2020 lõpus ja 2021 alguses (Soomes on hinnastamistsükkle miinimum 6
kuud), ei vastanud tooraine hindadele. Suvel 2021 tõstis sealne juhtkond
tootmismahtu, mis alla omahinna müümisel suurendas veelgi kahjumit 2021 vältel.
Peale juhtkonna väljavahetamist sügisel , võttis ettevõtte uue kursi (tooraine
hinnad tegid rekordilise tõusu 2021 lõpus) ja need muutused on ellu viidud
tänaseks.
1.3 alustame uue struktuuriga, ning PRFoods omandusse jäävad kalakasvatusega
tegelevad üksused Överumans Fisk AB ja Redstrom OÜ (Saaremere Kala AS on uute
Eesti kasvatuslubade taotleja, tulevikus antakse lubade kasutamine üle
vastavatele üksustele), töötlemisega tegelevad üksused Heimon Kala OÜ Eestis ja
John Ross Jr /Coln Valley Shotimaal.
* Redstorm OÜ käive 1.493 tuhat eurot, käibekasv võrreldes eelmise
majandusaasta sama perioodiga 504 tuhat eurot;
* Redstorm OÜ EBITDA 165 tuhat eurot, EBITDA paranemine 142 tuhat eurot
võrreldes eelmise majandusaasta sama perioodiga 504 tuhat eurot;
* Överumans Fisk AB käive 5 tuhat eurot, käibelangus -1.474 tuhat eurot,
käibelangus tuleneb kalade realiseerimise edasilükkamisest 2022 kevadele.
Seoses kasvatuslubade muutusega oli kevadel vähem kala ning üritasime
kasvatada neid kuni hooaja lõpuni;
* Överumans Fisk AB EBITDA tegevusest -70 tuhat eurot, paranemine võrreldes
eelmise aasta sama perioodiga 57 tuhat eurot;
* Överumans Fisk AB EBITDA koos biomassi õiglases väärtuses ümberhindlusega
588 tuhat eurot, paranemine võrreldes eelmise aasta sama perioodiga 542
tuhat eurot;
* Õverumans Fisk AB maksueelset kasumit mõjutas laenukohustuste valuutakursi
ümberhindlus summas -36 tuhat eurot, eelmise majandusaasta samal perioodil
oli mõju positiivne 165 tuhat eurot.
* John Ross Jr /Coln Valley käive oli 9,04 meur, kasvades aastaga 12,5%
* John Ross Jr /Coln Valley EBITDA oli 802 keur, vähendes aastaga 8,6% .
Erakorralised kulud seoses refinantseerimisega olid ca 45 keur
* Heimon Kala OÜ müük oli 6,134 meur, vähenes 17% (peatasime toorkala
vahendamise)
* Heimon Kala EBITDA oli -433 keur (-415keur eelmine aasta) , kahjumi
põhjusena on Soome müük .
* Heimon Kala Oy tulemused on välja toodud aruande lisas ja tehingu teates
lisas 2.
Oleme järginud oma varasemalt kinnitatud tegevuskava kriisist väljumisel:
1. Vähedada ettevõtte laenukoormust - Soome üksuse müük võimaldab oluliselt
vähendada ettevõtte võlakoormust
2. Restruktureerida täielikult Soome üksus, sealhulgas võimalusel kas müüa või
sulgeda kahjumlikud tegevused: Heimon Kala OY aktsiate müügileping on
sõlmitud ning tehing toimub 1.3
3. Suurendada jaekaubanduse osakaalu UK, EL turgudel, sh koduturul Eestis:
eesmärk saavutatud kõikides riikides
4. Kontserni strateegiline fookus on kalakasvatusel, kui valdkonnal, mis on
suutnud igal aastal olla kasumlik. Kontserni eesmärk on saavutada aastaks
2023 kalakasvatuse maht 10 000 tonni, mis peaks andma käivet ca 45-50
miljonit eurot aastas: Rootsi kasvatustest eeldame täiendavat biomassi 2022
sügiseks 1500-1700 tonni. Eesti kasvatuslubade väljastamine 2022 on
realistlikum. Juhul kui lubade väljastamine Eestis jääb 2022 II
poolaastasse, liigub täismahus rakendamine 2024 aastasse
Ettevõtete finantskulud on kasvanud tingituna võõrkapitali osakaalu
suurenemisest, samas peab märkima, et märkimisväärne osa võõrkapitalist on kas
konverteeritav või antud seotud osapoolte poolt ning mis võidakse konverteerida
koos intressiga, toetamaks ettevõtte omakapitali. Suuromanikud on avanud ka
täiendavad käibekapitali limiiidi ettevõttele. Me usume, et peale seda kui
PRFoods on näidanud, et ta suudab kasumlikult tegutseda pelae Soome müüki,
kapitali kulu ettevõttele väheneb.
Heimon Kala Oy aktsiate mõju avaldatakse 1 kv raportis peale müügitehingu
jõustumist 1.3.
VÕTMENÄITAJAD
KASUMIARUANNE
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|mln EUR |4kv 2021 |3kv 2021 |2kv 2021 |1kv 2021 |4kv 2020|3kv 2020|2kv 2020|1kv 2020|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|Müügitulu | 15,3| 14,2| 14,7| 14,2| 17| 12,7| 15,1| 18,5|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|Brutokasum | 2,2| 0,8| 0,3| 0,9| 2,5| 1,2| 0,7| 2|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|EBITDA | | | | | | | | |
|äritegevusest | 0,8| -0,8| -1| -0,5| 0,6| -0,3| -0,1| 0|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|EBITDA | -0,3| 0| -0,7| -0,7| 0,7| -0,5| -0,1| -0,9|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|EBIT | -1| -0,7| -1,4| -1,4| 0| -1,1| -1| -1,4|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|EBT | -1,4| -0,6| -1,6| -1,8| -0,1| -1,4| -1,2| -1,8|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|Puhaskasum (- | | | | | | | | |
|kahjum) | -1,4| -0,7| -1,7| -1,8| -0,2| -1,4| -1,3| -1,7|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|Brutomarginaal| 14,10%| 5,40%| 2,10%| 6,60%| 14,90%| 9,40%| 4,40%| 10,80%|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|Äritegev. | | | | | | | | |
|EBITDA | | | | | | | | |
|marginaal | 5,20%| -5,50%| -7,00%| -3,50%| 3,40%| -2,60%| -0,90%| 0,10%|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|EBITDA | | | | | | | | |
|marginaal | -2,10%| -0,10%| -4,80%| -5,30%| 4,10%| -3,80%| -0,50%| -4,60%|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|EBIT marginaal| -6,40%| -4,70%| -9,30%| -9,90%| 0,20%| -8,80%| -6,40%| -7,80%|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|EBT marginaal | -8,90%| -4,60%| -10,80%| -12,50%| -0,60%| -11,30%| -8,30%| -9,80%|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|Puhaskasumi | | | | | | | | |
|marginaal | -9,10%| -5,20%| -11,60%| -12,50%| -1,20%| -11,30%| -8,40%| -9,20%|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
|Tegevuskulude | | | | | | | | |
|suhtarv | 15,10%| 16,30%| 15,40%| 15,60%| 15,60%| 18,20%| 14,00%| 14,30%|
+--------------+---------+---------+---------+---------+--------+--------+--------+--------+
BILANSS
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|mln EUR |31.12.2021|30.09.2021|30.06.2021|31.03.2021|31.12.2020|30.09.2020|30.06.2020|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Netovõlgnevus | 24,2| 24,2| 20,9| 21,4| 21,9| 21,5| 20,7|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Omakapital | 14,9| 14,9| 15,8| 17,6| 18,6| 18,5| 19,8|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Käibekapital | -2,6| -2,6| -2,9| -5| -3,9| -4,4| -4|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Varad | 56| 56| 55,3| 54,5| 57,5| 57,4| 57,1|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Likviidsuskordaja| 0,9x| 0,9x| 0,9x| 0,8x| 0,8x| 0,8x| 0,8x|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Omakapitali | | | | | | | |
|suhtarv | 26,70%| 26,70%| 28,60%| 32,40%| 32,40%| 32,30%| 34,70%|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Finantsvõimendus | 61,80%| 61,80%| 56,90%| 54,90%| 54,00%| 53,70%| 51,10%|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Võlakordaja | 0,7x| 0,7x| 0,7x| 0,7x| 0,7x| 0,7x| 0,7x|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Netovõlg / EBITDA| | | | | | | |
|äriteg | -14,3x| -14,3x| -16,9x| -55,3x| 160,0x| 12,8x| 7,5x|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Omakapitali | | | | | | | |
|tootlus | -26,70%| -26,70%| -28,70%| -23,80%| -21,90%| -7,00%| -9,10%|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
|Varade tootlus | -7,90%| -7,90%| -9,10%| -8,40%| -7,80%| -2,40%| -3,20%|
+-----------------+----------+----------+----------+----------+----------+----------+----------+
Konsolideeritud finantsseisundi aruanne
+-------------------------------------+------------+------------+------------+
| Tuhandetes eurodes | 31.12.2021 | 31.12.2020 | 30.06.2021 |
+-------------------------------------+------------+------------+------------+
| VARAD | | | |
+-------------------------------------+------------+------------+------------+
| Raha ja ekvivalendid | 498 | 962 | 2 500 |
+-------------------------------------+------------+------------+------------+
| Nõuded ja ettemaksed | 4 463 | 4 153 | 3 512 |
+-------------------------------------+------------+------------+------------+
| Varud | 4 596 | 9 627 | 5 691 |
+-------------------------------------+------------+------------+------------+
| Bioloogilised varad | 4 523 | 3 702 | 4 795 |
+-------------------------------------+------------+------------+------------+
| Käibevara kokku | 14 080 | 18 444 | 16 498 |
+-------------------------------------+------------+------------+------------+
| | | | |
+-------------------------------------+------------+------------+------------+
| Edasilükkunud tulumaksuvara | 38 | 21 | 38 |
+-------------------------------------+------------+------------+------------+
| Pikaajalised finantsinvesteeringud | 300 | 232 | 302 |
+-------------------------------------+------------+------------+------------+
| Materiaalne põhivara | 14 655 | 15 968 | 15 300 |
+-------------------------------------+------------+------------+------------+
| Immateriaalne vara | 23 715 | 22 841 | 23 460 |
+-------------------------------------+------------+------------+------------+
| Põhivara kokku | 38 708 | 39 062 | 39 100 |
+-------------------------------------+------------+------------+------------+
| VARAD KOKKU | 52 788 | 57 506 | 55 598 |
+-------------------------------------+------------+------------+------------+
| | | | |
+-------------------------------------+------------+------------+------------+
| KOHUSTUSED JA OMAKAPITAL | | | |
+-------------------------------------+------------+------------+------------+
| Intressikandvad kohustused | 6 275 | 9 634 | 7 325 |
+-------------------------------------+------------+------------+------------+
| Võlad ja ettemaksed | 11 666 | 12 469 | 12 124 |
+-------------------------------------+------------+------------+------------+
| Sihtfinantseerimine | 207 | 212 | 207 |
+-------------------------------------+------------+------------+------------+
| Lühiajalised kohustused kokku | 18 148 | 22 315 | 19 656 |
+-------------------------------------+------------+------------+------------+
| | | | |
+-------------------------------------+------------+------------+------------+
| Intressikandvad kohustused | 18 180 | 13 254 | 17 561 |
+-------------------------------------+------------+------------+------------+
| Võlad ja ettemaksed | 0 | 596 | 0 |
+-------------------------------------+------------+------------+------------+
| Edasilükkunud tulumaksukohustus | 1 877 | 1 912 | 1 861 |
+-------------------------------------+------------+------------+------------+
| Sihtfinantseerimine | 662 | 785 | 746 |
+-------------------------------------+------------+------------+------------+
| Pikaajalised kohustused kokku | 20 719 | 16 547 | 20 168 |
+-------------------------------------+------------+------------+------------+
| KOHUSTUSED KOKKU | 38 867 | 38 862 | 39 824 |
+-------------------------------------+------------+------------+------------+
| | | | |
+-------------------------------------+------------+------------+------------+
| Aktsiakapital | 7 737 | 7 737 | 7 737 |
+-------------------------------------+------------+------------+------------+
| Ülekurss | 14 007 | 14 198 | 14 007 |
+-------------------------------------+------------+------------+------------+
| Oma aktsiad | -390 | -390 | -390 |
+-------------------------------------+------------+------------+------------+
| Kohustuslik reservkapital | 51 | 51 | 51 |
+-------------------------------------+------------+------------+------------+
| Realiseerimata kursivahed | 831 | -98 | 559 |
+-------------------------------------+------------+------------+------------+
| Jaotamata kasum (kahjum) | -8 883 | -3 246 | -6 723 |
+-------------------------------------+------------+------------+------------+
| Ettevõtte aktsionäridele kuuluv osa | 13 353 | 18 252 | 15 241 |
+-------------------------------------+------------+------------+------------+
| Mittekontrolliv osalus | 568 | 392 | 533 |
+-------------------------------------+------------+------------+------------+
| OMAKAPITAL KOKKU | 13 921 | 18 644 | 15 774 |
+-------------------------------------+------------+------------+------------+
| OMAKAPITAL JA KOHUSTUSED KOKKU | 52 788 | 57 506 | 55 598 |
+-------------------------------------+------------+------------+------------+
Konsolideeritud koondkasumiaruanne
+------------------------+-------------+-------------+------------+------------+
|Tuhandetes eurodes |2kv 2021/2022|2kv 2020/2021|6k 2021/2022|6k 2020/2021|
+------------------------+-------------+-------------+------------+------------+
|Müügitulud | 15 292| 17 029| 29 499| 29 766|
+------------------------+-------------+-------------+------------+------------+
|Müüdud kaupade kulu | -13 139| -14 496| -26 572| -26 033|
+------------------------+-------------+-------------+------------+------------+
|Brutokasum | 2 153| 2 533| 2 927| 3 733|
+------------------------+-------------+-------------+------------+------------+
| | | | | |
+------------------------+-------------+-------------+------------+------------+
|Tegevuskulud | -2 395| -2 663| -4 704| -4 985|
+------------------------+-------------+-------------+------------+------------+
|Müügi- ja turustuskulud | -1 668| -1 809| -3 249| -3 367|
+------------------------+-------------+-------------+------------+------------+
|Üldhalduskulud | -727| -854| -1 455| -1 618|
+------------------------+-------------+-------------+------------+------------+
|Muud äritulud/-kulud | 11| 46| 62| 137|
+------------------------+-------------+-------------+------------+------------+
|Bioloogiliste varade | | | | |
|ümberhindlus | -752| 118| 68| 24|
+------------------------+-------------+-------------+------------+------------+
|Ärikasum (-kahjum) | -983| 34| -1 647| -1 091|
+------------------------+-------------+-------------+------------+------------+
|Finantstulud/-kulud | -384| -129| -368| -438|
+------------------------+-------------+-------------+------------+------------+
|Maksustamiseelne kasum | | | | |
|(kahjum) | -1 367| -95| -2 015| -1 529|
+------------------------+-------------+-------------+------------+------------+
|Tulumaks | -17| -101| -109| -105|
+------------------------+-------------+-------------+------------+------------+
|Aruandeperioodi | | | | |
|puhaskasum (-kahjum) | -1 384| -196| -2 124| -1 634|
+------------------------+-------------+-------------+------------+------------+
| | | | | |
+------------------------+-------------+-------------+------------+------------+
|Aruandeperioodi | | | | |
|puhaskasumi (-kahjumi) | | | | |
|jaotus: | | | | |
+------------------------+-------------+-------------+------------+------------+
|Emaettevõtte | | | | |
|aktsionäridele kuuluv | | | | |
|osa | -1 242| -190| -2 160| -1 592|
+------------------------+-------------+-------------+------------+------------+
|Mittekontrolliv osalus | -142| -6| 36| -42|
+------------------------+-------------+-------------+------------+------------+
|Aruandeperioodi | | | | |
|puhaskasum (-kahjum) | | | | |
|kokku | -1 384| -196| -2 124| -1 634|
+------------------------+-------------+-------------+------------+------------+
| | | | | |
+------------------------+-------------+-------------+------------+------------+
|Muu koondkasum (- | | | | |
|kahjum), mida võib | | | | |
|hiljem klassifitseerida | | | | |
|kasumiaruandesse: | | | | |
+------------------------+-------------+-------------+------------+------------+
|Valuutakursi vahed | 384| 299| 272| 268|
+------------------------+-------------+-------------+------------+------------+
|Kokku koondkasum (- | | | | |
|kahjum) | -1 000| 103| -1 852| -1 366|
+------------------------+-------------+-------------+------------+------------+
| | | | | |
+------------------------+-------------+-------------+------------+------------+
|Aruandeperioodi | | | | |
|koondkasumi (-kahjumi) | | | | |
|jaotus: | | | | |
+------------------------+-------------+-------------+------------+------------+
|Emaettevõtte | | | | |
|aktsionäridele kuuluv | | | | |
|osa | -858| 109| -1 888| -1 324|
+------------------------+-------------+-------------+------------+------------+
|Väikeaktsionäridele | | | | |
|kuuluv osa | -142| -6| 36| -42|
+------------------------+-------------+-------------+------------+------------+
|Aruandeperioodi | | | | |
|koondkasum (-kahjum) | | | | |
|kokku | -1 000| 103| -1 852| -1 366|
+------------------------+-------------+-------------+------------+------------+
| | | | | |
+------------------------+-------------+-------------+------------+------------+
|Tava puhaskasum (- | | | | |
|kahjum) aktsia kohta | | | | |
|(EUR) | -0,03| 0,00| -0,06| -0,04|
+------------------------+-------------+-------------+------------+------------+
| | | | | |
+------------------------+-------------+-------------+------------+------------+
|Lahustatud puhaskasum (-| | | | |
|kahjum) aktsia kohta | | | | |
|(EUR) | -0,03| 0,00| -0,06| -0,04|
+------------------------+-------------+-------------+------------+------------+
Indrek Kasela
AS PRFoods
Juhatuse liige
T: +372 452 1470
[email protected]
www.prfoods.ee
Teate sisu inglise keeles
Pealkiri
Consolidated Unaudited Interim Report of AS PRFoods for the 2nd quarter and 6 months of 2021/2022 financial year
Teade
MANAGEMENT COMMENTARY
2021 is over and with it also marks the end of Finnish saga. As disclosed, we
have sale agreement of 100% shares of Heimon Kala Oy. Even if to consider slight
improvement in group operational EBITDA, it was clear that without consolidation
it would have been challenging for Heimon Kala Oy to remain an independent
company. Multiple management mistakes and constant sale of private label
products below cost price, led to decision that selling Heimon Kala Oy is
rational decision rather than to keep restructuring and recapitalizing the
business. The origin of losses in Finland is the incompetence of Finnish
management in 2020 and 2021 to price products and manage cost base. Private
label prices offered at the end of 2020 and beginning to 2021 (the pricing cycle
in Finland is 6 months forward), didn´t not match raw material prices. In summer
2021 then current management decided to increase production, that caused
additional losses, as sales were below cost. After changing the management in
fall, company took new direction that took into account real market situation
(raw material price increases were record high end of 2021) and these changes
have taken effect by now.
Even as we managed to improve group operational EBITDA by 25%, as again whole
loss in Q2 and H1 originated from Finland. H1 2021 results per company compared
to H1 2020
* Redstorm OÜ sales 1.493 keur, sales increased 504 keur yoy
* Redstorm OÜ EBITDA 165 keur , EBITDA improved by 142 keur
* Överumans Fisk AB sales 5 keur, sales decreased by -1.474 keur. Sales
decreased because we moved harvesting of fish to Q1 2022 from end of 2021 to
getter better price for biomass
* Överumans Fisk AB operational EBITDA -70 keur, improved by 57 keur
* Överumans Fisk AB EBITDA incl biomass revaluation was 588 keur, improved by
542 keur
* Õverumans Fisk AB EBT was affected by SEK/EUR exhcange rate on inter-company
loans, effect in 2021 - 36 keur, last year + 165keur
* John Ross Jr /Coln Valley sales 6
* Heimon Kala OÜ sales were 6,134 meur, decreasing 17% yoy ( we stopped fresh
fish trading in Q2)
* Heimon Kala OÜ EBITDA was -433 keur (-415 keur yoy) , negative result was
attributable to Finnish sales
* Heimon Kala Oy sales and results are presented in appendix of the report and
also as appendix 2 in announcement of sale of Heimon Kala Oy.
1.3. We continue with new structure and PRFoods keeps owning fish farming units
Överumans Fisk AB and Redstorm OÜ (Saaremere Kala AS is holding new farming
permit applications, in future the licences will be transferred to operational
units) and processing units Heimon Kala OÜ in Estonia and John Ross Jr/Coln
Valley in Scotland.
We have followed previously agreed action plans to emerge from crisis:
1. Reduce debt level - Sale of Finnish unit allows significantly to reduce
group debt.
2. Restructure completely, potentially sell or close units in Finland: Heimon
Kala Oy share sale agreement has been signed and deal will close on 1.3
3. Increase sales in retail in UK, EU and Estonia : mission accomplished.
4. Strategic goal of group is on fish farming , as units that have been
constantly profitable. The target is to achieve licence volume of 10,000 by
2023, that should give additional revenue of 45-50 million euros in future.
From Swedish farms we estimate full 2022 harvest to be ca 1500 tons.
Estonian farming licenses are realistic to be issued in 2022. If the permits
will be issued only n second half of 2022, the full prodcttion volumes will
be reached in 2024 not in 2023.
Companies financial costs have risen due to higher debt capital, while one must
note that significant portion of debt is convertible or related to related
parties, that can be converted together with interest, in order to support
company's equity. Majority shareholders have opened additional credit limit to
the company. We believe that after PRFoods has demonstrated that it can operate
with profit after sale of Finland, cost of capital for company will also
decrease.
The effect of sale of Heimon Kala Oy will be published in Q1 2022 report after
the sale on 1.3.
KEY RATIOS
INCOME STATEMENT
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|mln EUR |4Q 2021|3Q 2021|2Q 2021|1Q 2021|4Q 2020|3Q 2020|2Q 2020|1Q 2020|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Sales | 15,3| 14,2| 14,7| 14,2| 17| 12,7| 15,1| 18,5|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Gross profit | 2,2| 0,8| 0,3| 0,9| 2,5| 1,2| 0,7| 2|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBITDA from | | | | | | | | |
|operations | 0,8| -0,8| -1| -0,5| 0,6| -0,3| -0,1| 0|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBITDA | -0,3| 0| -0,7| -0,7| 0,7| -0,5| -0,1| -0,9|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBIT | -1| -0,7| -1,4| -1,4| 0| -1,1| -1| -1,4|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBT | -1,4| -0,6| -1,6| -1,8| -0,1| -1,4| -1,2| -1,8|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Net profit (- | | | | | | | | |
|loss) | -1,4| -0,7| -1,7| -1,8| -0,2| -1,4| -1,3| -1,7|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Gross margin | 14,10%| 5,40%| 2,10%| 6,60%| 14,90%| 9,40%| 4,40%| 10,80%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Operational | | | | | | | | |
|EBITDA margin | 5,20%| -5,50%| -7,00%| -3,50%| 3,40%| -2,60%| -0,90%| 0,10%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBITDA margin | -2,10%| -0,10%| -4,80%| -5,30%| 4,10%| -3,80%| -0,50%| -4,60%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBIT margin | -6,40%| -4,70%| -9,30%| -9,90%| 0,20%| -8,80%| -6,40%| -7,80%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|EBT margin | -8,90%| -4,60%|-10,80%|-12,50%| -0,60%|-11,30%| -8,30%| -9,80%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Net margin | -9,10%| -5,20%|-11,60%|-12,50%| -1,20%|-11,30%| -8,40%| -9,20%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
|Operating | | | | | | | | |
|expense ratio | 15,10%| 16,30%| 15,40%| 15,60%| 15,60%| 18,20%| 14,00%| 14,30%|
+--------------+-------+-------+-------+-------+-------+-------+-------+-------+
BALANCE SHEET
+---------+----------+----------+----------+----------+----------+----------+----------+
|mln EUR |31.12.2021|30.09.2021|30.06.2021|31.03.2021|31.12.2020|30.09.2020|30.06.2020|
+---------+----------+----------+----------+----------+----------+----------+----------+
|Net debt | 24,2| 24,2| 20,9 21,4| 21,9| 21,5| 20,7|
+---------+----------+----------+---------------------+----------+----------+----------+
|Equity | 14,9| 14,9| 15,8 17,6| 18,6| 18,5| 19,8|
+---------+----------+----------+---------------------+----------+----------+----------+
|Working | | | | | | |
|capital | -2,6| -2,6| -2,9 -5| -3,9| -4,4| -4|
+---------+----------+----------+---------------------+----------+----------+----------+
|Assets | 56| 56| 55,3 54,5| 57,5| 57,4| 57,1|
+---------+----------+----------+---------------------+----------+----------+----------+
|Liquidity| | | | | | |
|ratio | 0,9x| 0,9x| 0,9x 0,8x| 0,8x| 0,8x| 0,8x|
+---------+----------+----------+---------------------+----------+----------+----------+
|Equity | | | | | | |
|ratio | 26,70%| 26,70%| 28,60% 32,40%| 32,40%| 32,30%| 34,70%|
+---------+----------+----------+---------------------+----------+----------+----------+
|Gearing | | | | | | |
|ratio | 61,80%| 61,80%| 56,90% 54,90%| 54,00%| 53,70%| 51,10%|
+---------+----------+----------+---------------------+----------+----------+----------+
|Debt to | | | | | | |
|total | | | | | | |
|assets | 0,7x| 0,7x| 0,7x 0,7x| 0,7x| 0,7x| 0,7x|
+---------+----------+----------+---------------------+----------+----------+----------+
|Net debt | | | | | | |
|to EBITDA| | | | | | |
|op | -14,3x| -14,3x| -16,9x -55,3x| 160,0x| 12,8x| 7,5x|
+---------+----------+----------+---------------------+----------+----------+----------+
|ROE | -26,70%| -26,70%| -28,70% -23,80%| -21,90%| -7,00%| -9,10%|
+---------+----------+----------+---------------------+----------+----------+----------+
|ROA | -7,90%| -7,90%| -9,10% -8,40%| -7,80%| -2,40%| -3,20%|
+---------+----------+----------+---------------------+----------+----------+----------+
Consolidated Statement of Financial Position
+----------------------------------+------------+------------+------------+
| Thousand euros | 31.12.2021 | 31.12.2020 | 30.06.2021 |
+----------------------------------+------------+------------+------------+
| ASSETS | | | |
+----------------------------------+------------+------------+------------+
| Cash and cash equivalents | 498 | 962 | 2 500 |
+----------------------------------+------------+------------+------------+
| Receivables and prepayments | 4 463 | 4 153 | 3 512 |
+----------------------------------+------------+------------+------------+
| Inventories | 4 596 | 9 627 | 5 691 |
+----------------------------------+------------+------------+------------+
| Biological assets | 4 523 | 3 702 | 4 795 |
+----------------------------------+------------+------------+------------+
| Total current assets | 14 080 | 18 444 | 16 498 |
+----------------------------------+------------+------------+------------+
| | | | |
+----------------------------------+------------+------------+------------+
| Deferred tax assets | 38 | 21 | 38 |
+----------------------------------+------------+------------+------------+
| Long-term financial investments | 300 | 232 | 302 |
+----------------------------------+------------+------------+------------+
| Tangible assets | 14 655 | 15 968 | 15 300 |
+----------------------------------+------------+------------+------------+
| Intangible assets | 23 715 | 22 841 | 23 460 |
+----------------------------------+------------+------------+------------+
| Total non-current assets | 38 708 | 39 062 | 39 100 |
+----------------------------------+------------+------------+------------+
| TOTAL ASSETS | 52 788 | 57 506 | 55 598 |
+----------------------------------+------------+------------+------------+
| | | | |
+----------------------------------+------------+------------+------------+
| EQUITY AND LIABILITIES | | | |
+----------------------------------+------------+------------+------------+
| Interest-bearing liabilities | 6 275 | 9 634 | 7 325 |
+----------------------------------+------------+------------+------------+
| Payables and prepayments | 11 666 | 12 469 | 12 124 |
+----------------------------------+------------+------------+------------+
| Government grants | 207 | 212 | 207 |
+----------------------------------+------------+------------+------------+
| Total current liabilities | 18 148 | 22 315 | 19 656 |
+----------------------------------+------------+------------+------------+
| | | | |
+----------------------------------+------------+------------+------------+
| Interest-bearing liabilities | 18 180 | 13 254 | 17 561 |
+----------------------------------+------------+------------+------------+
| Payables and prepayments | 0 | 596 | 0 |
+----------------------------------+------------+------------+------------+
| Deferred tax liabilities | 1 877 | 1 912 | 1 861 |
+----------------------------------+------------+------------+------------+
| Government grants | 662 | 785 | 746 |
+----------------------------------+------------+------------+------------+
| Total non-current liabilities | 20 719 | 16 547 | 20 168 |
+----------------------------------+------------+------------+------------+
| TOTAL LIABILITIES | 38 867 | 38 862 | 39 824 |
+----------------------------------+------------+------------+------------+
| | | | |
+----------------------------------+------------+------------+------------+
| Share capital | 7 737 | 7 737 | 7 737 |
+----------------------------------+------------+------------+------------+
| Share premium | 14 007 | 14 198 | 14 007 |
+----------------------------------+------------+------------+------------+
| Treasury shares | -390 | -390 | -390 |
+----------------------------------+------------+------------+------------+
| Statutory capital reserve | 51 | 51 | 51 |
+----------------------------------+------------+------------+------------+
| Currency translation differences | 831 | -98 | 559 |
+----------------------------------+------------+------------+------------+
| Retained profit (loss) | -8 883 | -3 246 | -6 723 |
+----------------------------------+------------+------------+------------+
| Equity attributable to parent | 13 353 | 18 252 | 15 241 |
+----------------------------------+------------+------------+------------+
| Non-controlling interest | 568 | 392 | 533 |
+----------------------------------+------------+------------+------------+
| TOTAL EQUITY | 13 921 | 18 644 | 15 774 |
+----------------------------------+------------+------------+------------+
| TOTAL EQUITY AND LIABILITIES | 52 788 | 57 506 | 55 598 |
+----------------------------------+------------+------------+------------+
Consolidated Statement of Profit or Loss And Other Comprehensive Income
+--------------------------+------------+------------+------------+------------+
|Thousand euros |2Q 2021/2022|2Q 2020/2021|6m 2021/2022|6m 2020/2021|
+--------------------------+------------+------------+------------+------------+
|Revenue | 15 292| 17 029| 29 499| 29 766|
+--------------------------+------------+------------+------------+------------+
|Cost of goods sold | -13 139| -14 496| -26 572| -26 033|
+--------------------------+------------+------------+------------+------------+
|Gross profit | 2 153| 2 533| 2 927| 3 733|
+--------------------------+------------+------------+------------+------------+
| | | | | |
+--------------------------+------------+------------+------------+------------+
|Operating expenses | -2 395| -2 663| -4 704| -4 985|
+--------------------------+------------+------------+------------+------------+
|Selling and distribution | | | | |
|expenses | -1 668| -1 809| -3 249| -3 367|
+--------------------------+------------+------------+------------+------------+
|Administrative expenses | -727| -854| -1 455| -1 618|
+--------------------------+------------+------------+------------+------------+
|Other income / expense | 11| 46| 62| 137|
+--------------------------+------------+------------+------------+------------+
|Fair value adjustment on | | | | |
|biological assets | -752| 118| 68| 24|
+--------------------------+------------+------------+------------+------------+
|Operating profit (loss) | -983| 34| -1 647| -1 091|
+--------------------------+------------+------------+------------+------------+
|Financial income / | | | | |
|expenses | -384| -129| -368| -438|
+--------------------------+------------+------------+------------+------------+
|Profit (Loss) before tax | -1 367| -95| -2 015| -1 529|
+--------------------------+------------+------------+------------+------------+
|Income tax | -17| -101| -109| -105|
+--------------------------+------------+------------+------------+------------+
|Net profit (loss) for the | | | | |
|period | -1 384| -196| -2 124| -1 634|
+--------------------------+------------+------------+------------+------------+
| | | | | |
+--------------------------+------------+------------+------------+------------+
|Net profit (loss) | | | | |
|attributable to: | | | | |
+--------------------------+------------+------------+------------+------------+
|Owners of the Parent | | | | |
|Company | -1 242| -190| -2 160| -1 592|
+--------------------------+------------+------------+------------+------------+
|Non-controlling interests | -142| -6| 36| -42|
+--------------------------+------------+------------+------------+------------+
|Total net profit (loss) | | | | |
|for the period | -1 384| -196| -2 124| -1 634|
+--------------------------+------------+------------+------------+------------+
| | | | | |
+--------------------------+------------+------------+------------+------------+
|Other comprehensive income| | | | |
|(loss) that may | | | | |
|subsequently be classified| | | | |
|to profit or loss: | | | | |
+--------------------------+------------+------------+------------+------------+
|Foreign currency | | | | |
|translation differences | 384| 299| 272| 268|
+--------------------------+------------+------------+------------+------------+
|Total comprehensive income| | | | |
|(expense) | -1 000| 103| -1 852| -1 366|
+--------------------------+------------+------------+------------+------------+
| | | | | |
+--------------------------+------------+------------+------------+------------+
|Total comprehensive income| | | | |
|(expense) attributable to:| | | | |
+--------------------------+------------+------------+------------+------------+
|Owners of the Parent | | | | |
|Company | -858| 109| -1 888| -1 324|
+--------------------------+------------+------------+------------+------------+
|Non-controlling interests | -142| -6| 36| -42|
+--------------------------+------------+------------+------------+------------+
|Total comprehensive income| | | | |
|(expense) for the period | -1 000| 103| -1 852| -1 366|
+--------------------------+------------+------------+------------+------------+
| | | | | |
+--------------------------+------------+------------+------------+------------+
|Profit (Loss) per share | | | | |
|(EUR) | -0,03| 0,00| -0,06| -0,04|
+--------------------------+------------+------------+------------+------------+
| | | | | |
+--------------------------+------------+------------+------------+------------+
|Diluted profit (loss) per | | | | |
|share (EUR) | -0,03| 0,00| -0,06| -0,04|
+--------------------------+------------+------------+------------+------------+
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone:+372 452 1470
[email protected]
www.prfoods.ee