Short summary of financial results for 2nd quarter and first half of 2010 (in
millions of EEK):
--------------------------------------------------------------------------------
| | 1st | 1 half | 2nd | 1 half | Change 2nd | Change |
| | quarter | 2010 | quarter | 2009 | quarter | 1st half |
| | 2010 | | 2009 | | 2010 / | 2010 / |
| | | | | | 2009 | 2009 |
--------------------------------------------------------------------------------
| Sales | 333.0 | 567.4 | 299.6 | 522.7 | +11.1% | +8.6% |
--------------------------------------------------------------------------------
| EBITDA | 69.1 | 69.1 | 37.5 | 34.4 | +84.3% | +100.9% |
--------------------------------------------------------------------------------
| EBIT | 54.2 | 39.9 | 21.7 | 2.8 | +149.4% | +1325.0% |
--------------------------------------------------------------------------------
| Net profit | 46.5 | 28.6 | 13.4 | -12.7 | +247.0% | +325.2% |
--------------------------------------------------------------------------------
1 EUR = 15.6466 EEK
* Net profit before non-controlling interest
The consolidated turnover of Premia Foods Group in the 2nd quarter of year 2010
was 333 million EEK (21.3 million EUR), EBITDA 69.1 million EEK (4.4 million
EUR) and net profit was 46.5 million EEK (3 million EUR) increasing accordingly
11.1%, 84.3% and 247.0% in a year. The consolidated turnover in the first half
of year 2010 reached 567.4 million EEK (36.3 million EUR), EBITDA 69.1 million
EEK (4.4 million EUR) and net profit to 28.6 million EEK (1.8 million EUR)
increasing accordingly 8.6%, 100.9% and 325.2% per year.
2nd quarter of 2010 was a successful and eventful period for Premia Foods AS.
The most important events during the 2nd quarter were the following:
1. Successful conduction of public offering of the shares of AS Premia Foods
(IPO) and listing the shares of AS Premia Food at NASDAQ OMX Tallinn Stock
Exchange. During the IPO 14,500,000 shares of AS Premia Food were sold. As a
result of a public issue 202,999,964 EEK (12.97 million EUR) was raised (before
deducting the expenses related to the issue). After deducting the expenses
related to the issue 191,042,691 EEK was raised by AS Premia Foods. Trading
with shares of Premia Food AS at NASDAQ OMX Tallinn Stock Exchange started on
5th of May 2010.
2. Acquisition of OOO Hladokombinat No 1 was completed. OOO Hladokombinat No 1
has approximately 20% market share in St. Peterburg´s ice cream market while
being the second largest ice cream producer in the market. OOO Hladokombinat No
1 is being consolidated into AS Premia Foods Group since May of 2010. Company´s
turnover from May to June 2010 was 54.3 million EEK (3.48 million EUR), EBITDA
9.3 million EEK (0.6 million EUR) and net profit 4.9 million EEK (0.3 million
EUR).
3. 20% holding of Competence Center of Food and Fermentation Technology
(CCFFT), founded on 7 April 2010, was purchased for the price of 206,250 EEK
(13.2 thousand EUR). CCFFT AS (previously CCFFT MTÜ) is Premia Foods´ partner
at developing new technologies and products.
4. Acquisition of Latvian subsidiary Premia FFL AS was completed. Premia
Tallinna Külmhoone AS paid 6.4 million EEK (0.4 million EUR) for 5% of
non-controlling interest. Premia FFL AS was 100% consolidated before the
acquisition of the final stake. Unpaid part of non-controlling interest was
until now reflected in the balance sheet as an obligation on the line
„receivables and pre-payments“.
5. Company´s loan portfolio was restructured, which resulted in substantial
decrease of company´s burden of loans and interest costs. Restructuring process
will continue also in the second half of 2010.
6. Aqcuisition of Estonian subsidiary GourmetHouse OÜ was completed. As a
result of that, 100% of the shares of GourmetHouse OÜ are now held by a
subsidiary of Premia Foods AS - Saaremere Kala AS.
7. There was a fire accident in Heimon Kala Oy, the fish production unit of
Premia Foods AS in Uusikaupunki. The impact of the fire accident on company´s
financial results is not substantial. By now, 75% of pre-accident production
capacity has been restored and in 4th quarter the sales are expected to
continue in full capacity. Damages caused by the fire accident were compensated
by insurance company Fennia in the amount of 2.9 million EUR.
In the segment on fish and fish products the turnout increased by 8.1% in the
first half of the year, which is a remarkable achievement taking into account
the high price of raw fish and a fire accident in Uusikaupunki fish production
unit and according to management, the company is still holding a market share of
25% in the Finnish packed chilled fish products market. At the same time the
price pressure is decreasing and due to the recovery of production capacities
and renewal of sales contracts the situation in the field of fish products is
improving as a whole.
Due to new successful products launched on the market and advantageous weather
conditions the sale of ice cream has increased significantly since the second
half of June compared to last year. The increase continued with the breaking of
sale records in July. Good sale results and new products launched on the market
have helped to increase the gross margin of ice cream from 33% in the 1st
quarter to 41% in the 2nd quarter. Premia Foods continues as a market leader in
Estonian ice cream market (estimated monetary market share is 40%) and is in the
second position in Latvia (estimated market share is 14%) and also in the second
position in Lithuania (estimated market share is 20%).
In the segment of frozen products Premia Foods continues in the leading
positions in all Baltic States. Because of changed consumption habits the
structure of the frozen products´ portfolio has changed as cheaper products
(meatballs, dumplings) are being preferred and the proportion of more expensive
frozen products (pizzas, wok-mixes etc.) has decreased. At the same time the lag
of the sales revenue of this segment is decreasing compared to the last year´s
indicators and during the first half of the year the company has managed to
preserve the gross margin at the same level as at last year´s first half.
SALES REVENUE
Sales revenue of Premia Foods by operating segments in first half of 2010 (in
millions of EEK)
--------------------------------------------------------------------------------
| | 2nd | 1st | 2nd | 1st half | Change 2nd | Change |
| | quarte | half | quarter | 2009 | quarter | 1st half |
| | r 2010 | 2010 | 2009 | | 2010 / | 2010 / |
| | | | | | 2009 | 2009 |
--------------------------------------------------------------------------------
| Ice cream | 143.8 | 173.6 | 91.8 | 124.6 | +56.6% | +39.4% |
--------------------------------------------------------------------------------
| Frozen | 80.3 | 158.8 | 92.0 | 185.8 | -12.7% | -14.5% |
| products | | | | | | |
--------------------------------------------------------------------------------
| Fish and | 105.1 | 226.4 | 113.6 | 209.5 | -7.5% | +8.1% |
| fish | | | | | | |
| products | | | | | | |
--------------------------------------------------------------------------------
| Other | 3.8 | 8.6 | 2.2 | 2.8 | +72.7% | +207.1% |
--------------------------------------------------------------------------------
| Total | 333.0 | 567.4 | 299.6 | 522.7 | +11.1% | +8.6% |
--------------------------------------------------------------------------------
Turnover of Premia Foods AS in 2nd quarter of 2010 was 333 million EEK (21.3
million EUR), growing by 33.4 million EEK (2.1 million EUR) i.e. by 11.1% on
annual basis. Compared to the year before, the turnover of Premia Foods in the
2nd quarter has produced better results in ice cream segment, also the share of
the logistic services has grown. There is still a minor decline in fish and fish
products segment as well as in deep frozen goods segment if compared to the
results of year 2009. In deep frozen goods segment the main reason for decline
is the lower purchasing power of the consumers, but the decline is continuously
decreasing if compared to the results of respective periods of previous year.
This is foremost due to the changes related to bringing the portfolio of frozen
products, including trade mark policy, into conformity with the changed market
situation and purchasing power in all Baltic markets. There are also signs of
greater activity in the HoReCa market, but mainly in Estonia. In fish product
segment there are three main reasons for decrease in sales: the substantial
increase of world market price of the raw fish, which has significantly
decreased demand, the fire accident in Finnish Uusikaupunki fish processing unit
and the Easter holidays, which traditionally have a noticeable impact on the
sale of fish products in Finland and which in year 2010 took place in the 1st
quarter of the year, not in the 2nd quarter as in year 2009.
Turnover of Premia Foods AS during the first half of 2010 was 567.4 million EEK
(36.3 million EUR), growing by 44.7 million EEK (2.9 million EUR), so by 8.6% on
annual basis. The increase in ice cream segment was certainly also influenced by
the warm weather which started just after Midsummer Day, but much bigger input
was given by successfully launched novelties in all Baltic states as well as in
St Petersburg. New, extra tasty 15%-vanilla ice cream in a waffle cone sold in
Estonia and in Lithuania and in smaller amounts in Latvia has defeated the
years' long leader vanilla ice cream in chocolate glaze under brand name “Väike
Tom”, which has been a leading summer ice cream in Estonia throughout the
years, from its leading position. In Lithuania the same product is sold under
brand name “Klasika” and has achieved 4th position in the sales top. At the same
time in Latvia the new brand and product group “Premia” has shown very good
performance since May as well. In St. Petersburg´s market AS Premia Foodss is
continuously developing three successful brands: “Sahharnaja trubochka”,
“Etalon” and “Baltiiskoje” product groups, therewith Sahharnaja trubochka being
the most popular ice- cream in St. Petersburg.
Share of business segments in portfolio of Premia Foods AS in first half of year
2010:
--------------------------------------------------------------------------------
| | 1st | 2nd | 1st | 1st | 2nd | 1st |
| | quart | quarte | half | quarte | quarte | half |
| | er | r 2010 | 2010 | r 2009 | r 2009 | 2009 |
| | 2010 | | | | | |
--------------------------------------------------------------------------------
| Ice cream | 12.7% | 43.2% | 30.6% | 14.7% | 30.6% | 23.8% |
--------------------------------------------------------------------------------
| Frozen products | 33.5% | 24.1% | 28.0% | 42.0% | 30.7% | 35.5% |
--------------------------------------------------------------------------------
| Fish and fish products | 51.7% | 31.6% | 39.9% | 43.0% | 37.9% | 40.1% |
--------------------------------------------------------------------------------
| Other | 2.0% | 1.1% | 1.5% | 0.3% | 0.7% | 0.5% |
--------------------------------------------------------------------------------
Late and cold spring resulted in a situation where the ice cream season began
only in the second half of May both in Baltic States and in St. Petersburg,
which is also evident from the share of business segments in portfolio, where
ice cream has taken a stronger position and amounts to 1/3 of total product
portfolio. Due to the acquisition of OOO Hladokombinat No 1 in May 2010 and
remarkable efforts with other fields in other markets, the product portfolio of
Premia Foods is well balanced both in terms of business segments and
geographical markets.
Turnover of Premia Foods AS by geographical markets in 1st half of 2010 (in
millions of EEK)
--------------------------------------------------------------------------------
| | 1st half | Share | 1st half of | Share | Change |
| | of 2010 | | 2009 | | |
--------------------------------------------------------------------------------
| Finland | 211.9 | 37.3% | 175.5 | 33.6% | +20.7% |
--------------------------------------------------------------------------------
| Estonia | 149.4 | 26.3% | 180.4 | 34.5% | -17.2% |
--------------------------------------------------------------------------------
| Latvia | 81.2 | 14.3% | 97.4 | 18.6% | -16.6% |
--------------------------------------------------------------------------------
| Lithuania | 69.6 | 12.3% | 65.0 | 12.4% | +6.9% |
--------------------------------------------------------------------------------
| Russia | 54.3 | 9.6% | 0 | 0 | N/A |
--------------------------------------------------------------------------------
| Other | 1.0 | 0.2% | 4.4 | 0.9% | -77.3% |
--------------------------------------------------------------------------------
Two leading geographical markets of Premia Foods are Estonia and Finland.
Finland, while being least influenced by economic crisis among the target
markets, has given a chance to increase turnover both in retail and in HoReCa
sector, but a substantial part of increase in turnover has been a result of
increased price of raw fish. Baltic markets were most influenced by the economic
crisis and frozen products were under the biggest pressure, especially in HoReCa
sector, which has been Premia Foods´ strength for years. Turnover in Russia
covers OOO Hladokombinat No 1 results as of May, when the acquisition of the
company was completed.
Premia Foods gross profit and gross margin in 2nd quarter of 2010 by segments:
--------------------------------------------------------------------------------
| | Gross profit | Gross | Gross profit | Gross |
| | 1st quarter | margin | 2nd quarter 2010 | margin |
| | 2010 | 1st quarter | ( | 2nd quarter |
| | (million | 2010 | million EEK) | 2010) |
| | EEK) | | | |
--------------------------------------------------------------------------------
| Ice cream | 11.8 | 33% | 58.8 | 41% |
--------------------------------------------------------------------------------
| Frozen | 17.5 | 22% | 17.7 | 22% |
| products | | | | |
--------------------------------------------------------------------------------
| Fish and fish | 21.6 | 15% | -2.0 | -2% |
| products | | | | |
--------------------------------------------------------------------------------
Premia Foods gross profit and gross margin in first half of year 2010 by
segments:
--------------------------------------------------------------------------------
| | Gross profit | Gross | Gross profit | Gross |
| | 1st half | margin | 1st half 2009 I | margin |
| | 2010 I | 1st half | (million EEK) | 1st half |
| | (million | 2010 | | 2009 |
| | EEK) | | | |
--------------------------------------------------------------------------------
| Ice cream | 70.6 | 41% | 57.1 | 46% |
--------------------------------------------------------------------------------
| Frozen | 35.2 | 22% | 40.2 | 22% |
| products | | | | |
--------------------------------------------------------------------------------
| Fish and fish | 19.6 | 9% | 44.0 | 21% |
| products | | | | |
--------------------------------------------------------------------------------
Weighted average gross profit margin increased in the 2nd quarter of 2010
compared to the 1st quarter by almost ¼ reaching 24.5%. Average gross profit
margin of the first half was 22.6%. Compared to 1st half of 2009 gross profit
margin has decreased in the segment of ice cream and fish and fish products
mainly due to the increased prices of production-inputs in the product
portfolio. The increase was especially fast in the fish segment due to
substantial increase of the price of raw fish in the world market. Because of
long-term sale contracts in the Finnish market there was no opportunity to
increase the sales price of fish products immediately. As of today the price
pressure has somewhat eased and the sale prices are being corrected.
In the ice cream segment there has been an improvement of gross margins in 2nd
quarter compared to the 1st quarter and the main reason for this are successful,
timely and novelties with higher margins brought into Baltic and St.
Petersburg´s markets. An additional positive factor is the stability of gross
margins of frozen products compared to the results of year 2009.
FINANCIAL RESULTS
The consolidated financial results also contain the results of Hladokombinat No
1 as of May 2010. During the last financial year there was a restructuring of
ZAO Hladokombinat No 1 ice cream business with a purpose of sale (it was
previously an ice cream factory and by now it is a company owning real estate
and is not related to Premia Foods).
Since April 2009 the ice cream business was transferred step-by-step to the new
legal entity OOO Hladokombinat No 1 (ice cream producing company acquired by
Premia Foods) and it´s only field of business is the production and sale of ice
cream. Therefore the financial results of 2009 of OOO Hladokombinat No 1 contain
only the partial volume of the ice cream business whereas the results from May
to June 2010 contain total volume of the ice cream business. Hence the results
from 1st half of year 2009 and 1st half of 2010 are not directly comparable.
The consolidated unaudited turnover of Premia Foods increased by 8.6% i.e. by
44.7 million EEK (2.9 million EUR) in the 1st half of 2010 reaching 567.4
million EEK (36.3 million EUR). The turnover in the 1st half of 2009 was 522.7
million EEK (33.4 million EUR). The increase in turnover is mainly the result
of the increase in sales of frozen and chilled fish in Finland and the
substantial increase of ice cream sales in the 2nd quarter due to seasonal
influences and consolidating Hladokombinat No 1 since May 2010.
Due to price increase of production inputs, the cost of goods sold increased by
12.7% i.e. by 49.5 million EEK (3.2 million EUR) in the 1st half of 2010, as a
result of which gross profit decreased by 3.6% i.e. by 4.8 million EEK (0.31
million EUR). Labour costs increased by 2.7% i.e. by 2.2 million EEK (0.14
million EUR) and operating expenses decreased approximately by 2.3% i.e by 3.2
million EEK (0.2 million EUR). Earnings before financial items and taxes
increased more than 13 times reaching 39.9 million EEK (2.55 million EUR).
Financial expenses decreased by 31.9% i.e. 5.5 million EEK (0.35 million EUR)
and the company foresees their continuing decrease in the near future due to
continuous rearrangement of the group´s loan portfolio and decreasing interest
rates.
The sales and marketing expenses of Premia Foods in the 1st half of 2010
increased by 4.2% i.e by 4.4 million EEK (0.28 million EUR) compared to the same
period last year. A part of increased expenses is a result of increased fees of
retail chains in Baltic, St. Petersburg´s and Finnish markets. Administrative
costs decreased by 20.9%, i.e. 7.6 million EEK (0.48 million EUR).
Expense due to the fair value adjustment on fish stocks was 1 million EEK (0.06
million EUR) in the first half of 2010. In valuating fish stocks it is normal
that in the first and last quarter an expense due to fair value adjustment is
incurred as at water temperatures below 5C additional growth of fish stocks does
not take place while the production cost of fish stocks increases.
The net profit of Premia Foods group in the 1st half of 2010 was 28.6 million
EEK (1.83 million EUR), increasing by 41.4 million EEK (2.65 million EUR) in
comparison with the same period of the previous year. The net loss of 1st half
of 2009 was 12.7 million EEK (0.81 million EUR). Thus, the net profit increased
3.25 times.
ICE CREAM
The sales revenue of ice cream reached 173.7 million EEK (11.1 million EUR) in
the 1st half of 2010, increasing 39.4% i.e. 49.1 million EEK (3.14 million EUR)
within a year. The EBITA of the ice cream segment increased by 65.7% reaching
17.4 million EEK (1.11 million EUR) in comparison with 10.5 million EEK (0.67
million EUR) of the 1st half of 2009.
FROZEN PRODUCTS
The sales revenue of frozen products reached 158.8 million EEK (10.2 million
EUR) in the 1st half of 2010, decreasing by 14.5% i.e 27 million EEK (1.73
million EUR) compared to last year. The EBITDA of the frozen products segment
increased by 30.4% reaching -9.4 million EEK (-0.6 million EUR) compared to
-13.5 million EEK (-0.86 million EUR) achieved in th 1st half of 2009.
FISH AND FISH PRODUCTS
The sales revenue of fish and fish products reached 226.4 million EEK (14.5
million EUR) in the 1st half of 2010 increasing by 8.1% i.e. by 16.9 million EEK
(1.1 million EUR) compared to the last year. The EBITDA of the fish and fish
products segment increased to 34.9 million EEK (2.23 million EUR) compared to
9.2 million EEK (0.59 million EUR) achieved in the 1st half of 2009.The main
reasons for this are the one-time revenues and expenses related to the
fire-accident in Uusikaupunki fish producing unit and the logistical
reorganisation finished in Finland in February 2010 which´ expenses amounted to
0.7 million EEK. The reorganisation of logistics is estimated to help save
approximately 4.7 million EEK annually.
FINANCIAL POSITION
The consolidated balance sheet volume of Premia Foods as of 30.06.2010 was 1.17
billion EEK (74.5 million EUR). At the end of the year 2009 the balance sheet
volume of Premia Foods was 983.1 million EEK (62.8 million EUR). During the 1st
half of 2010 the balance sheet volume increased by 18.7%.
Receivables and prepayments increased by 43.3% i.e 58.4 million EEK (3.7 million
EUR) in comparison with the end of year 2009 reaching 192.4 million EEK (12.3
million EUR).
Inventories increased by 11.5% i.e by 23.5 million EEK (1.5 million EUR)
reaching to 228.6 million EEK (14.6 million EUR) compared to the end of 2009.
The company´s current assets increased by 30.8% reaching 504.4 million EK (32.2
million EUR).
Supplier payables increased by 35.9% i.e by 47.3 million EEK (3 million EUR)
compared to the end of 2009 reaching 179 million EEK (11.4 million EUR).
Total payables decreased by 6.8% i.e by 37.5 million EEK (2.4 million EUR)
reaching 511.4 million EEK (32.7 million EUR). Loans and borrowings and
factoring payables form 288.7 million EEK (18.5 million EUR) of it decreasing by
21.8% i.e 80.5 million EEK (5.14 million EUR) during the half year. Company´s
net debt as of 31.06.2010 was 207.3 million EEK (13.2 million EUR) and the ratio
of net debt to total equity was 31.6%.
The total equity of AS-i Premia Foods as of 30.06.2010 was 655 million EEK (41.9
million EUR) increasing by 52.2% i.e by 224.7 million EEK (14.4 million EUR) in
the half year.
INVESTMENTS
The investments of Premia Foods in the 1st half of 2010 were 68.9 million EEK
(4.4 million EUR), out of which about 59 million EEK (3.8 million EUR) was used
for acquiring companies. The largest investment was acquiring 100% share in
OOO-s Hladokombinat No 1.
PERSONNEL
Premia Foods group employed 993 persons at the end of 1st half of 2010. On
30.06.2009 the group employed 658 persons.
The total sum of salaries in the 1st half of 2010 was 84.9 million EEK (5,43
million EUR). In the first half of 2009 the total sum of salaries was 82.7
million EEK (5.29 million EUR).
Key numerical indicators of the group:
--------------------------------------------------------------------------------
| | 2nd Q | 1st | 2nd Q | 1st | Change | Change |
| | 2010 | half | 2009 | half | 2nd Q | 1st half |
| | | 2010 | | 2009 | 2010 / | 2010 / |
| | | | | | 2009 | 2009 |
--------------------------------------------------------------------------------
| Sales revenue | 333.0 | 567.4 | 299.6 | 522.7 | +11.2% | +8.6% |
| (million EEK) | | | | | | |
--------------------------------------------------------------------------------
| Gross profit | 81.5 | 128.3 | 84.1 | 133.2 | -3.0% | -3.6% |
| (million EEK) | | | | | | |
--------------------------------------------------------------------------------
| EBITDA (million | 69.1 | 69.1 | 37.5 | 34.4 | +84.3% | +100.9% |
| EEK) | | | | | | |
--------------------------------------------------------------------------------
| EBIT (million | 54.2 | 40.1 | 21.7 | 2.80 | +149.6% | +1325.0% |
| EEK) | | | | | | |
--------------------------------------------------------------------------------
| Net profit | 46.5 | 28.6 | 13.4 | -12.7 | +247.0% | +325.2% |
| (-loss) | | | | | | |
| (million EEK) | | | | | | |
--------------------------------------------------------------------------------
| Gross margin | 24.5% | 22.6% | 28.1% | 25.5% | -3.6% | -2.9% |
--------------------------------------------------------------------------------
| EBITDA margin | 20.8% | 12.2% | 12.5% | 6.6% | +8.2% | +5.6% |
--------------------------------------------------------------------------------
| EBIT margin | 16.3% | 7.0% | 7.2% | 0.5% | +9.1% | +6.5% |
--------------------------------------------------------------------------------
| Net profit | 14.0% | 5.0% | 4.5% | -2.4% | +9.5% | +7.5% |
| margin | | | | | | |
--------------------------------------------------------------------------------
| Operating | 24% | 24% | 25% | 27% | -1.1% | -2.7% |
| expense ratio | | | | | | |
--------------------------------------------------------------------------------
| Equity ratio | 56% | 56% | 40% | 40% | -15.8% | -15.8% |
--------------------------------------------------------------------------------
| Liquidity ratio | 1.51 | 1.51 | 1.16 | 1.16 | +0.33 | +0.33 |
--------------------------------------------------------------------------------
| Debt-to-equity | 39.6% | 44.1% | 77.4% | 77.4% | -38% | -33.4% |
| ratio | | | | | | |
--------------------------------------------------------------------------------
Formulas for ratios and margins:
Gross profit = Sales revenue - cost of goods sold
EBITDA = earnings before financial items, tax, depreciation, and amortisation
EBIT = earnings before financial items and tax
Net profit/loss = profit/loss before minority share
EBITDA margin = EBITDA / Sales revenue
Gross margin = Gross profit / Sales revenue
EBIT margin = EBIT / Sales revenue
Net profit margin = Net profit / Revenue from business activities
Operating expense ratio = Operating expenses / Sales revenue
Equity ratio = Equity / Total assets
Liquidity factor = Current assets / Short term liabilities
Debt-to-equity ratio = Interest-bearing liabilities / Equity
--------------------------------------------------------------------------------
| Consolidated Statement of | 30.06.10 | 30.06.10 | 31.12.09 | 31.12.09 |
| Financial Position | EEK ‘000 | EUR ‘000 | EEK ‘000 | EUR ‘000 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 81,457 | 5,206 | 19,618 | 1,254 |
--------------------------------------------------------------------------------
| Receivables and payments | 192,422 | 12,298 | 134,070 | 8,569 |
--------------------------------------------------------------------------------
| Receivables against shareholders | 1,721 | 110 | | |
--------------------------------------------------------------------------------
| Inventories | 228,620 | 14,611 | 205,164 | 13,112 |
--------------------------------------------------------------------------------
| Fixed assets held for sale | 159 | 10 | 26 721 | 1 708 |
--------------------------------------------------------------------------------
| Total current assets | 504,379 | 32,235 | 385,573 | 24,643 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Deferred income tax assets | 5,699 | 364 | 5,541 | 354 |
--------------------------------------------------------------------------------
| Long-term financial investments | 1,648 | 105 | 1,507 | 96 |
--------------------------------------------------------------------------------
| Investment property | 32,600 | 2,084 | 32,600 | 2,084 |
--------------------------------------------------------------------------------
| Tangible fixed assets | 248,251 | 15,866 | 241,980 | 1 |
--------------------------------------------------------------------------------
| Intangible assets | 373,878 | 23,895 | 315,850 | 20,186 |
--------------------------------------------------------------------------------
| Total fixed assets | 662,076 | 42,314 | 597,478 | 38,186 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1,166,45 | 74,549 | 983,051 | 62,828 |
| | 5 | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | 110,136 | 7,039 | 159,556 | 10,198 |
--------------------------------------------------------------------------------
| Factoring payable | 47,258 | 3,020 | 42,754 | 2,732 |
--------------------------------------------------------------------------------
| Payables | 178,978 | 11,439 | 131,686 | 8,416 |
--------------------------------------------------------------------------------
| Total current liabilities | 336,372 | 21,498 | 333,996 | 21,346 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Loans and borrowings | 131,345 | 8,394 | 149,731 | 9,569 |
--------------------------------------------------------------------------------
| Long-term payable to | 0 | 0 | 17,226 | 1,101 |
| shareholders | | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 17,109 | 1,093 | 21,900 | 1,400 |
--------------------------------------------------------------------------------
| Target financing | 26,590 | 1,699 | 26,085 | 1,667 |
--------------------------------------------------------------------------------
| Total noncurrent liabilities | 175,044 | 11,186 | 214,942 | 13,737 |
--------------------------------------------------------------------------------
| Total liabilities | 511,416 | 32,684 | 548,938 | 35,083 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Share capital | 386,829 | 24,723 | 24,183 | 1,546 |
--------------------------------------------------------------------------------
| Share premium | 227,085 | 14,513 | 398,688 | 25,481 |
--------------------------------------------------------------------------------
| Treasury shares | -472 | -29 | -3,986 | -255 |
--------------------------------------------------------------------------------
| Currency translation reserve | 4,695 | 300 | 1,415 | 90 |
--------------------------------------------------------------------------------
| Retained earnings | 36,902 | 2,358 | 10,003 | 639 |
--------------------------------------------------------------------------------
| Equity attributable to the | 655,039 | 41,865 | 430,303 | 27,501 |
| equity holders of the Company | | | | |
--------------------------------------------------------------------------------
| Non-controlling interest | 0 | 0 | 3 810 | 244 |
--------------------------------------------------------------------------------
| Total equity | 655,039 | 41,865 | 434,113 | 27,745 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 1,166,45 | 74,549 | 983,051 | 62,828 |
| | 5 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Consolidated Statement of | 1st half | 1st | 1st half | 1st half |
| Comprehensive Income | 2010 | half | 2009 | 2009 |
| | | 2010 | | |
--------------------------------------------------------------------------------
| | EEK '000 | EUR | EEK '000 | EUR '000 |
| | | '000 | | |
--------------------------------------------------------------------------------
| Sales | 567,392 | 36,263 | 522,675 | 33,405 |
--------------------------------------------------------------------------------
| Cost of goods sold | -439,062 | -28,061 | -389,518 | -24,895 |
--------------------------------------------------------------------------------
| Gross profit | 128,330 | 8,202 | 133,157 | 8,510 |
--------------------------------------------------------------------------------
| Total operating expenses | -138,735 | -8,866 | -141,964 | -9,073 |
--------------------------------------------------------------------------------
| Sales and marketing expenses | -109,923 | -7,025 | -105,519 | -6,744 |
--------------------------------------------------------------------------------
| Administrative expenses | -28,812 | -1,841 | -36,445 | -2,329 |
--------------------------------------------------------------------------------
| Other income/expense | 49,509 | 3,164 | 1,868 | 119 |
--------------------------------------------------------------------------------
| Fair value adjustment on | 1,019 | 65 | 9,778 | 625 |
| biological assets | | | | |
--------------------------------------------------------------------------------
| Operating profit (loss) | 40,123 | 2,565 | 2,839 | 181 |
--------------------------------------------------------------------------------
| Financial income | 1,892 | 121 | 3,498 | 224 |
--------------------------------------------------------------------------------
| Financial expense | -11,831 | -756 | -17,393 | -1,112 |
--------------------------------------------------------------------------------
| Profit (loss) before tax | 30,184 | 1,930 | -11,056 | -707 |
--------------------------------------------------------------------------------
| Deferred income tax | -1,549 | -99 | -1,699 | -109 |
--------------------------------------------------------------------------------
| Net profit (loss) for the | 28,635 | 1 831 | -12 755 | -816 |
| period | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income | | | | |
| (loss) | | | | |
--------------------------------------------------------------------------------
| Foreign currency translation | 3,280 | 210 | 1,192 | 76 |
| services | | | | |
--------------------------------------------------------------------------------
| Other comprehensive income | 3,280 | 210 | 1,192 | 76 |
| (loss) | | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | 31,915 | 2,041 | -11,563 | -740 |
| (loss) for the period | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Net profit (loss) for the | | | | |
| period attributable to: | | | | |
--------------------------------------------------------------------------------
| Owners of the company | 28,413 | 1,817 | -13,061 | -836 |
--------------------------------------------------------------------------------
| Non-controlling interest | 222 | 14 | 306 | 20 |
--------------------------------------------------------------------------------
| Total net profit (loss) for the | 28,635 | 1,831 | -12,755 | -816 |
| period | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | | | | |
| (loss) attributable to: | | | | |
--------------------------------------------------------------------------------
| Owners of the company | 28,635 | 1,831 | -11,869 | -760 |
--------------------------------------------------------------------------------
| Non-controlling interest | 3,280 | 210 | 306 | 20 |
--------------------------------------------------------------------------------
| Total comprehensive profit | 31,915 | 2,041 | -11,563 | -740 |
| (loss) for the period | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Basic earnings (loss) per share | 1.58 | 0.09 | -10.54 | -0.67 |
--------------------------------------------------------------------------------
| Diluted earnings (loss) per | 1.58 | 0.09 | -10.54 | -0.67 |
| share | | | | |
--------------------------------------------------------------------------------
Additional information:
Andri Avila
CFO, board member
+372 603 3800
andri.avila@premia.ee
AS Premia Foods Unaudited Financial Results for the 2nd quarter and first half of 2010
| Source: PRFoods