Tallinn, Estonia, 2016-01-14 08:00 CET (GLOBE NEWSWIRE) --
AS PRFoods unaudited consolidated revenue for Q4 2015 increased +19.8% i.e. 2.8 million euros compared with the same period in 2014, reaching to 17.2 million euros. The unaudited consolidated revenue for 12 months 2015 was 50.3 million euros, increasing +9.6% i.e. 4.4 million euros during the year.
Revenue by product groups (mln EUR)
| Revenues | Q1 2015 | Q1 2014 | Q2 2015 | Q2 2014 | Q3 2015 | Q3 2014 | Q4 2015 | Q4 2014 | 12m 2015 | 12m 2014 | 12m 15/ 12m 14 |
| Smoked products | 3.8 | 3.9 | 4.9 | 4.6 | 4.6 | 4.0 | 5.5 | 4.3 | 18.8 | 16.8 | +12.2% |
| Other fish products | 2.1 | 2.1 | 2.3 | 2.2 | 2.2 | 2.0 | 4.0 | 3.7 | 10.6 | 10.0 | +6.1% |
| Raw fish and fillets | 4.4 | 4.1 | 4.2 | 4.4 | 4.6 | 4.0 | 7.7 | 6.4 | 20.9 | 18.9 | +10.5% |
| Other | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | -84.0% |
| Total | 10.3 | 10.2 | 11.4 | 11.3 | 11.4 | 10.0 | 17.2 | 14.4 | 50.3 | 45.9 | +9.6% |
The biggest increase in revenue came from smoked products and raw fish and fillets product groups, increasing 2.0 million euros i.e. +12.2% and 2.0 million euros i.e. +10.5% respectfully. The revenue from other product groups increased 0.6 million euros i.e. +6.1%. Other sales in 2014, 0.2 million euros, were related to income from discontinued operations.
According to the client segments the revenue in wholesale sector increased 2.7 million euros and 2.2 million euros in retail sector. The increase in wholesale sector was +38.5% and +8.9% in retail sector. In HoReCa sector the revenue decreased 0.5 million euros i.e. -3.5% due to the loss of two main products from the product portfolio.
Revenues by target markets (mln EUR)
| Revenues | Q1 2015 | Q1 2014 | Q2 2015 | Q2 2014 | Q3 2015 | Q3 2014 | Q4 2015 | Q4 2014 | 12m 2015 | 12m 2014 | 12m 15/ 12m 14 |
| Finland | 9.3 | 8.7 | 10.0 | 9.9 | 10.2 | 8.8 | 14.8 | 12.1 | 44.3 | 39.5 | +11.9% |
| Estonia | 0.9 | 1.2 | 1.2 | 1.2 | 1.0 | 1.0 | 1.7 | 1.9 | 4.8 | 5.3 | -8.2% |
| Other | 0.1 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.7 | 0.4 | 1.2 | 1.1 | +13.3% |
| Total | 10.3 | 10.2 | 11.4 | 11.3 | 11.4 | 10.0 | 17.2 | 14.4 | 50.3 | 45.9 | +9.6% |
In 12 months 2015 the revenue in Finnish market increased +11.9% i.e. 4.8 million euros. The proportion of Finnish revenue in AS PRFoods total turnover for 2015 accounted for 88.0%, increasing +1.8 percentage points compared with the same period in 2014.
The actual turnover of 2015 exceeded budgeted turnover by +13.8%. Expected EBITDA from business(i) activities is about 3 million euros, exceeding the budgeted amount by +30%. EBITDA from business activities in 2014 was 0.4 million euros.
The sales results of Q4 2015 were remarkably good. The results confirm that AS PRFoods strategy to be one of the most profitable companies in Finnish market has proven its value. At the end of Q3 2015 AS PRFoods started an important co-operation in fish roe exports for Japanese market, and during Q4 0.4 million euros worth of rainbow trout roe was sold there. The raise of sales volume in Japanese market is expected also in 2016. Estonian revenue, although -8.2% lower compared to 2014, has came mostly from the sales of products with higher margin, such as fish roe, in which AS PRFoods is one of the Estonian market leaders.
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(i) earnings before one-offs and fair value adjustment, interest, taxes, depreciation and amortization
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 6033 800
indrek.kasela@prfoods.ee
www.prfoods.ee