Tallinn, Estonia, 2014-02-18 15:00 CET (GLOBE NEWSWIRE) --
The financial results of Premia Foods of 12 months of 2013 may be characterized by the fast increase of turnover, improved profitability and decreased operating costs. The turnover of 2013 reached 98.9 million euro, increasing by 14.4% within a year. The EBITDA of 12 months of 2013 was 4.9 million euro which is 1.5 times higher that during the previous year. The net profit increased in 2013 by 0.7 million euro, reaching 0.8 million euro.
4th quarter of 2013:
- The unaudited consolidated turnover increased by 32.4%, i.e. 6.4 million euro, reaching 25.9 million euro, if compared to the 4th quarter of 2012.
- The operating profit -0.7 million euro, which is by 0.1 million euro less than the result of 2012.
- The net loss 1.1 million euro, which is by 0.5 million euro less than the result of the previous year.
- The operating expense ratio, i.e. its proportion in turnover, decreased by 5.7 percentage points.
- The cash flow from operations 1.8 million euro, increase by 0.5 million euro.
The record-making increase in the turnover of the 4th quarter resulted mainly from the sale of raw fish and fish fillet with a lower added value in the Finnish market, which in turn resulted in achieving the gross profit equivalent to the previous year. The fish farming, partially recovered after the restrictions of the Swedish Board of Agriculture were released, resulted in higher stock revaluation loss during the fourth quarter due to its normal cyclical nature. On 17 December 2013, the Swedish Board of Agriculture decided to make an advance payment in the amount of 452 thousand euro on the basis of the claim for damages and the loss of profit submitted by Premia; it has been accounted under other operating income of the fourth quarter. The fluctuations of the Russian ruble and the Swedish krona resulted in an exchange rate loss of 233 thousand euro, 2/3 of which was non-monetary unrealized foreign exchange rate loss from the revaluation of claims. The cash flow from operations improved by 0.5 million euro, if compared to the previous year.
12 months 2013:
- The largest organic increase in turnover throughout the history of the company. The unaudited consolidated turnover was 98.9 million euro, increasing by 14.4%, i.e. 12.5 million euro, within a year.
- The turnover increased in all business segments and target markets, except in Russia, where the decrease in turnover resulted from the weakening of the exchange rate of ruble against the euro.
- The operating profit was 2.4 million euro, exceeding the previous year’s result by 2.3 million euro. The operating profit increased in all business segments.
- The net profit was 0.8 million euro, which is by 0.7 million euro higher that the result of the previous year.
- The operating expense ratio in turnover was 22.6% which is 3.6 percentage points lower than the result of the previous year.
In the rapid turnover growth conditions of the food sector, the operating costs decreased by 0.3 million euro and the operating profit as well as the net profit improved considerably. The unfavourable fluctuation of the Russian ruble and the Swedish krona resulted in an exchange rate loss of 0.7 million euro in the summary of the year.
KEY RATIOS | |||||||||||||
Profit & Loss, EUR mln | formula | Q1 | Q2 | Q3 | Q4 | 12m 2013 | Q1 | Q2 | Q3 | Q4 | 12m 2012 | ||
Sales | 18,3 | 27,8 | 26,9 | 25,9 | 98,9 | 17,1 | 26,1 | 23,6 | 19,6 | 86,4 | |||
Gross profit | 3,8 | 8,0 | 7,1 | 4,5 | 23,3 | 4,2 | 7,9 | 7,1 | 4,4 | 23,7 | |||
EBITDA from operations | before one-offs and fair value adjustment | -0,4 | 2,4 | 2,1 | -0,1 | 4,0 | 0,0 | 2,7 | 2,1 | 0,3 | 5,1 | ||
EBITDA | -0,7 | 2,4 | 3,3 | -0,1 | 4,9 | -0,6 | 1,9 | 1,9 | 0,1 | 3,3 | |||
EBIT | -1,3 | 1,7 | 2,7 | -0,7 | 2,4 | -1,4 | 1,1 | 1,0 | -0,6 | 0,1 | |||
Net profit | -1,2 | 1,0 | 2,1 | -1,1 | 0,8 | -1,2 | 0,8 | 1,1 | -0,6 | 0,1 | |||
Gross margin | Gross profit / Net sales | 20,6% | 28,6% | 26,4% | 17,2% | 23,6% | 24,5% | 30,4% | 30,2% | 22,6% | 27,4% | ||
Operational EBITDA margin | EBITDA from operations/Net sales | -2,2% | 8,8% | 7,8% | -0,5% | 4,1% | 0,1% | 10,5% | 8,9% | 1,3% | 5,9% | ||
EBIT margin | EBIT / Net sales | -7,3% | 6,2% | 10,0% | -2,8% | 2,4% | -8,3% | 4,0% | 4,4% | -3,1% | 0,1% | ||
Net margin | Net earnings / Net sales | -6,5% | 3,7% | 7,7% | -4,3% | 0,8% | -6,9% | 2,9% | 4,7% | -3,1% | 0,1% | ||
Operating expense ratio | Operating expenses / Net sales | 27,1% | 22,7% | 21,6% | 20,3% | 22,6% | 29,7% | 24,0% | 26,1% | 26,1% | 26,2% | ||
Balance Sheet, EUR mln | formula | 31.12.12 | 31.03.13 | 30.06.13 | 30.09.13 | 31.12.13 | 31.12.11 | 31.03.12 | 30.06.12 | 30.09.12 | 31.12.12 | ||
Net debt | Short and Long term Loans and Borrowings - Cash | 13,8 | 13,2 | 15,2 | 14,6 | 13,2 | 11,3 | 12,2 | 12,0 | 10,9 | 13,8 | ||
Equity | 36,5 | 35,3 | 36,1 | 38,2 | 37,2 | 40,5 | 39,3 | 39,8 | 37,1 | 36,5 | |||
Working capital | Current Assets - Current Liabilities | 12,1 | 10,4 | 10,8 | 13,1 | 10,2 | 12,8 | 12,0 | 12,4 | 9,7 | 12,1 | ||
Assets | 63,2 | 62,4 | 67,7 | 66,1 | 63,7 | 64,1 | 64,2 | 68,5 | 65,4 | 63,2 | |||
Liquidity ratio | Current Assets / Current Liabilities | 1,91 | 1,73 | 1,58 | 1,86 | 1,63 | 2,19 | 1,91 | 1,70 | 1,55 | 1,91 | ||
Equity ratio | Equity / Total Assets | 58% | 57% | 53% | 58% | 58% | 63% | 61% | 58% | 57% | 58% | ||
Gearing ratio | Net Debt / (Equity + Net Debt) | 28% | 27% | 30% | 28% | 26% | 22% | 24% | 23% | 23% | 28% | ||
Net debt-to-EBITDA | Net Debt / EBITDA from operations | 2,71 | 2,80 | 3,46 | 3,31 | 3,29 | 2,55 | 1,98 | 2,19 | 2,06 | 2,71 | ||
ROE | Net Earnings / Average Equity | 0% | 0% | 1% | 3% | 2% | -1% | 1% | 0% | -1% | 0% | ||
ROA | Net Earnings / Average Assets | 0% | 0% | 1% | 2% | 1% | -1% | 0% | 0% | -1% | 0% |
Consolidated statement of financial position
EUR ‘000 | 31/12/2013 | 31/12/2012 | ||
Cash and cash equivalents | 1,313 | 1,357 | ||
Receivables and prepayments | 8,376 | 8,152 | ||
Inventories | 10,260 | 10,308 | ||
Biological assets | 6,270 | 5,631 | ||
Total current assets | 26,219 | 25,448 | ||
Deferred income tax assets | 370 | 473 | ||
Long-term financial investments | 127 | 131 | ||
Investment property | 2,084 | 2,084 | ||
Property, plant and equipment | 12,500 | 12,499 | ||
Intangible assets | 22,373 | 22,548 | ||
Total non-current assets | 37,454 | 37,735 | ||
TOTAL ASSETS | 63,673 | 63,183 | ||
Borrowings | 6,035 | 3,953 | ||
Payables and prepayments | 10,016 | 9,399 | ||
Total current liabilities | 16,051 | 13,352 | ||
Borrowings | 8,470 | 11,239 | ||
Deferred income tax liabilities | 717 | 659 | ||
Government grants | 1,264 | 1,479 | ||
Total non-current liabilities | 10,452 | 13,377 | ||
Total liabilities | 26,503 | 26,729 | ||
Share capital | 19,342 | 19,342 | ||
Share premium | 16,026 | 16,026 | ||
Statutory capital reserve | 6 | 6 | ||
Other reserves | 62 | 42 | ||
Currency translation differences | 760 | 485 | ||
Retained earnings | 974 | 553 | ||
Equity attributable to equity holders of the parent | 37,170 | 36,453 | ||
Total equity | 37,170 | 36,453 | ||
TOTAL LIABILITIES AND EQUITY | 63,673 | 63,183 |
Consolidated statement of comprehensive income
EUR ‘000 | Q4 2013 | Q4 2012 | 12m 2013 | 12m 2012 | |
Revenue | 25,948 | 19,593 | 98,854 | 86,381 | |
Cost of goods sold | -21,478 | -15,161 | -75,567 | -62,698 | |
Gross profit | 4,470 | 4,432 | 23,287 | 23,683 | |
Operating expenses | -5,270 | -5,104 | -22,316 | -22,601 | |
Sales and marketing expenses | -4,205 | -4,160 | -18,370 | -18,208 | |
General and administrative expenses | -1,065 | -944 | -3,946 | -4,393 | |
Other income and expenses, net | 439 | 96 | 638 | 345 | |
Revaluation of biological assets | -376 | -37 | 742 | -1,363 | |
Operating profit / loss | -737 | -614 | 2,351 | 64 | |
Finance income | -15 | -3 | 5 | 148 | |
Finance costs | -472 | -216 | -1 308 | -673 | |
Profit / loss before income tax | -1,224 | -832 | 1,048 | -461 | |
Corporate income tax | 105 | 219 | -240 | 534 | |
Net profit /loss for the period | -1,119 | -614 | 808 | 73 |
Other comprehensive income /expense | |||||
Currency translation differences | 96 | -23 | 275 | 94 | |
Other comprehensive income /expense | 96 | -23 | 275 | 94 | |
Total comprehensive income /expense | -1,023 | -637 | 1,083 | 167 | |
Net profit /loss for the period: | |||||
Attributable to equity holders of the parent | -1,119 | -614 | 808 | 73 | |
Net profit /loss for the period | -1,119 | -614 | 808 | 73 | |
Comprehensive income /expense for the period: | |||||
Attributable to equity holders of the parent | -1,023 | -637 | 1,083 | 167 | |
Total comprehensive income /expense | -1,023 | -637 | 1,083 | 167 | |
Earnings per share | |||||
Basic earnings per share (EUR) | -0.03 | -0.02 | 0.02 | 0.00 | |
Diluted earnings per share (EUR) | -0.03 | -0.02 | 0.02 | 0.00 |
Additional information:
Katre Kõvask
AS Premia Foods
Chairman of the Management Board
T: +372 6 033 800
katre.kovask@premia.ee
www.premiafoods.eu