PRFoods: Audited Consolidated Annual Report 2016


Tallinn, Estonia, 2017-04-14 17:05 CEST (GLOBE NEWSWIRE) --  

2016 was successful for PRFoods. We exceeded our revenue prognosis by 2.4 million euros and profit before taxes and depreciation (EBITDA) increased by 28.7%, i.e. 0.6 million euros. The company achieved revenue of 47.4 million euros, but faced very rapid increase in raw material prices well into Q4.

PRFoods increased its 2016 EBITDA to 2.6 million euros, up by 0.6 million euros year-on-year, thanks to fish farming operations, but operational EBITDA lagged due to increase in cost of goods sold. PRFoods management did an excellent job in countering the increase in fish prices, trimmed company’s cost base and actively worked on transferring price increases to customers. This resulted in posting Q4 0,7 million euros operational EBITDA, without one-off costs 1.1 million euros. In Q4 we used our own fish in processing, resulting in decrease (loss) in biomass by 1.1 million euros.

Operating profit in 2016 was 1.4 million euros (operating profit for 2015: 0.9 million euros). Net profit totalled 0.7 million euros (2015: net profit of 1.2 million euros). Operating profit improved 0.5 million euros (2015: improved by 1.5 million euros). Net profit decreased -0.5 million euros (2015: improved 2.7 million euros). Operating margin was 2.9% (2015: 1.7%) and net profit margin was 1.5% (2015: 2.3%).

In year 2016, the company incurred larger one-off costs related to certain corporate activities, investments and brand relaunch to take place in 2017. We do not foresee such extraordinary one-off costs in 2017. Those costs influenced EBITDA, operational profit and net profit in amount of -0.4 million euros (2015: no one-off expenses). 

The audited consolidated annual report of AS PRFoods for 2016 is available at the website of NASDAQ OMX Tallinn and at the website of AS PRFoods (prfoods.ee).

 

Key Ratios

Profit & Loss, EUR mln 2016 2015 2014 2013 2012
Sales 47.4 50.3 45.9 43.4 34.9
Gross profit 4.0 6.8 5.3 4.2 6.4
EBITDA from operations 0.8 2.9 0.4 0.3 2.9
EBITDA 2.6 2.0 0.5 1.3 1.0
EBIT 1.4 0.9 -0.6 0.2 0.0
EBT 1.1 1.1 -1.4 -0.8 -0.3
Net profit (-loss) 0.7 1.2 -1.5 -0.9 0.0
Gross margin 8.5% 13.5% 11.5% 9.6% 18.2%
Operational EBITDA margin 1.6% 5.8% 0.8% 0.8% 8.2%
EBITDA margin 5.5% 4.0% 1.1% 3.0% 3.0%
EBIT margin 2.9% 1.7% -1.3% 0.4% -0.1%
EBT margin 2.4% 2.1% -3.0% -1.7% -1.0%
Net margin 1.5% 2.3% -3.3% -2.0% 0.1%
Operating expense ratio 10.1% 10.8% 13.4% 12.8% 15.3%
Balance Sheet, EUR mln 31.12.2016 31.12.2015 31.12.2014 31.12.2013 31.12.2012
Net debt 0.3 -0.6 -2.6 13.2 13.8
Equity 23.8 23.2 33.7 37.3 36.5
Working capital 12.4 11.4 22.6 9.9 11.9
Assets 35.1 29.5 40.4 63.8 63.2
Liquidity ratio 2.4 3.7 5.6 1.6 1.9
Equity ratio 67.9% 78.8% 83.3% 58.4% 57.7%
Gearing ratio 1.2% -2.5% -8.3% 26.1% 27.5%
Net debt-to-EBITDA 0.4 -0.2 -7.0 38.0 4.8
ROE 3.0% 4.1% -4.2% -2.4% 0.1%
ROA 2.2% 3.4% -2.9% -1.4% 0.1%

 

Consolidated statement of financial position

EUR '000 31.12.2016 31.12.2015
ASSETS    
Cash and cash equivalents 4,374 1,921
Receivables and prepayments 4,056 3,653
Inventories 5,393 5,616
Biological assets 7,584 4,421
Total current assets 21,407 15,611
     
Deferred tax assets 230 138
Long-term financial investments 103 161
Tangible fixed assets 7,285 7,427
Intangible assets 6,031 6,128
Total non-current assets 13,649 13,854
TOTAL ASSETS 35,056 29,465
     
EQUITY AND LIABILITIES    
Loans and borrowings 3,716 286
Payables 5,131 3,760
Government grants 162 177
Total current liabilities 9,009 4,223
     
Loans and borrowings 940 1,063
Deferred tax liabilities 747 252
Government grants 551 706
Total non-current liabilities 2,238 2,021
TOTAL LIABILITIES 11,247 6,244
     
Share capital 7,737 7,737
Share premium 14,007 16,026
Treasury shares -256 -172
Statutory reserve capital 12 6
Currency translation reserve 428 471
Retained profit (loss) 1,883 -847
TOTAL EQUITY 23,809 23,221
TOTAL EQUITY AND LIABILITIES 35,056 29,465

 

Consolidated statement of profit or loss and other comprehensive income

EUR '000 2016 2015
Sales 47,429 50,273
Cost of goods sold -43,410 -43,509
Gross profit 4,019 6,764
     
Operating expenses -4,785 -5,411
  Selling and distribution expenses -3,346 -4,033
  Administrative expenses -1,439 -1,378
Other income / expenses -118 406
Fair value adjustment on biological assets 2,263 -888
Operating profit (-loss) 1,379 871
  Financial income 2 303
  Financial expenses -240 -105
Profit (-loss) before tax 1,141 1,069
  Income tax -426 110
Net profit (-loss) 715 1,179
     
Other comprehensive income (-expense) that might be subsequently classified to profit or loss:    
Foreign currency translation differences -43 30
Total comprehensive income (-expense) 672 1,209
     
Profit (-loss) per share (EUR) 0.02 0.03
     
Diluted profit (-loss) per share (EUR) 0.02 0.03

 

Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 6033 800
investor@prfoods.ee
www.prfoods.ee


Attachments

PRF 2016 Annual Report.pdf