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Consolidated Unaudited Interim Report of AS PRFoods for the 2nd quarter and 6 months of 2020/2021 financial year

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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 EUR4Q 20203Q 20202Q 20201Q 20204Q 20193Q 20192Q 20191Q 2019
Sales17.012.715.118.525.419.321.518.1
Gross profit2.51.20.72.04.32.62.12.1
EBITDA from operations0.6-0.3-0.40.02.10.70.30.2
EBITDA0.7-0.5-0.4-0.91.41.50.3-0.5
EBIT0.0-1.1-1.0-1.40.71.0-0.3-1.0
EBT-0.1-1.4-1.2-1.80.60.8-0.4-1.2
Net profit (-loss)-0.2-1.4-1.3-1.70.50.6-0.6-1.2
Gross margin14.9%9.4%4.6%10.8%17.0%13.4%9.8%11.7%
Operational EBITDA margin3.4%-2.6%-2.6%0.1%8.4%3.8%1.4%1.1%
EBITDA margin4.1%-3.8%-2.6%-4.6%5.3%7.6%1.4%-2.5%
EBIT margin0.2%-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 ratio15.6%18.2%13.9%14.3%12.5%13.4%11.7%14.1%

BALANCE SHEET

mln EUR31.12.202030.09.202030.06.202031.03.202031.12.201930.09.2019 30.06.2019
Net debt21.921.520.717.017.819.920.5
Equity18.618.519.821.623.322.821.9
Working capital-3.9-4.4-4.0-2.5-3.5-3.0-3.1
Assets57.557.457.156.960.562.462.5
Liquidity ratio0.8x0.8x0.8x0.9x0.9x0.9x0.9x
Equity ratio32.4%32.3%34.7%37.9%38.5%36.5%35.0%
Gearing ratio54.0%53.7%51.1%44.0%43.3%46.6%48.3%
Debt to total assets0.7x0.7x0.7x0.6x0.6x0.6x0.7x
Net debt to EBITDA op160.0x12.8x7.5x5.3x5.3x5.4x5.1x
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 euros31.12.202031.12.201930.06.2020
ASSETS
Cash and cash equivalents9622 6802 276
Receivables and prepayments4,1536,3423,578
Inventories9,6279,1047,884
Biological assets3,7024,3544,249
Total current assets18,44422,48017,987
Deferred income tax216654
Long-term financial investments232217232
Tangible fixed assets15,96814,44416,179
Intangible assets22,84123,28622,672
Total non-current assets39,06238,01339,137
TOTAL ASSETS57,50660,49357,124
EQUITY AND LIABILITIES
Loans and borrowings9,63412,50510,611
Payables12,46913,30111,132
Government grants212188211
Total current liabilities22,31525,99421,954
Loans and borrowings13,2547,94512,368
Payables596190190
Deferred tax liabilities1,9122,0701,920
Government grants785981873
Total non-current liabilities16,54711,18615,351
TOTAL LIABILITIES38,86237,18037,305
Share capital7,7377,7377,737
Share premium14,19714,00714,007
Treasury shares-390-390-390
Statutory capital reserve515151
Currency translation reserve-98167-366
Retained profit (-loss)-3,2461,108-1,654
Equity attributable to parent18,25222,68019,385
Non-controlling interest392633434
TOTAL EQUITY18,64423,31319,819
TOTAL EQUITY AND LIABILITIES57,50660,49357,124

Consolidated Statement of Profit or Loss And Other Comprehensive Income

Thousand euros2Q 2020/20212Q 2019/20206 months 2020/20216 months 2019/2020
Sales17,02925,37429,76644,703
Cost of goods sold-14,496-21,049-26,033-37,796
Gross profit2,5334,3253,7336,907
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 / expense46206137334
Fair value adjustment on biological assets118-62224224
Operating profit (loss)34740-1,0911,698
Financial income/-expenses-129-190-438-393
Profit (loss) before tax-95550-1,5291,305
Income tax-101-54-105-239
Net profit (loss) for the period-196496-1,6341,066
Net profit (loss) attributable to:
Owners of the company-190529-1,5921,042
Non-controlling interests-6-33-4224
Total net profit (loss)-196496-1,6341,066
Other omprehensive income (loss) that may subsequently be classified to profit or loss:
Foreign currency translation differences16966268381
Total comprehensive income (expense)-27562-1,3661,447
Total comprehensive income (expense) attributable to:
Owners of the Company-21595-1,3241,423
Non-controlling interests-6-33-4224
Total comprehensive income (expense) for the period-27562-1,3661,447
Profit (loss) per share (EUR)0.000.01-0.040.03
Diluted profit (loss) per share (EUR)0.000.01-0.040.03

Indrek Kasela

AS PRFoods

Member of the Management Board

Phone:+372 452 1470

investor@prfoods.ee

www.prfoods.ee

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