OREANDA-NEWS.

Overview of the Economic Activities

MANAGEMENT COMMENTARY

PRFoods management is very pleased with the results of 2015, we exceeded the budget both on sales and profitability despite challenging macro environment in our key markets of Finland and Estonia. Volatility in raw fish prices was counterbalanced by impressive production efficiency and sales efforts by our team. The company implemented its investment program on time and on budget. 2015 was first full year for the company as dedicated value added fish processing company and the results prove that company is on right track. PRFoods will maintain its target to be one of the most profitable companies in the sector and favourite for the customers. PRFoods will announce the dividend amount once the audit for 2015 is completed.

UNAUDITED FINANCIAL RESULTS OF AS PRFOODS, THE 4TH QUARTER OF 2015 COMPARED TO THE 4THQUARTER OF 2014

  • Unaudited consolidated revenue 17.2 million euros, increase 19.7%, i.e. 2.8 million euros.
  • Gross margin 14.9%, increase 3.1 percentage points.
  • The negative effect of revaluation of biological assets 0.4 million euros (Q4 2014: 0.3 million euros).
  • EBITDA from business operations 1.4 million euros, increase 1.7 million euros.
  • EBITDA 1.0 million euros, increase 1.7 million euros.
  • EBIT 0.7 million euros, increase 1.6 million euros.
  • Net profit 0.7 million euros, increase 2.0 million euros.

 
UNAUDITED FINANCIAL RESULTS OF AS PRFOODS, 12 MONTHS OF 2015 COMPARED TO 12 MONTHS OF 2014

  • Unaudited consolidated revenue 50.3 million euros, increase 9.6%, i.e. 4.4 million euros.
  • Gross margin 13.4%, increase 1.9 percentage points.
  • The negative effect of revaluation of biological assets 0.9 million euros (12 months 2014: 0.6 million euros).
  • EBITDA from business operations 2.9 million euros, increase 2.5 million euros.
  • EBITDA 2.0 million euros, increase 1.5 million euros*.
  • EBIT 0.9 million euros, increase 1.5 million euros.
  • Net profit 1.2 million euros, increase 2.7 million euros.

* Negative effect in comparing data of EBITDA, EBIT and net profit is caused by the reimbursement of a claim in the amount of 751 thousand euros received in June 2014 from the Swedish Board of Agriculture, recorded in the income statement of Q2 2014 on line “Other business incomes/costs”.

KEY RATIOS

Profit & Loss, EUR mln Q1 2015 Q2 2015 Q3 2015 Q4 2015 12m 15 Q1 2014 Q2 2014 Q3 2014 Q4 2014 12m 14
Sales 10.3 11.4 11.4 17.2 50.3 10.2 11.3 10.0 14.3 45.9
Gross profit 1.3 1.3 1.6 2.6 6.8 1.4 1.0 1.2 1.7 5.3
EBITDA from operations 0.4 0.4 0.7 1.4 2.9 0.5 -0.1 0.3 -0.3 0.4
EBITDA -0.6 0.6 1.1 1.0 2.0 -0.7 1.1 0.7 -0.7 0.5
EBIT -0.9 0.3 0.8 0.7 0.9 -0.9 0.8 0.4 -0.9 -0.6
EBT -0.8 0.3 0.8 0.7 1.1 -1.2 0.8 0.2 -1.2 -1.4
Net profit (-loss) -0.5 0.3 0.7 0.7 1.2 -0.9 0.6 0.1 -1.3 -1.5
Gross margin 12.2% 11.3% 14.5% 14.9% 13.4% 13.8% 8.6% 12.2% 11.8% 11.5%
Operational EBITDA margin 4.1% 3.3% 6.5% 7.9% 5.8% 4.9% -1.1% 3.4% -2.4% 0.8%
EBITDA margin -5.9% 4.8% 9.4% 5.9% 4.0% -6.5% 10.0% 7.1% -4.6% 1.1%
EBIT margin -8.6% 2.4% 6.8% 4.1% 1.7% -9.2% 7.5% 4.3% -6.6% -1.3%
EBT margin -7.4% 2.9% 6.6% 4.3% 2.1% -11.7% 7.0% 2.0% -8.2% -3.0%
Net margin -5.2% 2.5% 6.1% 4.2% 2.3% -9.2% 5.2% 1.2% -8.9% -3.3%
Operating expense ratio 11.3% 11.3% 11.9% 9.3% 10.8% 12.6% 12.7% 13.2% 14.7% 13.4%

 

Balance Sheet, EUR mln 31/03/2015 30/06/2015 30/09/2015 31/12/2015 31/03/2014 30/06/2014 30/09/2014 31/12/2014
Net debt -3.3 -6.5 -5.2 -0.6 13.6 13.7 9.7 -2.6
Equity 33.1 33.3 34.0 23.2 36.1 37.9 40.5 33.7
Working capital 21.8 21.8 22.0 11.5 8.5 9.9 8.1 22.8
Assets 39.5 39.4 40.1 29.5 63.8 68.5 65.6 40.4
Liquidity ratio 5.7 6.2 6.2 3.8 1.5 1.5 2.1 5.9
Equity ratio 83.9% 84.6% 84.7% 78.7% 56.5% 55.3% 61.6% 83.3%
Gearing ratio -11.0% -24.1% -18.2% -2.5% 27.4% 26.6% 19.3% -8.3%
Net debt-to-EBITDA -11.2 -8.2 -4.4 -0.2 15.6 16.1 7.1 -7.0
ROE -3.2% -3.9% -2.3% 4.1% -3.6% 0.8% 0.3% -4.2%
ROA -2.1% -2.6% -1.6% 3.4% -2.0% 0.4% 0.2% -2.9%

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EUR '000 31/12/2015 31/12/2014
ASSETS    
Cash and cash equivalents 1,921 3,330
Receivables and prepayments 3,691 12,014
Inventories 5,616 6,563
Biological assets 4,422 5,583
Total current assets 15,650 27,490
     
Deferred income tax 137 103
Long-term financial investments 161 134
Tangible fixed assets 7,427 6,484
Intangible assets 6,128 6,218
Total non-current assets 13,853 12,939
TOTAL ASSETS 29,503 40,429
     
EQUITY AND LIABILITIES    
Loans and borrowings 286 198
Payables 3,817 4,493
Total current liabilities 4,103 4,691
     
Loans and borrowings 1,061 555
Deferred tax liabilities 244 457
Government grants 883 1,054
Total non-current liabilities 2,188 2,066
TOTAL LIABILITIES 6,291 6,757
     
Share capital 7,737 19,342
Share premium 16,026 16,026
Treasury shares -172 -117
Statutory capital reserve 6 6
Currency translation reserve 469 441
Retained profit (-loss) -854 -2,026
TOTAL EQUITY 23,212 33,672
TOTAL EQUITY AND LIABILITIES 29,503 40,429

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EUR '000 Q4 2015 Q4 2014 12m 2015 12m 2014
Sales 17,178 14,348 50,273 45,863
Cost of goods sold -14,611 -12,661 -43,521 -40,581
Gross profit 2,567 1,687 6,752 5,282
         
Operating expenses -1,606 -2,107 -5,418 -6,153
  Selling and distribution expenses -1,228 -912 -4,012 -3,598
  Administrative expenses -378 -1,195 -1,406 -2,555
Other income/expenses 96 -201 406 831
Fair value adjustment on biological assets -359 -323 -888 -571
Operating profit (-loss) 698 -944 852 -611
Financial income 65 75 303 87
Financial expenses -23 -305 -103 -844
Profit (-loss) before tax 740 -1,174 1,052 -1,368
Income tax -10 -106 120 -136
Net profit (-loss) for the year from continuing operations 730 -1,280 1,172 -1,504
         
Net loss for the year from discontinuing operations (attributable to equity holders of the company) 0 -5,206 0 -1,310
Net profit (loss) 730 -6,486 1,172 -2,814
Other comprehensive income (-expense) that might subsequently classified to profit or loss:        
Foreign currency translation differences 30 -256 28 -308
including continued operations 30 -33 28 -98
including discontinued operations 0 -223 0 -210
Total comprehensive income (-expense) 760 -6,742 1,200 -3,122
         
Profit (-loss) per share (€) 0.02 -0.17 0.03 -0.07
including continued operations 0.02 -0.03 0.03 -0.04
including discontinued operations 0.00 -0.13 0.00 -0.03
         
Diluted profit (-loss) per share (€) 0.02 -0.17 0.03 -0.07
including continued operations 0.02 -0.03 0.03 -0.04
including discontinued operations 0.00 -0.13 0.00 -0.03