PRF: Consolidated Unaudited Interim Report for 4th Quarter and 12 Months, 2012

Tallinn, Estonia, 2013-02-19 08:00 CET (GLOBE NEWSWIRE) --

The main financial results of the operations of Premia Foods during the reporting period are the following:

The unaudited consolidated turnover of the 4^th quarter was 19.6 million euro, which is 0.4 million euro, i.e. 1.8%, less than the result of the previous year.
The turnover of 12 months was 86.4 million euro which is 1.9 million euro, i.e. 2.1%, less than the result of 2011.
If compared to 2011, the turnover increased in all the Baltic markets and in the frozen goods business segment during both periods – in the 4^th quarter and as well as in the summary of the 12 months.
In the summary of the 12 months of 2012, the gross margin increased, if compared to the same period of 2011, by 1.4 percentage points reaching the level of 27.4%. During the same period, the gross profit increased by 0.8 million euro. The growth originates from increased profitability of the ice cream business segment and the frozen goods business segment.
The operational EBITDA in the 4^th quarter was 0.2 million euro less than during the same period previous year. In the summary of the 12 months, the respective figure was 0.5 million euro less than during the same period in 2011. In the 4^th quarter as well as in the summary of the whole year, the material part of this decrease came from the fish and fish products business segment.
The net profit of the 4^th quarter of 2012 increased 2.1 times, being 0.7 million euro more than the result of the same period of 2011.
In the summary of the 12 months of 2012, the net profit of the company was 0.1 million euro, the growth of the net profit is, if compared to the result of 2011, 0.7 million euro.

The company’s key ratios of the 4^th quarter and the 12 months of 2012 have been indicated in the following table.

											KEY RATIOS

Profit & Loss, EUR mln	formula	Q1	Q2	Q3	Q4	12m 2012	Q1	Q2	Q3	Q4	12m 2011
Sales		17,1	26,1	23,6	19,6	86,4	16,7	27,6	24,1	20,0	88,3
Gross profit		4,2	7,9	7,1	4,5	23,7	3,2	8,1	6,8	4,7	22,9
EBITDA from operations	before one-offs and fair value adjustment	0,0	2,7	2,1	0,3	5,2	-0,5	3,4	2,3	0,5	5,7
EBITDA		-0,6	1,9	1,9	0,2	3,3	-1,3	2,2	3,2	0,0	4,1
EBIT		-1,4	1,1	1,0	-0,6	0,1	-2,3	1,2	2,3	-1,0	0,2
Net profit		-1,2	0,8	1,1	-0,6	0,1	-2,0	1,1	1,6	-1,3	-0,6
Gross margin	Gross profit / Net sales	24,5%	30,4%	30,2%	22,7%	27,4%	19,4%	29,5%	28,4%	23,7%	26,0%
Operational EBITDA margin	EBITDA from operations/Net sales	0,1%	10,5%	8,9%	1,6%	6,0%	-2,7%	12,4%	9,4%	2,3%	6,4%
EBIT margin	EBIT / Net sales	-8,3%	4,0%	4,4%	-2,8%	0,1%	-13,8%	4,4%	9,5%	-5,1%	0,2%
Net margin	Net earnings / Net sales	-6,9%	2,9%	4,7%	-3,0%	0,1%	-11,9%	4,0%	6,6%	-6,3%	-0,6%
Operating expense ratio	Operating expenses / Net sales	29,7%	24,0%	26,1%	25,9%	26,1%	29,6%	23,4%	24,4%	27,7%	25,8%

Balance Sheet, EUR mln	formula	31.12.11	31.03.12	30.06.12	30.09.12	31.12.12	31.12.10	31.03.11	30.06.11	30.09.11	31.12.11
Net debt	Short and Long term Loans and Borrowings - Cash	11,3	12,2	12,0	10,9	13,8	11,2	14,5	13,0	10,7	11,3
Equity		40,5	39,3	39,8	37,1	36,5	41,4	39,4	40,1	41,7	40,5
Working capital	Current Assets - Current Liabilities	12,8	12,0	12,4	9,7	12,2	12,8	12,1	12,9	15,0	13,7
Assets		64,1	64,2	68,5	65,4	63,2	68,9	68,9	70,6	66,2	64,1
Liquidity ratio	Current Assets / Current Liabilities	2,19	1,91	1,70	1,55	1,91	1,87	1,75	1,73	2,27	2,19
Equity ratio	Equity / Total Assets	63%	61%	58%	57%	58%	60%	57%	57%	63%	63%
Gearing ratio	Net Debt / (Equity + Net Debt)	22%	24%	23%	23%	28%	21%	27%	24%	20%	22%
Net debt-to-EBITDA	Net Debt / EBITDA from operations	1,98	1,98	2,19	2,06	2,68	2,54	4,01	2,35	2,09	1,98
ROE	Net Earnings / Average Equity	-1%	1%	0%	-1%	0%	4%	1%	2%	-1%	-1%
ROA	Net Earnings / Average Assets	-1%	0%	0%	-1%	0%	2%	1%	1%	-1%	-1%

The main figures by the business segments of Premia Foods for the 4^th quarter and 12 months are indicated in the table below.

										SEGMENT ANALYSIS

EUR million	Q1	Q2	Q3	Q4	12m 2012	Q1	Q2	Q3	Q4	12m 2011
*Sales*
Ice cream	3,7	10,7	10,0	3,0	27,4	4,0	12,2	9,4	3,2	28,8
Frozen goods	5,3	5,6	5,6	5,9	22,4	4,9	5,0	5,6	5,1	20,6
Fish and fish products	7,7	9,2	7,3	10,1	34,2	7,4	9,8	8,6	11,2	36,9
Other	0,4	0,6	0,6	0,6	2,3	0,3	0,5	0,5	0,6	1,9
Total	17,1	26,1	23,6	19,6	86,4	16,7	27,6	24,1	20,0	88,3

*Gross profit*
Ice cream	1,3	5,0	4,6	1,0	11,8	1,0	5,3	3,5	0,7	10,5
Frozen goods	1,2	1,3	1,3	1,3	5,1	1,1	0,9	1,4	1,1	4,6
Fish and fish products	1,5	1,5	1,1	2,0	6,1	1,0	1,8	1,9	2,6	7,2

*Gross margin*
Ice cream	35%	46%	46%	34%	43%	26%	43%	37%	24%	37%
Frozen goods	24%	23%	23%	22%	23%	23%	19%	25%	22%	22%
Fish and fish products	20%	16%	15%	20%	18%	13%	18%	22%	23%	19%

*EBITDA from operations*
Ice cream	-0,4	1,8	1,5	-0,6	2,4	-0,3	2,7	1,1	-0,9	2,6
Frozen goods	-0,3	0,2	0,1	-0,3	-0,3	-0,3	0,1	0,2	-0,4	-0,3
Fish and fish products	0,7	0,8	0,6	1,3	3,3	0,2	0,9	1,0	1,7	3,8

*EBITDA*
Ice cream	-0,4	1,8	1,5	-0,6	2,4	-0,4	2,0	0,9	-0,9	1,5
Frozen goods	-0,3	0,2	0,1	-0,3	-0,3	-0,3	0,1	0,2	-0,4	-0,3
Fish and fish products	0,1	-0,1	0,3	1,1	1,5	-0,5	0,4	2,1	1,3	3,3

*EBIT*
Ice cream	-0,6	1,5	1,2	-0,8	1,3	-0,8	1,5	0,5	-1,3	0,0
Frozen goods	-0,5	0,1	0,0	-0,5	-0,9	-0,5	0,1	0,0	-0,6	-0,9
Fish and fish products	-0,1	-0,3	0,1	0,9	0,6	-0,8	0,1	1,9	1,0	2,1

Appendixes: Consolidated Unaudited Interim Report of Premia Foods of Q4 and 12 months, 2012 and presentation on the results of the reporting period.

         Additional information:

         Kuldar Leis
         CEO
         Premia Foods
         T: +372 6 033 800
         kuldar.leis@premia.ee
         www.premiafoods.eu

PRF: Consolidated Unaudited Interim Report for 4th Quarter and 12 Months, 2012

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