
Consolidated Unaudited Interim Report of AS PRFoods for the 2nd quarter and 6 months of 2020/2021 financial year
MANAGEMENT COMMENTARY
Second half of 2020 is characterized by continuation of COVID crisis. Salmon prices are 12-year low and compared to the same period last year, salmon prices are down 38% and rainbow trout is down by 22.5%. Adding to this global decrease in demand due to shutdown of HoReCa and you can call the situation as „perfect storm“. Companies who emerge from this crisis unscathed will be future winners. Arrival of vaccines is giving hope that we can see some normalization during 2nd half of 2021. 2022 will definitely be more profitable year in Fish farming as farmers can plan better the demand. Today’s farming volumes were planned before crisis and therefore there is massive oversupply in the market and most Fish farmers operate either at loss or at break-even. John Ross Jr has shown extraordinary resilience in current crisis and is forecasted to end current financial year with similar result as to year before, gross margin of the business has risen over 50%. Estonian operations and cost base has been adjusted to the changed market situation. Unfortunately we cannot say the same about Finland and we plan to carry out significant restructuring of Finnish business during Q1.
The group ended Q4 already in profit, but due to significantly lower sales, our operational EBITDA margin was 3.4% compared to 8.4% year before (consolidated EBITDA margin 4.1% and 5.3% accordingly). Production cost base cannot be adjusted to such drastic market changes without bigger restructuring. Yet we have managed to decrease costs in Finnish unit by 75,000 euros per month from beginning of the year and see further avenues for decreasing costs. At the same time we cannot ignore the fact that sales need to be recovered, particularly in Finland.
The focus in the beginning of the year is to adjust cost base to the market situation, improving liquidity of the business and larger focus in Baltics and Scandinavia on Fish farming which continues to be the most promising area in business. John Ross Jr has adjusted extremely well to the crisis and despite loss of some sales in first 6 months of current financial year, has increased its profitability due to lower raw material prices.
Thanks to lower cost base, we believe, that we will finish 2020/2021 II half and entire financial year with positive EBITDA.
KEY RATIOS
INCOME STATEMENT
mln EUR | 4Q 2020 | 3Q 2020 | 2Q 2020 | 1Q 2020 | 4Q 2019 | 3Q 2019 | 2Q 2019 | 1Q 2019 |
Sales | 17.0 | 12.7 | 15.1 | 18.5 | 25.4 | 19.3 | 21.5 | 18.1 |
Gross profit | 2.5 | 1.2 | 0.7 | 2.0 | 4.3 | 2.6 | 2.1 | 2.1 |
EBITDA from operations | 0.6 | -0.3 | -0.4 | 0.0 | 2.1 | 0.7 | 0.3 | 0.2 |
EBITDA | 0.7 | -0.5 | -0.4 | -0.9 | 1.4 | 1.5 | 0.3 | -0.5 |
EBIT | 0.0 | -1.1 | -1.0 | -1.4 | 0.7 | 1.0 | -0.3 | -1.0 |
EBT | -0.1 | -1.4 | -1.2 | -1.8 | 0.6 | 0.8 | -0.4 | -1.2 |
Net profit (-loss) | -0.2 | -1.4 | -1.3 | -1.7 | 0.5 | 0.6 | -0.6 | -1.2 |
Gross margin | 14.9% | 9.4% | 4.6% | 10.8% | 17.0% | 13.4% | 9.8% | 11.7% |
Operational EBITDA margin | 3.4% | -2.6% | -2.6% | 0.1% | 8.4% | 3.8% | 1.4% | 1.1% |
EBITDA margin | 4.1% | -3.8% | -2.6% | -4.6% | 5.3% | 7.6% | 1.4% | -2.5% |
EBIT margin | 0.2% | -8.8% | -6.4% | -7.8% | 2.9% | 5.0% | -1.2% | -5.6% |
EBT margin | -0.6% | -11.3% | -8.1% | -9.8% | 2.2% | 3.9% | -2.0% | -6.5% |
Net margin | -1.2% | -11.3% | -8.4% | -9.2% | 2.0% | 2.9% | -3.0% | -6.6% |
Operating expense ratio | 15.6% | 18.2% | 13.9% | 14.3% | 12.5% | 13.4% | 11.7% | 14.1% |
BALANCE SHEET
mln EUR | 31.12.2020 | 30.09.2020 | 30.06.2020 | 31.03.2020 | 31.12.2019 | 30.09.2019 | 30.06.2019 |
Net debt | 21.9 | 21.5 | 20.7 | 17.0 | 17.8 | 19.9 | 20.5 |
Equity | 18.6 | 18.5 | 19.8 | 21.6 | 23.3 | 22.8 | 21.9 |
Working capital | -3.9 | -4.4 | -4.0 | -2.5 | -3.5 | -3.0 | -3.1 |
Assets | 57.5 | 57.4 | 57.1 | 56.9 | 60.5 | 62.4 | 62.5 |
Liquidity ratio | 0.8x | 0.8x | 0.8x | 0.9x | 0.9x | 0.9x | 0.9x |
Equity ratio | 32.4% | 32.3% | 34.7% | 37.9% | 38.5% | 36.5% | 35.0% |
Gearing ratio | 54.0% | 53.7% | 51.1% | 44.0% | 43.3% | 46.6% | 48.3% |
Debt to total assets | 0.7x | 0.7x | 0.7x | 0.6x | 0.6x | 0.6x | 0.7x |
Net debt to EBITDA op | 160.0x | 12.8x | 7.5x | 5.3x | 5.3x | 5.4x | 5.1x |
ROE | -21.9% | -7.0% | -9.1% | -5.7% | -3.2% | -4.5% | -6.5% |
ROA | -7.8% | -2.4% | -3.2% | -2.1% | -1.2% | -1.6% | -2.3% |
Consolidated Statement of Financial Position
Thousand euros | 31.12.2020 | 31.12.2019 | 30.06.2020 |
ASSETS | |||
Cash and cash equivalents | 962 | 2 680 | 2 276 |
Receivables and prepayments | 4,153 | 6,342 | 3,578 |
Inventories | 9,627 | 9,104 | 7,884 |
Biological assets | 3,702 | 4,354 | 4,249 |
Total current assets | 18,444 | 22,480 | 17,987 |
Deferred income tax | 21 | 66 | 54 |
Long-term financial investments | 232 | 217 | 232 |
Tangible fixed assets | 15,968 | 14,444 | 16,179 |
Intangible assets | 22,841 | 23,286 | 22,672 |
Total non-current assets | 39,062 | 38,013 | 39,137 |
TOTAL ASSETS | 57,506 | 60,493 | 57,124 |
EQUITY AND LIABILITIES | |||
Loans and borrowings | 9,634 | 12,505 | 10,611 |
Payables | 12,469 | 13,301 | 11,132 |
Government grants | 212 | 188 | 211 |
Total current liabilities | 22,315 | 25,994 | 21,954 |
Loans and borrowings | 13,254 | 7,945 | 12,368 |
Payables | 596 | 190 | 190 |
Deferred tax liabilities | 1,912 | 2,070 | 1,920 |
Government grants | 785 | 981 | 873 |
Total non-current liabilities | 16,547 | 11,186 | 15,351 |
TOTAL LIABILITIES | 38,862 | 37,180 | 37,305 |
Share capital | 7,737 | 7,737 | 7,737 |
Share premium | 14,197 | 14,007 | 14,007 |
Treasury shares | -390 | -390 | -390 |
Statutory capital reserve | 51 | 51 | 51 |
Currency translation reserve | -98 | 167 | -366 |
Retained profit (-loss) | -3,246 | 1,108 | -1,654 |
Equity attributable to parent | 18,252 | 22,680 | 19,385 |
Non-controlling interest | 392 | 633 | 434 |
TOTAL EQUITY | 18,644 | 23,313 | 19,819 |
TOTAL EQUITY AND LIABILITIES | 57,506 | 60,493 | 57,124 |
Consolidated Statement of Profit or Loss And Other Comprehensive Income
Thousand euros | 2Q 2020/2021 | 2Q 2019/2020 | 6 months 2020/2021 | 6 months 2019/2020 |
Sales | 17,029 | 25,374 | 29,766 | 44,703 |
Cost of goods sold | -14,496 | -21,049 | -26,033 | -37,796 |
Gross profit | 2,533 | 4,325 | 3,733 | 6,907 |
Operating expenses | -2,663 | -3,169 | -4,985 | -5,767 |
Selling and distribution expenses | -1,809 | -2,146 | -3,367 | -3,938 |
Administrative expenses | -854 | -1,023 | -1,618 | -1,829 |
Other income / expense | 46 | 206 | 137 | 334 |
Fair value adjustment on biological assets | 118 | -622 | 24 | 224 |
Operating profit (loss) | 34 | 740 | -1,091 | 1,698 |
Financial income/-expenses | -129 | -190 | -438 | -393 |
Profit (loss) before tax | -95 | 550 | -1,529 | 1,305 |
Income tax | -101 | -54 | -105 | -239 |
Net profit (loss) for the period | -196 | 496 | -1,634 | 1,066 |
Net profit (loss) attributable to: | ||||
Owners of the company | -190 | 529 | -1,592 | 1,042 |
Non-controlling interests | -6 | -33 | -42 | 24 |
Total net profit (loss) | -196 | 496 | -1,634 | 1,066 |
Other omprehensive income (loss) that may subsequently be classified to profit or loss: | ||||
Foreign currency translation differences | 169 | 66 | 268 | 381 |
Total comprehensive income (expense) | -27 | 562 | -1,366 | 1,447 |
Total comprehensive income (expense) attributable to: | ||||
Owners of the Company | -21 | 595 | -1,324 | 1,423 |
Non-controlling interests | -6 | -33 | -42 | 24 |
Total comprehensive income (expense) for the period | -27 | 562 | -1,366 | 1,447 |
Profit (loss) per share (EUR) | 0.00 | 0.01 | -0.04 | 0.03 |
Diluted profit (loss) per share (EUR) | 0.00 | 0.01 | -0.04 | 0.03 |
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone:+372 452 1470
investor@prfoods.ee
www.prfoods.ee
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