Consolidated Unaudited Interim Report of AS PRFoods for the 1nd quarter and 3 months of 2023/2024 financial year

Consolidated Unaudited Interim Report of AS PRFoods for the 1nd quarter and 3 months of 2023/2024 financial year

MANAGEMENT COMMENTARY

1st Quarter of current financial year started with good results from UK, fish farming season in full swing and Estonian operations suffering from discontinuation of sales to Finland due to anti-competition situation. Q1 is one of quieter seasons for us as the seasonality plays strong role in Q2 and Q4. Sales were down 26%, EBITDA was less only by 140,000 EUR. More importantly our operating loss decreased by 50%. In times like these even incremental but steady improvements will bring about results in long term. The operations have been massively streamlined, cost efficiency at its best and we know that once the exclusivity period ends and we can restart exports to Finland, the profitability of Estonian business is going to be substantially improved. Net loss was 720,000 euros compared to 870,000 profit last year, but last year result was affected by one-off profit from sale of Swedish business which resulted in 1,7 million euro financial income.

High inflation and consumers behaviour is affecting all the food producers, but overall we do not see big decline in demand. In contrary since the retail prices of fish products have come down, we expect very healthy demand for Christmas season. Stability is more important than volatility, both in sales and operations and the foundation is now much stronger than last years. We are smaller, but more efficient and once the artificial barriers to sales, like exclusivity in Finland, ends, we will demonstrate much better results.

KEY RATIOS

INCOME STATEMENT 

mln EURunless indicated otherwise 1Q 2022/2023 2022/2023 1Q 2022/2023 2021/20233
Sales 3,4 19,6 4,6 42,1
Gross profit 0,1 3,6 0,5 3,1
EBITDA from operations -0,46 0,3 -0,3 -1,7
EBITDA -0,11 0,3 -0,5 -1,9
EBIT -0,4 -1,0 -0,8 -4,2
EBT -0,7 0,4 0,9 -8,2
Net profit (loss) -0,7 0,3 0,9 -8,1
Gross margin 3,5% 18,3% 11,1% 7,4%
Operational EBITDA margin -13,6% 1,5% -6,9% -4,1%
EBITDA margin -3,1% 1,5% -10,6% -5,1%
EBIT margin -11,7% -5,1% -17,7% -9,9%
EBT margin -20,7% 2,0% -19,0% -19,5%
Net margin -21,1% 1,5% 18,8% -19,4%
Operating expense ratio -25,4% 24,0% -24,2% 17,1%

BALANCE SHEET

mln EURunless indicated otherwise 30.09.2023 30.06.2023 30.09.2022 30.06.2022
Net debt 17,0 16,7 18,8 24,7
Equity 7,4 8,3 8,0 8,1
Working capital 0,2 0,0 0,7 -3,2
Assets 29,3 30,2 33,1 38,9
Liquidity ratio 1,0x 1,0x 1,1x 0,7x
Equity ratio 25,2% 27,4% 24,1% 20,7%
Gearing ratio 69,7% 66,9% 70,2% 75,4%
Debt to total assets 0,8x 0,7x 0,8x 0,8x
Net debt to operating EBITDA 21,4x 55,8x -11,7x -14,5x
ROE -9,2% 4,1% 28,1% -68,5%
ROA -2,4% 1,0% 7,2% -17,3%

Consolidated Statement of Financial Position

EUR '000 30.09.2023 30.09.2022 30.06.2023
ASSETS      
Cash and cash equivalents 199 345 394
Receivables and prepayments 1 330 4 811 2 118
Inventories 1 909 2 102 1 861
Biological assets 1 130 955 772
Total current assets 4 567 8 213 5 145
       
Long-term financial investments 382 304 381
Tangible assets 6 364 7 169 6 563
Intangible assets 17 954 17 400 18 157
Total non-current assets 24 700 24 873 25 101
TOTAL ASSETS 26 267 33 086 30 246
       
EQUITY AND LIABILITIES      
Interest-bearing liabilities 1 827 3 562 2 111
Payables and prepayments 2 947 3 965 3 035
Total current liabilities 4 774 7 527 5 146
       
Interest-bearing liabilities 15 354 15 592 15 024
Deferred tax liabilities 1 454 1 644 1 466
Government grants 309 342 318
Total non-current liabilities 17 117 17 578 16 807
TOTAL LIABILITIES 21 891 25 105 21 953
       
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 412 394 608
Retained profit (loss) -14 655 -14 043 -13 981
Equity attributable to parent 7163 7 757 8 032
Non-controlling interest 213 223 259
TOTAL EQUITY 7 376 7 980 8 292
TOTAL EQUITY AND LIABILITIES 29 267 33 085 30 245

Consolidated Statement of Profit or Loss And Other Comprehensive Income

EUR '000 3m 2023/2024 3m 2023/2024
Revenue 3 411 4 610
Cost of goods sold -3 290 -4 097
Gross profit 121 514
     
Operating expenses -867 -1 114
Selling and distribution expenses -438 -643
Administrative expenses -429 -471
Other income / expense -9 -47
Fair value adjustment on biological assets 358 -170
Operating profit (loss) -398 -170
Financial income / expenses -308 1692
Profit (Loss) before tax -705 874
Income tax -14 -6
Net profit (loss) for the period -719 868
     
Net profit (loss) attributable to:    
Owners of the Parent Company -674 878
Non-controlling interests -46 -8
Total net profit (loss) for the period -720 869
     
Other comprehensive income (loss) that may subsequently be classified to profit or loss:    
Foreign currency translation differences -196 -445
Total comprehensive income (expense) -916 424
     
Total comprehensive income (expense) attributable to:    
Owners of the Parent Company -870 433
Non-controlling interests -46 -8
Total comprehensive income (expense) for the period -916 424

Indrek Kasela

AS PRFoods

Member of the Management Board

Phone:+372 452 1470

investor@prfoods.ee

www.prfoods.ee

Attachment

  • PRF_interim_3m 2023_2024 _IKamend 28NOV
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