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

Published: 2022-11-21 21:27:00 ET
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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
Sales4,642,114,258,718,5
Gross profit0,53,10,852
EBITDA from operations-0,3-1,7-0,8-1,20
EBITDA-0,5-2,10,0-1,3-0,9
EBIT-0,8-4,2-0,7-3,9-1,4
EBT0,9-8,2-0,6-5-1,8
Net profit (-loss)0,9-8,2-0,7-5,2-1,7
Gross margin11,1%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 margin18,8%-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 30.09.202230.06.202230.09.202130.06.202130.09.2020
Net debt18,824,724,220,921,5
Equity8,08,114,915,818,5
Working capital0,7-3,2-2,6-2,9-4,4

Assets33,138,956,055,357,4
Liquidity ratio1,1x0,7x0,9x0,9x0,8x
Equity ratio24,1%20,7%26,7%28,6%32,3%
Gearing ratio70,2%75,4%61,8%56,9%53,7%
Debt to total assets0,8x0,8x0,7x0,7x0,7x
Net debt to EBITDA op-59,3x-14,5x-14,3x -16,9x12,8x
ROE7,6%-68,5%-26,7% -28,7%-7,0%
ROA2,0%-17,3%-7,9% -9,1%-2,4%

Consolidated Statement of Financial Position

Thousand euros 30.09.202230.09.202130.06.2022
ASSETS   
Cash and cash equivalents345748110
Receivables and prepayments4 8113 2312 567
Inventories2 1025 6382 196
Biological assets9557 7463 003
Total current assets8 21317 363 7 876
    
Deferred income tax-3893
Long-term financial investments304305229
Tangible fixed assets7 16914 8978 882
Intangible assets17 40023 36821 837
Total non-current assets24 87338 608 31 041
TOTAL ASSETS33 086 55 971 38 917
    
EQUITY AND LIABILITIES   
Loans and borrowings3 5626 5217 094
Payables3 96513 2193 978
Government grants-2070
Total current liabilities7 527 19 947 11 072
    
Loans and borrowings15 59218 41117 725
Payables-0204
Deferred tax liabilities1 6441 9961 599
Government grants342695265
Total non-current liabilities17 578 21 102 19 792
TOTAL LIABILITIES25 105 41 049 30 865
    
Share capital7 7377 7377 737
Share premium14 00714 00714 007
Treasury shares- 390-390-390
Statutory capital reserve515151
Currency translation reserve394447839
Retained profit (-loss)- 14 043-7 641-14 391

Equity attributable to parent 7 756 14 211 7 853

Non-controlling interest224711199
TOTAL EQUITY7 980 14 922 8 052
TOTAL EQUITY AND LIABILITIES33 086 55 971 38 917

Consolidated Statement of Profit or Loss And Other Comprehensive Income

Thousand euros 3k 2022/2023 3k 2021/2022
Sales4 61014 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-4751
Fair value adjustment on biological assets-170820
Operating profit (loss) -817 -664
Financial income/-expenses1 69216
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 company878-918
Non-controlling interests-8178
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 Company433-842
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 PRFoodsMember of the Management Board Phone:+372 452 1470

investor@prfoods.ee

www.prfoods.ee

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