Tallinn, Estonia, 2015-04-15 09:01 CEST (GLOBE NEWSWIRE) -- This announcement amends and replaces the earlier announcement made on 13 April 2015. In the Note 31 Discontinued operations the loss on disposal of subsidiaries in the Estonian version of the annual report differed from the information presented in the English version of the annual report due to technical error. This amendment does not have important material impact to the financial information of AS PRFoods.
PRFoods
Annual Financial Report
The Audited Annual Report of PRFoods 2014
- The audited consolidated turnover of PRFoods of 2014 was 45.9 million euros. Within a year, the turnover increased by 2.5 million euro or 5.8%. The share of export in the turnover was 89%, including the target market of Finland accounting for 86%. The turnover growth was mainly attributable to the cold and hot-smoked product categories where sales growth totalled approximately 2.6 million euros or 15%.
- The gross profit of 2014 was 5.3 million euros, having increased by 26.7% or 1.1 million euros within a year. At the same time, the gross margin increased by 1.9 percentage points to 11.5%. Both the growth in the gross margin and gross profit were attributable to a decline in the price of fresh fish.
- The EBITDA of 2014 was 0.5 million euros, lower than the result of 2013 by 0.8 million euros.
- The impact of the revaluation of fish stock to the profit of year 2014 amounted to -0.6 million euros, the respective impact of year 2013 was +0.7 million euros.
- The EBIT of 2014 was -0.6 million euros, having decreased by 0.8 million euros compared to the level of the previous year.
- Overall in 2014, net profit of PRFoods from continuing operations amounted to -1.5 million euros and net profit from discontinued operations amounted to -1.3 million euros. Net profit from continuing operations decreased by a total of 0.6 million euros compared to the year 2013.
- The ratio of operating expense to revenue was 13.4% in 2014, which is higher than in 2013 by 0.6 percentage points. In absolute numbers operating expenses increased by 0.6 million euros compared to the year 2013.
- The unfavourable movement of the exchange rate of the Russian rouble and the Swedish krona resulted in a foreign exchange rate loss in the overall amount of 0.3 (2013: 0.6) million euros in the year 2014.
KEY RATIOS:
| Profit & Loss, EUR mln | formula / comment | 2014 | 2013 | 2012 | 2011 | 2010 |
| Sales | 45.9 | 43.4 | 34.9 | 37.3 | 30.1 | |
| Gross profit | 5.3 | 4.2 | 6.4 | 7.4 | 4.0 | |
| EBITDA from operations | before one-offs and fair value adjustment | 0.4 | 0.3 | 2.9 | 3.2 | 1.2 |
| EBITDA | earnings before interest, tax, depreciation and amortisation | 0.5 | 1.3 | 1.0 | 2.8 | 3.9 |
| EBIT | operating profit | -0.6 | 0.2 | 0.0 | 1.5 | 2.7 |
| EBT | earnings before tax | -1.4 | -0.8 | -0.3 | 1.0 | 1.9 |
| Net profit | -1.5 | -0.9 | 0.0 | 0.9 | 1.5 | |
| Gross margin | Gross profit / Net sales | 11.5% | 9.6% | 18.2% | 19.9% | 13.3% |
| Operational EBITDA margin | EBITDA from operations/Net sales | 0.8% | 0.8% | 8.2% | 8.7% | 4.0% |
| EBITDA margin | EBITDA /Net sales | 1.1% | 3.0% | 3.0% | 7.5% | 12.9% |
| EBIT margin | EBIT / Net sales | -1.3% | 0.4% | -0.1% | 4.0% | 8.9% |
| EBT margin | EBT / Net sales | -3.0% | -1.7% | -1.0% | 2.6% | 6.5% |
| Net margin | Net earnings / Net sales | -3.3% | -2.0% | 0.1% | 2.3% | 4.9% |
| Operating expense ratio | Operating expenses / Net sales | 13.4% | 12.8% | 15.3% | 16.2% | 15.7% |
| Balance Sheet, EUR mln | formula | 31.12.14 | 31.12.13 | 31.12.12 | 31.12.11 | 31.12.10 |
| Net debt | Short and Long term Loans and Borrowings - Cash | -2.6 | 13.2 | 13.8 | 11.3 | 11.2 |
| Equity | 33.7 | 37.3 | 36.5 | 40.5 | 41.4 | |
| Working capital | Current Assets - Current Liabilities | 22.8 | 10.1 | 12.1 | 13.7 | 12.8 |
| Assets | 40.4 | 63.8 | 63.2 | 64.1 | 68.9 | |
| Liquidity ratio | Current Assets / Current Liabilities | 5.86 | 1.63 | 1.91 | 2.19 | 1.87 |
| Equity ratio | Equity / Total Assets | 83% | 58% | 58% | 63% | 60% |
| Gearing ratio | Net Debt / (Equity + Net Debt) | -8% | 26% | 28% | 22% | 21% |
| Net debt-to-EBITDA | Net Debt / EBITDA from operations | -6.99 | 37.98 | 4.84 | 3.47 | 9.33 |
| ROE | Net Earnings / Average Equity | -4% | -2% | 0% | 2% | 4% |
| ROA | Net Earnings / Average Assets | -3% | -1% | 0% | 1% | 2% |
Consolidated statement of financial position
| EUR '000 | 31.12.2014 | 31.12.2013 | |
| ASSETS | |||
| Cash and cash equivalents | 3,330 | 1,314 | |
| Receivables and prepayments | 12,014 | 8,356 | |
| Inventories | 6,563 | 10,258 | |
| Biological assets | 5,583 | 6,270 | |
| Total current assets | 27,490 | 26,198 | |
| Deferred income tax | 103 | 557 | |
| Long-term financial investments | 134 | 127 | |
| Investments property | 0 | 2,084 | |
| Tangible fixed assets | 6,484 | 12,500 | |
| Intangible assets | 6,218 | 22,373 | |
| Total non-current assets | 12,939 | 37,641 | |
| TOTAL ASSETS | 40,429 | 63,839 | |
| EQUITY AND LIABILITIES | |||
| Loans and borrowings | 198 | 6,035 | |
| Payables | 4,493 | 10,057 | |
| Total current liabilities | 4,691 | 16,092 | |
| Loans and borrowings | 555 | 8,470 | |
| Deferred tax liabilities | 457 | 716 | |
| Government grants | 1,054 | 1,264 | |
| Total non-current liabilities | 2,066 | 10,450 | |
| TOTAL LIABILITIES | 6,757 | 26,542 | |
| Share capital | 19,342 | 19,342 | |
| Share premium | 16,026 | 16,026 | |
| Treasury shares | -117 | 0 | |
| Statutory capital reserve | 6 | 6 | |
| Other reserve | 0 | 62 | |
| Currency translation reserve | 441 | 748 | |
| Retained earnings | -2,026 | 1,113 | |
| TOTAL EQUITY | 33,672 | 37,297 | |
| TOTAL EQUITY AND LIABILITIES | 40,429 | 63,839 |
Consolidated statement of profit or loss and other comprehensive income
| EUR '000 | 2014 | 2013 |
| Sales | 45,863 | 43,364 |
| Cost of goods sold | -40,581 | -39,192 |
| Gross profit | 5,282 | 4,172 |
| Operating expenses | -6,153 | -5,536 |
| Selling and distribution expenses | -3,598 | -3,599 |
| Administrative expenses | -2,555 | -1,937 |
| Other income/expenses | 831 | 801 |
| Fair value adjustment on biological assets | -571 | 742 |
| Operating profit (loss) | -611 | 179 |
| Financial income | 87 | 1 |
| Financial expenses | -844 | -932 |
| Loss before tax | -1,368 | -752 |
| Income tax | -136 | -116 |
| Net loss for the year from continuing operations | -1,504 | -868 |
| Net profit (loss) for the year from discontinuing operations (attributable to equity holders of the company) | -1,310 | 1,816 |
| Net profit (loss) | -2,814 | 948 |
| Other comprehensive income (expense) that might subsequently classified to profit or loss: | ||
| Foreign currency translation differences | -308 | 264 |
| incl continued operations | -98 | -37 |
| incl discontinued operations | -210 | 301 |
| Total comprehensive income (expense) for the period | -3,122 | 1,212 |
| Earnings (loss) per share (€) | -0.07 | 0.02 |
| incl continued operations | -0.04 | -0.02 |
| incl discontinued operations | -0.03 | 0.05 |
| Diluted earnings (loss) per share (€) | -0.07 | 0.02 |
| incl continued operations | -0.04 | -0.02 |
| incl discontinued operations | -0.03 | 0.05 |
Indrek Kasela
AS PRFoods
Board member
T: +372 6033 800
indrek.kasela@prfoods.ee
www.prfoods.ee
