Consolidated Unaudited Interim Report of AS PRFoods for the 1st quarter and 3 months of 2024/2025 financial year
30 November 2024 - 3:23PM
UK Regulatory
Consolidated Unaudited Interim Report of AS PRFoods for the 1st
quarter and 3 months of 2024/2025 financial year
MANAGEMENT COMMENTARY
PRFoods' new financial year began with better results than the
previous year. The first quarter is traditionally one of the more
seasonally quiet periods in our field. Nevertheless, the first
quarter’s revenue reached 4.6 million euros, which is a 35.3%
increase compared to the same time last year. The most significant
sales growth was observed in Estonia, where revenue increased by
207.1%, reaching 1.5 million euros. Moderate growth was also seen
in the UK market, where revenue rose by 6.4%, totalling 3.1 million
euros.
EBITDA from operating activities turned positive, amounting to
0.1 million euros, compared to -0.5 million euros in the same
quarter last year. The net loss for the first quarter of this
financial year decreased by 0.4 million euros, amounting to 0.3
million euros compared to 0.7 million euros the previous year.
In challenging and volatile times, we must acknowledge that
every improvement in efficiency metrics is a significant
achievement for us. This confirms that the direction chosen to
improve the company's profitability is the right one. These
positive changes, in turn, have a favourable impact on the
well-being of the company, its investors, and the group’s
employees.
High inflation and changes in consumer behaviour affect all food
producers. In the organization of work at our Estonian production
unit and the portfolio of products we offer, we need to find
innovative solutions to provide consumers with quality fish
products in suitable forms and at competitive prices. The VAT
increase set to take effect at the beginning of the new calendar
year will undoubtedly impact all Estonian producers and
consumers.
Currently, we see that retail prices for fish products have
stabilized or decreased, and we anticipate strong demand during the
Christmas season. Stability, both in revenue and operations, is
more important than volatility. Today’s foundation is much stronger
than in previous years. While we are smaller, we are also more
efficient. However, there is still much work ahead to achieve the
desired success.
The Management Board continues to work on mapping out
restructuring options for PRFoods' debt obligations and preparing a
corresponding proposal.
KEY RATIOS
INCOME STATEMENT
mln EUR, unless indicated otherwise |
1Q 2024/2025 |
2023/2024 |
1Q 2023/2024 |
2022/2023 |
Sales |
4.6 |
17.1 |
3.4 |
19.6 |
Gross profit |
0.9 |
3.2 |
0.1 |
3.6 |
EBITDA from operations |
0.1 |
-0.3 |
-0.5 |
0.3 |
EBITDA |
0.1 |
-0.3 |
-0.1 |
0.3 |
EBIT |
0.0 |
-3.3 |
-0.4 |
-1.0 |
EBT |
-0.3 |
-4.6 |
-0.7 |
-0.4 |
Net profit (-loss) |
-0.3 |
-4.7 |
-0.7 |
0.3 |
Gross margin |
19.6% |
18.7% |
3.5% |
18.3% |
Operational EBITDA margin |
2.2% |
-2.0% |
-13.6% |
1.5% |
EBITDA margin |
2.2% |
-2.0% |
-3.1% |
1.5% |
EBIT margin |
0.0% |
-19.4% |
-11.7% |
-5.1% |
EBT margin |
-6.5% |
-26.9% |
-20.7% |
2.0% |
Net margin |
-6.5% |
-27.3% |
-21.1% |
1.5% |
Operating expense ratio |
19.6% |
27.1% |
25.4% |
24.0% |
BALANCE SHEET
mln EUR, unless indicated otherwise |
30.09.2024 |
30.06.2024 |
30.09.2023 |
30.06.2023 |
Net debt |
14.1 |
14.3 |
17.0 |
16.7 |
Equity |
2.8 |
3.2 |
7.4 |
8.3 |
Working capital |
-9.7 |
-9.2 |
0.2 |
0.0 |
Assets |
21.8 |
21.9 |
29.3 |
30.2 |
Liquidity ratio |
0.3x |
0.3x |
1.0x |
1.0x |
Equity ratio |
12.8% |
14.6% |
25.2% |
27.4% |
Gearing ratio |
83.4% |
81.8% |
69.7% |
66.9% |
Debt to total assets |
0.9x |
0.9x |
0.8x |
0.7x |
Net debt to operating EBITDA |
-199x |
-42.5x |
21.4x |
55.8x |
ROE |
-144.6% |
-81.4% |
-9.2% |
4.1% |
ROA |
-19.9% |
-17.9% |
-2.4% |
1.0% |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 |
30.09.2024 |
30.06.2024 |
ASSETS |
|
|
Cash and cash equivalents |
274 |
203 |
Trade and other receivables |
1,852 |
2,212 |
Prepayments |
163 |
173 |
Inventories |
2,017 |
1,644 |
Total current
assets |
4,306 |
4,232 |
|
|
|
Long-term financial investments |
418 |
418 |
Tangible assets |
4,041 |
4,164 |
Intangible assets |
13,084 |
13,102 |
Total non-current
assets |
17,544 |
17,684 |
TOTAL ASSETS |
21,850 |
21,916 |
|
|
|
EQUITY AND
LIABILITIES |
|
|
Interest-bearing liabilities |
10,896 |
10,899 |
Trade and other payables |
3,059 |
2,559 |
Total current
liabilities |
13,955 |
13,458 |
|
|
|
Interest-bearing liabilities |
3,469 |
3,600 |
Deferred tax liabilities |
1,422 |
1,420 |
Government grants |
203 |
247 |
Total non-current
liabilities |
5,095 |
5,267 |
TOTAL LIABILITIES |
19,050 |
18,725 |
|
|
|
Share capital |
7,737 |
7,737 |
Share premium |
14,007 |
14,007 |
Treasury shares |
-
390 |
-390 |
Statutory capital reserve |
51 |
51 |
Currency translation differences |
387 |
439 |
Retained profit (loss) |
-18,992 |
-18,653 |
Equity attributable to parent |
2,801 |
3,191 |
Non-controlling interest |
0 |
0 |
TOTAL EQUITY |
2,801 |
3,191 |
TOTAL EQUITY AND
LIABILITIES |
21,850 |
21,916 |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
EUR '000 |
3m
2024/2025 |
3m
2023/2024 |
Revenue |
4,621 |
3,411 |
Cost of goods sold |
-3,747 |
-3,290 |
Gross profit |
874 |
121 |
|
|
|
Operating expenses |
-907 |
-867 |
Selling and distribution expenses |
-612 |
-438 |
Administrative expenses |
-296 |
-429 |
Other income / expense |
-3 |
-9 |
Fair value adjustment on biological
assets |
0 |
358 |
Operating profit
(loss) |
-36 |
-398 |
Financial income / expenses |
-265 |
-308 |
Profit (Loss) before tax |
-301 |
-705 |
Income tax |
-38 |
-14 |
Net profit (loss) for the
period |
-339 |
-719 |
|
|
|
Net profit (loss) attributable to: |
|
|
Owners of the Parent Company |
-339 |
-674 |
Non-controlling interests |
0 |
-46 |
Total net profit (loss) for the
period |
-339 |
-720 |
|
|
|
Other comprehensive income (loss) that
may subsequently be classified to profit or loss: |
|
|
Foreign currency translation
differences |
-52 |
-196 |
Total comprehensive income
(expense) |
-391 |
-916 |
|
|
|
Total comprehensive income (expense)
attributable to: |
|
|
Owners of the Parent Company |
-391 |
-870 |
Non-controlling interests |
0 |
-46 |
Total comprehensive income
(expense) for the period |
-391 |
-916 |
Kristjan
Kotkas
Timo Pärn
Member of the Management
Board
Member of the Management Board
investor@prfoods.ee
www.prfoods.ee
- PRF 2024_2025_q1_en_eur_con_00
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