Tallinn, Estonia, 2012-05-16 08:00 CEST (GLOBE NEWSWIRE) --
The unaudited consolidated turnover of AS Premia Foods of the 1st quarter of 2012 increased compared to the same period last year by 2.7% and was 17.1 million euro.
In addition to the increase in turnover, all the profitability ratios have improved in the 1st quarter of 2012 and this applies to all the business segments.
During this period, the gross profit of the company increased by 29% reaching 4.2 million euro. The gross margin of Premia Foods in the 1st quarter of 2012 was 24.5%, having improved by 5.1 percentage points by year.
For the first time since Premia became a public company the EBITDA result of the 1st quarter is positive. The EBITDA from operations improved by 0.5 million euro, reaching zero. Net profit improved by 0.8 million euro and by the end of the 1st quarter the company had earned net loss in the amount of 1.2 million euro, while the result of the same period previous year was net loss in the amount of 2.0 million euro.
The group’s key ratios of the first quarter of 2012 have been indicated in the following table.
| KEY RATIOS | ||||
| Profit & Loss, EUR mln | formula | Q1 2012 | Q1 2011 | |
| Sales | 17,1 | 16,7 | ||
| Gross profit | 4,2 | 3,2 | ||
| EBITDA from operations | before one-offs and fair value adjustment | 0,0 | -0,5 | |
| EBITDA | -0,6 | -1,3 | ||
| EBIT | -1,4 | -2,3 | ||
| Net profit | -1,2 | -2,0 | ||
| Gross margin | Gross profit / Net sales | 24,5% | 19,4% | |
| EBITDA margin | EBITDA from operations / Net sales | 0,1% | -2,7% | |
| EBIT margin | EBIT / Net sales | -8,3% | -13,8% | |
| Net margin | Net earnings / Net sales | -6,9% | -11,9% | |
| Operating expense ratio | Operating expenses / Net sales | 29,7% | 29,6% | |
| Balance Sheet, EUR mln | formula | 31.03.12 | 31.03.11 | |
| Net debt | Short and Long term Loans and Borrowings - Cash | 12,2 | 14,5 | |
| Equity | 39,3 | 39,4 | ||
| Working capital | Current Assets - Current Liabilities | 12,0 | 12,1 | |
| Assets | 64,2 | 68,9 | ||
| Liquidity ratio | Current Assets / Current Liabilities | 1,91 | 1,75 | |
| Equity ratio | Equity / Total Assets | 61% | 57% | |
| Gearing ratio | Net Debt / (Equity + Net Debt) | 24% | 27% | |
| Net debt-to-EBITDA | Net Debt / EBITDA from operations | 1,98 | 4,01 | |
| ROE | Net Earnings / Average Equity | 1% | 1% | |
| ROA | Net Earnings / Average Assets | 0% | 1% |
The turnover and profitability ratios as improved in the 1st quarter of 2012 have also improved the financial position of the company. The financial leverage ratios of the company have improved and the net debt has decreased by 2.3 million euro.
Additional information:
Kuldar Leis
Premia Foods
Chairman of management board
T: +372 6 033 800
kuldar.leis@premia.ee
www.premiafoods.eu
