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Consolidated Unaudited Interim Report of AS PRFoods for the 1st quarter and 3 months of 2024/2025 financial year

MANAGEMENT COMMENTARY

PRFoods’ new financial year began with better results than the previous year. The first quarter is traditionally one of the more seasonally quiet periods in our field. Nevertheless, the first quarter’s revenue reached 4.6 million euros, which is a 35.3% increase compared to the same time last year. The most significant sales growth was observed in Estonia, where revenue increased by 207.1%, reaching 1.5 million euros. Moderate growth was also seen in the UK market, where revenue rose by 6.4%, totalling 3.1 million euros.

EBITDA from operating activities turned positive, amounting to 0.1 million euros, compared to -0.5 million euros in the same quarter last year. The net loss for the first quarter of this financial year decreased by 0.4 million euros, amounting to 0.3 million euros compared to 0.7 million euros the previous year.

In challenging and volatile times, we must acknowledge that every improvement in efficiency metrics is a significant achievement for us. This confirms that the direction chosen to improve the company’s profitability is the right one. These positive changes, in turn, have a favourable impact on the well-being of the company, its investors, and the group’s employees.

High inflation and changes in consumer behaviour affect all food producers. In the organization of work at our Estonian production unit and the portfolio of products we offer, we need to find innovative solutions to provide consumers with quality fish products in suitable forms and at competitive prices. The VAT increase set to take effect at the beginning of the new calendar year will undoubtedly impact all Estonian producers and consumers.

Currently, we see that retail prices for fish products have stabilized or decreased, and we anticipate strong demand during the Christmas season. Stability, both in revenue and operations, is more important than volatility. Today’s foundation is much stronger than in previous years. While we are smaller, we are also more efficient. However, there is still much work ahead to achieve the desired success.

The Management Board continues to work on mapping out restructuring options for PRFoods’ debt obligations and preparing a corresponding proposal.

KEY RATIOS
INCOME STATEMENT 

mln EUR, unless indicated otherwise1Q 2024/20252023/20241Q 2023/20242022/2023
Sales4.617.13.419.6
Gross profit0.93.20.13.6
EBITDA from operations0.1-0.3-0.50.3
EBITDA0.1-0.3-0.10.3
EBIT0.0-3.3-0.4-1.0
EBT-0.3-4.6-0.7-0.4
Net profit (-loss)-0.3-4.7-0.70.3
Gross margin19.6%18.7%3.5%18.3%
Operational EBITDA margin2.2%-2.0%-13.6%1.5%
EBITDA margin2.2%-2.0%-3.1%1.5%
EBIT margin0.0%-19.4%-11.7%-5.1%
EBT margin-6.5%-26.9%-20.7%2.0%
Net margin-6.5%-27.3%-21.1%1.5%
Operating expense ratio19.6%27.1%25.4%24.0%

BALANCE SHEET

mln EUR, unless indicated otherwise30.09.202430.06.202430.09.202330.06.2023
Net debt14.114.317.016.7
Equity2.8              3.27.48.3
Working capital-9.7-9.20.20.0
Assets21.821.929.330.2
Liquidity ratio0.3x0.3x1.0x1.0x
Equity ratio12.8%14.6%25.2%27.4%
Gearing ratio83.4%81.8%69.7%66.9%
Debt to total assets0.9x0.9x0.8x0.7x
Net debt to operating EBITDA-199x-42.5x21.4x55.8x
ROE-144.6%-81.4%-9.2%4.1%
ROA-19.9%-17.9%-2.4%1.0%

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EUR ‘00030.09.202430.06.2024
ASSETS  
Cash and cash equivalents274203
Trade and other receivables1,8522,212
Prepayments163173
Inventories2,0171,644
Total current assets4,3064,232
   
Long-term financial investments418418
Tangible assets4,0414,164
Intangible assets13,08413,102
Total non-current assets17,54417,684
TOTAL ASSETS21,85021,916
   
EQUITY AND LIABILITIES  
Interest-bearing liabilities10,89610,899
Trade and other payables3,0592,559
Total current liabilities13,95513,458
   
Interest-bearing liabilities3,4693,600
Deferred tax liabilities1,4221,420
Government grants203247
Total non-current liabilities5,0955,267
TOTAL LIABILITIES19,05018,725
   
Share capital7,7377,737
Share premium14,00714,007
Treasury shares– 390-390
Statutory capital reserve5151
Currency translation differences387439
Retained profit (loss)-18,992-18,653
Equity attributable to parent2,8013,191
Non-controlling interest00
TOTAL EQUITY2,8013,191
TOTAL EQUITY AND LIABILITIES21,85021,916

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

EUR ‘0003m 2024/20253m 2023/2024
Revenue4,6213,411
Cost of goods sold-3,747-3,290
Gross profit874121
   
Operating expenses-907-867
   Selling and distribution expenses-612-438
   Administrative expenses-296-429
Other income / expense-3-9
Fair value adjustment on biological assets0358
Operating profit (loss)-36-398
Financial income / expenses-265-308
Profit (Loss) before tax-301-705
Income tax-38-14
Net profit (loss) for the period-339-719
   
Net profit (loss) attributable to:  
Owners of the Parent Company-339-674
Non-controlling interests0-46
Total net profit (loss) for the period-339-720
   
Other comprehensive income (loss) that may subsequently be classified to profit or loss:  
Foreign currency translation differences-52-196
Total comprehensive income (expense)-391-916
   
Total comprehensive income (expense) attributable to:  
Owners of the Parent Company-391-870
Non-controlling interests0-46
Total comprehensive income (expense) for the period-391-916

Kristjan Kotkas                                                              Timo Pärn
Member of the Management Board                                Member of the Management Board
investor@prfoods.ee 
www.prfoods.ee

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