OREANDA-NEWS. 

The revenue in 2015 amounted to EUR 50.3 million, growing 9.6% in a year. Gross profit in 2015 totalled EUR 6.8 million, increasing 27.8% in a year i.e. by EUR 1.5 million. At the same time, gross profitability increased by 1.9 percentage points to 13.4%. In 2015, EBITDA was EUR 2.0 million which is 3.9 times more than a year earlier. In 2015, the net profit increased by 2.7 million euros, and amounted to 1.2 million euros. The share of exports in revenue was 90.4%, of which the Finnish market accounted for 87.9%, having increased by 1.7 percentage points year on year. The management of PRFoods is very satisfied with the results of 2015.

The retained loss as at 31.12.2015 amounted to -0.8 million euros. According to the Commercial Code of Estonia dividends can only be distributed from retained earnings and the net profit of 2015 can not be used for distribution of dividends to shareholders. Distribution of dividends is planned to continue in 2017.

The audited consolidated annual report of AS PRFoods for 2015 is available at the website of NASDAQ OMX Tallinn and at the website of AS PRFoods (prfoods.ee).
Key Ratios          
Profit & Loss, EUR mln 2015 2014 2013 2012 2011
Sales 50.3 45.9 43.4 34.9 37.3
Gross profit 6.8 5.3 4.2 6.4 7.4
EBITDA from operations 2.9 0.4 0.3 2.9 3.2
EBITDA 2.0 0.5 1.3 1.0 2.8
EBIT 0.9 -0.6 0.2 0.0 1.5
EBT 1.1 -1.4 -0.8 -0.3 1.0
Net profit (-loss) 1.2 -1.5 -0.9 0.0 0.9
Gross margin 13.5% 11.5% 9.6% 18.2% 19.9%
Operational EBITDA margin 5.8% 0.8% 0.8% 8.2% 8.7%
EBITDA margin 4.0% 1.1% 3.0% 3.0% 7.5%
EBIT margin 1.7% -1.3% 0.4% -0.1% 4.0%
EBT margin 2.1% -3.0% -1.7% -1.0% 2.6%
Net margin 2.3% -3.3% -2.0% 0.1% 2.3%
Operating expense ratio 10.8% 13.4% 12.8% 15.3% 16.2%
Balance Sheet, EUR mln 31/12/2015 31/12/2014 31/12/2013 31/12/2012 31/12/2011
Net debt -0.6 -2.6 13.2 13.8 11.3
Equity 23.2 33.7 37.3 36.5 40.5
Working capital 11.4 22.6 9.9 11.9 13.4
Assets 29.5 40.4 63.8 63.2 64.1
Liquidity ratio 3.7 5.6 1.6 1.9 2.1
Equity ratio 78.8% 83.3% 58.4% 57.7% 63.2%
Gearing ratio -2.5% -8.3% 26.1% 27.5% 21.7%
Net debt-to-EBITDA -0.2 -7.0 38.0 4.8 3.5
ROE 4.1% -4.2% -2.4% 0.1% 2.1%
ROA 3.4% -2.9% -1.4% 0.1% 1.3%

 

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 3,653 12,014
Inventories 5,616 6,563
Biological assets 4,421 5,583
Total current assets 15,611 27,490
     
Deferred income tax 138 103
Long-term financial investments 161 134
Tangible fixed assets 7,427 6,484
Intangible assets 6,128 6,218
Total non-current assets 13,854 12,939
TOTAL ASSETS 29,465 40,429
     
EQUITY AND LIABILITIES    
Loans and borrowings 286 198
Payables 3,760 4,493
Government grants 177 190
Total current liabilities 4,223 4,881
     
Loans and borrowings 1,063 555
Deferred tax liabilities 252 457
Government grants 706 864
Total non-current liabilities 2,021 1,876
TOTAL LIABILITIES 6,244 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 471 441
Retained loss -847 -2,026
TOTAL EQUITY 23,221 33,672
TOTAL EQUITY AND LIABILITIES 29,465 40,429

 

Consolidated statement of profit or loss and other comprehensive income

EUR '000 2015 2014
Sales 50,273 45,863
Cost of goods sold -43,509 -40,581
Gross profit 6,764 5,282
     
Operating expenses -5,411 -6,153
  Selling and distribution expenses -4,033 -3,598
  Administrative expenses -1,378 -2,555
Other income/expenses 406 831
Fair value adjustment on biological assets -888 -571
Operating profit (-loss) 871 -611
Financial income 303 87
Financial expenses -105 -844
Profit (-loss) before tax 1,069 -1,368
Income tax 110 -136
Net profit (-loss) for the year from continuing operations 1,179 -1,504
     
Net loss for the year from discontinuing operations (attributable to equity holders of the company) 0 -1,310
     
Net profit (-loss) 1,179 -2,814
     
Other comprehensive income (-expense) that might subsequently classified to profit or loss:    
Foreign currency translation differences 30 -308
including continued operations 30 -98
including discontinued operations 0 -210
Total comprehensive income (-expense) 1,209 -3,122
     
Profit (-loss) per share (EUR) 0.03 -0.07
including continued operations 0.03 -0.04
including discontinued operations 0.00 -0.03
     
Diluted profit (-loss) per share (EUR) 0.03 -0.07
including continued operations 0.03 -0.04
including discontinued operations 0.00 -0.03