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.

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