Consolidated Unaudited Interim Report of AS PRFoods for the 3rd quarter and 9 months of 2024/2025 financial year
MANAGEMENT COMMENTARY
PRFoods' third quarter of the 2024/2025 financial year has come to an end. We
can conclude that it has been a challenging period due to market volatility and
Estonia's poor economic climate. However, we have still managed to increase the
Group's profitability and reduce expenses. At this point, we must commend our
teams both in Estonia and the United Kingdom, where the goals are clear and the
focus is steady in moving towards the set objectives.
The approval of PRFoods' bond restructuring plan has also been finalized, which
will allow our production units to better focus on business development going
forward.
In the third quarter, the Group's unaudited consolidated revenue was 3.7 million
euros, representing a 3% decrease compared to the previous financial year.
EBITDA from operating activities improved from -0.2 million euros in the
2023/2024 financial year to -0.1 million euros, and the net loss decreased from
-0.7 million euros to -0.5 million euros. The third quarter of the financial
year is one of the most challenging, and we can acknowledge that we are moving
in the right direction.
When comparing the results of the first nine months of the 2023/2024 and
2024/2025 financial years, we can be pleased. The unaudited consolidated revenue
was 15.1 million euros, representing a 20% increase compared to the same period
last year. EBITDA from operating activities increased to 0.6 million euros.
Operating profit was 0.1 million euros, whereas in the previous year, it was an
operating loss of -0.9 million euros. The net loss for the nine months was -0.9
million euros, compared to a net loss of -2.1 million euros in the previous
financial year.
Our UK production unit, John Ross Jr., continues to operate profitably and with
growth. Our Estonian production unit has also seen improvement. However, it must
be noted that due to the economic downturn in Estonia and general consumer
behavior, demand for fish products in Estonia has significantly decreased
overall. While Saare Kala is able to maintain its position, in today's volatile
market and with the tax hikes that are shaking the economic environment, food
producers and retail businesses in Estonia are among those hit hardest. In
addition to the domestic market, we also see declining consumption in the Baltic
countries and Finland. Predicted tariffs on the US market are also causing
various shifts in fish and fish product exports. Both input prices and export
capacity are being squeezed. In these difficult and changing times, we must
acknowledge that every increase in efficiency indicators is a significant
achievement for us.
The preparation of the restructuring plan for PRFoods AS bonds has also been
completed. The restructuring plan was approved by the bondholders on April
17, 2025. In addition, an additional loan from the majority shareholder Amber
Trust II S.C.A., SICAR (in liquidation) has been confirmed to provide working
capital, which will enable the operating companies to grow better than before.
We would like to thank all shareholders, bondholders, and the company's
supervisory board for their support and trust.
KEY RATIOS
INCOME STATEMENT
|mln EUR, unless indicated | | | | |
|otherwise |3Q 2024/2025|2023/2024|3Q 2023/2024|2022/2023|
| | | | | |
Sales 3.7 17.1 3.8 19.6
Gross profit 0.7 3.2 0.5 3.6
EBITDA -0.1 -0.3 -0.2 0.3
EBIT -0.3 -3.3 -0.5 -1.0
EBT -0.5 -4.6 -0.7 0.4
Net profit (-loss) -0.5 -4.7 -0.7 0.3
Gross margin 18.1% 18.7% 13.2% 18.3%
EBITDA margin -3.5% -2.0% -5.5% 1.5%
EBIT margin -7.2% -19.4% -13.2% -5.1%
EBT margin -14.3% -26.9% -18.3% 2.0%
Net margin -14.5% -27.3% -18.4% 1.5%
Operating expense ratio -24.6% -27.1% -27.2% 24.0%
BALANCE SHEET
mln EUR, unless indicated
otherwise 31.03.2025 30.06.2024 31.03.2024 30.06.2023
Net debt 13.3 14.3 13.6 16.7
Equity 2.2 3.2 5.8 8.3
Working capital -12.3 -9.2 -8.5 0.0
Assets 21.0 21.9 24.3 30.2
Liquidity ratio 0.3 0.3x 0.4x 1.0x
Equity ratio 10.4% 14.6% 24.0% 27.4%
Gearing ratio 85.9% 81.8% 70.0% 66.9%
Debt to total assets 0.9x 0.9x 0.8x 0.7x
Net debt to operating
EBITDA 25x -42.5x 36.2x 55.8x
ROE -61.6% -81.4% -9.8% 4.1%
ROA -7.7% -17.9% -2.5% 1.0%
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 31.03.2025 30.06.2024
ASSETS
Cash and cash equivalents 669 203
Trade and other receivables 1,599 2,212
Prepayments 192 173
Inventories 1 663 1,644
Total current assets 4,124 4,232
Long-term financial investments 0 418
Tangible assets 3,763 4,164
Intangible assets 13,084 13,102
Total non-current assets 16,848 17,684
TOTAL ASSETS 20,971 21,916
EQUITY AND LIABILITIES
Interest-bearing liabilities 13,182 10,899
Trade and other payables 3,197 2,559
Total current liabilities 16,379 13,458
Interest-bearing liabilities 801 3,600
Deferred tax liabilities 1,422 1,420
Government grants 186 247
Total non-current liabilities 2,408 5,267
TOTAL LIABILITIES 18,787 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 383 439
Retained profit (loss) -19,601 -18,653
Equity attributable to parent 2,186 3,191
Non-controlling interest 0 0
TOTAL EQUITY 2,186 3,191
TOTAL EQUITY AND LIABILITIES 20,971 21,916
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
EUR '000 3Q 2024/2025 3Q 2023/2024 9m 2024/2025 9m 2023/2024
Revenue 3,684 3,768 15,098 12,625
Cost of goods sold -3,018 -3,226 -11,901 -9,985
Gross profit 665 542 3,197 2,640
Operating expenses -906 -1,024 -3,056 -3,533
Selling and
distribution expenses -580 -598 -1,982 -1,946
Administrative expenses -327 -426 -1,073 -1,587
Other income / expense -24 26 -24 6
Fair value adjustment on
biological assets 0 0 0 0
Operating profit (loss) -265 -456 118 -887
Financial income /
expenses -261 -240 -886 -1,082
Profit (Loss) before tax -526 -696 -769 -1,969
Income tax -9 2 -179 -109
Net profit (loss) for the
period -535 -694 -948 -2,078
Net profit (loss)
attributable to:
Owners of the Parent
Company -535 -694 -948 -2,075
Non-controlling interests 0 0 0 -4
Total net profit (loss)
for the period -535 -694 -948 -2,079
Other comprehensive income
(loss) that may
subsequently be classified
to profit or loss:
Foreign currency
translation differences -4 138 -56 -101
Total comprehensive income
(expense) -539 -556 -1,004 -2,180
Total comprehensive income
(expense) attributable to:
Owners of the Parent
Company -539 -556 -1,004 -2,176
Non-controlling interests 0 0 0 -4
Total comprehensive income
(expense) for the period -539 -556 -1,004 -2,180
Profit (Loss) per share
(EUR) -0.01 -0.02 -0.02 -0.05
Diluted profit (loss) per
share (EUR) -0.01 -0.02 -0.02 -0.05
Kristjan Kotkas Timo Pärn
Member of the Management Board Member of the
Management Board
[email protected]
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