Tallinn, Estonia, 2012-02-21 08:00 CET (GLOBE NEWSWIRE) --
The unaudited consolidated turnover of the company of the 12 months of 2011 was 88.3 million euro. Compared to the previous year, the turnover increased by 11 million euro, i.e. by 14%. Premia’s turnover forecast for 2011 was exceeded by 2.8 million euro, i.e. by 3.3%.
In the 4th quarter of 2011, the turnover of Premia was 20 million euro; the growth if compared to the same period of the previous year was 2.2 million euro, i.e. 12%. The proportion of export in the turnover was 71%
The gross profit of the 12 months was 22.9 million euro, having increased by 23%, i.e. 4.3 million euro, if compared to the previous year. While summarising the 12 months, the gross profit has increased in all business segments, the greatest growth has been achieved in the fish and fish products business segment.
The gross margin of the period of 12 months has improved, if compared to 2010, and the average gross margin of the year was 26%, which is 1.8 percentage points higher than in 2010.
EBITDA before one-off revenues and costs of the 12 months of 2011 was 5.7 million euro, the respective figure of the previous year was 4.4 million euro, growth in year 2011 was 29%.
The one-off cost of year 2011 in the amount of 1.1 million euro arouse in connection with the relocation of the production and logistics operations in Russia. The profit of 2010 includes the insurance compensation for the loss of profit in the fish and fish products business segment in the amount of 1.6 million euro, of which 0.5 million euro was paid out in the 4th quarter.
The impact of the revaluation of livestock to the profit of year 2011 was -0.4 million euro, in 2010 the respective figure was 1 million euro. The revaluation of the livestock does not influence Premia’s everyday activities.
While summarizing the 12 months of 2011, Premia earned loss in the amount of 0.5 million euro.
The group’s key ratios per quarters of the 12 months have been indicated in the following table.
|
Profit and Loss, EUR mln |
Q1 | Q2 | Q3 | Q4 | 12m '11 | Q1 | Q2 | Q3 | Q4 | 12m '10 | ||
| Sales | 16.7 | 27.6 | 24.1 | 20.0 | 88.3 | 15.0 | 21.3 | 23.2 | 17.8 | 77.3 | ||
| Gross profit | 3.2 | 8.1 | 6.8 | 4.7 | 22.9 | 3.0 | 5.5 | 7.1 | 3.1 | 18.7 | ||
| EBITDA operations | -0.6 | 2.7 | 2.0 | 0.4 | 4.6 | 0.4 | 1.8 | 3.5 | 0.5 | 6.1 | ||
| EBITDA | -1.3 | 2.2 | 3.2 | 0.1 | 4.2 | 0.0 | 2.2 | 4.7 | 0.2 | 7.1 | ||
| EBIT | -2.3 | 1.2 | 2.3 | -1.0 | 0.2 | -0.9 | 1.3 | 3.6 | -0.9 | 3.1 | ||
| Net profit | -2.0 | 1.1 | 1.6 | -1.2 | -0.5 | -1.1 | 0.8 | 2.9 | -1.2 | 1.3 | ||
| Gross margin | 19.4% | 29.5% | 28.4% | 23.7% | 26.0% | 20.0% | 25.8% | 30.5% | 17.4% | 24.2% | ||
| EBITDA margin | -7.8% | 8.0% | 13.3% | 0.4% | 4.7% | 0.0% | 10.3% | 20.4% | 0.9% | 9.2% | ||
| EBIT margin | -13.8% | 4.4% | 9.5% | -5.0% | 0.2% | -6.1% | 5.9% | 15.5% | -4.9% | 4.0% | ||
| Net margin | -11.9% | 4.0% | 6.6% | -6.2% | -0.6% | -7.6% | 3.6% | 12.5% | -6.9% | 1.7% | ||
| Operating exp ratio | 29.6% | 23.4% | 24.4% | 27.5% | 25.8% | 25.1% | 24.0% | 23.8% | 26.7% | 24.8% | ||
|
Balance Sheet, EUR mln |
31.12.10 | 31.03.11 | 30.06.11 | 30.09.11 | 31.12.11 | 31.12.09 | 31.03.10 | 30.06.10 | 30.09.10 | 31.12.10 | ||
| Net debt | 11.2 | 14.5 | 13.0 | 10.7 | 11.3 | 18.5 | 20.1 | 10.2 | 9.3 | 11.2 | ||
| Equity | 41.4 | 39.4 | 40.1 | 41.7 | 40.5 | 27.7 | 26.6 | 39.6 | 42.7 | 41.4 | ||
| Working capital | 12.8 | 12.1 | 12.9 | 15.0 | 13.8 | 3.3 | 2.7 | 8.5 | 14.0 | 12.8 | ||
| Assets | 68.9 | 68.9 | 70.6 | 66.2 | 64.2 | 62.8 | 62.4 | 74.6 | 70.8 | 68.9 | ||
| Liquidity ratio | 1.87 | 1.75 | 1.73 | 2.27 | 2.20 | 1.15 | 1.12 | 1.36 | 1.92 | 1.87 | ||
| Equity ratio | 60% | 57% | 57% | 63% | 63% | 44% | 43% | 53% | 60% | 60% | ||
| Gearing ratio | 21% | 27% | 24% | 20% | 22% | 40% | 43% | 21% | 18% | 21% | ||
| Net debt/EBITDA | 1.58 | 2.50 | 2.24 | 2.53 | 2.70 | 2.98 | 3.15 | 1.65 | 1.58 | 1.58 | ||
| ROE | 4% | 1% | 2% | -1% | -1% | 3% | 5% | 3% | 1% | 4% | ||
| ROA | 2% | 1% | 1% | -1% | -1% | 1% | 2% | 2% | 1% | 2% |
The main figures by business segments of Premia Foods for 4th quarter and 12 months:
| EUR million | Q1 | Q2 | Q3 | Q4 | 12m '11 | Q1 | Q2 | Q3 | Q4 | 12m '10 | |
| Sales | |||||||||||
| Ice cream | 4.0 | 12.2 | 9.4 | 3.2 | 28.8 | 1.9 | 9.2 | 12.0 | 3.3 | 26.4 | |
| Frozen food | 4.9 | 5.0 | 5.6 | 5.1 | 20.6 | 5.0 | 5.1 | 4.8 | 4.9 | 19.8 | |
| Fish and fish products | 7.4 | 9.8 | 8.6 | 11.2 | 36.9 | 7.8 | 6.7 | 6.0 | 9.3 | 29.8 | |
| Other | 0.3 | 0.5 | 0.5 | 0.6 | 1.9 | 0.3 | 0.2 | 0.4 | 0.3 | 1.3 | |
| Total | 16.7 | 27.6 | 24.1 | 20.0 | 88.3 | 15.0 | 21.3 | 23.2 | 17.8 | 77.3 | |
| Gross profit | |||||||||||
| Ice cream | 1.0 | 5.3 | 3.5 | 0.7 | 10.5 | 0.8 | 3.8 | 5.0 | 0.4 | 10.0 | |
| Frozen food | 1.1 | 0.9 | 1.4 | 1.1 | 4.6 | 1.1 | 1.1 | 1.1 | 1.1 | 4.5 | |
| Fish and fish products | 1.0 | 1.8 | 1.9 | 2.6 | 7.2 | 1.4 | 0.2 | 0.9 | 1.4 | 3.9 | |
| Gross margin | |||||||||||
| Ice cream | 26% | 43% | 37% | 24% | 37% | 40% | 41% | 42% | 13% | 38% | |
| Frozen food | 23% | 19% | 25% | 22% | 22% | 22% | 22% | 22% | 23% | 22% | |
| Fish and fish products | 13% | 18% | 22% | 23% | 19% | 18% | 2% | 15% | 15% | 13% | |
| EBITDA from operations | |||||||||||
| (before fair value adjustment) | |||||||||||
| Fish and fish products | 0.2 | 0.9 | 1.0 | 1.7 | 3.8 | 0.3 | 0.2 | 1.0 | 1.6 | 3.1 | |
| EBITDA | |||||||||||
| Ice cream | -0.4 | 2.0 | 0.9 | -0.9 | 1.5 | 0.1 | 1.6 | 2.8 | -1.0 | 3.4 | |
| Frozen food | -0.3 | 0.1 | 0.2 | -0.4 | -0.3 | -0.3 | -0.1 | 0.0 | -0.2 | -0.6 | |
| Fish and fish products | -0.5 | 0.4 | 2.1 | 1.3 | 3.4 | 0.0 | 0.6 | 2.3 | 1.3 | 4.1 | |
| EBIT | |||||||||||
| Ice cream | -0.8 | 1.5 | 0.5 | -1.3 | -0.1 | -0.1 | 1.2 | 2.2 | -1.4 | 1.9 | |
| Frozen food | -0.5 | 0.1 | 0.0 | -0.6 | -0.9 | -0.5 | -0.2 | -0.2 | -0.4 | -1.4 | |
| Fish and fish products | -0.8 | 0.1 | 1.9 | 1.0 | 2.2 | -0.3 | 0.3 | 2.0 | 1.0 | 3.0 |
Fish and fish products business segment
The turnover of the fish and fish products business segment reached 11.2 million euro in the 4th quarter, having increased by 20%, if compared to the previous year. While summarising the year, this business segment generated the turnover of 37 million euro and the total 24% growth in turnover. 5.5 million euro of the additional turnover of 7.2 million euro earned in 2011 was generated in the Finnish market and the remaining part in the Estonian market.
The greatest growth in sales, i.e. the 61%, has been achieved in the sales of cold and hot smoked fish products, which as at today generate 1/3 of the total turnover of this business segment.
The improvement of the gross margin of the fish and fish products business segment continued also in the 4th quarter of 2011 when the 23% gross margin was achieved. This was the best result of this business segment in 2011 and while summarising the year, the gross margin of the fish and fish products business segment was 19%, which is by 6 percentage points higher than the average of 2010.
The growth of gross profit continued also in the 4th quarter and the fish and fish products business segment earned 2.6 million euro of gross profit during this period. While summarising the 12 months, this business segment earned 7.2 million euro of gross profit, the growth as compared to 2010 was 85%.
The operational EBITDA of the fish business segment has increased by 0.7 million euro in the 12 months, reaching 3.8 million euro. The EBITDA of the 12 months of 2010 included the insurance compensation for the loss of profit in the amount of 1.6 million euro.
Ice cream business segment
In the summary of the 12 months 2011, Premia earned the turnover of 28.8 million euro, and additional turnover of 9%, i.e. 2.4 million euro, from the ice cream business segment. In the Baltic states, the turnover of ice cream segment in 2011 was 19.1 million euro, growing by 10% compared to the year 2010. In the 4th quarter, turnover of 3.2 million euro was earned from the ice cream business segment, which is on the same level with the result of the same period last year.
If compared to 2010, the gross margin of this business segment of the 4th quarter has approved significantly, having grown up to 23% during the referred period, i.e. 10 percentage points per year. The average gross margin of the ice cream business segment in 2011 was 37%, which is on the same level with the same ratio of the same period last year.
The gross profit of the ice cream business segment increased by 0.3 million euro in the 4th quarter and in the summary of the whole year, this business segment earned gross profit of 0.5 million euro more than in 2010. While summarising the year 2011, the ice cream business segment earned gross profit in the amount of 10.5 million euro – this granted the ice cream business the leading position among all the business segments and formed 47% of the total gross profit of Premia.
In the summary of the 12 months of 2011, the ice cream business segment generated 1.5 million euro of EBITDA, while in the Baltic states Premia earned 3.5 million euro of EBITDA, i.e. 0.5 million euro more than during the year 2010. Mainly due to the one-off cost arising from the re-location of the ice cream factory in St. Petersburg, the EBITDA of this business segment was less than the respective results in 2010.
Frozen goods business segment
The frozen goods business segment continued to grow also in the 4th quarter and resulted in the turnover of 5.1 million euro; and if compared to the same period in 2010, growth in turnover is 4.8%. In the summary of the whole year, this business segment achieved turnover growth of 4% and turnover of 20.6 million euro.
The gross margin of the frozen goods business segment was 22% in both periods – in the 4th quarter and in the summary of the whole year, which is very good result considering the increased turnover. In 2011, this business segment earned gross profit of 0.1 million euro more than during the same period 2010, and resulted in 4.6 million euro.
In the summary of the 12 months, the EBITDA of the frozen goods business segment was -0.3 million euro and if compared to the same period in 2010, this ratio has approved by 0.3 million euro.
BUSINESS SEGMENT ANALYSIS BY MARKETS
| Sales (EUR million) | Q1 | Q2 | Q3 | Q4 | 12m '11 | Q1 | Q2 | Q3 | Q4 | 12m '10 | |
| Finland | 6.3 | 8.5 | 7.7 | 9.2 | 31.8 | 7.0 | 6.6 | 4.7 | 8.0 | 26.2 | |
| Estonia | 4.7 | 7.5 | 7.3 | 5.8 | 25.2 | 4.3 | 5.2 | 7.2 | 4.8 | 21.6 | |
| Latvia | 2.3 | 3.6 | 3.5 | 2.3 | 11.7 | 2.3 | 2.9 | 3.4 | 2.2 | 10.9 | |
| Lithuania | 1.4 | 3.6 | 3.1 | 1.5 | 9.6 | 1.3 | 3.1 | 3.5 | 1.3 | 9.3 | |
| Russia | 1.9 | 4.3 | 2.5 | 1.1 | 9.8 | 0.0 | 3.5 | 4.3 | 1.4 | 9.2 | |
| Other | 0.0 | 0.1 | 0.0 | 0.1 | 0.2 | 0.1 | 0.0 | 0.1 | 0.0 | 0.2 |
The summary of the 12 months, the turnovers in all Premia’s target markets have increased, if compared to 2010.
The Finnish market made a remarkable achievement in the growth of turnover, generating 5.6 million euro of additional turnover during the 12 months. The growth in turnover in the 4th quarter, if compared to the same period in 2010, was 15%. In the Finnish market, Premia sells mainly chilled and frozen fish products and the growth in turnover was the result of aggressive sales and assortment strategy.
In 2011, the Estonian market has also been very successful. The turnover results of 2010 have been exceeded in all quarters, whereas in the 4th quarter, the turnover generated from this market increased by 1 million euro. In the summary of the 12 months, the turnover of the Estonian market, if compared to 2010, has increased by 17%, i.e. 3.6 million euro. In the Estonian market, Premia sells ice cream, frozen goods and chilled and frozen fish products.
Latvia has, similarly to Estonia, exceeded the turnover results of 2010 in all quarters and in the summary of the 12 months of 2011, the growth in turnover, if compared to 2010, has been 7%. In Latvia (as in Estonia) the whole product portfolio of Premia (ice cream, frozen goods and fish products) is represented in the market.
Lithuania has, in 2011, exceeded the result of the 12 months of 2010 by 0.4 million euro, i.e. by 4%. In the 4th quarter of 2011, the turnover of this market increased by 17%, i.e. by 0.2 million euro, if compared to 2010. In Lithuania, the product portfolio also comprises of fish, ice cream and frozen goods, whereas the greatest developments in 2011 were achieved in the frozen goods and fish business segments.
Russia has in the summary of the 12 months, if compared to 2010, achieved turnover growth of 7.4% and by the end of the year 2011, the turnover reached 9.8 million euro. In Russia, the main event of the year was the relocation of the factory, which resulted in larger costs than initially planned and in reorganisation of the product portfolio. Due to the fact that the summer in St. Petersburg was poorer than for example in the Baltics there was also certain decrease in the consumption of ice cream in that region, which had adverse effect on the sales of the 3rd quarter. In the 4th quarter, there was also certain fall-back, if compared to the same period in 2010, which is the result of the price pressure in that market. In the St. Petersburg’s market, Premia also focuses on long-term brand-building of strong brands sold in the middle and upper end of the price range.
Additional information:
Kuldar Leis
Chairman of Management Board
Premia Foods
T: +372 6 033 800
kuldar.leis@premia.ee
www.premiafoods.eu
