PRFoods: Consolidated Unaudited Interim Report of AS PRFoods for 4th quarter and 12 months of 2014 The net loss of AS PRFoods in the 4th quarter including discontinued operations totalled to -6.4 million euros. The loss increased by 5.4 million euros compared to the previous year. The loss included the loss from the sale of subsidiaries, which accounted for a total of 5.0 million euros. Continuing operations ended the 4th quarter with a loss of -1.2 million euros and the 12-month net loss increased by 0.5 million compared to the same period in 2013 from -0.9 million to -1.5 million euros.
The consolidated results of continuing and discontinued results is shown in Interim Report (attachements), fish segment performance is shown also separately from PRFoods and sales price analysis of discontinued operations is shown separetely.
Continuing operations (the data of 2013 has also been adjusted for comparison purposes):
4th quarter of 2014 (compared to the 4th quarter of 2013):
- Unaudited consolidated revenue of 14.3 million euros, a decrease of 13% or -2.1 million euros.
- Gross margin of 11.8%, a decrease of 0.3 percentage points.
- EBITDA from operations -0.3 million euros, a decrease of 0.9 million euros.
- Negative impact from revaluation of biological assets 0.3 million euros (4th quarter 2013: negative impact of 0.4 million euros).
- EBITDA -0.6 million euros, a decrease of 1.3 million euros.
- Operating loss of -0.9 million euros, a decrease of 1.3 million euros.
- Net loss -1.2 million euros, a decrease of 1.5 million euros.
12 months of 2014 (comparison to 12 months of 2013):
- Unaudited consolidated revenue of 45.9 million euros, an increase of 6% or 2.5 million euros.
- Gross margin of 11.5%, an increase of 1.9 percentage points.
- EBITDA from operations 0.4 million euros, an increase of 0.1 million euros.
- Negative impact from revaluation of biological assets 0.6 million euros (12 months 2013: positive impact of 0.7 million euros).
- EBITDA 0.5 million euros, a decrease of 0.7 million euros.
- Operating loss of -0.6 million euros, a decrease of 0.7 million euros.
- Net income -1.5 million euros, weakening by 0.5 million euros.
- The operating expense ratio increased by 0.5 percentage points to 13.4%.
| | | | Continuing operations |
| Key ratios, Profit & Loss | formula | | Q4 2014 | Q4 2013 | | 12m 2014 | 12m 2013 | |
| Gross margin | Gross profit / Net sales | | 11.8% | 12.1% | | 11.5% | 9.6% | |
| Operational EBITDA margin | EBITDA from operations/Net sales | | -2.0% | 3.9% | | 0.8% | 0.7% | |
| EBIT margin | EBIT / Net sales | | -6.2% | 2.4% | | -1.3% | 0.3% | |
| Net margin | Net earnings / Net sales | | -8.3% | 1.9% | | -3.2% | -2.1% | |
| Operating expense ratio | Operating expenses / Net sales | | 14.2% | 10.4% | | 13.4% | 12.9% | |
| | | | Continuing and discontinued operations |
| Key ratios, Profit & Loss | formula | | Q4 2014 | Q4 2013 | | 12m 2014 | 12m 2013 | |
| Gross margin | Gross profit / Net sales | | 14.9% | 17.1% | | 24.3% | 23.5% | |
| Operational EBITDA margin | EBITDA from operations/Net sales | | -3.1% | -1.1% | | 5.3% | 3.9% | |
| EBIT margin | EBIT / Net sales | | -7.1% | -3.4% | | 3.2% | 2.2% | |
| Net margin | Net earnings / Net sales | | -36.3% | -3.8% | | -2.8% | 1.0% | |
| Operating expense ratio | Operating expenses / Net sales | | 18.2% | 20.3% | | 21.1% | 22.6% | |
| | | | Group of fish companies |
| Key ratios, Profit & Loss | formula | | Q4 2014 | Q4 2013 | | 12m 2014 | 12m 2013 | |
| Gross margin | Gross profit / Net sales | | 11.7% | 11.5% | | 11.1% | 8.9% | |
| Operational EBITDA margin | EBITDA from operations/Net sales | | 5.5% | 4.6% | | 4.2% | 1.8% | |
| EBIT margin | EBIT / Net sales | | 1.3% | 3.2% | | 2.1% | 1.5% | |
| Net margin | Net earnings / Net sales | | -0.8% | 3.4% | | 0.7% | 0.4% | |
| Operating expense ratio | Operating expenses / Net sales | | 8.1% | 9.0% | | 10.0% | 11.0% | |
Condensed consolidated statement of financial position
| EUR ‘000 | | 31/12/2014 unaudited | 31/12/2013 audited |
| Cash and cash equivalents | | 3,330 | 1,314 |
| Receivables and prepayments | | 12,089 | 8,356 |
| Inventories | | 6,563 | 10,258 |
| Biological assets | | 5,583 | 6,270 |
| Total current assets | | 27,565 | 26,198 |
| | | | |
| Deferred income tax assets | | 56 | 557 |
| Long-term financial investments | | 134 | 127 |
| Investment property | | 0 | 2,084 |
| Property, plant and equipment | | 6,484 | 12,500 |
| Intangible assets | | 6,178 | 22,373 |
| Total non-current assets | | 12,852 | 37,641 |
| TOTAL ASSETS | | 40,417 | 63,839 |
| | | | |
| Borrowings | | 198 | 6,035 |
| Payables and prepayments | | 4,446 | 10,057 |
| Total current liabilities | | 4,644 | 16,092 |
| | | | |
| Borrowings | | 555 | 8,470 |
| Deferred income tax liabilities | | 459 | 716 |
| Government grants | | 1,054 | 1,264 |
| Total non-current liabilities | | 2,068 | 10,450 |
| Total liabilities | | 6,712 | 26,542 |
| | | | |
| Share capital | | 19,342 | 19,342 |
| Share premium | | 15,993 | 16,026 |
| Treasury shares | | -84 | 0 |
| Statutory capital reserve | | 6 | 6 |
| Other reserves | | 0 | 62 |
| Currency translation differences | | 440 | 748 |
| Retained earnings | | -1,992 | 1,113 |
| Equity attributable to equity holders of the parent | | 33,705 | 37,297 |
| Total equity | | 33,705 | 37,297 |
| TOTAL LIABILITIES AND EQUITY | | 40,417 | 63,839 |
Condensed consolidated statement of profit or loss and other comprehensive income
| EUR ‘000 | Q4 2014 unaudited | Q4 2013 unaudited | 12m 2014 unaudited | 12m 2013 unaudited |
| Continuing operations | | | | |
| Revenue | 14,347 | 16,461 | 45,862 | 43,364 |
| Cost of goods sold | -12,649 | -14,462 | -40,569 | -39,192 |
| Gross profit | 1,698 | 1,999 | 5,293 | 4,172 |
| | | | | |
| Operating expenses | -2,040 | -1,718 | -6,124 | -5,587 |
| Sales and marketing expenses | -894 | -1,159 | -3,580 | -3,599 |
| General and administrative expenses | -1,146 | -559 | -2,544 | -1,988 |
| Other income and expenses, net | -221 | 497 | 811 | 801 |
| Revaluation of biological assets | -323 | -376 | -571 | 742 |
| Operating profit (loss) | -886 | 402 | -591 | 128 |
| | | | | |
| Finance income | 75 | -16 | 87 | 1 |
| Finance costs | -269 | -296 | -808 | -933 |
| | | | | |
| Profit (loss) before income tax | -1,080 | 90 | -1,312 | -804 |
| | | | | |
| Corporate income tax | -109 | 223 | -139 | -116 |
| | | | | |
| Profit (loss) for the period from continuing operations | -1,189 | 313 | -1,451 | -920 |
| | | | | |
| Profit for the period from discontinued operations | -5,201 | -1,293 | -1,267 | 1,867 |
| | | | | |
| Profit (loss) for the period | -6,390 | -980 | -2,718 | 947 |
| | | | | |
| Other comprehensive income (expense) that might subsequently classified to profit or loss: | | | | |
| Currency translation differences | -257 | 85 | -309 | 264 |
| incl. continuing operations | -33 | -28 | -98 | -37 |
| incl. discontinued operations | -224 | 113 | -211 | 301 |
| Other comprehensive income (expense) | -257 | 85 | -309 | 264 |
| Total comprehensive income (expense) | -6,647 | -895 | -3,027 | 1,211 |
| | | | | |
| Net profit (loss) for the period: | | | | |
| Attributable to equity holders of the parent | -6,390 | -980 | -2,718 | 947 |
| Net profit (loss) for the period | -6,390 | -980 | -2,718 | 947 |
| | | | | |
| Comprehensive income (expense) for the period: | | | | |
| Attributable to equity holders of the parent | -6,647 | -895 | -3,027 | 1,211 |
| Total comprehensive income (expense) | -6,647 | -895 | -3,027 | 1,211 |
| | | | | |
| Earnings per share | Q4 2014 | 4Q 2013 | 12m 2014 | 12m 2013 |
| Basic earnings (loss) per share (EUR) | -0,17 | -0,03 | -0,07 | 0,02 |
| incl. continuing operations | -0,03 | 0,01 | -0,04 | -0,02 |
| incl. discontinued operations | -0,13 | -0,03 | -0,03 | 0,05 |
| | | | | |
| Diluted earnings (loss) per share (EUR) | -0,17 | -0,03 | -0,07 | 0,02 |
| incl. continuing operations | -0,03 | 0,01 | -0,04 | -0,02 |
| incl. discontinued operations | -0,13 | -0,03 | -0,03 | 0,05 |
Additional information: Indrek Kasela AS PRFoods Chairman of Management Board T: +372 6 033 800 indrek.kasela@prfoods.ee www.prfoods.ee
