PRFoods

Annual Report • Sep 2, 2022

Company AS PRFoods

Type Company Release

Category Management interim statement or quaterly financial report

Disclosure time 02 Sep 2022 11:31:10 +0300

Attachments:

• PRF_interim_12m2021_2022.pdf (http://oam.fi.ee/en/download?id=6753)

• PRF_vahearuanne_12k2021_2022.pdf (http://oam.fi.ee/en/download?id=6754)

Currency

Title

Update: PRF: Consolidated Unaudited Interim Report , 12 mos 2021/2022

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. QEUR 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.

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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 8 4 6	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 3 9 8	7 325
Payables and prepayments	3 9 1 9	12 124
Government grants	0	207
Total current liabilities	12 317	19 656
Interest-bearing liabilities	16 424	17 561

Finantsinspektsioon http://www.fi.ee

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)	$-12811$	$-6$ 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	4(th)Q 2021/2022	4(th)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	$-44090$	$-53$ 727 -------+
Gross profit	417	303	3086	4 9 6 5
Operating expenses	$-1$ 197	$-2, 264$	$-7207$	$-9, 468$

Finantsinspektsioon
http://www.fi.ee

Selling and distribution expenses		$-630$ $-1$ 499	$-4843$	$-6$ 389
Administrative expenses	$-567$		$-2$ 364 $-765$	$-3079$
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	$-3883$
Financial income / expenses	$-136$		$-223$ $-3$ 102	$-1$ 085
Profit (Loss) before tax	$-1689$	$-1$ 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	$-5069$
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

Finantsinspektsioon
http://www.fi.ee

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

Finantsinspektsioon http://www.fi.ee