PRF: Consolidated Unaudited Interim Report for 3rd quarter and 9 months of 2013
Tallinn, Estonia, 2013-11-12 08:00 CET (GLOBE NEWSWIRE) --
The financial results of Premia Foods during the 3rd quarter and 9 months, 2013, may be characterized by the increase of turnover for the third quarter in a row, considerably improved profitability and decreased operating costs.
For the first time in the company’s history, Premia reached organic quarterly increase of turnover by over 10% as the increase of turnover of the 3rd quarter was 13.8%. The EBIT in the 3rd quarter of 2013 increased 2.6 times, if compared to the same period of the previous year, reaching 2.7 million euro; in the summary of 9 months the corresponding figure was 3.1 million euro and the growth was 4.6 times. The net profit increased during the 3rd quarter of 2013, if compared to the same period of the previous year, by 1.9 times, reaching 2.1 million euro; in the summary of 9 months the net profit increased, if compared to the same period of the previous year, by 2.8 times, reaching 1.9 million euro.
The main financial results of the operations of the company during the reporting period are the following:
- The unaudited consolidated turnover of the 3rd quarter of 2013 of Premia Foods increased by 13.8%, i.e. 3.3 million euro, if compared to the results of the 3rd quarter of 2012, reaching 26.9 million euro. The unaudited consolidated turnover of 9 months of 2013 was 72.9 million euro, having increased on a yearly basis by 9.2%, i.e. 6.1 million euro. In the summary of 9 months of 2013, the turnover increased in all the business segments and target markets of Premia Foods.
- The company’s gross profit of the 3rd quarter of 2013 was 7.1 million euro, remaining at the same level as during the same period of the previous year. In the summary of 9 months of 2013, Premia earned a gross profit of 18.8 million euro, which is 0.4 million euro less than the result of the same period of the previous year, whereas the main reason thereof is the decreased gross margin of the fish business segment. During the 3rd quarter of 2013, the ice cream business segment and the frozen goods business segment earned 0.5 million euro more gross profit, if compared to the results of the previous year; in the summary of 9 months the referred business segments earned 1.6 million more gross profit, if compared to the 9 months of 2012.
- Premia’s EBITDA of the 3rd quarter of 2013 was 3.3 million euro, exceeding the result of the previous year by 1.8 times. In the summary of 9 months of 2013, the EBITDA was 5.0 million euro, exceeding the result of the previous year by 1.6 times. The EBITDA increased in the summary of 9 months of 2013 in all the business segments, the largest contribution came from the ice cream business segment.
- The positive impact of livestock revaluation on the operating profit of the company during the 3rd quarter was 1.3 million euro, if compared to the previous year; in the summary of 9 months of 2013, the positive impact on the operating profit was 2.4 million euro.
- The EBIT in the 3rd quarter of 2013 was 2.7 million euro, exceeding the result of the previous year by 2.6 times. In the summary of 9 months, the EBIT was 3.1 million euro, which exceeds the result of the previous year by 4.6 times. Also the operating profit improved during the 9 months of 2013 in all the business segments, the largest increase here came once again from the ice cream business segment.
- The net profit of the 3rd quarter of 2013 was 2.1 million euro, exceeding the result of the previous year by 1.9 times. In the summary of 9 months of 2013, Premia earned a net profit of 1.9 million euro, exceeding the result of the previous year by 2.8 times.
- The operating expense ratio decreased during the 3rd quarter by 4.6 percentage points, if compared to the same period of 2012, and in the summary of 9 months by 2.8 percentage points. In total, the operating expenses, on an annual basis, decreased during the 3rd quarter of 2013 by 0.4 million euro, in the summary of 9 months by 0.5 million euro.
| KEY RATIOS | ||||||||||
| Profit & Loss, EUR mln | Q1 | Q2 | Q3 | 9m 2013 | Q1 | Q2 | Q3 | 9m 2012 | ||
| Sales | 18,3 | 27,8 | 26,9 | 72,9 | 17,1 | 26,1 | 23,6 | 66,8 | ||
| Gross profit | 3,8 | 8,0 | 7,1 | 18,8 | 4,2 | 7,9 | 7,1 | 19,3 | ||
| EBITDA from operations | -0,4 | 2,4 | 2,1 | 4,1 | 0,0 | 2,7 | 2,1 | 4,9 | ||
| EBITDA | -0,7 | 2,4 | 3,3 | 5,0 | -0,6 | 1,9 | 1,9 | 3,2 | ||
| EBIT | -1,3 | 1,7 | 2,7 | 3,1 | -1,4 | 1,1 | 1,0 | 0,7 | ||
| Net profit | -1,2 | 1,0 | 2,1 | 1,9 | -1,2 | 0,8 | 1,1 | 0,7 | ||
| Gross margin | 20,6% | 28,6% | 26,4% | 25,8% | 24,5% | 30,4% | 30,2% | 28,8% | ||
| Operational EBITDA margin | -2,2% | 8,8% | 7,8% | 5,7% | 0,1% | 10,5% | 8,9% | 7,3% | ||
| EBIT margin | -7,3% | 6,2% | 10,0% | 4,2% | -8,3% | 4,0% | 4,4% | 1,0% | ||
| Net margin | -6,5% | 3,7% | 7,7% | 2,6% | -6,9% | 2,9% | 4,7% | 1,0% | ||
| Operating expense ratio | 27,1% | 22,7% | 21,6% | 23,4% | 29,7% | 24,0% | 26,1% | 26,2% |
| Balance Sheet, EUR mln | 31.12.12 | 31.03.13 | 30.06.13 | 30.09.13 | 31.12.11 | 31.03.12 | 30.06.12 | 30.09.12 | ||
| Net debt | 13,8 | 13,2 | 15,2 | 14,6 | 11,3 | 12,2 | 12,0 | 10,9 | ||
| Equity | 36,5 | 35,3 | 36,1 | 38,2 | 40,5 | 39,3 | 39,8 | 37,1 | ||
| Working capital | 12,1 | 10,4 | 10,8 | 13,1 | 12,8 | 12,0 | 12,4 | 9,7 | ||
| Assets | 63,2 | 62,4 | 67,7 | 66,1 | 64,1 | 64,2 | 68,5 | 65,4 | ||
| Liquidity ratio | 1,91 | 1,73 | 1,58 | 1,86 | 2,19 | 1,91 | 1,70 | 1,55 | ||
| Equity ratio | 58% | 57% | 53% | 58% | 63% | 61% | 58% | 57% | ||
| Gearing ratio | 28% | 27% | 30% | 28% | 22% | 24% | 23% | 23% | ||
| Net debt-to-EBITDA | 2,71 | 2,80 | 3,46 | 3,31 | 2,55 | 1,98 | 2,19 | 2,06 | ||
| ROE | 0% | 0% | 1% | 3% | -1% | 1% | 0% | -1% | ||
| ROA | 0% | 0% | 1% | 2% | -1% | 0% | 0% | -1% |
Consolidated statement of financial position
| EUR ‘000 | 30/09/2013 | 31/12/2012 | 30/09/2012 | |
| Cash and cash equivalents | 1,254 | 1,357 | 1,490 | |
| Receivables and prepayments | 9,091 | 8,152 | 8,422 | |
| Inventories | 10,032 | 10,308 | 10,520 | |
| Biological assets | 7,953 | 5,631 | 6,789 | |
| Total current assets | 28,330 | 25,448 | 27,221 | |
| Deferred income tax assets | 393 | 473 | 477 | |
| Long-term financial investments | 127 | 131 | 88 | |
| Investment property | 2,084 | 2,084 | 2,084 | |
| Property, plant and equipment | 12,712 | 12,499 | 13,000 | |
| Intangible assets | 22,424 | 22,548 | 22,571 | |
| Total non-current assets | 37,741 | 37,735 | 38,220 | |
| TOTAL ASSETS | 66,070 | 63,183 | 65,441 | |
| Borrowings | 5,373 | 3,953 | 4,088 | |
| Payables and prepayments | 9,895 | 9,399 | 13,480 | |
| Total current liabilities | 15,268 | 13,352 | 17,568 | |
| Borrowings | 10,433 | 11,239 | 8,350 | |
| Deferred income tax liabilities | 858 | 659 | 901 | |
| Government grants | 1,322 | 1,479 | 1,537 | |
| Total non-current liabilities | 12,613 | 13,377 | 10,788 | |
| Total liabilities | 27,881 | 26,729 | 28,356 | |
| Share capital | 19,342 | 19,342 | 19,342 | |
| Share premium | 16,026 | 16,026 | 16,026 | |
| Statutory capital reserve | 6 | 6 | 6 | |
| Other reserves | 57 | 42 | 36 | |
| Currency translation differences | 665 | 485 | 508 | |
| Retained earnings | 2,093 | 553 | 1,167 | |
| Equity attributable to equity holders of the parent | 38,189 | 36,453 | 37,085 | |
| Total equity | 38,189 | 36,453 | 37,085 | |
| TOTAL LIABILITIES AND EQUITY | 66,070 | 63,183 | 65,441 |
Consolidated statement of comprehensive income
| EUR ‘000 | Q3 2013 | Q3 2012 | 9m 2013 | 9m 2012 | |
| Revenue | 26,854 | 23,591 | 72,906 | 66,788 | |
| Cost of goods sold | -19,759 | -16,461 | -54,089 | -47,537 | |
| Gross profit | 7,094 | 7,130 | 18,817 | 19,251 | |
| Operating expenses | -5,788 | -6,159 | -17,046 | -17,497 | |
| Sales and marketing expenses | -4,868 | -5,183 | -14,165 | -14,048 | |
| General and administrative expenses | -920 | -976 | -2,881 | -3,449 | |
| Other income and expenses, net | 93 | 131 | 199 | 250 | |
| Revaluation of biological assets | 1,287 | -54 | 1,118 | -1,326 | |
| Operating profit | 2,685 | 1,048 | 3,088 | 678 | |
| Finance income | -17 | 128 | 20 | 150 | |
| Finance costs | -250 | -112 | -836 | -456 | |
| Profit before income tax | 2,418 | 1,065 | 2,272 | 372 | |
| Corporate income tax | -343 | 42 | -345 | 315 | |
| Net profit for the period | 2,075 | 1,107 | 1,927 | 687 | |
| Other comprehensive income | |||||
| Currency translation differences | 57 | 45 | 180 | 117 | |
| Other comprehensive income | 57 | 45 | 180 | 117 | |
| Total comprehensive income | 2,132 | 1,152 | 2,107 | 804 | |
| Net profit for the period: | |||||
| Attributable to equity holders of the parent | 2,075 | 1,107 | 1,927 | 687 | |
| Net profit for the period | 2,075 | 1,107 | 1,927 | 687 | |
| Comprehensive income for the period: | |||||
| Attributable to equity holders of the parent | 2,132 | 1,152 | 2,107 | 804 | |
| Total comprehensive income | 2,132 | 1,152 | 2,107 | 804 | |
| Earnings per share | |||||
| Basic earnings per share (EUR) | 0.05 | 0.03 | 0.05 | 0.02 | |
| Diluted earnings per share (EUR) | 0.05 | 0.03 | 0.05 | 0.02 |
Additional information: Katre Kõvask AS Premia Foods Chairman of the Management Board T: +372 6 033 800 katre.kovask@premia.ee www.premiafoods.eu
