AS PRFoods Unaudited Consolidated Interim Report 3d Quarter and 9 months 2022/23

Consolidated Unaudited Interim Report of AS PRFoods for the 3rd quarter and 9 months of 2022/2023 financial year

PRFoods continues to operate now as Estonian-British group, having two productions facilities in Estonia and United Kingdom respectively. Fish farming operations are taking place only in Estonia, with further capacity expansions planned. Q3 and 9 months results show that downsizing operations was risky but proven right, as our profitability has substantially improved. EBITDA from operations improved from -1,1 meur year ago to 0,04 meur. Operating results was near zero when last year it was still -1,4 meur. We finished quarter with small profit compared to -4,5 meur loss last year (due to divestments). On 9 months basis our EBITDA from operations improved from -2,3 meur to 200,000 eur positive result, , while our sales were down 57%. Gross profit improved by 23% in absolute terms, which is very remarkable result. We finished 9 months with 800,000 eur profit compared to -6,6 million lass last year (incl one -off effect of divestments)While our products are in strong demand, the overall price increases have negative effect on purchase frequency. High inflation and high food prices persist, making consumption growth unlikely. Also high leverage of the group straddles the company with extreme cash flow management challenges. We believe with new farming licences we can re-establish PRFoods as regional leader in fish farming and processing. 2024 we see significant growth in sales to Finland and elsewhere in the region. Challenges remain, as for entire food processing sector, but I am very pleased with personal commitment and professionalism in our operating companies, John Ross Jr. and Saare Kala. Their effort has put the company on new lease of life.

KEY RATIOS

INCOME STATEMENT 

mln EURunless indicated otherwise 3Q 2022/2023 2021/2022 3Q 2021/2022 2020/2021
Sales 3,7 42,1 7,4 58,7
Gross profit 1,1 3,1 -0,3 5
EBITDA from operations 0,0 -1,7 -1,1 -1,2
EBITDA 0,2 -2,1 -0,9 -1,3
EBIT -0,1 -4,2 -1,4 -3,9
EBT 0,1 -8,2 -4,5 -5
Net profit (loss) 0,1 -8,2 -4,5 -5,2
Gross margin 28,7% 7,4% -4,3% 8,50%
Operational EBITDA margin 10% -4,1% -15,5% -2,1%
EBITDA margin 5,7% -5,1% -12,2% -2,1%
EBIT margin -1,9% -9,9% -19,2% -6,6%
EBT margin 2,7% -19,5% -63,7% -8,5%
Net margin 2,8% -19,4% -61,1% -8,8%
Operating expense ratio -37,1% -17,1% -15,6% 16,1%

BALANCE SHEET

mln EURunless indicated otherwise 31.03.2023 30.06.2022 31.03.2022 30.06.2021
Net debt 16,58 24,7 23,9 20,9
Equity 7,8 8,1 10,1 15,8
Working capital 0,8 -3,2 -2,9 -2,9
Assets 29,8 38,9 40 55,3
Liquidity ratio 1,0x 0,7x 1,0x 0,9x
Equity ratio 26,0% 20,7% 25,3% 28,6%
Gearing ratio 68,1% 75,4% 70,2 56,9%
Debt to total assets 0,8x 0,8x 0,8x 0,7x
Net debt to operating EBITDA 21,4x -14,5x 21,4x -16,9x
ROE 1,3% -68,5% -34,8% -28,7%
ROA 0,3% -17,3% -9,4% -9,1%

Consolidated Statement of Financial Position

EUR '000 31.03.2023 31.03.2022 30.06.2022
ASSETS      
Cash and cash equivalents 457 119 110
Receivables and prepayments 3 093 3 669 2 567
Inventories 1 785 2 661 2 196
Biological assets - 2 313 3 003
Total current assets 5 336 8 762 7 876
       
Deferred tax assets - 97 93
Long-term financial investments 304 230 229
Tangible assets 6 766 9 017 8 882
Intangible assets 17 401 21 942 21 837
Total non-current assets 24 471 31 286 31 041
TOTAL ASSETS 29 806 40 048 38 917
       
EQUITY AND LIABILITIES      
Interest-bearing liabilities 1 450 7 484 7 094
Payables and prepayments 3 055 4 004 3 978
Government grants - 152 -
Total current liabilities 4 505 11 640 11 073
       
Interest-bearing liabilities 15 585 16 523 17 725
Payables and prepayments - - 204
Deferred tax liabilities 1 645 1 536 1 599
Government grants 321 226 265
Total non-current liabilities 17 551 18 285 19 792
TOTAL LIABILITIES 22 056 29 925 30 865
       
Share capital 7 737 7 737 7 737
Share premium 14 007 14 007 14 007
Treasury shares - 390 - 390 - 390
Statutory capital reserve 51 51 51
Currency translation differences 261 815 839
Retained profit (loss) - 14 162 - 11 819 - 14 391
Equity attributable to parent 7 504 10 401 7 853
Non-controlling interest 246 - 278 199
TOTAL EQUITY 7 750 10 123 8 052
TOTAL EQUITY AND LIABILITIES 29 806 40 048 38 917

Consolidated Statement of Profit or Loss And Other Comprehensive Income

EUR '000 3Q 2022/2023 3Q 2021/2022 9m 2022/2023 9m 2021/2022
Revenue 3 675 7 379 15 585 36 878
Cost of goods sold -2 619 -7 698 -12 404 -34 270
Gross profit 1 056 -319 3 181 2 608
         
Operating expenses -1 362 -1 149 -3 855 -5 853
Selling and distribution expenses -621 -964 - 1 935 -4 213
Administrative expenses -741 -185 -1 920 -1 640
Other income / expense 66 -198 -2 -136
Fair value adjustment on biological assets 170 246 0 314
Operating profit (loss) -71 -1 420 -677 -3 067
Financial income / expenses 171 -3 283 1 619 -3 651
Profit (Loss) before tax 101 -4 703 942 -6 718
Income tax 2 192 -106 83
Net profit (loss) for the period 103 -4 511 836 -6 635
         
Net profit (loss) attributable to:        
Owners of the Parent Company 153 -4 481 821 -6 641
Non-controlling interests -51 -30 15 6
Total net profit (loss) for the period 102 -4 511 836 -6 635
         
Other comprehensive income (loss) that may subsequently be classified to profit or loss:        
Foreign currency translation differences -133 -140 -578 132
Total comprehensive income (expense) -31 -4 651 258 -6 503
         
Total comprehensive income (expense) attributable to:        
Owners of the Parent Company 20 -4 621 243 -6 509
Non-controlling interests -51 -30 15 6
Total comprehensive income (expense) for the period -31 -4 651 258 -6 503
         
Profit (Loss) per share (EUR) 0.00 -0.12 0.02 -0.17
         
Diluted profit (loss) per share (EUR) 0.00 -0.10 0.02 -0.15

Indrek Kasela

AS PRFoods

Member of the Management Board

Phone:+372 452 1470

investor@prfoods.ee

www.prfoods.ee                

Attachment

  • PRF_interim_9m2022_2023 .docx
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