Tallinn, Estonia, 2012-02-21 08:50 CET (GLOBE NEWSWIRE) --
The Management Board of Premia Foods has submitted for the approval of the Supervisory Board and the Annual General Meeting of shareholders its proposal to continue with the previously announced dividend policy and to distribute profit for 2011 in the amount of 387 thousand euro, i.e. 0.01 euro per share.
“We are satisfied with Premia Foods’ results for 2011, especially considering the better than planned growth of the fish business segment in the Finnish market. Bearing in mind the rapid growth that took place in raw material prices, the increase of the company’s gross margin is a well-done achievement from the management,” noted the Chairman of the Supervisory Board Indrek Kasela. “Regretfully the one-off costs related to the relocation of the Russian production unit were higher than planned, but at the same time from July 2011, the production there is operating in the new location and the performance of the Russian unit is in accordance with the approved budget. Despite the technical net loss in 2011, Premia Foods intends to propose to pay dividends for the year 2011 on account of retained profit and in the same amount as for 2010,” said Kasela.
Premia Foods forecasts the consolidated turnover for 2012 to be 93.5 million euro, which means a 6% increase in turnover. Premia Foods aims to earn EBITDA from operations of 6.3 million euro, which is 10.6% more than in 2011. The company forecasts profit before taxes to be 1.6 million euro.
„We are expecting growth from all of our business segments, focusing on brand building and development in all our target markets. Also it is our aim to take maximum advantage of the increased efficiency resulting from the reorganisation in the fish and ice cream production conducted in 2011,” said Kuldar Leis, Chairman of Management Board of Premia Foods.
Additional Information:
Kuldar Leis
Premia Foods
Chairman of Management Board
T: 6 033 800
kuldar.leis@premia.ee
www.premiafoods.eu