PRFoods: Audited Consolidated Annual Report 2016 T
Post# of 301275
Tallinn, Estonia, 2017-04-14 17:05 CEST (GLOBE NEWSWIRE) --
2016 was successful for PRFoods. We exceeded our revenue prognosis by 2.4 million euros and profit before taxes and depreciation (EBITDA) increased by 28.7%, i.e. 0.6 million euros. The company achieved revenue of 47.4 million euros, but faced very rapid increase in raw material prices well into Q4.
PRFoods increased its 2016 EBITDA to 2.6 million euros, up by 0.6 million euros year-on-year, thanks to fish farming operations, but operational EBITDA lagged due to increase in cost of goods sold. PRFoods management did an excellent job in countering the increase in fish prices, trimmed company’s cost base and actively worked on transferring price increases to customers. This resulted in posting Q4 0,7 million euros operational EBITDA, without one-off costs 1.1 million euros. In Q4 we used our own fish in processing, resulting in decrease (loss) in biomass by 1.1 million euros.
Operating profit in 2016 was 1.4 million euros (operating profit for 2015: 0.9 million euros). Net profit totalled 0.7 million euros (2015: net profit of 1.2 million euros). Operating profit improved 0.5 million euros (2015: improved by 1.5 million euros). Net profit decreased -0.5 million euros (2015: improved 2.7 million euros). Operating margin was 2.9% (2015: 1.7%) and net profit margin was 1.5% (2015: 2.3%).
In year 2016, the company incurred larger one-off costs related to certain corporate activities, investments and brand relaunch to take place in 2017. We do not foresee such extraordinary one-off costs in 2017. Those costs influenced EBITDA, operational profit and net profit in amount of -0.4 million euros (2015: no one-off expenses).
The audited consolidated annual report of AS PRFoods for 2016 is available at the website of NASDAQ OMX Tallinn and at the website of AS PRFoods ( prfoods.ee) .
Key Ratios
| Profit & Loss, EUR mln | 2016 | 2015 | 2014 | 2013 | 2012 |
| Sales | 47.4 | 50.3 | 45.9 | 43.4 | 34.9 |
| Gross profit | 4.0 | 6.8 | 5.3 | 4.2 | 6.4 |
| EBITDA from operations | 0.8 | 2.9 | 0.4 | 0.3 | 2.9 |
| EBITDA | 2.6 | 2.0 | 0.5 | 1.3 | 1.0 |
| EBIT | 1.4 | 0.9 | -0.6 | 0.2 | 0.0 |
| EBT | 1.1 | 1.1 | -1.4 | -0.8 | -0.3 |
| Net profit (-loss) | 0.7 | 1.2 | -1.5 | -0.9 | 0.0 |
| Gross margin | 8.5% | 13.5% | 11.5% | 9.6% | 18.2% |
| Operational EBITDA margin | 1.6% | 5.8% | 0.8% | 0.8% | 8.2% |
| EBITDA margin | 5.5% | 4.0% | 1.1% | 3.0% | 3.0% |
| EBIT margin | 2.9% | 1.7% | -1.3% | 0.4% | -0.1% |
| EBT margin | 2.4% | 2.1% | -3.0% | -1.7% | -1.0% |
| Net margin | 1.5% | 2.3% | -3.3% | -2.0% | 0.1% |
| Operating expense ratio | 10.1% | 10.8% | 13.4% | 12.8% | 15.3% |
| Balance Sheet, EUR mln | 31.12.2016 | 31.12.2015 | 31.12.2014 | 31.12.2013 | 31.12.2012 |
| Net debt | 0.3 | -0.6 | -2.6 | 13.2 | 13.8 |
| Equity | 23.8 | 23.2 | 33.7 | 37.3 | 36.5 |
| Working capital | 12.4 | 11.4 | 22.6 | 9.9 | 11.9 |
| Assets | 35.1 | 29.5 | 40.4 | 63.8 | 63.2 |
| Liquidity ratio | 2.4 | 3.7 | 5.6 | 1.6 | 1.9 |
| Equity ratio | 67.9% | 78.8% | 83.3% | 58.4% | 57.7% |
| Gearing ratio | 1.2% | -2.5% | -8.3% | 26.1% | 27.5% |
| Net debt-to-EBITDA | 0.4 | -0.2 | -7.0 | 38.0 | 4.8 |
| ROE | 3.0% | 4.1% | -4.2% | -2.4% | 0.1% |
| ROA | 2.2% | 3.4% | -2.9% | -1.4% | 0.1% |
Consolidated statement of financial position
| EUR '000 | 31.12.2016 | 31.12.2015 |
| ASSETS | ||
| Cash and cash equivalents | 4,374 | 1,921 |
| Receivables and prepayments | 4,056 | 3,653 |
| Inventories | 5,393 | 5,616 |
| Biological assets | 7,584 | 4,421 |
| Total current assets | 21,407 | 15,611 |
| Deferred tax assets | 230 | 138 |
| Long-term financial investments | 103 | 161 |
| Tangible fixed assets | 7,285 | 7,427 |
| Intangible assets | 6,031 | 6,128 |
| Total non-current assets | 13,649 | 13,854 |
| TOTAL ASSETS | 35,056 | 29,465 |
| EQUITY AND LIABILITIES | ||
| Loans and borrowings | 3,716 | 286 |
| Payables | 5,131 | 3,760 |
| Government grants | 162 | 177 |
| Total current liabilities | 9,009 | 4,223 |
| Loans and borrowings | 940 | 1,063 |
| Deferred tax liabilities | 747 | 252 |
| Government grants | 551 | 706 |
| Total non-current liabilities | 2,238 | 2,021 |
| TOTAL LIABILITIES | 11,247 | 6,244 |
| Share capital | 7,737 | 7,737 |
| Share premium | 14,007 | 16,026 |
| Treasury shares | -256 | -172 |
| Statutory reserve capital | 12 | 6 |
| Currency translation reserve | 428 | 471 |
| Retained profit (loss) | 1,883 | -847 |
| TOTAL EQUITY | 23,809 | 23,221 |
| TOTAL EQUITY AND LIABILITIES | 35,056 | 29,465 |
Consolidated statement of profit or loss and other comprehensive income
| EUR '000 | 2016 | 2015 |
| Sales | 47,429 | 50,273 |
| Cost of goods sold | -43,410 | -43,509 |
| Gross profit | 4,019 | 6,764 |
| Operating expenses | -4,785 | -5,411 |
| Selling and distribution expenses | -3,346 | -4,033 |
| Administrative expenses | -1,439 | -1,378 |
| Other income / expenses | -118 | 406 |
| Fair value adjustment on biological assets | 2,263 | -888 |
| Operating profit (-loss) | 1,379 | 871 |
| Financial income | 2 | 303 |
| Financial expenses | -240 | -105 |
| Profit (-loss) before tax | 1,141 | 1,069 |
| Income tax | -426 | 110 |
| Net profit (-loss) | 715 | 1,179 |
| Other comprehensive income (-expense) that might be subsequently classified to profit or loss: | ||
| Foreign currency translation differences | -43 | 30 |
| Total comprehensive income (-expense) | 672 | 1,209 |
| Profit (-loss) per share (EUR) | 0.02 | 0.03 |
| Diluted profit (-loss) per share (EUR) | 0.02 | 0.03 |
Indrek Kasela AS PRFoods Member of the Management Board Phone: +372 6033 800 investor@prfoods.ee www.prfoods.ee
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