Tallinn, Estonia, 2017-04-14 17:05 CEST (GLOBE NEWSWIRE) --
In the 1st quarter of 2017 the unaudited consolidated sales revenue of PRFoods increased by +3.2% y-o-y, i.e. by +0.3 million euros, reaching the level of 10.6 million euros. PRFoods is pleased with the revenue in 1st quarter. High prices of salmon and rainbow trout continue to influence the result of group. The average price of rainbow trout was 67% higher in the 1st quarter of 2017 compared to same period previous year. The average price of salmon was accordingly 18% higher compared to previous year.
Revenue by product groups
| Revenues mln EUR | Q1 2017 | Q1 2016 | Change | Change % | Proportion |
| Smoked products | 4.0 | 3.6 | +0.4 | +11.6% | 38.2% |
| Other fish products | 1.7 | 1.5 | +0.2 | +13.6% | 16.3% |
| Raw fish and fillets | 4.8 | 5.1 | -0.3 | -5.9% | 45.4% |
| Other | 0.0 | 0.0 | +0.0 | +91.5% | 0.1% |
| Total | 10.6 | 10.2 | +0.3 | +3.2% | 100.0% |
The largest increase compared to previous year in revenue came from the smoked products group, which increased by +0.4 million euros, i.e. +11.6%. The revenue from the raw fish and fillets product group decreased by -0.3 million euros, i.e. -5.9%. The revenue from the other fish products group increased by +0.2 million euros, i.e. +13.6%.
Revenue by client segments
| Revenues mln EUR | Q1 2017 | Q1 2016 | Change | Change % | Proportion |
| HoReCa | 3,7 | 2,9 | +0,8 | +26,7% | 35,3% |
| Retail chains | 4,4 | 5,3 | -0,9 | -16,4% | 41,9% |
| Wholesale | 2,4 | 2,0 | +0,4 | +20,9% | 22,3% |
| Other | 0,1 | 0,0 | +0,0 | +17,4% | 0,5% |
| Total | 10,6 | 10,2 | +0,3 | +3,2% | 100,0% |
Based on client segments, the first 3 months’ revenue of 2017 from the retail chains sector decreased by -0.9 million euros in total, i.e. -16.4%, and increased in both the HoReCa and wholesale sector, totalling +1.2 million euros. The increase in the HoReCa sector was +26.7% and in the wholesale sector +20.9% accordingly.
The decrease in the retail chains sector over the past 1.5 years can mostly be attributed to the loss of several Private Label products from our product portfolio. Regarding the extreme price volatility of raw materials this year, it is unprofitable for the company to be actively involved in manufacturing Private Label goods for retail chains because of their lower margins. High prices of salmon and rainbow trout have also caused retail chains to reduce the number of campaigns.
Revenue by target markets
| Revenues mln EUR | Q1 2017 | Q1 2016 | Change | Change % | Proportion |
| Finland | 9,0 | 8,3 | +0,7 | +8,6% | 85,2% |
| Estonia | 1,0 | 1,4 | -0,4 | -30,4% | 9,0% |
| Other | 0,6 | 0,6 | +0,0 | +6,4% | 5,8% |
| Total | 10,6 | 10,2 | +0,3 | +3,2% | 100,0% |
Finnish revenue increased in first 3 months of 2017 by +0.7 million euros, i.e. +8.6. The share of Finnish market formed 85.2% of the total revenue, having increased by +4.2 percentage points compared to the same period last year.
First 3 months’ revenue of 2017 decreased in Estonia by -0.4 million euros, i.e. -30.4%. The proportion of the revenue from the Estonian market decreased by -4.4 percentage points in comparison with the same period last year.
Revenue in other countries increased by +0.04 million euros in 1st quarter of 2017 and the proportion of revenue from these markets grew by +0.2 percentage points.
Indrek Kasela AS PRFoods Member of the Management Board Phone: +372 6033 800 investor@prfoods.ee www.prfoods.ee
