PRFoods: Consolidated Unaudited Interim Report 4th quarter and 12 months of 2021/2022
Management Commentary
We apologize for changes in reports, these are due to the fact that we changed our group management structure fundamentally, by exiting from our largest business unit and with that we also changed the service providers for finance services .
PRFoods has changed its structure fundamentally during last year. We exited from our biggest business unit Finland and focussed on fish farming operations in Baltics and processing in UK.
Q4 was largely transformative quarter , where we detached remaining Estonian unit from Finland and this affected the results. We have now concluded long term supply contracts for Finnish customers and Finland is one of export markets , not a domestic market. Fish prices were record high during Q4, squeezing all processors and turning results into red. Fish farming is traditionally loss making during Q4 as we only harvest during Q2 and Q3 and rest of the period we incur heavy investment in inventory.
Full year sales were 47 million euros compared to 58,7 you and net result was -7,6 million euros , due largely to goodwill writeoff related to Finnish sale (ca 4 million euros), year before loss was -5,1 million euros from operations. Q€ loss was 1,6 million euros compared to 1,7 million euros.
We continue to restructure and dispose our assets to reduce debt level in order to focus on sustainable trout farming and premium salmon products from Scotland.
Consolidated Unaudied Interim Report is attached.
Consolidated Statement of Financial Position
| EUR '000 | 30.06.2022 | 30.06.2021 |
| ASSETS | . | . |
| Cash and cash equivalents | 118 | 2 500 |
| Receivables and prepayments | 3 253 | 3 512 |
| Inventories | 2 196 | 5 691 |
| Biological assets | 3 003 | 4 795 |
| Total current assets | 8 570 | 16 498 |
| . | ||
| Deferred tax assets | 0 | 38 |
| Long-term financial investments | 322 | 302 |
| Tangible assets | 8 846 | 15 300 |
| Intangible assets | 21 988 | 23 460 |
| Total non-current assets | 31 156 | 39 100 |
| TOTAL ASSETS | 39 726 | 55 598 |
| . | ||
| EQUITY AND LIABILITIES | . | |
| Interest-bearing liabilities | 8 398 | 7 325 |
| Payables and prepayments | 3 919 | 12 124 |
| Government grants | 0 | 207 |
| Total current liabilities | 12 317 | 19 656 |
| . | ||
| Interest-bearing liabilities | 16 424 | 17 561 |
| Payables and prepayments | 328 | 0 |
| Deferred tax liabilities | 146 | 1 861 |
| Government grants | 140 | 746 |
| Total non-current liabilities | 17 038 | 20 168 |
| TOTAL LIABILITIES | 29 355 | 39 824 |
| . | ||
| Share capital | 7 737 | 7 737 |
| Share premium | 14 007 | 14 007 |
| Treasury shares | -390 | -390 |
| Statutory capital reserve | 51 | 51 |
| Currency translation differences | 1 579 | 559 |
| Retained profit (loss) | -12 811 | -6 723 |
| Equity attributable to parent | 10 173 | 15 241 |
| Non-controlling interest | 199 | 533 |
| TOTAL EQUITY | 10 372 | 15 774 |
| TOTAL EQUITY AND LIABILITIES | 39 726 | 55 598 |
Consolidated Statement of Profit or Loss And Comprehensive Income
| EUR '000 | 4th Q 2021/2022 | 4th Q 2020/2021 | 12m 2021/2022 | 12m 2020/2021 |
| Revenue | 4 803 | 14 740 | 47 176 | 58 692 |
| Cost of goods sold | -4 386 | -14 437 | -44 090 | -53 727 |
| Gross profit | 417 | 303 | 3 086 | 4 965 |
| Operating expenses | -1 197 | -2 264 | -7 207 | -9 468 |
| Selling and distribution expenses | -630 | -1 499 | -4 843 | -6 389 |
| Administrative expenses | -567 | -765 | -2 364 | -3 079 |
| Other income / expense | -40 | 146 | -177 | 309 |
| Fair value adjustment on biological assets | -734 | 441 | -420 | 311 |
| Operating profit (loss) | -1 554 | -1 374 | -4 622 | -3 883 |
| Financial income / expenses | -136 | -223 | -3 102 | -1 085 |
| Profit (Loss) before tax | -1 689 | -1 597 | -7 723 | -4 968 |
| Income tax | 80 | -110 | 63 | -193 |
| Net profit (loss) for the period | -1 610 | -1 707 | -7 661 | -5 161 |
| Net profit (loss) attributable to: | ||||
| Owners of the Parent Company | -1 588 | -1 697 | -7 644 | -5 069 |
| Non-controlling interests | -22 | -10 | -17 | -92 |
| Total net profit (loss) for the period | -1 610 | -1 707 | -7 661 | -5 161 |
| Other comprehensive income (loss) that may subsequently be classified to profit or loss: | ||||
| Foreign currency translation differences | 596 | -100 | 1 020 | 925 |
| Total comprehensive income (expense) | -1 014 | -1 807 | -6 641 | -4 236 |
| . | . | . | ||
| Total comprehensive income (expense) attributable to: | . | . | . | |
| Owners of the Parent Company | -997 | -1 797 | -6 624 | -4 144 |
| Non-controlling interests | -17 | -10 | -17 | -92 |
| Total comprehensive income (expense) for the period | -1 014 | -1 807 | -6 641 | -4 236 |
| Profit (Loss) per share (EUR) | -0.04 | -0,04 | -0.20 | -0.09 |
| Diluted profit (loss) per share (EUR) | -0.04 | -0,04 | -0.20 | -0.09 |
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 452 1470
investor@prfoods.ee
www.prfoods.ee
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