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Consolidated Unaudited Interim Report of AS PRFoods for the 1nd quarter and 3 months of 2022/2023 financial year

PRFoods
PRFoods

Consolidated Unaudited Interim Report of AS PRFoods for the 1nd quarter and 3 months of 2022/2023 financial year

MANAGEMENT COMMENTARY

In 2022 we have sold both Finnish and Swedish business units. First was sold because of continued losses and Sweden was sold to reduce overall debt level. As compared to last year, the biggest difference is that we no longer have sales from Finnish production units, in fish farming we no longer hold Finnish and Swedish assets and also fish harvesting was postponed until Q2.

In fish farming as said, harvesting was postponed until Q2. Fish products saw significant decline to overall market in demand for smoked fish products due to historically highest raw material prices and this is reflected in results. In Q2 we see decline in fish prices, and recovery of demand, but overall consumption per country is lower by 30-50%. UK unit performs
according to expectations, but decline in private label demand in Finland, has negative impact on results of Saare Kala Tootmine OÜ. Swedish fish farming was sold at the end of Q1 and as per agreement, final payment for the shares will take place in 2023. Extraordinary profit in Q1 was result of sale of Swedish unit.

KEY RATIOS

INCOME STATEMENT

mln EUR

1Q
2022/2023

2021/2022

1Q
2021/2022

2020/2021

1Q
2020/2021

Sales

4,6

42,1

14,2

58,7

18,5

Gross profit

0,5

3,1

0,8

5

2

EBITDA from operations

-0,3

-1,7

-0,8

-1,2

0

EBITDA

-0,5

-2,1

0,0

-1,3

-0,9

EBIT

-0,8

-4,2

-0,7

-3,9

-1,4

EBT

0,9

-8,2

-0,6

-5

-1,8

Net profit (-loss)

0,9

-8,2

-0,7

-5,2

-1,7

Gross margin

11,1%

7,44%

5,4%

8,50%

10,80%

Operational EBITDA margin

-6,9%

-4,06%

-5,5%

-2,10%

0,10%

EBITDA margin

-10,6%

-5,05%

-0,1%

-2,10%

-4,6%

EBIT margin

-17,7%

-9,93%

-4,7%

-6,60%

-7,8%

EBT margin

-19,0%

-19,52%

-4,6%

-8,50%

-9,80%

Net margin

18,8%

-19,37%

-5,2%

-8,80%

-9,20%

Operating expense ratio

-24,2%

-17,11%

16,3%

16,10%

14,30%

BALANCE SHEET

mln EUR

30.09.2022

30.06.2022

30.09.2021

30.06.2021

30.09.2020

Net debt

18,8

24,7

24,2

20,9

21,5

Equity

8,0

8,1

14,9

15,8

18,5

Working capital

0,7

-3,2

-2,6

-2,9

-4,4


Assets

33,1

38,9

56,0

55,3

57,4

Liquidity ratio

1,1x

0,7x

0,9x

0,9x

0,8x

Equity ratio

24,1%

20,7%

26,7%

28,6%

32,3%

Gearing ratio

70,2%

75,4%

61,8%

56,9%

53,7%

Debt to total assets

0,8x

0,8x

0,7x

0,7x

0,7x

Net debt to EBITDA op

-59,3x

-14,5x

-14,3x -16,9x

12,8x

ROE

7,6%

-68,5%

-26,7% -28,7%

-7,0%

ROA

2,0%

-17,3%

-7,9% -9,1%

-2,4%

Consolidated Statement of Financial Position

Thousand euros

30.09.2022

30.09.2021

30.06.2022

ASSETS

 

 

 

Cash and cash equivalents

345

748

110

Receivables and prepayments

4 811

3 231

2 567

Inventories

2 102

5 638

2 196

Biological assets

955

7 746

3 003

Total current assets

8 213

17 363

7 876

 

 

 

 

Deferred income tax

-

38

93

Long-term financial investments

304

305

229

Tangible fixed assets

7 169

14 897

8 882

Intangible assets

17 400

23 368

21 837

Total non-current assets

24 873

38 608

31 041

TOTAL ASSETS

33 086

55 971

38 917

 

 

 

 

EQUITY AND LIABILITIES

 

 

 

Loans and borrowings

3 562

6 521

7 094

Payables

3 965

13 219

3 978

Government grants

-

207

0

Total current liabilities

7 527

19 947

11 072

 

 

 

 

Loans and borrowings

15 592

18 411

17 725

Payables

-

0

204

Deferred tax liabilities

1 644

1 996

1 599

Government grants

342

695

265

Total non-current liabilities

17 578

21 102

19 792

TOTAL LIABILITIES

25 105

41 049

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 reserve

394

447

839

Retained profit (-loss)

- 14 043

-7 641

-14 391

Equity attributable to parent 7 756 14 211 7 853

Non-controlling interest

224

711

199

TOTAL EQUITY

7 980

14 922

8 052

TOTAL EQUITY AND LIABILITIES

33 086

55 971

38 917

Consolidated Statement of Profit or Loss And Other Comprehensive Income

Thousand euros

3k 2022/2023

3k 2021/2022

Sales

4 610

14 207

Cost of goods sold

-4 097

-13 433

Gross profit

514

774

 

 

 

Operating expenses

-1 114

-2 309

Selling and distribution expenses

-643

-1 581

Administrative expenses

-471

-728

Other income / expense

-47

51

Fair value adjustment on biological assets

-170

820

Operating profit (loss)

-817

-664

Financial income/-expenses

1 692

16

Profit (loss) before tax

874

-648

Income tax

-6

-92

Net profit (loss) for the period

868

-740

 

 

 

Net profit (loss) attributable to:

 

 

Owners of the company

878

-918

Non-controlling interests

-8

178

Total net profit (loss)

869

-740

 

 

 

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

 

 

Foreign currency translation differences

-445

-112

Total comprehensive income (expense)

424

-852

 

 

 

Total comprehensive income (expense) attributable to:

 

 

Owners of the Company

433

-842

Non-controlling interests

- 8

-10

Total comprehensive income (expense) for the period

424

-852

 

 

 

Profit (loss) per share (EUR)

0,02

-0,02

 

 

 

Diluted profit (loss) per share (EUR)

0,02

-0,02

Indrek Kasela

AS PRFoods
Member of the Management Board Phone:+372 452 1470

investor@prfoods.ee

www.prfoods.ee

Attachment