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     113  0 Kommentare 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 EUR
    unless 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 EUR
    unless 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

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    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 …