AS Premia Foods Announced Q3 and 9M Unaudited Financial Results

OREANDA-NEWS. November 14, 2012. The main financial results of the operations of Premia Foods during the reporting period are the following:

The unaudited consolidated turnover of the 3rd quarter was 23.6 million euro, which is 0.5 million euro, i.e. 1.9%, less than during the same period previous year.

The turnover of 9 months was 66.8 million euro; the turnover of the same period 2011 was 1.5 million euro, i.e. 2.2%, more than during the reporting period.

The gross margin and the gross profit increased during both periods – in the 3rd quarter but also in the summary of the 9 months.

The gross margin increased in the 3rd quarter, if compared to the same period previous year, by altogether 1.8 percentage points reaching the level of 30.2%. In the summary of the 9 months, the gross margin increased by 2.2 percentage points reaching the level of 28.8%.

The gross profit increased in the 3rd quarter by 0.3 million euro, reaching 7.1 million euro. In the summary of the 9 months, the gross profit increased, if compared to the same period 2011, by 1.1 million euro, reaching 19.3 million euro. During the referred period, the gross profit increased on the account of ice cream and frozen goods business segments.

The operational EBITDA in the 3rd quarter was 0.2 million euro less than during the same period previous year. In the summary of the 9 months, the respective figure was 0.4 million euro less than during the same period 2011. While in the 3rd quarter, the main part of the decrease of the operational EBITDA came from the fish business segment, then in the summary of the 9 months the decrease of the operational EBITDA came from the ice cream business segment.

On 3 September 2012, the decrease of share capital by 3.9 million euro was registered in the Commercial Register. As due to regulatory requirements the actual payments to the shareholders may be done not before 3 months have passed from the registration, then, for the purposes of this report, the relevant liability has been accounted under current payables and pre-payments. The decrease of the share capital enables to balance the capital structure of the company and bring the equity returns and financial leverage ratios to a more adequate level.

In the summary of the 9 months, the net profit of the company remains on the same level with the same period 2011, being 0.7 million euro.

The company’s key ratios of the 3nd quarter and the 9 months of 2012 have been indicated in the following table.

The main figures by the business segments of Premia Foods for 3rd quarter and 9 months are indicated in the table below.