Tallinn, Estonia, 2013-08-13 08:00 CEST (GLOBE NEWSWIRE) --
The financial results of Premia Foods during the 2nd quarter and 6 months, 2013, may be characterized by the increase of turnover by over 6% for the second quarter in a row, considerably improved profitability and decreased operating costs. If compared to the relevant periods of 2012, Premia’s EBIT in 2nd quarter of 2013 improved by 0.6 million euro, in 6 months the improvement of EBIT was 0.8 million euro. Premia’s net profit of 2nd quarter of 2012 exceeded the previous year result by 0.3 million euro, i.e. 38 %, in 6 months the net loss was 0.1 million euro, which is by 0.3 million euro, i.e. 65% better result than in 6 months of 2012.
The main financial results of the operations of the company during the reporting period are the following:
- The unaudited consolidated turnover of the 2nd quarter of 2013 increased by 6.5%, i.e. 1.7 million euro, if compared to the results of the 2nd quarter of 2012, reaching 27.8 million euro. The unaudited consolidated turnover of 6 months of 2013 was 46.1 million euro, on a yearly basis having increased by 7%, i.e. 2.9 million euro. In the summary of 6 months, the turnover of the company increased in all the business segments and target markets.
- The gross profit of the 2nd quarter of 2013 was 0.1 million euro more than the result of the same period in 2012. In the summary of 6 months of 2013, the gross profit was 0.4 million euro less than the result of the same period of the previous year. The ice cream business segment and the frozen goods business segment earned 1.2 million euro, i.e. 14%, more gross profit during the reporting period, if compared to the results of the previous year; the decrease of the gross profit during the 6 months period came from the fish business segment.
- EBITDA of the 2nd quarter was 2.4 million euro, exceeding the result of previous year by 0.5 million euro, i.e 26%. In 6 months the company earned 1.7 million euro of EBITDA, which is by 0.4 million euro, i.e. 32% more than during the same period in 2012.
- The positive impact of livestock on the operating profit of the company during the 2nd quarter of 2013 was 0.7 million euro and 1.1 million euro in the summary of 6 months, if compared to the results of the previous year.
- The EBIT in the 2nd quarter of 2013 was 1.7 million euro, which is 0.6 million euro more than the result of the previous year. In the summary of 6 months of 2013, the EBIT of the company was 0.4 million euro, which is 0.8 million euro more than the result of the previous year. The growth came from the ice cream and the frozen goods business segments.
- The net profit of the 2nd quarter of 2013 was 1 million euro, exceeding the result of the previous year by 0.3 million euro, i.e. 38%. In the summary of 6 months of 2013, the net loss of the company was 0.1 million euro, which is by 0.3 million euro, i.e. 65%, better result if compared to the results of the same period of 2012.
- The operating expense ratio decreased by 1.3 percentage points during the 2nd quarter of 2013 and 1.8 percentage points in the summary of 6 months, if compared to the respective results of the previous year. In total, the operating expenses during the 2nd quarter remained at the same level if compared to the same period of the previous year and, in the summary of 6 months, are 0.1 million euro less than during the comparable period of 2012.
The company’s key ratios of the 2nd quarter and 6 months of 2013 have been indicated in the following table.
| KEY RATIOS | |||||||||
| Profit & Loss, EUR mln | formula | Q1 | Q2 | 6m 2013 | Q1 | Q2 | 6m 2012 | ||
| Sales | 18,3 | 27,8 | 46,1 | 17,1 | 26,1 | 43,2 | |||
| Gross profit | 3,8 | 8,0 | 11,7 | 4,2 | 7,9 | 12,1 | |||
| EBITDA from operations | before one-offs and fair value adjustment | -0,4 | 2,4 | 2,0 | 0,0 | 2,7 | 2,8 | ||
| EBITDA | -0,7 | 2,4 | 1,7 | -0,6 | 1,9 | 1,3 | |||
| EBIT | -1,3 | 1,7 | 0,4 | -1,4 | 1,1 | -0,4 | |||
| Net profit | -1,2 | 1,0 | -0,1 | -1,2 | 0,8 | -0,4 | |||
| Gross margin | Gross profit / Net sales | 20,6% | 28,6% | 25,5% | 24,5% | 30,4% | 28,1% | ||
| Operational EBITDA margin | EBITDA from operations/Net sales | -2,2% | 8,8% | 4,4% | 0,1% | 10,5% | 6,4% | ||
| EBIT margin | EBIT / Net sales | -7,3% | 6,2% | 0,9% | -8,3% | 4,0% | -0,9% | ||
| Net margin | Net earnings / Net sales | -6,5% | 3,7% | -0,3% | -6,9% | 2,9% | -1,0% | ||
| Operating expense ratio | Operating expenses / Net sales | 27,1% | 22,7% | 24,4% | 29,7% | 24,0% | 26,2% |
| Balance Sheet, EUR mln | formula | 31.12.12 | 31.03.13 | 30.06.13 | 31.12.11 | 31.03.12 | 30.06.12 | ||
| Net debt | Short and Long term Loans and Borrowings - Cash | 13,8 | 13,2 | 15,2 | 11,3 | 12,2 | 12,0 | ||
| Equity | 36,5 | 35,3 | 36,1 | 40,5 | 39,3 | 39,8 | |||
| Working capital | Current Assets - Current Liabilities | 12,1 | 10,4 | 10,8 | 12,8 | 12,0 | 12,4 | ||
| Assets | 63,2 | 62,4 | 67,7 | 64,1 | 64,2 | 68,5 | |||
| Liquidity ratio | Current Assets / Current Liabilities | 1,91 | 1,73 | 1,58 | 2,19 | 1,91 | 1,70 | ||
| Equity ratio | Equity / Total Assets | 58% | 57% | 53% | 63% | 61% | 58% | ||
| Gearing ratio | Net Debt / (Equity + Net Debt) | 28% | 27% | 30% | 22% | 24% | 23% | ||
| Net debt-to-EBITDA | Net Debt / EBITDA from operations | 2,71 | 2,80 | 3,46 | 2,55 | 2,39 | 2,35 | ||
| ROE | Net Earnings / Average Equity | 0% | 0% | 0% | -1% | 1% | 0% | ||
| ROA | Net Earnings / Average Assets | 0% | 0% | 0% | -1% | 0% | 0% |
Additional information: Katre Kõvask Chairman of the Management Board T: +372 6 033 800 katre.kovask@premia.ee www.premiafoods.eu
