Consolidated Unaudited Interim Report of AS PRFoods for the 4th quarter and 12 months of 2023/2024 financial year
2024年8月31日 - 12:19AM
RNSを含む英国規制内ニュース (英語)
Consolidated Unaudited Interim Report of AS PRFoods for the 4th
quarter and 12 months of 2023/2024 financial year
MANAGEMENT COMMENTARY
PRFoods AS has embarked on changes during the
past financial year. In the second half of the financial year, the
structure of our group changed – our developed small offshore fish
farm in Saaremaa, Redstorm OÜ, left the group. Our primary focus is
on developing production units in Estonia and the United Kingdom,
while we continue to innovate in the creation of fish farms in
Estonia as a side activity.
The revenue for the past financial year decreased by 13% compared
to the previous year, but the turnover in the fourth quarter
increased by 12% compared to the same period last year. This growth
was largely due to securing the market positions of the Saaremaa
production unit in various markets.
The financial year ended with a revenue of 17.09 million euros,
compared to 19.58 million euros in the previous year. The profit
from the sale of companies in the previous financial year has been
replaced by a loss of 2.78 million euros. We can affirm that the
past financial year has been one of the most challenging in our
history. This was largely due to the cessation of sales from the
Saaremaa production unit to the Finnish export market and the
decision of our partner there to terminate cooperation with us,
transferring market share to their production units. This resulted
in a complete absence of sales to Finland until 2024. Considering
that the Saaremaa production unit was a subcontractor factory until
February 2022, rebuilding the Saaremaa unit has been a significant
challenge. We would like to commend our sales and production teams
in Saaremaa for their efforts. Their effective work is reflected in
the growth of turnover and markets for the Saaremaa unit, as well
as opportunities in export markets.
While the successful rebuilding of the Saaremaa unit from scratch
is commendable, we must also acknowledge our UK unit, which,
despite crises and the associated volatile situations, has
maintained its market positions and profitability. The Scottish
management team has shown determination, maintaining the level and
development vision of the region’s most renowned fish brand.
The group enters the new financial year with a new board and clear
strategic views, which also include the presentation of a
restructuring plan and a thorough review of all historical
processes. The year will be challenging. For instance, managing
cash flow will certainly be a challenge in the first half of the
year. Although the group's debt burden has been reduced, the ratio
is still too high, so the continued support of shareholders is
necessary.
The situation is further complicated by the fluctuating economic
environment in Estonia, where the VAT increase has significantly
impacted consumption, and the forecasted increase will affect food
producers even more. We live in interesting times, and in many
economic sectors, particularly those not subsidized or protected by
the state, one challenge is replaced by another.
KEY RATIOS
INCOME STATEMENT
Mln EUR |
Q4 2023/2024 |
2023/2024 |
Q4 2022/2023 |
2022/2023 |
Sales |
4.46 |
17.09 |
3.99 |
19.58 |
Gross profit |
0.56 |
3.2 |
0.39 |
3.58 |
EBITDA from operations |
-0.04 |
-0.34 |
-0.16 |
0.30 |
EBITDA |
-0.03 |
-0.34 |
-0.01 |
0.30 |
EBIT |
-0.52 |
-1.41 |
-0.29 |
-0.97 |
EBT |
-0.71 |
-2.68 |
-0.55 |
-0.40 |
Net profit (loss) |
-0.71 |
-2.78 |
-0.50 |
0.33 |
Gross margin |
12.52% |
18.72% |
9.87% |
18.26% |
Operational EBITDA margin |
-0.94% |
-1.97% |
-3.98% |
1.54% |
EBITDA margin |
-0.73% |
-1.97% |
-0.17% |
1.54% |
EBIT margin |
-11.71% |
-8.25% |
-7.31% |
-4.95% |
EBT margin |
-15.84% |
-15.66% |
-13.65% |
2.02% |
Net margin |
-15.83% |
-16.29% |
-12.62% |
1.69% |
Operating expense ratio |
-24.44% |
-27.06% |
-20.99% |
-23.97% |
BALANCE SHEET
Mln EUR, unless indicated otherwise |
30.06.2024 |
30.06.2023 |
30.06.2022 |
Net debt |
14.3 |
16.7 |
24.7 |
Equity |
5.1 |
8.3 |
8.1 |
Working capital |
-9.2 |
0.0 |
-3.2 |
Assets |
23.8 |
30.2 |
38.9 |
Liquidity ratio |
0.3x |
1.0x |
0.7x |
Equity ratio |
21.3% |
27.4% |
20.7% |
Gearing ratio |
73.8% |
66.9% |
75.4% |
Debt to total assets |
0.8x |
0.7x |
0.8x |
Net debt to operating EBITDA |
-42.4x |
55.8x |
-14.5x |
ROE |
-41.7% |
4.1% |
-68.5% |
ROA |
-10.3% |
1.0% |
-17.3% |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 |
30.06.2024 |
30.06.2023 |
ASSETS |
|
|
Cash and cash equivalents |
203 |
394 |
Receivables and prepayments |
2,386 |
2,119 |
Inventories |
1,644 |
1,861 |
Biological assets |
0 |
772 |
Total current assets |
4,233 |
5,145 |
|
|
|
Long-term financial investments |
418 |
381 |
Tangible assets |
4,164 |
6,563 |
Intangible assets |
14,999 |
18,157 |
Total non-current assets |
19,582 |
25,101 |
TOTAL ASSETS |
23,815 |
30,246 |
|
|
|
EQUITY AND LIABILITIES |
|
|
Interest-bearing liabilities |
10,899 |
2,111 |
Payables and prepayments |
2,544 |
3,035 |
Total current liabilities |
13,443 |
5,146 |
|
|
|
Interest-bearing liabilities |
3,599 |
15,024 |
Payables and prepayments |
0 |
0 |
Deferred tax liabilities |
1,446 |
1,466 |
Government grants |
248 |
317 |
Total non-current liabilities |
5,292 |
16,807 |
TOTAL LIABILITIES |
18,736 |
21,953 |
|
|
|
Share capital |
7,737 |
7,737 |
Share premium |
14,007 |
14,007 |
Treasury shares |
- 390 |
-390 |
Statutory capital reserve |
51 |
51 |
Currency translation differences |
439 |
609 |
Retained profit (loss) |
-16,765 |
-13,981 |
Equity attributable to parent |
5,079 |
8,033 |
Non-controlling interest |
0 |
260 |
TOTAL EQUITY |
5,078 |
8,293 |
TOTAL EQUITY AND LIABILITIES |
23,815 |
30,246 |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
EUR '000 |
12m 2022/2023 |
12m 2022/2023 |
Revenue |
17,086 |
19,578 |
Cost of goods sold |
-13,887 |
-16,003 |
Gross profit |
3,199 |
3,575 |
|
|
|
Operating expenses |
-4,622 |
-4,693 |
Selling and distribution expenses |
-2,662 |
-2,691 |
Administrative expenses |
-1,960 |
-2,002 |
Other income / expense |
15 |
150 |
Fair value adjustment on biological assets |
0 |
0 |
Operating profit (loss) |
-1,408 |
-970 |
Financial income / expenses |
-1,266 |
1,366 |
Profit (Loss) before tax |
-2,675 |
396 |
Income tax |
-108 |
-65 |
Net profit (loss) for the period |
-2,783 |
331 |
|
|
|
Net profit (loss) attributable to: |
|
|
Owners of the Parent Company |
-2,780 |
303 |
Non-controlling interests |
-4 |
28 |
Total net profit (loss) for the period |
-2,784 |
331 |
|
|
|
Other comprehensive income (loss) that may subsequently be
classified to profit or loss: |
|
|
Foreign currency translation differences |
-169 |
-231 |
Total comprehensive income (expense) |
-2,953 |
101 |
|
|
|
Total comprehensive income (expense) attributable to: |
|
|
Owners of the Parent Company |
-2,949 |
73 |
Non-controlling interests |
-4 |
28 |
Total comprehensive income (expense) for the
period |
-2,953 |
101 |
Kristjan
Kotkas
Timo Pärn
Member of the Management
Board
Member of the Management Board
investor@prfoods.ee
www.prfoods.ee
- PRF 2024_q2_en_eur_con_00
Prfoods As (LSE:0MOK)
過去 株価チャート
から 11 2024 まで 12 2024
Prfoods As (LSE:0MOK)
過去 株価チャート
から 12 2023 まで 12 2024