PRF: Unaudited consolidated turnover of AS PRFoods
Post# of 301275
Tallinn, Estonia, 2017-07-14 07:00 CEST (GLOBE NEWSWIRE) --
In the Q2 2017 the unaudited consolidated sales revenue of PRFoods increased by +33.9% y-o-y, i.e. by +3.3 million euros, reaching the level of 13.1 million euros. PRFoods is very pleased with increase of Q2 sales. Majority of growth in sales is contributed to increasing prices for our products. As raw material prices increased for last 9 months, in order to maintain our margins, it was necessary to increase also our sales prices and this process is being executed. Salmon prices have started to decrease, which hopefully will help to boost our margins in Q3 and Q4. Rainbow trout prices have remained stable, which could positively affect our own fish farming business. One must remain cautious as volatility in raw material prices continues as does global demand for fish, hence access to sustainable and price competitive raw material is very important. The planned acquisition of John Ross Jr. and Coln Valley should further support of strategy of international growth and profitability.
Revenue by product groups
| Revenues mln EUR | Q1 2017 | Q1 2016 | Q2 2017 | Q2 2016 | 6m 2017 | 6m 2016 | Change | Change % | Proportion |
| Smoked products | 4.0 | 3.6 | 5.9 | 3.9 | 9.9 | 7.5 | +2.4 | +32.8% | 42.0% |
| Other fish products | 1.7 | 1.5 | 2.3 | 1.8 | 3.9 | 3.3 | +0.6 | +18.2% | 16.7% |
| Raw fish and fillets | 4.9 | 5.1 | 4.9 | 4.1 | 9.7 | 9.2 | +0.6 | +6.2% | 41.2% |
| Other | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | +0.0 | +16.0% | 0.1% |
| Total | 10.6 | 10.2 | 13.1 | 9.8 | 23.6 | 20.0 | +3.6 | +18.2% | 100.0% |
The largest increase compared to previous year in revenue came from the smoked products group, which increased by 2.4 million euros, i.e. +32.8%. The revenue from from the other fish products group increased by +0.6 million euros, i.e. +18.2% and the revenue from the raw fish and fillets product group increased by +0.6 million euros, i.e. +6.2%.
Revenue by client segments
| Revenues mln EUR | Q1 2017 | Q1 2016 | Q2 2017 | Q2 2016 | 6m 2017 | 6m 2016 | Change | Change % | Proportion |
| HoReCa | 3.7 | 2.9 | 4.7 | 3.4 | 8.4 | 6.4 | +2.0 | +31.9% | 35.6% |
| Retail chains | 4.4 | 5.3 | 6.5 | 4.9 | 10.9 | 10.2 | +0.7 | +6.7% | 46.2% |
| Wholesale | 2.4 | 2.0 | 1.8 | 1.3 | 4.2 | 3.3 | +0.9 | +27.0% | 17.7% |
| Other | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | +0.0 | +20.7% | 0.5% |
| Total | 10.6 | 10.2 | 13.1 | 9.8 | 23.6 | 20.0 | +3.6 | +18.2% | 100.0% |
Based on client segments, the first 6 months’ revenue of 2017 increased the most in HoReCa sector, by +2.0 million euros, i.e. +31.9%. Revenue increased in retail chains sector by +0.7 million euros, i.e. +6.7% and in wholesale sector by +0.9 million euros, i.e. 27.0%.
Revenue by target markets
| Revenues mln EUR | Q1 2017 | Q1 2016 | Q2 2017 | Q2 2016 | 6m 2017 | 6m 2016 | Change | Change % | Proportion |
| Finland | 9.0 | 8.3 | 10.5 | 8.0 | 19.5 | 16.2 | +3.3 | +20.2% | 82.6% |
| Estonia | 1.0 | 1.4 | 1.6 | 1.3 | 2.6 | 2.7 | -0.1 | -3.8% | 10.9% |
| Other | 0.6 | 0.6 | 0.9 | 0.5 | 1.5 | 1.1 | +0.5 | +41.4% | 6.5% |
| Total | 10.6 | 10.2 | 13.1 | 9.8 | 23.6 | 20.0 | +3.6 | +18.2% | 100.0% |
Finnish revenue in first 6 months of 2017 increased by +3.3 million euros, i.e. 20.2%. The share of Finnish market formed 82.6% of the total revenue, having increased by 1.4 percentage points compared to the same period last year.
First 6 months’ revenue of 2017 increased in Estonia by -0.1 million euros, i.e. -3.8%. The proportion of the revenue from the Estonian market decreased by -2.5% percentage points in comparison with the same period last year.
Revenue in other countries increased by +0.5 million euros in Q2 2017 and the proportion of revenue from these markets grew by +1.1 percentage points.
Indrek Kasela AS PRFoods Member of the Management Board Phone: +372 452 1470 investor@prfoods.ee www.prfoods.ee
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