Consolidated Unaudited Interim Report of AS PRFoods for the 4th quarter and 12 months of 2022/2023 financial year

Consolidated Unaudited Interim Report of AS PRFoods for the 4th quarter and 12 months of 2022/2023 financial year

First year as fully transformed company has ended with moderate success. PRFoods regained profitability despite significantly lower revenues. Q4 revenues were less by 25% and full year by 53%, since we no longer have our Swedish or Finnish operations. Center of our operations is now UK and Estonian fish processing and farming.

We ended full year with 19,6 million Euro sales compared to 42,1 million last year, but more importantly, our previous year -1,6 million EBITDA loss was replaced with 0,3 million Euro profit, 118,75% improvement.

PRFoods first net profit in many years was 350,000 Euros (last year - 8,2 million loss). Two out of three of our operations: fish farming, Estonian processing and UK and fish farming were profitable. Estonian processing unit posted loss.

Our result could have been even better, but our exclusive seller in Finland decided to end the co-operation in May. While in short term it causes pain, in long term this will benefit us handsomely, since from 2024 we no longer are prohibited by non-competition in Finland, can sell directly to retailers and hope to regain several million Euros in sales already in 2024. High food prices in Estonia and governments plan to raise VAT will dampen demand in Estonia, rise inflation and also affect the competitiveness of Estonian industries. It is a challenge, but with new management in helm at Estonia, I am fully confident that Estonian processing operations will also be profitable next year.

I am extremely pleased that our UK business reached over 1 million Euros Ebitda again, after COVID crisis and now inflationary pressures. John Ross Jr continues to be best Scottish smoked salmon brand and the management has excelled again.

I am also very pleased to announce that our new fish farming licence application in Estonia has been approved and we expect to get the water usage permit in September 2023, meaning we can scale up our fish farming production already from 2024.

Q1 of current year is tough still for Estonia, UK forecast is promising and we expect historically best result from fish farming unit. Cashflow management remains a challenge. Unfortunately we were forced to sell off our profitable Swedish unit to fully repay group level bank loan, this unit could have helped us to regain profitability much faster at much higher level. Leverage is still too high for regained profitability and additional support from shareholders is needed.

We live in interesting times, and one challenge is replaced by another for most of the industries that are not protected or subsidised by government.

KEY RATIOS

INCOME STATEMENT

mln EUR (unless indicated otherwise) 4Q 2022/2023 12 mos 2021/2022 4Q 2021/2022 12 mos 2020/2021
Sales 4,0 19,6 5,3 42,1
Gross profit 0,4 3,6 0,5 3,1
EBITDA from operations 0,1 0,3 0,4 -1,2
EBITDA 0,1 0,3 -0,3 -1,6
EBIT -0,3 -1,0 -1,1 -4,2
EBT -0,5 0,4 -1,5 -8,2
Net profit (loss) -0,5 0,35 -1,5 -8,2
Gross margin 9,9% 18,3% 10,0% 7,4%
Operational EBITDA margin 2,3% 1,6% 7,6% -2,8%
EBITDA margin 2,3% 1,6% -6,3% -3,7%
EBIT margin -7,6% -5,0% -21,3% -9,9%
EBT margin -12,7% 2,2% -28,7% -19,5%
Net margin -12,3% 1,8% -29,0% -19,4%
Operating expense ratio -21,3% -24,0% -25,8% -17,1%

 

 

BALANCE SHEET

mln EUR unless indicated otherwise 30.06.2023 30.06.2022 30.06.2021
Net debt 16,9 24,7 22,4
Equity 7,5 8,1 15,8
Working capital 0,3 -3,2 -3,2
Assets 29,9 38,9 55,6
Liquidity ratio 1,1x 0,7x 0,8x
Equity ratio 25,1% 20,7% 28,4%
Gearing ratio 69,2% 75,4% 58,7%
Debt to total assets 0,7x 0,8x 0,7x
Net debt to operating EBITDA 54,9x -14,5x -17,9x
ROE 4,4% -68,5% -29,0%
ROA 1,0% -17,3% -9,2%

 

 

Consolidated Statement of Financial Position

EUR '000 30.06.2023 30.06.2022
ASSETS    
Cash and cash equivalents 394 110
Receivables and prepayments 2 168 2 567
Inventories 1 861 2 196
Biological assets 772 3 003
Total current assets 5 195 7 876
     
Deferred tax assets - 93
Long-term financial investments 381 229
Tangible assets 6 563 8 882
Intangible assets 17 718 21 837
Total non-current assets 24 662 31 041
TOTAL ASSETS 29 857 38 917
     
EQUITY AND LIABILITIES    
Interest-bearing liabilities 1 793 7 094
Payables and prepayments 3 127 3 978
Total current liabilities 4 919 11 073
     
Interest-bearing liabilities 15 461 17 725
Payables and prepayments - 204
Deferred tax liabilities 1 664 1 599
Government grants 318 265
Total non-current liabilities 17 442 19 792
TOTAL LIABILITIES 22 361 30 865
     
Share capital 7 737 7 737
Share premium 14 007 14 007
Treasury shares - 390 - 390
Statutory capital reserve 51 51
Currency translation differences 549 839
Retained profit (loss) -14 719 - 14 391
Equity attributable to parent 7 236 7 853
Non-controlling interest 259 199
TOTAL EQUITY 7 495 8 052
TOTAL EQUITY AND LIABILITIES 29 857 38 917

 

 

Consolidated Statement of Profit or Loss And Other Comprehensive Income

EUR '000 4Q 2022/2023 4Q 2021/2022 12m 2022/2023 12m 2021/2022
Revenue 3 993 5 250 19 578 42 128
Cost of goods sold -3 599 -4 723 -16 003 -38 993
Gross profit 394 528 3 575 3 136
         
Operating expenses -851 -1 354 -4 706 -7 207
Selling and distribution expenses -755 -630 -2 691 -4 843
Administrative expenses -96 -724 -2 015 -2 364
Other income / expense 152 443 150 307
Fair value adjustment on biological assets 0 -734 0 -420
Operating profit (loss) -305 -1 117 -982 -4 184
Financial income / expenses -203 -388 1 416 4 039
Profit (Loss) before tax -508 -1 505 434 -8 223
Income tax 19 -20 87 63
Net profit (loss) for the period -489 -1 525 347 -8 160
         
Net profit (loss) attributable to:        
Owners of the Parent Company -503 -1 502 319 -8 143
Non-controlling interests 13 -23 28 -17
Total net profit (loss) for the period -489 -1 525 347 -8 160
         
Other comprehensive income (loss) that may subsequently be classified to profit or loss:        
Foreign currency translation differences 288 148 -290 280
Total comprehensive income (expense) -201 -1 377 57 -7 880
         
Total comprehensive income (expense) attributable to:        
Owners of the Parent Company -215 -1 354 29 -7 863
Non-controlling interests 13 -23 28 -17
Total comprehensive income (expense) for the period -201 -1 377 57 -7 880
         
Profit (Loss) per share (EUR) -0,01 -0,04 0,01 -0,21
         
Diluted profit (loss) per share (EUR) -0,01 -0,03 0,01 -0,21

 

 

Indrek Kasela

AS PRFoods

Member of the Management Board

Phone:+372 452 1470

investor@prfoods.ee

www.prfoods.ee

Attachment

  • PRF_interim_12m2022_2023 14 8 2023
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