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 4th 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 4th 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 4th 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 4th 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 4th 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 4th 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 4th 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
