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

Attachment

  • PRF 2024_2025_q1_en_eur_con_00

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