In March 2018 the unaudited consolidated sales revenue of PRFoods increased by +94.7% y-o-y, i.e. by +3.7 million euros due to acquisition of new companies, reaching the level of 7.5 million euros. Comparable sales revenue increased by +4.6%, i.e. +0.2 million euros.
PRFoods revenue increased 1st quarter of 2018 compared to same period last year by +115.2%, i.e. by +12.2 million euros, reaching the level of 22.7 million euros. Comparable sales revenue increased in 1st quarter by +0.6 million euros, i.e. +6.5%.
Sales quantity increased in 1st quarter of 2018 compared to previous year by +2 275 tonnes, i.e. +171.7%.
The acquisition of John Ross Jr., Coln Valley and Trio Trading has increased Group’s sales by 10.0 million euros and will further support of strategy of international growth and profitability.
Pro forma revenues were negatively affected mostly by termination of fish supply contract to Escamar Seafood Oy (formerly Apetit Kala Oy), and in total Trio Trading Oy revenues decreased by -0.9 million euros and weakening of GBP at the end of Q1, having negative effect of -0.1 million euros. On positive side, Heimon Kala year-on-year Q1 revenues grew by +9.6%. PRFoods continues to review of its client and product portfolio, undertaken already in last year, to exit for lower margin product groups.
Sales revenue decreased in by -0.7 million euros, i.e. -2.9% compared to pro forma sales revenue in 1st quarter 2017. Pro forma sales revenue in 1st quarter 2017 includes all group companies.
Pro forma revenue is divided by largest target markets in 1st quarter as following: Finland 15.8 million euros, UK 2.9 million euros, Estonia 1.3 million euros, Latvia 1.3 million euros, France 0.8 million euros and Greece 0.2 million euros. Remaining revenue 0.4 million euros consists of export to various countries.
Starting from 2018, the Group is publishing sales revenue monthly by product groups. Detailed overview of sales revenue by customer groups and countries will be published in quarterly report.
| Consolidated | Pro Forma | |||||||
| Revenues mln EUR | 03’2018 | 03’2017 | change | change % | 03’2018 | 03’2017 | change | change % |
| Smoked products | 3.1 | 1.6 | 1.5 | +96.3% | 3.1 | 3.3 | -0.2 | -6.6% |
| Other fish products | 0.8 | 0.7 | 0.1 | +18.2% | 0.8 | 1.0 | -0.2 | -19.6% |
| Raw fish and fillets | 3.6 | 1.6 | 2.0 | +122.2% | 3.6 | 4.2 | -0.6 | -14.0% |
| Other | 0.1 | 0.0 | 0.0 | +915.6% | 0.1 | 0.1 | 0.0 | -29.5% |
| Total | 7.5 | 3.9 | 3.7 | +94.7% | 7.5 | 8.5 | -1.0 | -11.9% |
The largest increase in March compared to previous year in revenue came from the raw fish and fillets products group, which increased by +2.0 million euros, i.e. +122.2%. The revenue from the smoked products group increased by +1.5 million euros, i.e. +96.3% and the revenue from the other fish product group increased by +0.1 million euros, i.e. +18.2%.
| Consolidated | Pro Forma | |||||||
| Revenues mln EUR | Q1’18 | Q1’17 | change | change % | Q1’18 | Q1’17 | change | change % |
| Smoked products | 8.3 | 4.0 | 4.3 | +105.7% | 8.3 | 8.4 | -0.1 | -1.8% |
| Other fish products | 2.1 | 1.7 | 0.4 | +26.7% | 2.1 | 2.6 | -0.5 | -19.1% |
| Raw fish and fillets | 12.1 | 4.9 | 7.2 | +148.5% | 12.1 | 12.1 | 0.0 | -0.1% |
| Other | 0.2 | 0.0 | 0.2 | +2546.6% | 0.2 | 0.3 | 0.0 | -11.7% |
| Total | 22.7 | 10.6 | 12.2 | +115.2% | 22.7 | 23.4 | -0.7 | -2.9% |
The largest increase in 1st quarter compared to previous year in revenue came from the raw fish and fillets products group, which increased by +7.2 million euros, i.e. +148.5%. The revenue from the smoked products group increased by +4.3 million euros, i.e. +105.7% and the revenue from the other fish product group increased by +0.4 million euros, i.e. +26.7%.
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 452 1470
investor@prfoods.ee
www.prfoods.ee
