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Consolidated Unaudited Interim Report of AS PRFoods for the 3nd quarter and 9 months of 2020/2021 financial year

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MANAGEMENT COMMENTARY

The most difficult year in PRFoods history is coming to close. Second wave of corona crisis lasted longer than predicted and in reality we have operated under restrictions the entire financial year ending in June. HoReCa has been closed, export logistics has been hindered and Norwegian salmon farmers dumped salmon at record low prices, that led to decrease of entire market. All this is reflected in our financial performance.

Unfortunately we must admit that previous management made mistakes in investments and did not react to changed environment fast enough in Finland, thus amplifying the negatiive effect of corona. UK operations have been consistently profitable and from the beginning of calendar year we have resumed pre-coroan profitability and we see strong growth in sales and profitability for next financial year. Estonian operations are still small, but at the samet ime we doubled our retail sales on y-o-y. Fresh salmon trading, characterised by high sales volatility , but small margins, has been in very substantial decline due to corona and record low prices.

On positive side we managed to end Q3 with same result as last year despite -23% in sales, considering that January-March 2020 were normal months, but January-March 2021, Europe was still thick in corona crisis.

At the same time it has been one of the most positive years for us, as we got much closer in our strategy to become one of the biggest fish farmers in the region. New farming permits in Sweden and potential new permits in Estonia could contribute to 30-50 million euros additional sales in coming years.

We are prepared that there will be new corona-related restrictions in fall 2021.

We also deal actively with deleveraging the company, carrying out new issue of convertible bonds. Ca half of our loans are related to acquisition finance of John Ross Jr. , and their results have not been materially affected by corona, meaning the leverage is acceptable. Fish farming requires long-term financing and we are investigating alternatives. We have reduced the need of working capital in processing, decreasing our inventory levels. Most important is to restore profitability in the environment of decreased sales.


KEY RATIOS

INCOME STATEMENT 

mln EUR1Q 20214Q 20203Q 20202Q 20201Q 20204Q 20193Q 20192Q 2019
Sales14.217.012.715.118.525.419.321.5
Gross profit0.92.51.20.72.04.32.62.1
EBITDA from operations-0.50.6-0.3-0.40.02.10.70.3
EBITDA-0.70.7-0.5-0.4-0.91.41.50.3
EBIT-1.40.0-1.1-1.0-1.40.71.0-0.3
EBT-1.8-0.1-1.4-1.2-1.80.60.8-0.4
Net profit (-loss) -1.8-0.2-1.4-1.3-1.70.50.6-0.6
Gross margin 6.6%14.9%9.4%4.6%10.8%17.0%13.4%9.8%
Operational EBITDA margin-3.5%3.4%-2.6%-2.6%0.1%8.4%3.8%1.4%
EBITDA margin-5.3%4.1%-3.8%-2.6%-4.6%5.3%7.6%1.4%
EBIT margin-9.9%0.2%-8.8%-6.4%-7.8%2.9%5.0%-1.2%
EBT margin-12.5%-0.6%-11.3%-8.1%-9.8%2.2%3.9%-2.0%
Net margin -12.5%-1.2%-11.3%-8.4%-9.2%2.0%2.9%-3.0%
Operating expense ratio15.6%15.6%18.2%13.9%14.3%12.5%13.4%11.7%


BALANCE SHEET

mln EUR31.03.202131.12.202030.09.202030.06.202031.03.202031.12.201930.09.2019
Net debt21.421.921.520.717.017.819.9
Equity17.618.618.519.821.623.322.8
Working capital-5.0-3.9-4.4-4.0-2.5-3.5-3.0
Assets54.557.557.457.156.960.562.4
Liquidity ratio0.8x0.8x0.8x0.8x0.9x0.9x0.9x
Equity ratio 32.4%32.4%32.3%34.7%37.9%38.5%36.5%
Gearing ratio54.9%54.0%53.7%51.1%44.0%43.3%46.6%
Debt to total assets0.7x0.7x0.7x0.7x0.6x0.6x0.6x
Net debt to EBITDA op-55.3x160.0x12.8x7.5x5.3x5.3x5.4x
ROE-23.8%-21.9%-7.0%-9.1%-5.7%-3.2%-4.5%
ROA-8.4%-7.8%-2.4%-3.2%-2.1%-1.2%-1.6%


Consolidated Statement of Financial Position

Thousand euros31.03.202131.03.202030.06.2020
ASSETS
Cash and cash equivalents1,4853,0232,276
Receivables and prepayments3,5364,0953,578
Inventories7,6459,6567,884
Biological assets2,3662,5904,249
Total current assets15,03219,36417,987
Deferred income tax211854
Long-term financial investments232215232
Tangible fixed assets15,54114,13516,179
Intangible assets23,62623,20822,672
Total non-current assets39,42037,57639,137
TOTAL ASSETS54,45256,94057,124
EQUITY AND LIABILITIES
Loans and borrowings8,9849,51810,611
Payables10,83312,14211,132
Government grants208187211
Total current liabilities20,02521,84721,954
Loans and borrowings13,94410,48912,368
Payables298190190
Deferred tax liabilities1,7871,8541,920
Government grants752962873
Total non-current liabilities16,78113,49515,351
TOTAL LIABILITIES36,80635,34237,305
Share capital7,7377,7377,737
Share premium14,19814,00714,007
Treasury shares-390-390-390
Statutory capital reserve515151
Currency translation reserve683147-366
Retained profit (-loss)-4,985-550-1,654
Equity attributable to parent17,29421,00219,385
Non-controlling interest352596434
TOTAL EQUITY17,64621,59819,819
TOTAL EQUITY AND LIABILITIES54,45256,94057,124


Consolidated Statement of Profit or Loss And Other Comprehensive Income

Thousand euros3Q 2020/20213Q 2019/20209 months 2020/20219 months 2019/2020
Sales14,18618,48843,95263,191
Cost of goods sold-13,247-16,497-39,280-54,293
Gross profit9391,9914,6728,898
Operating expenses-2,219-2,635-7,204-8,402
Selling and distribution expenses-1,523-1,735-4,890-5,673
Administrative expenses-696-900-2,314-2,729
Other income / expense26-35163299
Fair value adjustment on biological assets-154-754-130-530
Operating profit (loss)-1,408-1,433-2,499265
Financial income/-expenses-370-384-808-777
Profit (loss) before tax-1,778-1,817-3,307-512
Income tax-1120-106-119
Net profit (loss) for the period-1,779-1,697-3,413-631
Net profit (loss) attributable to:
Owners of the company-1,739-1,658-3,331-616
Non-controlling interests-40-39-82-15
Total net profit (loss)-1,779-1,697-3,413-631
Other omprehensive income (loss) that may subsequently be classified to profit or loss:
Foreign currency translation differences781-201,049361
Total comprehensive income (expense)-998-1,717-2,364-270
Total comprehensive income (expense) attributable to:
Owners of the Company-958-1,678-2,282-255
Non-controlling interests-40-39-82-15
Total comprehensive income (expense) for the period-998-1,717-2,364-270
Profit (loss) per share (EUR)-0,04-0,04-0,09-0,02
Diluted profit (loss) per share (EUR)-0,04-0,04-0,09-0,02


Indrek Kasela

AS PRFoods

Member of the Management Board

Phone:+372 452 1470

investor@prfoods.ee

www.prfoods.ee


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