
PRF: AS PRFoods’ unaudited preliminary consolidated turnover of the 1st quarter and 3 months of the 2020/2021 financial year
PRFoods’ unaudited preliminary consolidated turnover in the 1st quarter of the financial year of 2020/2021 amounted to 12.74 million euros, a decrease by 34.0% compared to the same period a year ago (1Q 2019/2020: 19.32 million euros), including sales decrease in retail sector by 1.2%, in HoReCa by 52.2% and in wholesale by 60.8%. Compared to the previous quarter i.e. the 4th quarter of the previous financial year, the sales decreased by 15.7%, (4Q 2019/2020: 15.11 million euros), with retail and wholesale sectors declining by 19.6% and 35.0% respectively, whereas sales in HoReCa sector increased by 37.7%.
Indrek Kasela, CEO, PRFoods:
„The impact of COVID-19 continues in fish sector and as we noted in last sales announcement, HoReCa sector which gives ca 1/3 of salmon- and troutbusiness both globally and regionally, will not recover to previous levels in next 12 months. To some extent this is offset by retail, but not in adequate amount. This has created a situation where there is too much fish and production capacities in the market, forcing lot of producers to cut prices. During last quarter we forewent to large extent fresh fish trading in Finland, as it would have tied too much of our working capital in situation where market demand is unstable and fish trading margins are low. Although we saw increased activity in June-July, the onset of so called second wave forced several countries to impose restrictions on HoReCa. Luckily we see faster recovery in Asia compared to rest of the world and as positive sign we managed to initiate high volume exports to Japan from end of last quarter. This year we will see contraction in Finland, growth in Baltics, particularly in Estonia, where we have achieved significant market share in very short time. John Ross Jr has managed very well during the crisis and kept its profitability and price levels despite some decrease in sales. The situation is more problematic in Finland, where retail has been concentrated in the hands of two largest retail chains and vast majority of fish products on the market are private label. The decrease of Finnish sales is attributable to reduced fresh fish trading and lower prices of products, as the raw material has also cheapened – this is symptomatic to market, where private label commands the market share. We will critically assess our cost base to be in line with decreased sales and we will decrease share of Finnish business in our sales and expenses.“
In the first quarter of the financial year, the sales declined in all product groups compared to the first quarter of the previous financial year. The sales of fresh fish and fillets’ product group that formed 32.4% of the product portfolio (1Q 2019/2020: 41.8%) nearly halved compared to the first quarter of the previous financial year. The sales of smoked products that accounted for about half of the total sales (1Q 2019/2020: 42.0%) declined by 22.3% over the financial years.
Turnover by product groups, mln EUR | 1Q 20/21 | 1Q 19/20 | Change, EUR | Change, % |
Fresh fish and fillets | 4.12 | 8.07 | -3.95 | -48.9% |
Smoked products | 6.30 | 8.11 | -1.81 | -22.3% |
Other fish products | 2.31 | 3.11 | -0.81 | -25.9% |
Other revenue | 0.01 | 0.02 | -0.01 | -59.7% |
Total | 12.74 | 19.32 | -6.57 | -34.0% |
By customer groups, the sales declined in retail chains by 1.2%, in HoReCa and wholesale sectors the decline was 52.2% and 60.8%, respectively. The share of retail chains’ sales of the financial year’s total sales was ca 60%, and HoReCa and wholesale accounted for ca 20% each. In the first quarter of the previous financial year, the customer groups accounted for 41.3%, 24.% and 33.1%, respectively.
Turnover by client groups, mln EUR | 1Q 20/21 | 1Q 19/20 | Change, EUR | Change, % |
Retail chains | 7.43 | 7.52 | -0.09 | -1.2% |
Wholesale | 2.40 | 6.14 | -3.74 | -60.8% |
HoReCa | 2.49 | 5.20 | -2.72 | -52.2% |
Other revenue | 0.42 | 0.45 | -0.03 | -6.7% |
Total | 12.74 | 19.32 | -6.57 | -34.0% |
The three largest markets had an aggregated turnover of 11.25 million euros accounting for 88.3% of total sales in the 1st quarter of the financial year compared to the sales of 17.38 million euros and the share of 90.0% in the same period a year ago. The sales to Latvia continue to account for the largest share of sales to other countries.
Turnover by countries, mln EUR | 1Q 20/21 | 1Q 19/20 | Change, EUR | Change, % |
Finland | 7.83 | 13.14 | -5.31 | -40.4% |
Great Britain | 2.01 | 2.79 | -0.77 | -27.7% |
Estonia | 1.41 | 1.46 | -0.05 | -3.4% |
Latvia | 0.51 | 0.69 | -0.18 | -26.5% |
Other countries | 0.98 | 1.24 | -0.26 | -20.9% |
Total | 12.74 | 19.32 | -6.57 | -34.0% |
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 452 1470
investor@prfoods.ee
www.prfoods.ee
About GlobeNewswire by notified
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Iveco Group signs a 150 million euro term loan facility with Cassa Depositi e Prestiti to support investments in research, development and innovation11.6.2024 12:00:00 CEST | Press release
Turin, 11th June 2024. Iveco Group N.V. (EXM: IVG), a global automotive leader active in the Commercial & Specialty Vehicles, Powertrain and related Financial Services arenas, has successfully signed a term loan facility of 150 million euros with Cassa Depositi e Prestiti (CDP), for the creation of new projects in Italy dedicated to research, development and innovation. In detail, through the resources made available by CDP, Iveco Group will develop innovative technologies and architectures in the field of electric propulsion and further develop solutions for autonomous driving, digitalisation and vehicle connectivity aimed at increasing efficiency, safety, driving comfort and productivity. The financed investments, which will have a 5-year amortising profile, will be made by Iveco Group in Italy by the end of 2025. Iveco Group N.V. (EXM: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The eight brands are each a
DSV, 1115 - SHARE BUYBACK IN DSV A/S11.6.2024 11:22:17 CEST | Press release
Company Announcement No. 1115 On 24 April 2024, we initiated a share buyback programme, as described in Company Announcement No. 1104. According to the programme, the company will in the period from 24 April 2024 until 23 July 2024 purchase own shares up to a maximum value of DKK 1,000 million, and no more than 1,700,000 shares, corresponding to 0.79% of the share capital at commencement of the programme. The programme has been implemented in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (“MAR”) (save for the rules on share buyback programmes set out in MAR article 5) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour rules. Trading dayNumber of shares bought backAverage transaction priceAmount DKKAccumulated trading for days 1-25478,1001,023.01489,100,86026:3 June 20247,0001,050.597,354,13027:4 June 20245,0001,055.705,278,50028:6 June20243,0001,096.273,288,81029:7 June 20244,0001,106.174,424,68
Landsbankinn hf.: Offering of covered bonds11.6.2024 11:16:36 CEST | Press release
Landsbankinn will offer covered bonds for sale via auction held on Thursday 13 June at 15:00. An inflation-linked series, LBANK CBI 30, will be offered for sale. In connection with the auction, a covered bond exchange offering will take place, where holders of the inflation-linked series LBANK CBI 24 can sell the covered bonds in the series against covered bonds bought in the above-mentioned auction. The clean price of the bonds is predefined at 99,594. Expected settlement date is 20 June 2024. Covered bonds issued by Landsbankinn are rated A+ with stable outlook by S&P Global Ratings. Landsbankinn Capital Markets will manage the auction. For further information, please call +354 410 7330 or email verdbrefamidlun@landsbankinn.is.
Relay42 unlocks customer intelligence with a new insights and reporting module, powered by Amazon QuickSight11.6.2024 11:00:00 CEST | Press release
AMSTERDAM, June 11, 2024 (GLOBE NEWSWIRE) -- Relay42, a leading European Customer Data Platform (CDP), is leveraging Amazon QuickSight to power its new real-time customer intelligence, reporting, and dashboard module. Harnessing the breadth and quality of customer data, the new Insights module empowers marketing teams to dive deep into customer behaviors and gain invaluable insights into the performance of their marketing programs across all online, offline, paid, and owned marketing channels. Preview of the Relay42 Insights module, in pre-beta version Key capabilities of the Relay42 Insights module include: Deep insights into customer behaviors: With the Relay42 Insights module, marketers can ask unlimited questions about their data and gain a deeper understanding of how to serve their customers more effectively. Simplicity with AI-powered querying: Marketers can use artificial intelligence to query their data using natural language search, reducing the reliance on data scientists. Us
Metasphere Labs Announces X Spaces Event on the Topic of Green Bitcoin Mining and Sound Money for Sustainability11.6.2024 10:30:00 CEST | Press release
VANCOUVER, British Columbia, June 11, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere Labs" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) is thrilled to announce an engaging Twitter Spaces event on Green Bitcoin mining, energy markets, and sustainability on July 3, 2024 at 2 p.m. ET. Follow us on X at MetasphereLabs for updates and to join the event. What We'll Discuss Bitcoin Mining Basics: Understand the fundamentals of Bitcoin mining.Energy Market Dynamics: Explore how Bitcoin mining interacts with energy markets.Sustainable Innovations: Learn about our efforts to promote sustainability in Bitcoin mining.Sound Money: Discover how tamper-proof currency can enhance stability.Efficient Payment Rails: See how fast, neutral payment systems support humanitarian projects.Carbon Footprint: Compare Bitcoin's environmental impact with traditional banking. "We're excited to host this event and dive into the critical topics of Bitcoin