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Published: 2015-05-15 16:05:54 CEST
PRFoods
Quarterly report

Consolidated Unaudited Interim Report for 1st quarter and 3 months of 2015

Tallinn, Estonia, 2015-05-15 16:05 CEST --

Unaudited financial results of AS PRFoods, 1st quarter and 3 months of 2015
In order to enable to evaluate the financial results of continuing operations, the comparative information of the 1st quarter of 2014 has been restated.
  • Unaudited consolidated revenue of 10.3 million euros, an increase of 1.2% or 0.1 million euros. 
  • Gross margin was 12.2%, a decrease of 1.6 percentage points due to seasonal effects.
  • EBITDA from operations of 0.4 million euros, a decrease by 0.1 million euros.
  • Negative impact from revaluation of biological assets was 1.0 million euros (1st quarter 2014: negative impact of 1.1 million euros).
  • EBITDA of -0.6 million euros, an improvement by 0.1 million euros.
  • The operating loss of -0.9 million was areound the same level compared to the previous year.
  • Net loss -0.5 million euros, an improvement by 0.4 million euros or 42.3%. 
As a comment to the financial results for 1st quarter of 2015 it can be said that despite the weakening Finnish economy and the its challenging foodproduction industry we have been able to increase sale in our main market and decrease significantly the customary loss of the first quarter. Investment programm is ending the in the fish production unit and fish production is already showing improved results. PRFoods is a clear leader in its field and aims to improve the profitability of the company and to take renewed direction towards Value Added Products.

KEY RATIOS

Profit & Loss, EUR mln formula / comment Q1 2015 Q1 2014
Sales   10.3 10.2
Gross profit   1.3 1.4
EBITDA from operations before one-offs and fair value adjustment 0.4 0.5
EBITDA loss before interest, tax, depreciation and amortisation -0.6 -0.7
EBIT operating loss  -0.9 -0.9
EBT loss before tax -0.8 -1.2
Net loss    -0.5 -0.9
Gross margin  Gross profit / Net sales 12.2% 13.8%
Operational EBITDA margin EBITDA from operations/Net sales 4.1% 4.9%
EBITDA margin EBITDA /Net sales -5.9% -6.5%
EBIT margin EBIT / Net sales -8.6% -9.2%
EBT margin EBT / Net sales -7.4% -11.7%
Net margin  Net earnings / Net sales -5.2% -9.2%
Operating expense ratio Operating expenses / Net sales 11.3% 12.6%

 

Balance Sheet, EUR mln formula 31.03.15 31.03.14
Net debt Short and Long term Loans and Borrowings - Cash -3.3 13.6
Equity   33.1 36.1
Working capital Current Assets - Current Liabilities 21.8 8.5
Assets   39.5 63.8
Liquidity ratio Current Assets / Current Liabilities 5.72 1.47
Equity ratio  Equity / Total Assets 84% 56%
Gearing ratio Net Debt / (Equity + Net Debt) -11% 27%
Net debt-to-EBITDA Net Debt / EBITDA from operations -7.85 27.52
ROE Net Earnings / Average Equity -2% -3%
ROA Net Earnings / Average Assets -1% -2%


Consolidated statement of financial position

EUR '000 31.03.2015 31.12.2014 31.03.2014
ASSETS      
Cash and cash equivalents 4,001 3,330 1,447
Receivables and prepayments 11,393 12,014 8,036
Inventories 7,387 6,563 12,958
Biological assets 3,579 5,583 4,111
Total current assets 26,360 27,490 26,552
       
Deferred income tax 103 103 611
Long-term financial investments 161 134 136
Investments property 0 0 2,084
Tangible fixed assets 6,672 6,484 12,094
Intangible assets 6,194 6,218 22,370
Total non-current assets 13,130 12,939 37,295
TOTAL ASSETS 39,490 40,429 63,847
       
EQUITY AND LIABILITIES      
Loans and borrowings 196 198 6,984
Payables 4,412 4,493 11,059
Total current liabilities 4,608 4,691 18,043
       
Loans and borrowings 509 555 8,050
Deferred tax liabilities 229 457 476
Government grants 1,011 1,054 1,212
Total non-current liabilities 1,749 2,066 9,738
TOTAL LIABILITIES 6,357 6,757 27,781
       
Share capital 19,342 19,342 19,342
Share premium 16,026 16,026 16,026
Treasury shares -134 -117 0
Statutory capital reserve 6 6 6
Currency translation reserve 458 441 715
Retained loss -2,565 -2,026 -23
TOTAL EQUITY 33,133 33,672 36,066
TOTAL EQUITY AND LIABILITIES 39,490 40,429 63,847


Consolidated statement of profit or loss and other comprehensive income

EUR '000 Q1 2015 Q1 2014
Sales 10,299 10,173
Cost of goods sold -9,044 -8,773
Gross profit 1,255 1,400
     
Operating expenses -1,168 -1,285
  Selling and distribution expenses -838 -874
  Administrative expenses -330 -411
Other income/expenses 55 73
Fair value adjustment on biological assets -1,028 -1,129
Operating loss -886 -941
Financial income 148 11
Financial expenses -29 -259
Loss before tax -767 -1,189
Income tax 228 255
Net loss for the year from continuing operations -539 -934
Net loss for the year from discontinuing operations (attributable to equity holders of the company) 0 -202
Net profit (loss) -539 -1,136
Other comprehensive income (expense) that might subsequently classified to profit or loss:    
Foreign currency translation differences 17 -33
 incl continued operations 17 -28
incl discontinued operations 0 -5
Total comprehensive loss for the period -522 -1,169
     
Loss per share (€) -0.01 -0.03
 incl continued operations -0.01 -0.02
incl discontinued operations 0.00 -0.01
     
Diluted loss per share (€) -0.01 -0.03
 incl continued operations -0.01 -0.02
incl discontinued operations 0.00 -0.01

 

         Indrek Kasela
         AS PRFoods
         Member of the Management Board
         T: +372 6033 800
         indrek.kasela@prfoods.ee
         www.prfoods.ee


PRF_interim_Q12015.pdf
PRF_Q12015.pdf