PRFoods: Audited Consolidated Annual Report 2015
Tallinn, Estonia, 2016-04-15 19:15 CEST (GLOBE NEWSWIRE) --
| The revenue in 2015 amounted to EUR 50.3 million, growing 9.6% in a year. Gross profit in 2015 totalled EUR 6.8 million, increasing 27.8% in a year i.e. by EUR 1.5 million. At the same time, gross profitability increased by 1.9 percentage points to 13.4%. In 2015, EBITDA was EUR 2.0 million which is 3.9 times more than a year earlier. In 2015, the net profit increased by 2.7 million euros, and amounted to 1.2 million euros. The share of exports in revenue was 90.4%, of which the Finnish market accounted for 87.9%, having increased by 1.7 percentage points year on year. The management of PRFoods is very satisfied with the results of 2015. The retained loss as at 31.12.2015 amounted to -0.8 million euros. According to the Commercial Code of Estonia dividends can only be distributed from retained earnings and the net profit of 2015 can not be used for distribution of dividends to shareholders. Distribution of dividends is planned to continue in 2017. The audited consolidated annual report of AS PRFoods for 2015 is available at the website of NASDAQ OMX Tallinn and at the website of AS PRFoods ( prfoods.ee) . |
| Key Ratios | |||||
| Profit & Loss, EUR mln | 2015 | 2014 | 2013 | 2012 | 2011 |
| Sales | 50.3 | 45.9 | 43.4 | 34.9 | 37.3 |
| Gross profit | 6.8 | 5.3 | 4.2 | 6.4 | 7.4 |
| EBITDA from operations | 2.9 | 0.4 | 0.3 | 2.9 | 3.2 |
| EBITDA | 2.0 | 0.5 | 1.3 | 1.0 | 2.8 |
| EBIT | 0.9 | -0.6 | 0.2 | 0.0 | 1.5 |
| EBT | 1.1 | -1.4 | -0.8 | -0.3 | 1.0 |
| Net profit (-loss) | 1.2 | -1.5 | -0.9 | 0.0 | 0.9 |
| Gross margin | 13.5% | 11.5% | 9.6% | 18.2% | 19.9% |
| Operational EBITDA margin | 5.8% | 0.8% | 0.8% | 8.2% | 8.7% |
| EBITDA margin | 4.0% | 1.1% | 3.0% | 3.0% | 7.5% |
| EBIT margin | 1.7% | -1.3% | 0.4% | -0.1% | 4.0% |
| EBT margin | 2.1% | -3.0% | -1.7% | -1.0% | 2.6% |
| Net margin | 2.3% | -3.3% | -2.0% | 0.1% | 2.3% |
| Operating expense ratio | 10.8% | 13.4% | 12.8% | 15.3% | 16.2% |
| Balance Sheet, EUR mln | 31/12/2015 | 31/12/2014 | 31/12/2013 | 31/12/2012 | 31/12/2011 |
| Net debt | -0.6 | -2.6 | 13.2 | 13.8 | 11.3 |
| Equity | 23.2 | 33.7 | 37.3 | 36.5 | 40.5 |
| Working capital | 11.4 | 22.6 | 9.9 | 11.9 | 13.4 |
| Assets | 29.5 | 40.4 | 63.8 | 63.2 | 64.1 |
| Liquidity ratio | 3.7 | 5.6 | 1.6 | 1.9 | 2.1 |
| Equity ratio | 78.8% | 83.3% | 58.4% | 57.7% | 63.2% |
| Gearing ratio | -2.5% | -8.3% | 26.1% | 27.5% | 21.7% |
| Net debt-to-EBITDA | -0.2 | -7.0 | 38.0 | 4.8 | 3.5 |
| ROE | 4.1% | -4.2% | -2.4% | 0.1% | 2.1% |
| ROA | 3.4% | -2.9% | -1.4% | 0.1% | 1.3% |
Consolidated statement of financial position
| EUR '000 | 31/12/2015 | 31/12/2014 |
| ASSETS | ||
| Cash and cash equivalents | 1,921 | 3,330 |
| Receivables and prepayments | 3,653 | 12,014 |
| Inventories | 5,616 | 6,563 |
| Biological assets | 4,421 | 5,583 |
| Total current assets | 15,611 | 27,490 |
| Deferred income tax | 138 | 103 |
| Long-term financial investments | 161 | 134 |
| Tangible fixed assets | 7,427 | 6,484 |
| Intangible assets | 6,128 | 6,218 |
| Total non-current assets | 13,854 | 12,939 |
| TOTAL ASSETS | 29,465 | 40,429 |
| EQUITY AND LIABILITIES | ||
| Loans and borrowings | 286 | 198 |
| Payables | 3,760 | 4,493 |
| Government grants | 177 | 190 |
| Total current liabilities | 4,223 | 4,881 |
| Loans and borrowings | 1,063 | 555 |
| Deferred tax liabilities | 252 | 457 |
| Government grants | 706 | 864 |
| Total non-current liabilities | 2,021 | 1,876 |
| TOTAL LIABILITIES | 6,244 | 6,757 |
| Share capital | 7,737 | 19,342 |
| Share premium | 16,026 | 16,026 |
| Treasury shares | -172 | -117 |
| Statutory capital reserve | 6 | 6 |
| Currency translation reserve | 471 | 441 |
| Retained loss | -847 | -2,026 |
| TOTAL EQUITY | 23,221 | 33,672 |
| TOTAL EQUITY AND LIABILITIES | 29,465 | 40,429 |
Consolidated statement of profit or loss and other comprehensive income
| EUR '000 | 2015 | 2014 |
| Sales | 50,273 | 45,863 |
| Cost of goods sold | -43,509 | -40,581 |
| Gross profit | 6,764 | 5,282 |
| Operating expenses | -5,411 | -6,153 |
| Selling and distribution expenses | -4,033 | -3,598 |
| Administrative expenses | -1,378 | -2,555 |
| Other income/expenses | 406 | 831 |
| Fair value adjustment on biological assets | -888 | -571 |
| Operating profit (-loss) | 871 | -611 |
| Financial income | 303 | 87 |
| Financial expenses | -105 | -844 |
| Profit (-loss) before tax | 1,069 | -1,368 |
| Income tax | 110 | -136 |
| Net profit (-loss) for the year from continuing operations | 1,179 | -1,504 |
| Net loss for the year from discontinuing operations (attributable to equity holders of the company) | 0 | -1,310 |
| Net profit (-loss) | 1,179 | -2,814 |
| Other comprehensive income (-expense) that might subsequently classified to profit or loss: | ||
| Foreign currency translation differences | 30 | -308 |
| including continued operations | 30 | -98 |
| including discontinued operations | 0 | -210 |
| Total comprehensive income (-expense) | 1,209 | -3,122 |
| Profit (-loss) per share (EUR) | 0.03 | -0.07 |
| including continued operations | 0.03 | -0.04 |
| including discontinued operations | 0.00 | -0.03 |
| Diluted profit (-loss) per share (EUR) | 0.03 | -0.07 |
| including continued operations | 0.03 | -0.04 |
| including discontinued operations | 0.00 | -0.03 |
Indrek Kasela AS PRFoods Member of the Management Board Phone: +372 6033 800 indrek.kasela@prfoods.ee www.prfoods.ee
