Consolidated Unaudited Interim Report of AS PRFoods for the 4th quarter and 12 months of 2024/2025 financial year
MANAGEMENT COMMENTARY
PRFoods’ fourth quarter of the 2024/2025 financial year has come to an end. We can state that it has been a challenging period due to market volatility and the weak economic environment in Estonia. Estonia’s move into the group of European countries with the highest food VAT strongly affects all food producers and consumption, impacting both sales volumes and consumer demand, as well as increasing the tax burden and budgetary pressures. In the fisheries sector, as is well known, the only options are to purchase most goods and raw materials outside Estonia, which means that VAT refunds on purchases are relatively low in our industry.
In the fourth quarter, the Group’s unaudited consolidated revenue amounted to 3.8 million euros, decreasing by 15% compared to the same period of the previous financial year. Due to one-off costs related to bond restructuring, fourth quarter EBITDA amounted to -0.2 million euros, which is 0.2 million euros less than a year earlier. The Group’s net loss decreased from 2.4 million euros to 0.6 million euros.
Comparing the 12-month results of the 2023/2024 and 2024/2025 financial years, we can be encouraged. Unaudited consolidated revenue was 18.9 million euros, up 10% compared to the same period of the previous year. EBITDA increased to 0.2 million euros. Operating loss amounted to -0.5 million euros (2023/2024: -3.3 million euros). Net loss in the 2024/2025 financial year was -1.7 million euros compared to -4.7 million euros in the previous year.
Our UK production unit, John Ross Jr., continues to operate profitably and grow further. The increase in the number of clients and improved profitability is certainly commendable.
Our Estonian unit also deserves recognition, not because of growing financial indicators, but because the team has managed, in a difficult economic environment, to continue making strategic plans, maintain motivation, and look positively toward the future. Production efficiency and optimization have borne fruit, and the restructuring of production processes in Estonia has now been completed. Our ambition is to become the market leader in Estonia in all trout- and salmon-related categories and to significantly expand the unit’s assortment over the next nine months.
We are also pleased to note that the reputation and image of all companies within the Group are on the rise in Estonia. We are no longer as strongly associated with minority shareholders and former management board members. According to a study commissioned by the Estonian Fish Farmers Association, awareness of our Saare Kala brand is good and growing strongly. In addition, we are clearly associated with quality, and strong product development also provides feedback on innovation and growth.
KEY RATIOS
INCOME STATEMENT
| Mln EUR | 4Q 2024/2025 | 2024/2025 | 4Q 2023/2024 | 2023/2024 |
| Sales | 3.8 | 18,9 | 4.5 | 17,1 |
| Gross profit | 0.8 | 4,0 | 0.6 | 3,2 |
| EBITDA | -0.2 | 0,2 | 0.0 | -0,3 |
| EBIT | -0.6 | -0,5 | -2.4 | -3,3 |
| EBT | -0.6 | -1,4 | -2.6 | -4,6 |
| Net profit (loss) | -0.7 | -1,7 | -2.6 | -4,7 |
| Gross margin | 21.4% | 21,2% | 12.5% | 18,7% |
| EBITDA margin | -5.2% | 1,2% | -0.7% | -2,0% |
| EBIT margin | -16.5% | -2,7% | -54.2% | -19,4% |
| EBT margin | -17.1% | -7,5% | -58.7% | -26,9% |
| Net margin | -18.8% | -8,8% | -58.2% | -27,3% |
| Operating expense ratio | -37.7% | -23,7% | -24.4% | -27,1% |
BALANCE SHEET
| Mln EUR, unless indicated otherwise | 30.06.2025 | 30.06.2024 | 30.06.2023 |
| Net debt | 13.9 | 14.3 | 16.7 |
| Equity | 1.5 | 3.2 | 8.3 |
| Working capital | -12.4 | -9.2 | 0.0 |
| Assets | 20.4 | 21.9 | 30.2 |
| Liquidity ratio | 0.2 | 0.3x | 1.0x |
| Equity ratio | 7.5% | 14.6% | 27.4% |
| Gearing ratio | 90.1% | 81.8% | 66.9% |
| Debt to total assets | 0.9x | 0.9x | 0.7x |
| Net debt to operating EBITDA | 60x | -42.5x | 55.8x |
| ROE | -70.0% | -81.4% | 4.1% |
| ROA | -7.8% | -17.9% | 1.0% |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| EUR ‘000 | 30.06.2025 | 30.06.2024 |
| ASSETS | ||
| Cash and cash equivalents | 305 | 203 |
| Trade and other receivables | 1,741 | 2,212 |
| Prepayments | 198 | 173 |
| Inventories | 1,580 | 1,644 |
| Total current assets | 3,824 | 4,232 |
| Long-term financial investments | 0 | 418 |
| Tangible assets | 3,622 | 4,164 |
| Intangible assets | 12,928 | 13,102 |
| Total non-current assets | 16,551 | 17,684 |
| TOTAL ASSETS | 20,375 | 21,916 |
| EQUITY AND LIABILITIES | ||
| Interest-bearing liabilities | 13,309 | 10,899 |
| Trade and other payables | 2,929 | 2,559 |
| Total current liabilities | 16,238 | 13,458 |
| Interest-bearing liabilities | 937 | 3,600 |
| Trade and other payables | 30 | 0 |
| Deferred tax liabilities | 1,421 | 1,420 |
| Government grants | 213 | 247 |
| Total non-current liabilities | 2,602 | 5,267 |
| TOTAL LIABILITIES | 18,839 | 18,725 |
| Share capital | 7,737 | 7,737 |
| Share premium | 14,007 | 14,007 |
| Treasury shares | -390 | -390 |
| Statutory capital reserve | 51 | 51 |
| Currency translation differences | 451 | 439 |
| Retained profit (loss) | -20,318 | -18,653 |
| Equity attributable to parent | 1,536 | 3,191 |
| Non-controlling interest | 0 | 0 |
| TOTAL EQUITY | 1,536 | 3,191 |
| TOTAL EQUITY AND LIABILITIES | 20,375 | 21,916 |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| EUR ‘000 | 12m 2024/2025 | 12m 2023/2024 |
| Revenue | 18,878 | 17,086 |
| Cost of goods sold | -14,872 | -13,888 |
| Gross profit | 4,006 | 3,198 |
| Operating expenses | -4,483 | -4,623 |
| Selling and distribution expenses | -2,787 | -2,663 |
| Administrative expenses | -1,695 | -1,960 |
| Other income / expense | -30 | – 1,882 |
| Fair value adjustment on biological assets | 0 | 0 |
| Operating profit (loss) | -506 | -3,307 |
| Financial income / expenses | -769 | -1,057 |
| Share of result of associates and joint ventures | 0 | 46 |
| Profit (-loss) from the sale of the subsidiary | 0 | -271 |
| Profit (-loss) from the sale of the associate | -139 | 0 |
| Profit (Loss) before tax | -1,414 | -4,589 |
| Income tax | -244 | -84 |
| Net profit (loss) for the period | -1,658 | -4,673 |
| Net profit (loss) attributable to: | ||
| Owners of the Parent Company | -1,658 | -4,668 |
| Non-controlling interests | 0 | -4 |
| Total net profit (loss) for the period | -1,658 | -4,673 |
| Other comprehensive income (loss) that may subsequently be classified to profit or loss: | ||
| Foreign currency translation differences | 12 | -169 |
| Total comprehensive income (expense) | -1,646 | -4,841 |
| Total comprehensive income (expense) attributable to: | ||
| Owners of the Parent Company | -1,646 | -4,837 |
| Non-controlling interests | 0 | -4 |
| Total comprehensive income (expense) for the period | -1,646 | -4,841 |
Kristjan Kotkas Timo Pärn
Member of the Management Board Member of the Management Board
investor@prfoods.ee
www.prfoods.ee
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