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AS PRFoods
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Eesti
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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7459
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Esitamise kuupäev ja aeg
25.08.2019 22:22:10
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PRF: AS-i PRFoods 2018/2019 majandusaasta 4. kvartali ja 12 kuu konsolideeritud auditeerimata vahearuanne
Teade
ÜLEVAADE MAJANDUSTEGEVUSEST JUHTKONNA KOMMENTAAR Tuletame meelde, et seoses üleminekuga uuele majandusaastale pikenes eelmine finantsaasta 18 kuule. 01.07.2018 alanud finantsaasta on tavapäraselt 12 kuud ja lõppeb 30.06.2019. Tegevusaruandes on andmeid võrreldud võrreldavate perioodide lõikes: ettevõtte käesoleva majandusaasta 4. kvartalit ehk 2019. kalendriaasta 2. kvartalit võrreldakse 2018. kalendriaasta 2. kvartaliga ning majandusaasta 12 kuud ehk perioodi 01.07.2018 - 30.06.2019 võrreldakse perioodiga 01.07.2017 - 30.06.2018. AS'i PRFoods 2018/2019. majandusaasta 4. kvartali müügitulu oli 21,5 miljonit eurot (eelmisel aastal samal ajal 22,2 miljonit eurot) ning 12 kuu müügitulu oli 85,7 miljonit eurot (võrdlusperioodil 94,9 miljonit eurot). Müügi vähenemise tingisid eelkõige väiksem müük Eesti tehasest Soome ning toorkala vahendamise vähenemine Soomes. Vaatamata kvartali müügikäibe 3%-lisele vähenemisele, suurenes brutokasum 4. kvartalis 20%. 2018/2019. majandusaasta 4. kvartali brutokasum oli 2,1 miljonit eurot, kasvades 0,3 miljonit eurot võrreldes aastataguse 1,8 miljoni euroga. Brutomarginaal paranes 4. kvartalis 1,9 protsendipunkti võrra, saavutades 9,8% taseme. Majandusaasta brutokasum oli 11,9 miljonit eurot (12 kuud 2017/2018: 13,2 miljonit eurot). Majandusaasta brutomarginaal 13,9% jäi võrreldava perioodiga samale tasemele, kuna oleme suutnud säilitada efektiivsuse ning brutokasumi vähenemine tuleneb käibe langusest. Grupi EBITDA oli 4. kvartalis 0,3 miljonit eurot jäädes eelmise aasta sama perioodi tasemele. 12 kuu kokkuvõttes oli Grupi EBITDA 1,7 miljonit eurot võrreldes 4,4 miljoni euroga eelmisel aastal. Peamiselt mõjutas EBITDA d 2. kvartali erakordselt halb tulemus Eesti üksusest, mis jätkus osaliselt veel 3. kvartalis. Suurim probleem oli tooraine ülevarumine eelmisel finantsaastal Eestis ja Soomes ning arvestades, et forelli hind on langenud, toimus lao realiseerimine kahjumlikult. Tänaseks on tooraine lattu varumine viidud teistele alustele, samuti on optimeeritud laomahu tase. 2018/2019. finantsaasta EBITDA äritegevusest oli 4,0 miljonit eurot, EBITDA koos biomassi väärtuse muutuse ja ühekordsete tulude-kulude mõjuga oli 1,7 miljonit eurot. 2018/2019 puhaskahjum oli 1,5 miljonit eurot, mille peamiseks teguriks oli bioloogiliste varade õiglase väärtuse muutuse negatiivne mõju, mis tulenes põhiliselt kalakasvatuse mahu vähenemisest ning ka forelli hinna turuväärtuse langusest. Lisaks eelmainitule lisasid negatiivset mõju müügimahtude langus ning tööjõukulude kasv. 2018/2019. majandusaasta põhiline tegevus on olnud suunatud tooteportfelli muutmisele, liikumaks välja madala marginaalsusega toodetest, mis on toonud endaga kaasa ka käibelanguse. Kõrgemad tootemarginaalid ei kompenseeri veel käibe langusest tulenevat oluliselt madalamat kogukasumit. Finantsaasta talveperioodi väga kehv tulemus mõjutas kogu aastat. Alates 2. kvartalist oleme suutnud parandada oma tegevuse efektiivsust ja tulemust kõikides üksustes. Kokkuvõtvalt võib öelda, et põhilised kasumlikkuse vähenemist mõjutavad asjaolud olid: - Tooraine lao jääk kallimates hindades kui vaatlusperioodil (olukord tänaseks likvideeritud). - Ostetud ettevõtete ühendamisel tööjõukulude suurenemine ajutiselt ülemineku perioodil (tööjõukulude optimeerimist alustati suvel, täielik efekt saabub oktoobris). - Väiksem müük Soome (tingituna Eesti-Soome tehaste töökorralduse ümberstruktureerimisest). - Coln Valley tehase ümberkolimisega John Ross Jr tehasesse (samas saavutas John Ross Jr juba märkimisväärse kulude kokkuhoiu, mis realiseerub täies mahus 2019/2020. finantsaastal). - Kala hinna vähenemine mõjutas bioloogiliste varade ehk kalakasvatuste kogukasumlikkust. Võrreldes eelmise aasta 12 kuuga oli biovarade ümberhindlusest tulenev negatiivne mõju 1,1 miljoni euro võrra suurem kui eelmise aasta samal perioodil. Põhiline muutus tuli arvelevõetud biomassi vähenemisest 437 tonni võrra. Samuti vähenes vikerforelli hind aasta jooksul 19,9%. Arvestades, et oma kala kasutatakse 100% meie endi tehastes, on bioloogiliste varade õiglase väärtuse muutusel eelkõige raamatupidamislik mõju. Biomassi vähenemisest tingitud puuduva lisatooraine ostab PRFoods teistelt kasvatajatelt samas hinnasuurusjärgus kui oma kala väljamüügihind meie kasvatustest oma tehastele. Positiivse poole pealt võib esile tuua: - Ettevõtte äritegevuse rahavoo paranemine. - Suuremahulise investeerimisprogrammi lõpuleviimine Saaremaal ja Suurbritannias, samuti meie kalakasvandustes. - Saaremaa tehas on esimene BRC sertifikaati omav tehas Eestis, mis võimaldab nüüd valmistada tooteid ka John Ross Jr brändile Suurbritannias. - Ettevõtete ühendamisest tuleneva kokkuhoiuprogrammi realiseerumine, mille tulemusel näeme kulubaasi vähenemist üle 0,5 miljoni euro võrra aastas. - Juhtkonna ja spetsialistide koosseisu täiendamine - alates juulist 2019 on palgatud Eesti-Soome ettevõtetele uus juhatuse esimees, Grupil on ametis uus finantsjuht ja pearaamatupidaja. - Investeeringud muutmaks PRFoodsi regiooni kõige keskkonnasõbralikumaks kalatöötlejaks (uued pakendiliinid, päikseenergia kasutuselevõtt Eestis ja Soomes). Kokkuvõttes oli 2018/2019. aasta üks keerulisemaid ettevõtte ajaloos. Mitmete asjaolude kokkulangemisel (liiga suur laojääk, forelli hinna langus, dubleerivad funktsioonid Eesti ja Soome tütarettevõtetes, tootmise ümberkorraldamine Eestis, uute toodete turule toomine) ning mitmete projektide samaaegne käivitamine viis olukorrani, kus Grupp lõpetas aasta kahjumiga. Kuigi ei saa rahul olla Grupi tootmis- ja müügiüksuste restruktureerimise kiirusega eelmisel aastal Eestis ja Soomes, on Grupp saavutanud positiivse arengu kalakasvatuse üksuses. Grupp ootab Rootsist täiendavaid kasvatuslube ning Eestis on alustatud keskkonnamõjude hindamist kolmes piirkonnas. Eelduste kohaselt viiakse need läbi 2019. aastal, et alustada kalakasvanduste rajamist juba 2020. aastal. Positiivsete arengute korral peaks meie kasvandusmaht tõusma lähiaastatel vähemalt 5000 tonni võrra. Lisaks oleme alustanud Paldiskis kalakasvanduse rajamise uurimist. 2019/2020. majandusaastaks ootame müügikasvu vähemalt 5% ja EBITDA paranemist 25-30%. Samuti on alates käesolevast aastast uuendatud täielikult nii Heimon Kala kui John Ross Jr pakendid ja tootearendus. Kalahanked Eestis ja Soomes on viidud konsolideeritud alusele, mis võimaldab olulist säästu tooraine hindades. VÕTMENÄITAJAD KASUMIARUANNE +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |mln EUR |2kv 2019|1kv 2019|4kv 2018|3kv 2018|2kv 2018|1kv 2018|4kv 2017|3kv 2017| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |Müügitulu | 21,5| 18,1| 26,7| 19,4| 22,1| 22,7| 32,0| 18,0| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |Brutokasum | 2,1| 2,1| 4,7| 3,0| 1,8| 2,4| 6,6| 2,5| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |EBITDA | | | | | | | | | |äritegevusest | 0,3| 0,2| 2,4| 1,1| -0,2| 0,7| 4,3| 1,2| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |EBITDA | 0,3| -0,5| 0,8| 1,1| 0,3| 0,6| 1,6| 2,0| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |EBIT | -0,3| -1,0| 0,2| 0,6| -0,2| 0,1| 1,0| 1,5| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |EBT | -0,4| -1,2| 0,0| 0,4| -0,5| -0,2| 0,8| 1,3| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |Puhaskasum (- | | | | | | | | | |kahjum) | -0,6| -1,2| 0,2| 0,1| -1,1| -0,2| 1,2| 1,1| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |Brutomarginaal| 9,8%| 11,7%| 17,7%| 15,2%| 7,9%| 10,6%| 20,5%| 13,6%| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |Äritegevuse | | | | | | | | | |EBITDA | | | | | | | | | |marginaal | 1,4%| 1,1%| 9,1%| 5,4%| -1,1%| 3,1%| 13,4%| 6,7%| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |EBITDA | | | | | | | | | |marginaal | 1,4%| -2,5%| 2,9%| 5,8%| 1,2%| 2,5%| 4,9%| 11,1%| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |EBIT marginaal| -1,2%| -5,6%| 0,9%| 3,0%| -1,1%| 0,2%| 3,1%| 8,5%| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |EBT marginaal | -2,0%| -6,5%| 0,1%| 1,8%| -2,3%| -0,9%| 2,5%| 7,3%| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |Puhaskasumi | | | | | | | | | |marginaal | -3,0%| -6,6%| 0,8%| 0,7%| -5,1%| -1,0%| 3,9%| 6,2%| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ |Tegevuskulude | | | | | | | | | |suhtarv | 11,7%| 14,1%| 11,2%| 13,5%| 12,0%| 10,5%| 9,3%| 11,1%| +--------------+--------+--------+--------+--------+--------+--------+--------+--------+ BILANSS +-----------------+----------+----------+----------+----------+----------+----------+ |mln EUR |30.06.2019|31.03.2019|31.12.2018|30.09.2018|30.06.2018|31.03.2018| +-----------------+----------+----------+----------+----------+----------+----------+ |Netovõlgnevus | 20,5| 18,7| 20,0| 21,9| 18,1| 16,7| +-----------------+----------+----------+----------+----------+----------+----------+ |Omakapital | 21,9| 23,3| 24,2| 24,1| 23,3| 24,3| +-----------------+----------+----------+----------+----------+----------+----------+ |Käibekapital | -3,1| -1,6| 1,0| 2,0| 2,8| 4,6| +-----------------+----------+----------+----------+----------+----------+----------+ |Varad | 62,5| 63,5| 65,5| 64,5| 65,5| 66,4| +-----------------+----------+----------+----------+----------+----------+----------+ |Likviidsuskordaja| 0,9x| 0,9x| 1,0x| 1,1x| 1,1x| 1,2x| +-----------------+----------+----------+----------+----------+----------+----------+ |Omakapitali | | | | | | | |suhtarv | 35,0%| 36,7%| 37,0%| 37,4%| 35,6%| 36,6%| +-----------------+----------+----------+----------+----------+----------+----------+ |Finantsvõimendus | 48,3%| 44,5%| 45,2%| 47,6%| 43,7%| 40,7%| +-----------------+----------+----------+----------+----------+----------+----------+ |Võlakordaja | 0,7x| 0,6x| 0,6x| 0,6x| 0,6x| 0,6x| +-----------------+----------+----------+----------+----------+----------+----------+ |Netovõlg / EBITDA| 5,1x| 5,4x| 5,1x| 3,8x| 3,1x| 2,6x| +-----------------+----------+----------+----------+----------+----------+----------+ |Omakapitali | | | | | | | |tootlus | -6,5%| -8,2%| -4,0%| 0,1%| 0,2%| 8,6%| +-----------------+----------+----------+----------+----------+----------+----------+ |Varade tootlus | -2,3%| -3,0%| -1,5%| 0,0%| 0,1%| 4,1%| +-----------------+----------+----------+----------+----------+----------+----------+ Konsolideeritud finantsseisundi aruanne +-------------------------------------+------------+------------+ | Tuhandetes eurodes | 30.06.2019 | 30.06.2018 | +-------------------------------------+------------+------------+ | VARAD | | | +-------------------------------------+------------+------------+ | Raha ja ekvivalendid | 2 583 | 5 960 | +-------------------------------------+------------+------------+ | Nõuded ja ettemaksed | 5 300 | 4 706 | +-------------------------------------+------------+------------+ | Varud | 11 980 | 12 678 | +-------------------------------------+------------+------------+ | Bioloogilised varad | 4 924 | 6 498 | +-------------------------------------+------------+------------+ | Käibevara kokku | 24 787 | 29 842 | +-------------------------------------+------------+------------+ | | | | +-------------------------------------+------------+------------+ | Edasilükkunud tulumaksuvara | 41 | 153 | +-------------------------------------+------------+------------+ | Pikaajalised finantsinvesteeringud | 202 | 134 | +-------------------------------------+------------+------------+ | Materiaalne põhivara | 14 535 | 12 764 | +-------------------------------------+------------+------------+ | Immateriaalne vara | 22 969 | 22 604 | +-------------------------------------+------------+------------+ | Põhivara kokku | 37 747 | 35 655 | +-------------------------------------+------------+------------+ | VARAD KOKKU | 62 534 | 65 497 | +-------------------------------------+------------+------------+ | | | | +-------------------------------------+------------+------------+ | KOHUSTUSED JA OMAKAPITAL | | | +-------------------------------------+------------+------------+ | Võlakohustused | 13 502 | 12 562 | +-------------------------------------+------------+------------+ | Võlad ja ettemaksed | 14 105 | 14 254 | +-------------------------------------+------------+------------+ | Sihtfinantseerimine | 234 | 216 | +-------------------------------------+------------+------------+ | Lühiajalised kohustused kokku | 27 841 | 27 032 | +-------------------------------------+------------+------------+ | | | | +-------------------------------------+------------+------------+ | Võlakohustused | 9 540 | 11 487 | +-------------------------------------+------------+------------+ | Võlad ja ettemaksed | 190 | 0 | +-------------------------------------+------------+------------+ | Edasilükkunud tulumaksukohustus | 2 010 | 2 441 | +-------------------------------------+------------+------------+ | Sihtfinantseerimine | 1 087 | 1 226 | +-------------------------------------+------------+------------+ | Pikaajalised kohustused kokku | 12 827 | 15 154 | +-------------------------------------+------------+------------+ | KOHUSTUSED KOKKU | 40 668 | 42 186 | +-------------------------------------+------------+------------+ | | | | +-------------------------------------+------------+------------+ | Aktsiakapital | 7 737 | 7 737 | +-------------------------------------+------------+------------+ | Ülekurss | 14 007 | 14 007 | +-------------------------------------+------------+------------+ | Oma aktsiad | -390 | -390 | +-------------------------------------+------------+------------+ | Kohustuslik reservkapital | 51 | 48 | +-------------------------------------+------------+------------+ | Realiseerimata kursivahed | -214 | 7 | +-------------------------------------+------------+------------+ | Jaotamata kasum (-kahjum) | -45 | 1 904 | +-------------------------------------+------------+------------+ | Ettevõtte aktsionäridele kuuluv osa | 21 146 | 23 313 | +-------------------------------------+------------+------------+ | Väikeaktsionäridele kuuluv osa | 720 | -2 | +-------------------------------------+------------+------------+ | OMAKAPITAL KOKKU | 21 866 | 23 311 | +-------------------------------------+------------+------------+ | OMAKAPITAL JA KOHUSTUSED KOKKU | 62 534 | 65 497 | +-------------------------------------+------------+------------+ Konsolideeritud koondkasumiaruanne +-------------------+--------+--------+-------------+-------------+-------------+ |Tuhandetes eurodes |2kv 2019|2kv 2018|12k 2018/2019|12k 2017/2018|18k 2017/2018| +-------------------+--------+--------+-------------+-------------+-------------+ |Müügitulud | 21 485| 22 149| 85 727| 94 871| 118 499| +-------------------+--------+--------+-------------+-------------+-------------+ |Müüdud kaupade kulu| -19 383| -20 395| -73 830| -81 694| -103 811| +-------------------+--------+--------+-------------+-------------+-------------+ |Brutokasum | 2 102| 1 754| 11 897| 13 177| 14 688| +-------------------+--------+--------+-------------+-------------+-------------+ | | | | | | | +-------------------+--------+--------+-------------+-------------+-------------+ |Tegevuskulud | -2 522| -2 658| -10 702| -10 007| -12 423| +-------------------+--------+--------+-------------+-------------+-------------+ | Turundus- ja | | | | | | |müügikulud | -1 797| -1 924| -7 499| -7 125| -8 841| +-------------------+--------+--------+-------------+-------------+-------------+ | Üldhalduskulud | -725| -734| -3 203| -2 882| -3 582| +-------------------+--------+--------+-------------+-------------+-------------+ |Muud äritulud/- | | | | | | |kulud | -106| -428| 83| -162| -250| +-------------------+--------+--------+-------------+-------------+-------------+ |Bioloogiliste | | | | | | |varade ümberhindlus| 268| 1 099| -1 744| -674| -524| +-------------------+--------+--------+-------------+-------------+-------------+ |Ärikasum (-kahjum) | -258| -233| -466| 2 334| 1 491| +-------------------+--------+--------+-------------+-------------+-------------+ | Finantstulud | 0| 4| 23| 9| 10| +-------------------+--------+--------+-------------+-------------+-------------+ | Finantskulud | -169| -274| -799| -945| -1 034| +-------------------+--------+--------+-------------+-------------+-------------+ |Maksustamiseelne | | | | | | |kasum (-kahjum) | -427| -503| -1 242| 1 398| 467| +-------------------+--------+--------+-------------+-------------+-------------+ | Tulumaks | -213| -622| -230| -399| -410| +-------------------+--------+--------+-------------+-------------+-------------+ |Aruandeperioodi | | | | | | |puhaskasum (- | | | | | | |kahjum) | -640| -1 125| -1 472| 999| 57| +-------------------+--------+--------+-------------+-------------+-------------+ | | | | | | | +-------------------+--------+--------+-------------+-------------+-------------+ |Aruandeperioodi | | | | | | |puhaskasumi (- | | | | | | |kahjum) jaotus: | | | | | | +-------------------+--------+--------+-------------+-------------+-------------+ |emaettevõtte | | | | | | |aktsionäridele | | | | | | |kuuluv osa | -621| -1 051| -1 569| 1 001| 59| +-------------------+--------+--------+-------------+-------------+-------------+ |Väikeaktsionäridele| | | | | | |kuuluv osa | -19| -74| 97| -2| -2| +-------------------+--------+--------+-------------+-------------+-------------+ |Aruandeperioodi | | | | | | |puhaskasumi (- | | | | | | |kahjum) kokku | -640| -1 125| -1 472| 999| 57| +-------------------+--------+--------+-------------+-------------+-------------+ | | | | | | | +-------------------+--------+--------+-------------+-------------+-------------+ |Muu koondkasum (- | | | | | | |kahjum), mida võib | | | | | | |hiljem | | | | | | |klassifitseerida | | | | | | |kasumiaruandesse: | | | | | | +-------------------+--------+--------+-------------+-------------+-------------+ |Valuutakursi vahed | -770| -105| -221| -410| -421| +-------------------+--------+--------+-------------+-------------+-------------+ |Kokku koondkasum (-| | | | | | |kahjum) | -1 410| -1 230| -1 693| 589| -364| +-------------------+--------+--------+-------------+-------------+-------------+ | | | | | | | +-------------------+--------+--------+-------------+-------------+-------------+ |Aruandeperioodi | | | | | | |koondkasumi (- | | | | | | |kahjum) jaotus: | | | | | | +-------------------+--------+--------+-------------+-------------+-------------+ |emaettevõtte | | | | | | |aktsionäridele | | | | | | |kuuluv osa | -1 391| -1 156| -1 790| 591| -362| +-------------------+--------+--------+-------------+-------------+-------------+ |Väikeaktsionäridele| | | | | | |kuuluv osa | -19| -74| 97| -2| -2| +-------------------+--------+--------+-------------+-------------+-------------+ |Aruandeperioodi | | | | | | |koondkasum (- | | | | | | |kahjum) kokku | -1 410| -1 230| -1 693| 589| -364| +-------------------+--------+--------+-------------+-------------+-------------+ | | | | | | | +-------------------+--------+--------+-------------+-------------+-------------+ |Tava puhaskasum (- | | | | | | |kahjum) aktsia | | | | | | |kohta (EUR) | -0,04| -0,03| -0,05| 0,02| 0,00| +-------------------+--------+--------+-------------+-------------+-------------+ | | | | | | | +-------------------+--------+--------+-------------+-------------+-------------+ |Lahustatud | | | | | | |puhaskasum (- | | | | | | |kahjum) aktsia | | | | | | |kohta (EUR) | -0,04| -0,03| -0,05| 0,02| 0,00| +-------------------+--------+--------+-------------+-------------+-------------+ Indrek Kasela AS PRFoods Juhatuse liige T: +372 452 1470 [email protected] www.prfoods.ee?
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Pealkiri
PRF: Consolidated Unaudited Interim Report of AS PRFoods for the 4th quarter and 12 months of 2018/2019 financial year
Teade
OVERVIEW OF ECONOMIC ACTIVITIES MANAGEMENT COMMENTARY We remind you that since we changed our financial year, the previous financial year was 18 months long. The current financial year that began on 1 July 2018 is of standard length and ends on 30 June 2019. The comparable data presented in the management report stems from comparable periods: the 4th quarter of the current financial year i.e. the 2nd quarter of 2019 is compared to the 2nd quarter of 2018, and the 12 months of the financial year i.e. the period from 01 July 2018 till 30 June 2019 is compared to the period from 01 July 2017 till 30 June 2018. PRFoods' 2018/2019 Q4 sales were 21.5 million euros (last year 22.2 million euros) and full year sales were 85.7 million euros (last year 94.9 million euros). The reasons for decreased sales were mainly lower sales from our Estonian factory to Finland and a decrease in trading of fresh fish in Finland. Although the quarter's sales decreased by 3%, gross profit improved by 20% in Q4. Gross profit for the quarter was 2.1 million euros, increasing by 0.3 million (last year 1.8 million). Gross margin improved by 1.9 percentage points and was 9.8%. Full year gross profit was 11.9 million euros, last year 13.2 million euros. Full year gross margin stayed at the same level as last year - 13.9%. Hence, we managed to keep our efficiency, the decrease of gross profit comes simply from a decrease of sales. The Group's EBITDA in Q4 was 0.3 million euros, being at the same level as last year. Full year EBITDA was 1.7 million euros, compared to 4.4 million euros last year. EBITDA was mainly affected by a very weak result in Q2 and partly also in Q3 in our Estonian unit. The main problem was over acquisition of raw material in Estonia and Finland and taking into account that trout prices decreased, the realization of inventory resulted in a loss. Today we have put our inventory management on a new footing and our stock is kept at an optimum level. 2018/2019 full year EBITDA from operations was 4.0 million euros, EBITDA including impacts of biomass revaluation and one-offs was 1.7 million euros. 2018/2019 net loss was 1.5 million euros, which was mainly triggered by decrease of biomass fair value caused by lower volume of fish farming and trout price drop. Additionally, decrease of sales volumes and increase of labour costs had a negative impact on the result. The main activities of 2018/2019 have been related to amending our product portfolio, to reduce low-margin products for more value-added products, which has caused drop in sales. Higher margins do not yet compensate for total gross profit loss from decreased sales. Poor results in winter period this financial year weighted down the entire year. From Q2 we have improved our efficiency and results in all units. In order to summarize, main areas affecting loss in profits are: - Raw material inventory at higher prices from last year (situation fixed by now). - Increase in labour costs temporarily due to merger process and duplication of functions (labour cost optimization started in summer, full effect in place from October). - Lower sales to Finland (due to restructuring of production management in Estonia-Finland). - Coln Valley relocation costs to John Ross Jr factory (at the same time we got significant cost efficiencies, fully to be realized in 2019/2020 financial year). - Change in price of fish affected the biological assets' i.e. fish farming profitability. The negative impact of revaluation of biological assets was 1.1 million euros higher compared to last year 12 months. The main reason was a drop in harvested volume by 437 tonnes. Also, price of trout decreased by 19.9% in a year. Taking into account that 100% our farmed fish is used in our factories, a change in fair value of biomass reflects an accounting principal. Due to decrease of biological assets the absent additional raw material is purchased from third parties at the same price level as intercompany sales from our own farms to factories. From positive side, we can remark: - Improvement in operational cash flow. - Finishing of large-scale investment programme in Estonia, UK and in fish farms. - Saaremaa factory is first BRC-certified fish processor, allowing John Ross Jr products to be produced also in Estonia. - Cost cutting programme from merger, resulting in savings of more than 0.5 million euros annually. - Onboarding new managers and specialists. From July 2019, we have new CEO for companies in Finland and Estonia. The Group has new CFO and chief accountant. - Investments were made to turn PRFoods into the region's most ecologically conscious fish processor (new packaging lines, solar power in Estonia and Finland) In essence, 2018/2019 was one of the most challenging years in company's history. Several circumstances (high inventory levels, decreased trout price, overlapping functions in Estonia and Finland, production restructuring in Estonia, introduction of new products) and launch of several new projects simultaneously resulted in the Group ending the year in loss. While the Group's speed of restructuring of production and sales units in Estonia and Finland last year was not satisfactory, the positive development in the Group's fish farming unit was achieved. The Group expects to receive new farming licences in Sweden and has launched environmental surveys in three areas in Estonia. Presumably these will be carried out in 2019, to begin new farming activities in 2020. In case of positive scenarios, the production volume within next years shall be increased by at least 5,000 tonnes. In addition, a feasibility study for a fish farm in Paldiski, Estonia is launched. For 2019/2020 financial year the Group expects sales increase by at least 5% and EBITDA improvement of 25-30%. Also, the packaging and product development of Heimon Kala and John Ross Jr have been totally relaunched. Fish purchases in Finland and Estonia are made in consolidated basis, resulting in significant savings in raw material prices. KEY RATIOS INCOME STATEMENT +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |mln EUR |2Q 2019|1Q 2019|4Q 2018|3Q 2018|2Q 2018|1Q 2018|4Q 2017|3Q 2017| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Sales | 21.5| 18.1| 26.7| 19.4| 22.1| 22.7| 32.0| 18.0| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Gross profit | 2.1| 2.1| 4.7| 3.0| 1.8| 2.4| 6.6| 2.5| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBITDA from | | | | | | | | | |operations | 0.3| 0.2| 2.4| 1.1| -0.2| 0.7| 4.3| 1.2| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBITDA | 0.3| -0.5| 0.8| 1.1| 0.3| 0.6| 1.6| 2.0| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBIT | -0.3| -1.0| 0.2| 0.6| -0.2| 0.1| 1.0| 1.5| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBT | -0.4| -1.2| 0.0| 0.4| -0.5| -0.2| 0.8| 1.3| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Net profit (- | | | | | | | | | |loss) | -0.6| -1.2| 0.2| 0.1| -1.1| -0.2| 1.2| 1.1| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Gross margin | 9.8%| 11.7%| 17.7%| 15.2%| 7.9%| 10.6%| 20.5%| 13.6%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Operational | | | | | | | | | |EBITDA margin | 1.4%| 1.1%| 9.1%| 5.4%| -1.1%| 3.1%| 13.4%| 6.7%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBITDA margin | 1.4%| -2.5%| 2.9%| 5.8%| 1.2%| 2.5%| 4.9%| 11.1%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBIT margin | -1.2%| -5.6%| 0.9%| 3.0%| -1.1%| 0.2%| 3.1%| 8.5%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |EBT margin | -2.0%| -6.5%| 0.1%| 1.8%| -2.3%| -0.9%| 2.5%| 7.3%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Net margin | -3.0%| -6.6%| 0.8%| 0.7%| -5.1%| -1.0%| 3.9%| 6.2%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ |Operating | | | | | | | | | |expense ratio | 11.7%| 14.1%| 11.2%| 13.5%| 12.0%| 10.5%| 9.3%| 11.1%| +--------------+-------+-------+-------+-------+-------+-------+-------+-------+ BALANCE SHEET +---------+----------+----------+----------+----------+----------+----------+----------+ |mln EUR |30.06.2019|31.03.2019|31.12.2018|30.09.2018|30.06.2018|31.03.2018|31.12.2017| +---------+----------+----------+----------+----------+----------+----------+----------+ |Net debt | 20.5| 18.7| 20.0| 21.9| 18.1| 16.7| 16.6| +---------+----------+----------+----------+----------+----------+----------+----------+ |Equity | 21.9| 23.3| 24.2| 24.1| 23.3| 24.3| 24.7| +---------+----------+----------+----------+----------+----------+----------+----------+ |Working | | | | | | | | |capital | -3.1| -1.6| 1.0| 2.0| 2.8| 4.6| 5.3| +---------+----------+----------+----------+----------+----------+----------+----------+ |Assets | 62.5| 63.5| 65.5| 64.5| 65.5| 66.4| 68.6| +---------+----------+----------+----------+----------+----------+----------+----------+ |Liquidity| | | | | | | | |ratio | 0.9x| 0.9x| 1.0x| 1.1x| 1.1x| 1.2x| 1.2x| +---------+----------+----------+----------+----------+----------+----------+----------+ |Equity | | | | | | | | |ratio | 35.0%| 36.7%| 37.0%| 37.4%| 35.6%| 36.6%| 36.0%| +---------+----------+----------+----------+----------+----------+----------+----------+ |Gearing | | | | | | | | |ratio | 48.3%| 44.5%| 45.2%| 47.6%| 43.7%| 40.7%| 40.1%| +---------+----------+----------+----------+----------+----------+----------+----------+ |Debt to | | | | | | | | |total | | | | | | | | |assets | 0.7x| 0.6x| 0.6x| 0.6x| 0.6x| 0.6x| 0.6x| +---------+----------+----------+----------+----------+----------+----------+----------+ |Net debt | | | | | | | | |to EBITDA| 5.1x| 5.4x| 5.1x| 3.8x| 3.1x| 2.6x| 3.1x| +---------+----------+----------+----------+----------+----------+----------+----------+ |ROE | -6.5%| -8.2%| -4.0%| 0.1%| 0.2%| 8.6%| 5.8%| +---------+----------+----------+----------+----------+----------+----------+----------+ |ROA | -2.3%| -3.0%| -1.5%| 0.0%| 0.1%| 4.1%| 2.7%| +---------+----------+----------+----------+----------+----------+----------+----------+ Consolidated Statement of Financial Position +---------------------------------+------------+------------+ | Thousand euros | 30.06.2019 | 30.06.2018 | +---------------------------------+------------+------------+ | ASSETS | | | +---------------------------------+------------+------------+ | Cash and cash equivalents | 2,583 | 5,960 | +---------------------------------+------------+------------+ | Receivables and prepayments | 5,300 | 4,706 | +---------------------------------+------------+------------+ | Inventories | 11,980 | 12,678 | +---------------------------------+------------+------------+ | Biological assets | 4,924 | 6,498 | +---------------------------------+------------+------------+ | Total current assets | 24,787 | 29,842 | +---------------------------------+------------+------------+ | | | | +---------------------------------+------------+------------+ | Deferred income tax | 41 | 153 | +---------------------------------+------------+------------+ | Long-term financial investments | 202 | 134 | +---------------------------------+------------+------------+ | Tangible fixed assets | 14,535 | 12,764 | +---------------------------------+------------+------------+ | Intangible assets | 22,969 | 22,604 | +---------------------------------+------------+------------+ | Total non-current assets | 37,747 | 35,655 | +---------------------------------+------------+------------+ | TOTAL ASSETS | 62,534 | 65,497 | +---------------------------------+------------+------------+ | | | | +---------------------------------+------------+------------+ | EQUITY AND LIABILITIES | | | +---------------------------------+------------+------------+ | Loans and borrowings | 13,502 | 12,562 | +---------------------------------+------------+------------+ | Payables | 14,105 | 14,254 | +---------------------------------+------------+------------+ | Government grants | 234 | 216 | +---------------------------------+------------+------------+ | Total current liabilities | 27,841 | 27,032 | +---------------------------------+------------+------------+ | | | | +---------------------------------+------------+------------+ | Loans and borrowings | 9,540 | 11,487 | +---------------------------------+------------+------------+ | Payables | 190 | 0 | +---------------------------------+------------+------------+ | Deferred tax liabilities | 2,010 | 2,441 | +---------------------------------+------------+------------+ | Government grants | 1,087 | 1,226 | +---------------------------------+------------+------------+ | Total non-current liabilities | 12,827 | 15,154 | +---------------------------------+------------+------------+ | TOTAL LIABILITIES | 40,668 | 42,186 | +---------------------------------+------------+------------+ | | | | +---------------------------------+------------+------------+ | Share capital | 7,737 | 7,737 | +---------------------------------+------------+------------+ | Share premium | 14,007 | 14,007 | +---------------------------------+------------+------------+ | Treasury shares | -390 | -390 | +---------------------------------+------------+------------+ | Statutory capital reserve | 51 | 48 | +---------------------------------+------------+------------+ | Currency translation reserve | -214 | 7 | +---------------------------------+------------+------------+ | Retained profit (-loss) | -45 | 1,904 | +---------------------------------+------------+------------+ | Equity attributable to parent | 21,146 | 23,313 | +---------------------------------+------------+------------+ | Non-controlling interest | 720 | -2 | +---------------------------------+------------+------------+ | TOTAL EQUITY | 21,866 | 23,311 | +---------------------------------+------------+------------+ | TOTAL EQUITY AND LIABILITIES | 62,534 | 65,497 | +---------------------------------+------------+------------+ Consolidated Statement of Profit or Loss And Other Comprehensive Income +--------------------+-------+-------+-------------+-------------+-------------+ |Thousand euros |2Q 2019|2Q 2018|12m 2018/2019|12m 2017/2018|18m 2017/2018| +--------------------+-------+-------+-------------+-------------+-------------+ |Sales | 21,485| 22,149| 85,727| 94,871| 118,499| +--------------------+-------+-------+-------------+-------------+-------------+ |Cost of goods sold |-19,383|-20,395| -73,830| -81,694| -103,811| +--------------------+-------+-------+-------------+-------------+-------------+ |Gross profit | 2,102| 1,754| 11,897| 13,177| 14,688| +--------------------+-------+-------+-------------+-------------+-------------+ | | | | | | | +--------------------+-------+-------+-------------+-------------+-------------+ |Operating expenses | -2,522| -2,658| -10,702| -10,007| -12,423| +--------------------+-------+-------+-------------+-------------+-------------+ | Selling and | | | | | | |distribution | | | | | | |expenses | -1,797| -1,924| -7,499| -7,125| -8,841| +--------------------+-------+-------+-------------+-------------+-------------+ | Administrative | | | | | | |expenses | -725| -734| -3,203| -2,882| -3,582| +--------------------+-------+-------+-------------+-------------+-------------+ |Other income / | | | | | | |expense | -106| -428| 83| -162| -250| +--------------------+-------+-------+-------------+-------------+-------------+ |Fair value | | | | | | |adjustment on | | | | | | |biological assets | 268| 1,099| -1,744| -674| -524| +--------------------+-------+-------+-------------+-------------+-------------+ |Operating profit | | | | | | |(loss) | -258| -233| -466| 2,334| 1,491| +--------------------+-------+-------+-------------+-------------+-------------+ |Financial income | 0| 4| 23| 9| 10| +--------------------+-------+-------+-------------+-------------+-------------+ |Financial expenses | -169| -274| -799| -945| -1,034| +--------------------+-------+-------+-------------+-------------+-------------+ |Profit (loss) before| | | | | | |tax | -427| -503| -1,242| 1,398| 467| +--------------------+-------+-------+-------------+-------------+-------------+ |Income tax | -213| -622| -230| -399| -410| +--------------------+-------+-------+-------------+-------------+-------------+ |Net profit (loss) | | | | | | |for the period | -640| -1,125| -1,472| 999| 57| +--------------------+-------+-------+-------------+-------------+-------------+ | | | | | | | +--------------------+-------+-------+-------------+-------------+-------------+ |Net profit (loss) | | | | | | |attributable to: | | | | | | +--------------------+-------+-------+-------------+-------------+-------------+ |Owners of the | | | | | | |company | -621| -1,051| -1,569| 1,001| 59| +--------------------+-------+-------+-------------+-------------+-------------+ |Non-controlling | | | | | | |interests | -19| -74| 97| -2| -2| +--------------------+-------+-------+-------------+-------------+-------------+ |Total net profit | | | | | | |(loss) | -640| -1,125| -1,472| 999| 57| +--------------------+-------+-------+-------------+-------------+-------------+ | | | | | | | +--------------------+-------+-------+-------------+-------------+-------------+ |Other comprehensive | | | | | | |income (loss) that | | | | | | |may subsequently be | | | | | | |classified to profit| | | | | | |or loss: | | | | | | +--------------------+-------+-------+-------------+-------------+-------------+ |Foreign currency | | | | | | |translation | | | | | | |differences | -770| -105| -221| -410| -421| +--------------------+-------+-------+-------------+-------------+-------------+ |Total comprehensive | | | | | | |income (expense) | -1,410| -1,230| -1,693| 589| -364| +--------------------+-------+-------+-------------+-------------+-------------+ | | | | | | | +--------------------+-------+-------+-------------+-------------+-------------+ |Total comprehensive | | | | | | |income (expense) | | | | | | |attributable to: | | | | | | +--------------------+-------+-------+-------------+-------------+-------------+ |Owners of the | | | | | | |Company | -1,391| -1,156| -1,790| 591| -362| +--------------------+-------+-------+-------------+-------------+-------------+ |Non-controlling | | | | | | |interests | -19| -74| 97| -2| -2| +--------------------+-------+-------+-------------+-------------+-------------+ |Total comprehensive | | | | | | |income (expense) for| | | | | | |the period | -1,410| -1,230| -1,693| 589| -364| +--------------------+-------+-------+-------------+-------------+-------------+ | | | | | | | +--------------------+-------+-------+-------------+-------------+-------------+ |Profit (loss) per | | | | | | |share (EUR) | -0.04| -0.03| -0.05| 0.02| 0.00| +--------------------+-------+-------+-------------+-------------+-------------+ | | | | | | | +--------------------+-------+-------+-------------+-------------+-------------+ |Diluted profit | | | | | | |(loss) per share | | | | | | |(EUR) | -0.04| -0.03| -0.05| 0.02| 0.00| +--------------------+-------+-------+-------------+-------------+-------------+ Indrek Kasela AS PRFoods Member of the Management Board Phone: +372 452 1470 [email protected] www.prfoods.ee