Tallinn, Estonia, 2015-05-15 16:05 CEST (GLOBE NEWSWIRE) --
Unaudited financial results of AS PRFoods, 1st quarter and 3 months of 2015 |
In order to enable to evaluate the financial results of continuing operations, the comparative information of the 1st quarter of 2014 has been restated.
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As a comment to the financial results for 1st quarter of 2015 it can be said that despite the weakening Finnish economy and the its challenging foodproduction industry we have been able to increase sale in our main market and decrease significantly the customary loss of the first quarter. Investment programm is ending the in the fish production unit and fish production is already showing improved results. PRFoods is a clear leader in its field and aims to improve the profitability of the company and to take renewed direction towards Value Added Products. |
KEY RATIOS
Profit & Loss, EUR mln | formula / comment | Q1 2015 | Q1 2014 |
Sales | 10.3 | 10.2 | |
Gross profit | 1.3 | 1.4 | |
EBITDA from operations | before one-offs and fair value adjustment | 0.4 | 0.5 |
EBITDA | loss before interest, tax, depreciation and amortisation | -0.6 | -0.7 |
EBIT | operating loss | -0.9 | -0.9 |
EBT | loss before tax | -0.8 | -1.2 |
Net loss | -0.5 | -0.9 | |
Gross margin | Gross profit / Net sales | 12.2% | 13.8% |
Operational EBITDA margin | EBITDA from operations/Net sales | 4.1% | 4.9% |
EBITDA margin | EBITDA /Net sales | -5.9% | -6.5% |
EBIT margin | EBIT / Net sales | -8.6% | -9.2% |
EBT margin | EBT / Net sales | -7.4% | -11.7% |
Net margin | Net earnings / Net sales | -5.2% | -9.2% |
Operating expense ratio | Operating expenses / Net sales | 11.3% | 12.6% |
Balance Sheet, EUR mln | formula | 31.03.15 | 31.03.14 |
Net debt | Short and Long term Loans and Borrowings - Cash | -3.3 | 13.6 |
Equity | 33.1 | 36.1 | |
Working capital | Current Assets - Current Liabilities | 21.8 | 8.5 |
Assets | 39.5 | 63.8 | |
Liquidity ratio | Current Assets / Current Liabilities | 5.72 | 1.47 |
Equity ratio | Equity / Total Assets | 84% | 56% |
Gearing ratio | Net Debt / (Equity + Net Debt) | -11% | 27% |
Net debt-to-EBITDA | Net Debt / EBITDA from operations | -7.85 | 27.52 |
ROE | Net Earnings / Average Equity | -2% | -3% |
ROA | Net Earnings / Average Assets | -1% | -2% |
Consolidated statement of financial position
EUR '000 | 31.03.2015 | 31.12.2014 | 31.03.2014 |
ASSETS | |||
Cash and cash equivalents | 4,001 | 3,330 | 1,447 |
Receivables and prepayments | 11,393 | 12,014 | 8,036 |
Inventories | 7,387 | 6,563 | 12,958 |
Biological assets | 3,579 | 5,583 | 4,111 |
Total current assets | 26,360 | 27,490 | 26,552 |
Deferred income tax | 103 | 103 | 611 |
Long-term financial investments | 161 | 134 | 136 |
Investments property | 0 | 0 | 2,084 |
Tangible fixed assets | 6,672 | 6,484 | 12,094 |
Intangible assets | 6,194 | 6,218 | 22,370 |
Total non-current assets | 13,130 | 12,939 | 37,295 |
TOTAL ASSETS | 39,490 | 40,429 | 63,847 |
EQUITY AND LIABILITIES | |||
Loans and borrowings | 196 | 198 | 6,984 |
Payables | 4,412 | 4,493 | 11,059 |
Total current liabilities | 4,608 | 4,691 | 18,043 |
Loans and borrowings | 509 | 555 | 8,050 |
Deferred tax liabilities | 229 | 457 | 476 |
Government grants | 1,011 | 1,054 | 1,212 |
Total non-current liabilities | 1,749 | 2,066 | 9,738 |
TOTAL LIABILITIES | 6,357 | 6,757 | 27,781 |
Share capital | 19,342 | 19,342 | 19,342 |
Share premium | 16,026 | 16,026 | 16,026 |
Treasury shares | -134 | -117 | 0 |
Statutory capital reserve | 6 | 6 | 6 |
Currency translation reserve | 458 | 441 | 715 |
Retained loss | -2,565 | -2,026 | -23 |
TOTAL EQUITY | 33,133 | 33,672 | 36,066 |
TOTAL EQUITY AND LIABILITIES | 39,490 | 40,429 | 63,847 |
Consolidated statement of profit or loss and other comprehensive income
EUR '000 | Q1 2015 | Q1 2014 |
Sales | 10,299 | 10,173 |
Cost of goods sold | -9,044 | -8,773 |
Gross profit | 1,255 | 1,400 |
Operating expenses | -1,168 | -1,285 |
Selling and distribution expenses | -838 | -874 |
Administrative expenses | -330 | -411 |
Other income/expenses | 55 | 73 |
Fair value adjustment on biological assets | -1,028 | -1,129 |
Operating loss | -886 | -941 |
Financial income | 148 | 11 |
Financial expenses | -29 | -259 |
Loss before tax | -767 | -1,189 |
Income tax | 228 | 255 |
Net loss for the year from continuing operations | -539 | -934 |
Net loss for the year from discontinuing operations (attributable to equity holders of the company) | 0 | -202 |
Net profit (loss) | -539 | -1,136 |
Other comprehensive income (expense) that might subsequently classified to profit or loss: | ||
Foreign currency translation differences | 17 | -33 |
incl continued operations | 17 | -28 |
incl discontinued operations | 0 | -5 |
Total comprehensive loss for the period | -522 | -1,169 |
Loss per share (€) | -0.01 | -0.03 |
incl continued operations | -0.01 | -0.02 |
incl discontinued operations | 0.00 | -0.01 |
Diluted loss per share (€) | -0.01 | -0.03 |
incl continued operations | -0.01 | -0.02 |
incl discontinued operations | 0.00 | -0.01 |
Indrek Kasela
AS PRFoods
Member of the Management Board
T: +372 6033 800
indrek.kasela@prfoods.ee
www.prfoods.ee