UK Markets closed

Consolidated Unaudited Interim Report of AS PRFoods for the 3nd quarter and 9 months of 2021/2022 financial year

  • Oops!
    Something went wrong.
    Please try again later.
·4-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
PRFoods
PRFoods

Q3 and 9 months results show separately discontinued daughter company Heimon Kala Oy results. As of Q4 PRFoods will no longer show Heimon Kala Oy results as discontinued unit. Acquired fish farming licences fair value has not been included in the report. Taking into account that group's financial year ends June 30, the annual report will be structured anew, including fish farming. Relevant information will be disclosed in upcoming report.

"End of 2021 and beginning of 2022 were extremely volatile. Raw material prices increased over 100%, due to which processed goods, which prices were fixed in fall with retailers, were significantly loss making. Therefore, it should be viewed as right decision to sell Heimon Kala OY, as seen from company's results. Independently, other group companies were profitable, even Estonia if to deduct loss from Finnish exports. During Q4 we can demonstrate that our other companies can manage even in very volatile environment. PRFoods has no exposure to Ukraine, Belorussia, and Russia, thus the war does not affect as directly. At the same time, we must take into account higher costs, including energy. Fish farming can pass extra costs directly to consumers, processing units must monitor that gross margin is kept, even if sales might be compromised.

Grave mistakes in Finnish management caused there a crisis, survival of which independently was challenging. We believe that further consolidation in Finland affects positively Heimon Kala Oy performance in future and Estonian factory will continue to sell subcontracted products to Heimon Kala Oy.

Due to sale of business units, correction was made in the balance sheet of the group, due to purchase price of Finnish units in 2006-2007 and 2017. Please take into account that Swedish fish farming unit was separated from Heimon Kala Oy as part of the sale but was historically included in purchase price of Finnish businesses. Relevant adjustment will be made in annual report after directly consolidating Sweden to group. PRFoods is analysing various scenarios to reduce debt in order to invest in new fish farming projects.”

Consolidated Statement of Financial Position

Thousand euros

31.03.2022

31.03.2021

30.06.2021

ASSETS

 

 

 

Cash and cash equivalents

119

1 485

2 500

Receivables and prepayments

3 669

3 536

3 512

Inventories

2 661

7 645

5 691

Biological assets

2 313

2 366

4 795

Total current assets

8 762

15 032

16 498

 

 

 

 

Deferred tax assets

97

21

38

Long-term financial investments

230

232

302

Tangible assets

9 017

15 541

15 300

Intangible assets

21 942

23 626

23 460

Total non-current assets

31 286

39 420

39 100

TOTAL ASSETS

40 047

54 452

55 598

 

 

 

 

EQUITY AND LIABILITIES

 

 

 

Interest-bearing liabilities

7 484

8 984

7 325

Payables and prepayments

4 004

10 833

12 124

Government grants

152

208

207

Total current liabilities

11 640

20 025

19 656

 

 

 

 

Interest-bearing liabilities

16 523

13 944

17 561

Payables and prepayments

0

298

0

Deferred tax liabilities

1 536

1 787

1 861

Government grants

226

752

746

Total non-current liabilities

18 285

16 781

20 168

TOTAL LIABILITIES

29 925

36 806

39 824

 

 

 

 

Share capital

7 737

7 737

7 737

Share premium

14 197

14 198

14 007

Treasury shares

-390

-390

-390

Statutory capital reserve

51

51

51

Currency translation differences

815

683

559

Retained profit (loss)

-12 009

-4 985

-6 723

Equity attributable to parent

10 401

17 294

15 241

Non-controlling interest

-278

352

533

TOTAL EQUITY

10 123

17 646

15 774

TOTAL EQUITY AND LIABILITIES

40 049

54 452

55 598


Consolidated Statement of Profit or Loss And Other Comprehensive Income

Thousand euros

9m 2021/2022

9m 2020/2021*

Revenue

21 647

40 595

Cost of goods sold

-19 316

-35 831

Gross profit

2 331

4 764

 

 

 

Operating expenses

-3 295

-7 063

Selling and distribution expenses

-2 274

-4 886

Administrative expenses

-1 021

-2 178

Other income / expense

-41

179

Fair value adjustment on biological assets

904

-149

Operating profit (loss)

-101

-2 270

Financial income / expenses

-1 279

-799

Profit (Loss) before tax

-1 380

-3 070

Income tax

-135

-85

Net profit (Loss) from continuing operations

-1 516

-3 155

 

 

 

Net profit (Loss) from discontinued operations

-4 106

-258

Net profit (loss) for the period

-5 622

-3 413

Net profit (loss) attributable to:

 

 

Owners of the Parent Company

-5 627

-3 331

Non-controlling interests

5

-82

Total net profit (loss) for the period

-5 622

-3 413

 

 

 

Other comprehensive income (loss) that may subsequently be classified to profit or loss:

 

 

Foreign currency translation differences

132

1 049

Total comprehensive income (expense)

-5 490

-2 364

 

 

 

Total comprehensive income (expense) attributable to:

 

 

Owners of the Parent Company

-5 495

-2 282

Non-controlling interests

5

-82

Total comprehensive income (expense) for the period

-5 490

-2 364

 

 

 

Profit (Loss) per share (EUR)

-0,15

-0,09

 

 

 

Diluted profit (loss) per share (EUR)

-0,15

-0,09

*The results of 9m 2020/2021 have been adjusted and show only line-by-line consolidated operating results from continuing operations.

Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 452 1470
investor@prfoods.ee
www.prfoods.ee

Attachment


Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting