AS PRFoods

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  • #311123 Reply

    Nauris Treigys
    Keymaster

    In the 11 months of 2017 the unaudited consolidated sales revenue of PRFoods increased by +48.4% y-o-y, i.e. by +19.5 million euros due to acquisition of new companies, reaching the level of 59.8 million euros. Comparable sales revenue increased by +15.6%, i.e. +6.3 million euros. PRFoods 11 months of 2017 sales are in accordance with management forecasts.

    Majority of growth in comparable sales is contributed to increasing prices for our products. The acquisition of John Ross Jr., Coln Valley and Trio Trading has increased Group’s sales by 13.2 million euros and will further support of strategy of international growth and profitability.

    The sales revenue in November increased by +3.8 million euros, i.e. +66.5% compared to November 2016. Comparable sales revenue increased at the same period +0.8 million euros, i.e. +14.7%.

    PRFoods’ pro forma sales revenue in 11 months would have been 96,0 million euros if all companies would have been consolidated into the Group since beginning of the year.

    Revenue by product groups

    Revenues mln EUR Q1 2017 Q1 2016 Q2 2017 Q2 2016 Q3 2017 Q3 2016 11m 2017 11m 2016 11m 2017/ 11m 2016 Change % Proportion
    Smoked products 4.0 3.6 5.9 3.9 9.2 3.9 25.9 14.1 11.8 +83.5% 43.3%
    Other fish products 1.7 1.5 2.3 1.8 2.0 1.5 8.4 6.3 2.1 +33.9% 14.0%
    Raw fish and fillets 4.9 5.1 4.9 4.1 6.7 5.1 25.1 19.9 5.2 +26.2% 42.0%
    Other 0.0 0.0 0.0 0.0 0.2 0.0 0.4 0.0 0.4 +1255.1% 0.7%
    Total 10.6 10.2 13.1 9.8 18.1 10.5 59.8 40.3 19.5 +48.4% 100.0%
    The largest increase compared to previous year in revenue came from the smoked products group, which increased by +11.8 million euros, i.e. +83.5%. The revenue from the raw fish and fillets products group increased by +5.2 million euros, i.e. +26.2% and the revenue from the other fish product group increased by +2.1 million euros, i.e. +33.9%.

    Revenue by client segments

    Revenues mln EUR Q1 2017 Q1 2016 Q2 2017 Q2 2016 Q3 2017 Q3 2016 11m 2017 11m 2016 11m 2017/ 11m 2016 Change % Proportion
    HoReCa 3.7 2.9 4.7 3.4 5.7 3.6 18.1 12.5 +5.6 +44.9% 30.2%
    Retail chains 4.4 5.3 6.5 4.9 7.0 4.379 24.5 17.7 +6.8 +38.2% 41.0%
    Wholesale 2.4 2.0 1.8 1.3 5.4 2.5 16.9 9.9 +7.0 +70.8% 28.2%
    Other 0.1 0.0 0.1 0.1 0.1 0.1 0.4 0.2 +0.1 +65.9% 0.6%
    Total 10.6 10.2 13.1 9.8 18.1 10.5 59.8 40.3 +19.5 +48.4% 100.0%
    Based on client segments, the 11 months’ revenue of 2017 increased in HoReCa sector, by +5.6 million euros, i.e. +44.9%. Revenue increased in retail chains sector by +6.8 million euros, i.e. +38.2% and in wholesale sector by +7.0 million euros, i.e. +70.8%.

    Revenue by target markets

    Revenues mln EUR Q1 2017 Q1 2016 Q2 2017 Q2 2016 Q3 2017 Q3 2016 11m 2017 11m 2016 11m 2017/ 11m 2016 Change % Proportion
    Finland 9.0 8.3 10.5 8.0 13.0 9.0 45.5 33.4 +12.1 +36.3% 76.0%
    Estonia 1.0 1.4 1.6 1.3 0.8 0.9 4.4 4.4 +0.0 +0.8% 7.4%
    UK 0.0 0.0 0.0 0.0 3.2 0.0 5.7 0.0 +5.7 9.5%
    Other 0.6 0.6 0.9 0.5 1.2 0.6 4.2 2.6 +1.7 +65.1% 7.1%
    Total 10.6 10.2 13.1 9.8 18.1 10.5 59.8 40.3 +19.5 +48.4% 100.0%
    Finnish revenue in 11 months of 2017 increased by +12.1 million euros, i.e. +36.3%. The share of Finnish market formed 76.0% of the total revenue, having decreased by -6.7 percentage points compared to the same period last year.

    11 months’ revenue of 2017 in Estonia remained on the level of previous year. The proportion of the revenue from the Estonian market decreased by -3.5% percentage points in comparison with the same period last year.

    UK’s market has become new main market for Group since acquisition of new companies, sales revenue from this market was 5.7 million euros since acquisition and share of the market was 9.5% of total revenue.

    Revenue in other countries increased by +1.7 million euros in 11 months of 2017 and the proportion of revenue from these markets grew by +0.7 percentage points.

    #311293 Reply

    Nauris Treigys
    Keymaster

    The extraordinary general meeting of shareholders (the Meeting) of AS PRFoods was held on the 11th of December 2017 in in the hotel “Radisson Blu Hotel Olümpia” conference room called Gamma (address Liivalaia 33, Tallinn).

    The Meeting started at 11:00AM and ended at 11:27AM. The Meeting was attended by 10 shareholders holding 25 935 263 shares constituting 68,83% of the total votes represented by all shares. Therefore, the Meeting had quorum to adopt resolutions.

    The following resolutions were adopted at the Meeting:

    1. Changing of the beginning and end of the financial year of AS PRFoods and related to the latter the changing of the length of financial year 2017 and the clause 2.1 of the articles of association.

    The shareholders decided to approve the change of the period of the financial year. The beginning of the financial year is 1st of July and 30th of June as the end date. The shareholders decided related to the changing of the period of the financial year to extend the length of the financial year 2017 of AS PRFoods up to eighteen months, i.e. up to 30 June 2018 and change the clause 2.1 of the articles of association of AS PRFoods and reword as follows: “2.1. The financial year of the public limited company begins on the first of July and ends on the thirtieth of June of the next calendar year (1 July – 30 June).“. The shareholders confirmed the new redaction of AS PRFoods which will enter into force from making the relevant entry in the Commercial Registry.

    Voting results:

    Votes Number of Votes Proportion to total votes present (%)
    In favour 25 935 263 100,00%
    Against 0 0,00%
    Impartial 0 0,00%
    Total 25 935 263 100,00%
    2. Amendment of the clause 6 of the articles of association of AS PRFoods.

    The shareholders decided to change the the numeration of subclauses of clause 6 of the articles of Association of AS PRFoods so that these will start with clause 6 and change the current clause 7.3 and reword it as follows: „6.3. The Supervisory Board consists of three up to seven members chosen by the General Meeting of Shareholders for 3 (three) years.“ The shareholders confirmed the new redaction of AS PRFoods which will enter into force from making the relevant entry in the Commercial Registry.

    Voting results:

    Votes Number of Votes Proportion to total votes present (%)
    In favour 25 919 963 99,94%
    Against 15 000 0,06%
    Impartial 300 0,00%
    Total 25 935 263 100,00%
    3. Extension of the term of office of the members of the Supervisory Board of AS PRFoods.

    3.1. The shareholders unanimously decided to extend the term of office of Aavo Kokk (personal identification code 36410042742), member of the Supervisory Board of AS PRFoods by five years from 11 December 2017 with the current monthly fee of 500 EUR (gross).

    3.2. The shareholders unanimously decided to extend the term of office Arko Kadajane (personal identification code 38103286010), member of the Supervisory Board of AS PRFoods, by five years from 11 December 2017.

    3.3. The shareholders unanimously decided to extend the term of office of Harvey Sawikin (date of birth 16 February 1960), member of the Supervisory Board of AS PRFoods, by five years from 11 December 2017.

    3.4. The shareholders unanimously decided to extend the term of office of Jaakko Karo (date of birth 24 January 1962), member of the Supervisory Board of AS PRFoods by five years from 11 December 2017 with the current monthly fee of 500 EUR (gross).

    3.5. The shareholders unanimously decided to extend the term of office of Kuldar Leis (personal identification code 36805296534), member of the Supervisory Board of AS PRFoods by five years from 11 December 2017 with the current monthly fee of 750 EUR (gross).

    3.6. The shareholders unanimously decided to extend the term of office of Lauri Kustaa Äimä (personal identification code 01121971-081F), member of the Supervisory Board of AS PRFoods by five years from 11 December 2017 with the current monthly fee of 1000 EUR (gross).

    #311541 Reply

    Nauris Treigys
    Keymaster

    On December 20, 2017, the Listing and Surveillance Committee of Nasdaq Tallinn decided to impose a fine in the amount of 1000 euros to PRFoods AS for violation of Nasdaq Tallinn rules and regulations chapter Requirements for Issuers (hereinafter RI) clauses 1.2.1, 2.1.3, 2.1.5, 2.4.1, 3.2.1, 3.2.2 and 7.2.3.

    Background:

    According to RI clause 1.2.1 the Issuer is obliged to secure disclosure of information stated in RI in such a form and within such time limits as specified in RI.

    According to RI clause 2.1.3 the Issuer does not depend on the performance of any formalities necessary for its occurrence and disclosure of information shall not be delayed with the excuse of waiting for an event or circumstance to become official. If the event has occurred or its occurrence is likely, but the formalities necessary for the occurrence of the event, or any other formalities, have not been performed at the moment of disclosure of information, or if another condition or risk relates to the occurrence of the event, such facts shall be presented along with the information being disclosed.

    According to RI clause 2.1.5 the Issuer is obliged to disclose all the information on the Issuer subject to disclosure pursuant to the provisions of RI, including information on any significant subsidiaries belonging to the same group as the Issuer.

    According to RI clause 2.4.1 information is deemed disclosed when it is made public as a notice through the Exchange Information System.

    According to RI clause 3.2.1 an Issuer shall immediately disclose information on any changes in the composition of the management board, the supervisory board and audit committee, or any change of auditors or procurators.

    According to RI clause 3.2.2 the Issuer is required to disclose a short description of the previous three years’ professional experience and occupations in managements of the companies of the person as well as information about the number of the Issuer’s shares with voting rights held by the person.

    According to RI clause 7.2.3 An Issuer is required immediately disclose all the resolutions adopted by the general meeting.

    Circumstances:

    PRFoods AS published a stock exchange announcement on June 15, 2017 at 5:00 PM, informing that PRFoods as the sole shareholder of Saaremere Kala AS adopted a decision on May 2, 2017 to recall Indrek Kasela from the Supervisory Board and name Mairi Paiste to be the new member of the Supervisory Board. In addition, the Supervisory Board of Saaremere Kala AS decided on May 2, 2017 to elect Indrek Kasela to be the Member and Chairman of the Management Board of Saaremere Kala AS.

    The stock exchange announcement published on June 15, 2017 did not include information about Mairi Paiste’s holdings (voting rights) of Issuer’s shares. PRFoods disclosed missing information on June 16, 2017 after the request of stock exchange.

    According to the notice of convening the extraordinary general meeting published on November 15, 2017 the general meeting of PRFoods AS was held on December 11, 2017 at 11:00 AM. The resolutions adopted at the general meeting were published via stock exchange announcement on December 11, 2017 at 9:40 PM.

    #311994 Reply

    Nauris Treigys
    Keymaster

    In the 12 months of 2017 the unaudited consolidated sales revenue of PRFoods increased by +55.3% y-o-y, i.e. by +26.2 million euros due to acquisition of new companies, reaching the level of 73.7 million euros. Comparable sales revenue increased by +15.1%, i.e. +7.2 million euros. PRFoods 12 months of 2017 sales are in accordance with management forecasts.

    Majority of growth in comparable sales is contributed to increasing prices for our products. The acquisition of John Ross Jr., Coln Valley and Trio Trading has increased Group’s sales by 19.1 million euros and will further support of strategy of international growth and profitability. John Ross Jr and Coln Valley are being consolidated to PRFoods Group from 01.07.2017 and Trio Trading from 01.09.2017.

    The sales revenue in 4th quarter increased by +15.1 million euros, i.e. +89.5% compared to 4th quarter 2016. Comparable sales revenue increased at the same period +2.6 million euros, i.e. +15.4%.

    Sales quantity in 12 months increased by +4,536 tonnes, i.e. +64.3%. Comparable sales quantity decreased by -452 tonnes, i.e. -6.4% at the same period.

    PRFoods’ pro forma sales revenue in 12 months would have been 109.7 million euros if all companies would have been consolidated into the Group since beginning of the year. Pro forma revenue is divided by largest target markets as following: Finland 77.5 million euros, UK 14.2 million euros, Estonia 6.3 million euros, Latvia 5.6 million euros, France 2.8 million euros and Greece 0.9 million euros. Remaining revenue 2.4 million euros consists of export to various countries, incl Sweden 0.4 million euros, Italy 0.3 million euros and Belgium 0.3 million euros. By sales revenue, next larger markets are Japan, Kuwait and Hong Kong.

    On 11.12.2017, PRFoods held extraordinary shareholders meeting to change our financial year to be in line with financial year of John Ross Jr, Coln Valley and Trio Trading. Current financial year will be extended until 30.06.2018 and in future PRFoods financial year will run from July to June.

    Revenue by product groups

    Revenues mln EUR Q1 2017 Q1 2016 Q2 2017 Q2 2016 Q3 2017 Q3 2016 Q4 2017 Q4 2016 12m 2017 12m 2016 12m 2017/ 12m 2016 Change %
    Smoked products 4.0 3.6 5.9 3.9 10.8 3.9 12.8 5.2 33.6 16.5 17.0 +103.0%
    Other fish products 1.7 1.5 2.3 1.8 2.1 1.5 4.7 3.0 10.7 7.8 2.8 +36.4%
    Raw fish and fillets 4.9 5.1 4.9 4.1 4.9 5.1 14.1 8.7 28.8 23.0 5.7 +24.9%
    Other 0.0 0.0 0.0 0.0 0.2 0.0 0.4 0.0 0.6 0.0 0.6 +1926.8%
    Total 10.6 10.2 13.1 9.8 18.0 10.5 32.0 16.9 73.7 47.4 26.2 +55.3%
    The largest increase compared to previous year in revenue came from the smoked products group, which increased by +17.0 million euros, i.e. +103.0%. The revenue from the raw fish and fillets products group increased by +5.7 million euros, i.e. +24.9% and the revenue from the other fish product group increased by +2.8 million euros, i.e. +36.4%.

    Revenue by client segments

    Revenues mln EUR Q1 2017 Q1 2016 Q2 2017 Q2 2016 Q3 2017 Q3 2016 Q4 2017 Q4 2016 12m 2017 12m 2016 12m 2017/ 12m 2016 Change %
    HoReCa 3.7 2.9 4.7 3.4 5.5 3.6 6.3 4.2 20.3 14.2 +6.1 +42.6%
    Retail chains 4.4 5.3 6.5 4.9 7.1 4.4 12.5 6.2 30.5 20.8 +9.8 +47.1%
    Wholesale 2.4 2.0 1.8 1.3 5.2 2.5 12.8 6.4 22.2 12.2 +10.0 +81.5%
    Other 0.1 0.0 0.1 0.1 0.2 0.1 0.4 0.1 0.7 0.3 +0.4 +161.8%
    Total 10.6 10.2 13.1 9.8 18.0 10.5 32.0 16.9 73.7 47.4 +26.2 +55.3%
    Based on client segments, the 12 months’ revenue of 2017 increased in HoReCa sector, by +6.1 million euros, i.e. +42.6%. Revenue increased in retail chains sector by +9.8 million euros, i.e. +47.1% and in wholesale sector by +10.0 million euros, i.e. +81.5%.

    Revenue by target markets

    Revenues mln EUR Q1 2017 Q1 2016 Q2 2017 Q2 2016 Q3 2017 Q3 2016 Q4 2017 Q4 2016 12m 2017 12m 2016 12m 2017/ 12m 2016 Change %
    Finland 9.0 8.3 10.5 8.0 13.0 9.0 22.7 13.7 55.2 39.0 +16.2 +41.6%
    Estonia 1.0 1.4 1.6 1.3 0.8 0.9 1.7 1.4 5.1 5.0 +0.1 +2.0%
    UK 0.0 0.0 0.0 0.0 3.1 0.0 4.5 0.0 7.6 0.0 +7.6
    Other 0.6 0.6 0.9 0.5 1.1 0.6 3.1 1.8 5.8 3.5 +2.3 +64.9%
    Total 10.6 10.2 13.1 9.8 18.0 10.5 32.0 16.9 73.7 47.4 +26.2 +55.3%
    Finnish revenue in 12 months of 2017 increased by +16.2 million euros, i.e. +41.6%. The share of Finnish market formed 74.9% of the total revenue, having decreased by -7.2 percentage points compared to the same period last year.

    12 months’ revenue of 2017 in Estonia remained on the level of previous year, increasing by +0.1 million euros, i.e. +2.0%. The proportion of the revenue from the Estonian market decreased by -3.6% percentage points in comparison with the same period last year.

    UK’s market has become new main market for Group since acquisition of new companies, sales revenue from this market was 7.6 million euros since acquisition and share of the market was 10.3% of total revenue.

    Revenue in other countries increased by +2.3 million euros in 12 months of 2017 and the proportion of revenue from these markets grew by +0.5 percentage points.

    #312710 Reply

    Nauris Treigys
    Keymaster

    In January 2018 the unaudited consolidated sales revenue of PRFoods increased by +137.4% y-o-y, i.e. by +4.4 million euros due to acquisition of new companies, reaching the level of 7.6 million euros. Comparable sales revenue increased by +18.3%, i.e. +0.6 million euros.

    Majority of growth in comparable sales is contributed to increasing prices for our products. The acquisition of John Ross Jr., Coln Valley and Trio Trading has increased Group’s sales by 3.8 million euros and will further support of strategy of international growth and profitability.

    Sales revenue increased in by +0.1 million euros, i.e. 0.8% compared to pro forma sales revenue in January 2017. Pro forma sales revenue in January 2017 includes all group companies.

    Pro forma revenue is divided by largest target markets as following: Finland 5.4 million euros, UK 1.0 million euros, Estonia 0.4 million euros, Latvia 0.3 million euros, France 0.2 million euros and Greece 0.1 million euros. Remaining revenue consists of export to various countries.

    Starting from 2018, the Group is publishing sales revenue monthly by product groups. Detailed overview of sales revenue by customer groups and countries will be published quarterly.

    Consolidated Pro Forma
    Revenues mln EUR 01’2018 01’2017 change change % 01’2018 01’2017 change change %
    Smoked products 2.6 1.2 1.5 +128.2% 2.6 2.5 0.2 +6.6%
    Other fish products 0.7 0.5 0.2 +41.2% 0.7 0.9 -0.2 -19.9%
    Raw fish and fillets 4.2 1.5 2.6 +168.7% 4.2 4.1 0.1 +1.9%
    Other 0.1 0.0 0.1 +23,058.0% 0.1 0.1 0.0 -10.8%
    Total 7.6 3.2 4.4 +137.4% 7.6 7.5 0.1 +0.8%
    The largest increase compared to previous year in revenue came from the raw fish and fillets products group, which increased by +2.6 million euros, i.e. +168.7%. The revenue from the smoked products group increased by +1.5 million euros, i.e. +128.2% and the revenue from the other fish product group increased by +0.2 million euros, i.e. +41.2%.

    #312820 Reply

    Nauris Treigys
    Keymaster

    MANAGEMENT COMMENTARY

    PRFoods Q4 2017 is the first when new group’s full term consolidated numbers are available. It is a pleasure to see that then new strategy of PRFoods to become high value added and vertically integrated International fish processing company, has been fully justified. Strong growth in sales and profitability demonstrate it clearly. Both the existing and newly added PRFoods subsidiaries have performed exceptionally, thanks to good work and effort by our local management teams and entire staff.

    PRFoods Q4 revenues were 32 million euros, growing year-on-year by 89.3%. Gross margin increased 3.4 times and was 6.6 million euros. EBITDA from operations (excluding biomass) grew by 3.2 times and was 4.3 million euros. EBITDA growth was 4.5 times and amounted 1.6 million euros. Net profit was 1.2 million euros, increase by 3.5 times year-on-year. We are happy to see that gross margin growth on year-on-year was 80.5%, Q4 gross margins was 20.6%.

    Sales and profitability were particularly boosted by strong sales in Finnish market, as a result of very successful integration between Trio Trading Ab, Heimon Kala Oy and Vettel OÜ. Business was helped by substantial decrease in raw material prices, as compared to extraordinarily high prices in Q4 2016. It is very positive to see that sales to export markets has grown significantly.

    PRFoods 12 months unaudited consolidated sales were 73.6 million euros, growing 55.2% on annual basis. EBITDA from operations increased 7 times and was 5.4 million euros. EBITDA was 3.6 million euros, growing by 0.95 million euros year-on-year. Net profit grew 2 times and amounted to 1.4 million euros.

    Our fish farming performed very well, the biggest impact came from drop in global salmon prices. The difference between operational EBITDA and EBITDA is the biomass revaluation. At the end of 2017 the biomass revaluation amounted to -1.5 million euros, compared to +2.3 million in 2016. Biomass revaluation is standard practice and is impacted mainly by three factors: global fish prices at the end of the period, annual biomass growth in tons annual extraction of fish from farms. Although in tons our biomass increased, in value terms the biomass decreased due to drop in rainbow trout prices by 19.5% as of 31.12.2017. Rainbow trout prices were 6.0 euros per kilo compared to 7.4 euros at the end of 2016. Also, salmon prices decreased in Q4 by 29.9% year-on-year and by 39.2 if compared to 31.12.2016. Both trends are very positive for PRFoods, as over 2/3 of our raw material is purchased on open market. Raw material price drop boosts overall profitability of our business. The value of biomass at the end of the year was 5.6 million euros and average price was 3.87 EUR/kg.

    PRFoods balance sheet continues to be strong. Investment loans taken to purchase subsidiaries have resulted in positive net debt. Debt to EBITDA is 3.1. Cash balance increased to 6.5 million euros and net debt of PRFoods is 16.6 million euros (including 2.6 million euros of minority buyout option liabilities, which the management deems to be of low probability in short term).

    PRFoods employs 408 people as of end of the year in Estonia, Finland, Sweden and United Kingdom

    PRFoods shares rose by 63.2% on annual basis, being one of the best performing stocks on NASDAQ Tallinn. The liquidity of share trading increased nearly 2 times.

    Current financial year was prolonged until 30.06.2018 and in the future PRFoods financial year is from July to June.

    In summary we can say that 2017 was very successful for PRFoods. Big challenges wait us ahead, to turn PRFoods subsidiaries into even more globally competitive businesses. Strategic directions of group are increasing profitability, sustainable and environmentally friendly production, innovation in product development and marketing, development of our staff’s professionalism and working conditions.

    The 4th quarter of 2017 compared to the 4th quarter of 2016

    Unaudited consolidated revenue 31.99 million euros, increase +15.09 million euros, i.e. +89.3%.
    Gross margin 20.6%, increase +9.2 percentage points, i.e. +80.5%.
    Negative impact from revaluation of biological assets -2.73 million euros (Q4 2016: negative effect -1.10 million euros).
    EBITDA from operations +4.30 million euros, increase +3.25 million euros.
    EBITDA +1.57 million euros, increase +2.02 million euros.
    The operating profit +1.06 million euros, increase 1.82 million euros.
    Net profit +1.23 million euros, increase +1.72 million.
    The 12 months of 2017 compared to the 12 months of 2016

    Unaudited consolidated revenue 73.61 million euros, increase +26.18 million euros, i.e. +55.2%.
    Gross margin 14.4%, increase +5.9 percentage points.
    Negative impact from revaluation of biological assets -1.51 million euros (12 months 2016: positive impact of
    +2.26 million euros).
    Effect of one-offs to the result -0.31 million euros (12 month 2016: negative influence -0.40 million euros).
    EBITDA from operations +5.37 million euros, increase +4.62 million euros.
    EBITDA +3.56 million euros, increase 0.95 million euros.
    The operating profit +2.01 million euros, increase 0.63 million euros.
    Net profit +1.42 million euros, increase 0.70 million euros.
    KEY RATIOS

    Income Statement, EUR mln Q1 2017 Q2 2017 Q3 2017 Q4 2017 12m 2017 Q1 2016 Q2 2016 Q3 2016 Q4 2016 12m 2016
    Sales 10.6 13.1 18.0 32.0 73.6 10.2 9.8 10.5 16.9 47.4
    Gross profit 0.5 1.0 2.5 6.6 10.6 1.0 0.6 0.5 1.9 4.0
    EBITDA from operations -0.3 0.1 1.2 4.3 5.4 0.2 -0.3 -0.3 1.1 0.8
    EBITDA -0.6 0.3 2.2 1.6 3.6 -0.2 0.7 2.6 -0.4 2.6
    EBIT -0.9 0.03 1.8 1.1 2.0 -0.5 0.3 2.3 -0.8 1.4
    EBT -0.9 -0.1 1.4 0.8 1.2 -0.6 0.2 2.2 -0.8 1.1
    Net profit (-loss) -0.8 -0.1 1.2 1.2 1.4 -0.5 0.04 1.6 -0.5 0.7
    Gross margin 5.0% 7.5% 13.7% 20.6% 14.4% 9.5% 6.3% 4.7% 11.4% 8.5%
    Operational EBITDA margin -2.7% 1.0% 6.9% 13.4% 7.3% 2.1% -2.6% -2.6% 6.2% 1.6%
    EBITDA margin -5.3% 2.6% 12.3% 4.9% 4.8% -2.2% 6.8% 24.9% -2.7% 5.5%
    EBIT margin -8.3% 0.2% 9.9% 3.3% 2.7% -5.2% 3.6% 22.0% -4.5% 2.9%
    EBT margin -8.5% -0.4% 7.6% 2.5% 1.6% -5.5% 2.3% 21.3% -4.5% 2.4%
    Net margin -7.9% -1.0% 6.4% 3.9% 1.9% -4.5% 0.4% 15.5% -2.9% 1.5%
    Operating expense ratio 11.2% 9.5% 10.9% 9.2% 9.9% 10.5% 12.7% 11.2% 7.7% 10.1%

    Balance Sheet, EUR mln 31.03.2017 30.06.2017 30.09.2017 31.12.2017 31.03.2016 30.06.2016 30.09.2016 31.12.2016
    Net debt 1.6 1.0 16.7 16.6 -3.1 -1.4 1.3 0.3
    Equity 22.8 22.7 23.4 24.8 22.7 22.7 24.3 23.8
    Working capital 11.5 11.5 5.1 5.3 11.0 11.2 13.3 12.4
    Assets 33.3 33.5 66.3 67.0 28.6 29.3 34.4 35.1
    Liquidity ratio 2.4 2.3 1.2 1.2 3.7 3.4 2.7 2.4
    Equity ratio 68.5% 67.8% 35.9% 37.1% 79.4% 77.6% 70.7% 67.9%
    Gearing ratio 6.4% 4.1% 41.3% 40.0% -15.7% -6.7% 5.2% 1.2%
    Net debt-to-EBITDA 6.4 1.6 7.9 3.1 -1.1 -0.7 1.2 0.4
    ROE 1.5% 0.7% -1.3% 5.8% 4.5% 3.6% 6.7% 3.0%
    ROA 1.1% 0.5% -0.6% 2.8% 3.7% 2.9% 5.2% 2.2%

    Attachments:
    PRF_interim_12m2017.pdf
    PRF_12m2017.pdf

    #313319 Reply

    Nauris Treigys
    Keymaster

    In February 2018 the unaudited consolidated sales revenue of PRFoods increased by +117.5% y-o-y, i.e. by +4.1 million euros due to acquisition of new companies, reaching the level of 7.6 million euros. Comparable sales revenue increased by +17.5%, i.e. +0.5 million euros.

    Majority of growth in comparable sales is contributed to increasing prices for our products. The acquisition of John Ross Jr., Coln Valley and Trio Trading has increased Group’s sales by 3.3 million euros and will further support of strategy of international growth and profitability.

    Sales revenue increased in by +0.3 million euros, i.e. 3.7% compared to pro forma sales revenue in February 2017. Pro forma sales revenue in February 2017 includes all group companies.

    Pro forma revenue is divided by largest target markets as following: Finland 5.3 million euros, UK 0.9 million euros, Latvia 0.6 million euros, Estonia 0.4 million euros and France 0.2 million euros. Remaining revenue 0.2 million euros consists of export to various countries.

    Starting from 2018, the Group is publishing sales revenue monthly by product groups. Detailed overview of sales revenue by customer groups and countries will be published quarterly.

    Consolidated Pro Forma
    Revenues mln EUR 02’2018 02’2017 change change % 02’2018 02’2017 change change %
    Smoked products 2.6 1.3 1.3 +97.3% 2.6 2.7 -0.1 -3.5%
    Other fish products 0.6 0.5 0.1 +23.6% 0.6 0.7 -0.1 -17.5%
    Raw fish and fillets 4.4 1.7 2.7 +155.1% 4.4 3.9 0.5 +12.9%
    Other 0.1 0.0 0.1 +2,410.7% 0.1 0.1 0.0 +0.4%
    Total 7.6 3.5 4.1 +117.5% 7.6 7.4 0.3 +3.7%
    The largest increase compared to previous year in revenue came from the raw fish and fillets products group, which increased by +2.7 million euros, i.e. +155.1%. The revenue from the smoked products group increased by +1.3 million euros, i.e. +97.3% and the revenue from the other fish product group increased by +0.1 million euros, i.e. +23.6%.

    #314201 Reply

    Nauris Treigys
    Keymaster

    In March 2018 the unaudited consolidated sales revenue of PRFoods increased by +94.7% y-o-y, i.e. by +3.7 million euros due to acquisition of new companies, reaching the level of 7.5 million euros. Comparable sales revenue increased by +4.6%, i.e. +0.2 million euros.

    PRFoods revenue increased 1st quarter of 2018 compared to same period last year by +115.2%, i.e. by +12.2 million euros, reaching the level of 22.7 million euros. Comparable sales revenue increased in 1st quarter by +0.6 million euros, i.e. +6.5%.

    Sales quantity increased in 1st quarter of 2018 compared to previous year by +2 275 tonnes, i.e. +171.7%.

    The acquisition of John Ross Jr., Coln Valley and Trio Trading has increased Group’s sales by 10.0 million euros and will further support of strategy of international growth and profitability.

    Pro forma revenues were negatively affected mostly by termination of fish supply contract to Escamar Seafood Oy (formerly Apetit Kala Oy), and in total Trio Trading Oy revenues decreased by -0.9 million euros and weakening of GBP at the end of Q1, having negative effect of -0.1 million euros. On positive side, Heimon Kala year-on-year Q1 revenues grew by +9.6%. PRFoods continues to review of its client and product portfolio, undertaken already in last year, to exit for lower margin product groups.

    Sales revenue decreased in by -0.7 million euros, i.e. -2.9% compared to pro forma sales revenue in 1st quarter 2017. Pro forma sales revenue in 1st quarter 2017 includes all group companies.

    Pro forma revenue is divided by largest target markets in 1st quarter as following: Finland 15.8 million euros, UK 2.9 million euros, Estonia 1.3 million euros, Latvia 1.3 million euros, France 0.8 million euros and Greece 0.2 million euros. Remaining revenue 0.4 million euros consists of export to various countries.

    Starting from 2018, the Group is publishing sales revenue monthly by product groups. Detailed overview of sales revenue by customer groups and countries will be published in quarterly report.

    Consolidated Pro Forma
    Revenues mln EUR 03’2018 03’2017 change change % 03’2018 03’2017 change change %
    Smoked products 3.1 1.6 1.5 +96.3% 3.1 3.3 -0.2 -6.6%
    Other fish products 0.8 0.7 0.1 +18.2% 0.8 1.0 -0.2 -19.6%
    Raw fish and fillets 3.6 1.6 2.0 +122.2% 3.6 4.2 -0.6 -14.0%
    Other 0.1 0.0 0.0 +915.6% 0.1 0.1 0.0 -29.5%
    Total 7.5 3.9 3.7 +94.7% 7.5 8.5 -1.0 -11.9%
    The largest increase in March compared to previous year in revenue came from the raw fish and fillets products group, which increased by +2.0 million euros, i.e. +122.2%. The revenue from the smoked products group increased by +1.5 million euros, i.e. +96.3% and the revenue from the other fish product group increased by +0.1 million euros, i.e. +18.2%.

    Consolidated Pro Forma
    Revenues mln EUR Q1’18 Q1’17 change change % Q1’18 Q1’17 change change %
    Smoked products 8.3 4.0 4.3 +105.7% 8.3 8.4 -0.1 -1.8%
    Other fish products 2.1 1.7 0.4 +26.7% 2.1 2.6 -0.5 -19.1%
    Raw fish and fillets 12.1 4.9 7.2 +148.5% 12.1 12.1 0.0 -0.1%
    Other 0.2 0.0 0.2 +2546.6% 0.2 0.3 0.0 -11.7%
    Total 22.7 10.6 12.2 +115.2% 22.7 23.4 -0.7 -2.9%
    The largest increase in 1st quarter compared to previous year in revenue came from the raw fish and fillets products group, which increased by +7.2 million euros, i.e. +148.5%. The revenue from the smoked products group increased by +4.3 million euros, i.e. +105.7% and the revenue from the other fish product group increased by +0.4 million euros, i.e. +26.7%.

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