Day: November 28, 2021

MANAGEMENT COMMENTARY Q1 had many things we can be satisfied with- our sales grew by 11.5% and group net loss decreased by 50%. Unfortunately, there are many things, that unearthed massive management mistakes in Finnish unit. All PRFoods current problems stem from management mistakes made in 2020-2021. As of toda, we have completed 100% the change of management and key people in Finland, that we started in summer and decision to close lossmaking Kokkola factory. These steps build base for renewal of profitability in 2022. Corona crises speed up the unearthing of weaknesses in Finnish unit, and unfortunately the previous management did not want to acknowledge their mistakes or correct them. The proof that we are on right track with right people who joined us in fall this year, is the fact as of October we back to being profitable also in...

Heimon Kala Oy’s, a subsidiary of AS PRFoods, Kokkola fish processing plant in Finland will be closed and all 35 employees of the plant will be laid off. The one-off redundancy costs amount to approximately EUR 0.7 million and will be carried over 6 months.  The closure of the plant will save the group around EUR 2.3 million a year. At the same the closure of Kokkola will decrease in Findland the wholesale  and trading turnover of fresh salmon by around EUR 8-10 million. Wholesale has been a very low-profit business in Finland and has not been a significant part of the group’s strategy and does not support our other activities in Finland. The fresh fish business of the group will in future rely mostly on own farmed fish. The wholesale of salmon in Baltics will be continued from our Saaremaa factory from the beginning of next year....

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