Tallinn, Estonia, 2011-08-15 15:05 CEST (GLOBE NEWSWIRE) --
2nd quarter
The consolidated turnover of Premia Foods in the 2nd quarter 2011 was 27.6 million euro, increasing by 6.3 million euro, i.e. by 30% year on year basis.
The gross margin of Premia Foods in the 2nd quarter was 29.5%, increasing by 3.7 percentage points year on year basis.
The group’s gross profit in the 2nd quarter was 8.1 million euro, increasing by 2.6 million euro, i.e. 47% year on year basis.
The operational EBITDA in 2nd quarter, i.e. before the revaluation of the livestock, was 2.7 million euro, increasing by 0.9 million euro, i.e. 53% year on year basis.
The consolidated net profit of Premia Foods in the 2nd quarter was 1.1 million euro, increasing by 0.3 million euro, i.e. 38% year on year basis.
6 months
The consolidated turnover of 6 months was 44.2 million euro, increasing by 8.0 million euro, i.e. by 22% year on year basis. The proportion of export in the turnover was 72%.
The gross margin in the first half year of 2011 was 25.7%, increasing by 2.3 percentage points year on year basis.
The gross profit of Premia in the first half of 2011 amounted to 11.4 million euro, the increase compared to the last year was 2.9 million euro, i.e. 34 %. The greatest contributor to the growth of gross margin and gross profit were very good results of the ice cream and fish segements.
The EBITDA in the first half year was 2.1 million euro, which is on the same level as in 2010.
In the first half year, the company resulted in net loss of 0.9 million euro.
The group’s key ratios of the 2nd quarter and first half year have been indicated in the following table.
| Profit & Loss, EUR mln | Q1 | Q2 | 6m’11 | Q1 | Q2 | 6m’10 | ||
| Sales | 16.7 | 27.6 | 44.2 | 15.0 | 21.3 | 36.3 | ||
| Gross profit | 3.2 | 8.1 | 11.4 | 3.0 | 5.5 | 8.5 | ||
| EBITDA from operations | -0.6 | 2.7 | 2.1 | 0.4 | 1.8 | 2.1 | ||
| EBITDA | -1.3 | 2.2 | 0.9 | 0.0 | 2.2 | 2.2 | ||
| EBIT | -2.3 | 1.2 | -1.1 | -0.9 | 1.3 | 0.3 | ||
| Net profit | -2.0 | 1.1 | -0.9 | -1.1 | 0.8 | -0.4 | ||
| Gross margin | 19.4% | 29.5% | 25.7% | 20.0% | 25.8% | 23.4% | ||
| EBITDA margin | -7.8% | 8.0% | 2.0% | 0.0% | 10.3% | 6.1% | ||
| EBIT margin | -13.8% | 4.4% | -2.5% | -6.1% | 5.9% | 1.0% | ||
| Net margin | -11.9% | 4.0% | -2.0% | -7.6% | 3.6% | -1.1% | ||
| Operating expense ratio | 29.6% | 23.4% | 25.7% | 25.1% | 24.0% | 24.4% | ||
| Balance Sheet, EUR mln | 31.12.10 | 31.03.11 | 30.06.11 | 31.12.09 | 31.03.10 | 30.06.10 | ||
| Net debt | 11.2 | 14.5 | 13.0 | 18.5 | 20.1 | 10.2 | ||
| Equity | 41.4 | 39.4 | 40.1 | 27.7 | 26.6 | 39.6 | ||
| Working capital | 12.8 | 12.1 | 12.9 | 3.3 | 2.7 | 8.5 | ||
| Assets | 68.9 | 68.9 | 70.6 | 62.8 | 62.4 | 74.6 | ||
| Liquidity ratio | 1.87 | 1.75 | 1.73 | 1.15 | 1.12 | 1.36 | ||
| Equity ratio | 60% | 57% | 57% | 44% | 43% | 53% | ||
| Gearing ratio | 21% | 27% | 24% | 40% | 43% | 21% | ||
| Net debt-to-EBITDA | 1.58 | 2.50 | 2.24 | 2.98 | 3.15 | 1.65 | ||
| ROE | 4% | 1% | 2% | 3% | 5% | 3% | ||
| ROA | 2% | 1% | 1% | 1% | 2% | 2% |
The formulas of key indicators are available in interim report.
The greatest proportions in the product portfolio of Premia Foods during the first half year are held by the fish and ice cream business segments, representing respectively 39% and 37% of the whole product portfolio, the respective number of the frozen goods business segment is 22% of the total turnover.
The main target market for fish and fish products business segment is Finland, for ice cream business segment the Baltic states and St. Petersburg region. Frozen goods are sold in Estonia, in Latvia and in Lithuania.
As at today, Premia Foods operates in five target markets and three business segments, whereas Premia is represented among two leading brands in all its target markets and in business segments.
The main figures by business segments of Premia Foods for 2nd quarter and 6 months are the following.
| EUR million | Q1 | Q2 | 6m 2011 | Q1 | Q2 | 6m 2010 | ||
| Sales | ||||||||
| Ice cream | 4.0 | 12.2 | 16.3 | 1.9 | 9.2 | 11.1 | ||
| Frozen food | 4.9 | 5.0 | 10.0 | 5.0 | 5.1 | 10.1 | ||
| Fish and fish products | 7.4 | 9.8 | 17.2 | 7.8 | 6.7 | 14.5 | ||
| Other | 0.3 | 0.5 | 0.8 | 0.3 | 0.2 | 0.5 | ||
| Total | 16.7 | 27.6 | 44.2 | 15.0 | 21.3 | 36.3 | ||
| Gross profit | ||||||||
| Ice cream | 1.0 | 5.3 | 6.3 | 0.8 | 3.8 | 4.5 | ||
| Frozen food | 1.1 | 0.9 | 2.1 | 1.1 | 1.1 | 2.3 | ||
| Fish and fish products | 1.0 | 1.8 | 2.7 | 1.4 | 0.2 | 1.5 | ||
| Gross margin | ||||||||
| Ice cream | 26% | 43% | 39% | 40% | 41% | 41% | ||
| Frozen food | 23% | 19% | 21% | 22% | 22% | 22% | ||
| Fish and fish products | 13% | 18% | 16% | 18% | 2% | 11% | ||
| EBITDA from operations | ||||||||
| (before fair value adjustment) | ||||||||
| Fish and fish products | 0.2 | 0.9 | 1.1 | 0.3 | 0.2 | 0.5 | ||
| EBITDA | ||||||||
| Ice cream | -0.4 | 2.0 | 1.5 | 0.1 | 1.6 | 1.7 | ||
| Frozen food | -0.3 | 0.1 | -0.1 | -0.3 | -0.1 | -0.4 | ||
| Fish and fish products | -0.5 | 0.4 | -0.1 | 0.0 | 0.6 | 0.6 | ||
| EBIT | ||||||||
| Ice cream | -0.8 | 1.5 | 0.7 | -0.1 | 1.2 | 1.1 | ||
| Frozen food | -0.5 | 0.1 | -0.4 | -0.5 | -0.2 | -0.8 | ||
| Fish and fish products | -0.8 | 0.1 | -0.7 | -0.3 | 0.3 | 0.0 |
Appendix: Consolidated Unaudited Interim Report of Premia Foods for 2nd quarter and 6 months, 2011.
Additional information:
Kuldar Leis
Premia Foods
CEO
T: +372 6 033 800
kuldar.leis@premia.ee
www.premiafoods.eu
