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ER - Consolidated Unaudited Interim Report of AS PRFoods for the 3rd quarter and 9 months of 2024/2025 financial year

Company: PRFoods Date: 2025-05-30 Language: English Register to download
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 Consolidated Unaudited Interim Report of AS PRFoods for the 3rd quarter and 9 months of 2024/2025 financial year

# Consolidated Unaudited Interim Report of AS PRFoods for the 3rd quarter and 9 months of 2024/2025 financial year

MANAGEMENT COMMENTARY

PRFoods'  third quarter of the  2024/2025 financial year has come  to an end. We
can  conclude that it has been a challenging period due to market volatility and
Estonia's  poor economic climate. However, we have still managed to increase the
Group's  profitability and reduce  expenses. At this  point, we must commend our
teams  both in Estonia and the United Kingdom, where the goals are clear and the
focus is steady in moving towards the set objectives.

The  approval of PRFoods' bond restructuring plan has also been finalized, which
will  allow our production  units to better  focus on business development going
forward.

In the third quarter, the Group's unaudited consolidated revenue was 3.7 million
euros,  representing  a  3% decrease  compared  to  the previous financial year.
EBITDA  from  operating  activities  improved  from  -0.2  million  euros in the
2023/2024 financial  year to -0.1 million euros, and the net loss decreased from
-0.7  million euros to  -0.5 million euros.  The third quarter  of the financial
year  is one of the most challenging, and  we can acknowledge that we are moving
in the right direction.

When  comparing  the  results  of  the  first  nine  months of the 2023/2024 and
2024/2025 financial years, we can be pleased. The unaudited consolidated revenue
was  15.1 million euros, representing a 20% increase compared to the same period
last  year.  EBITDA  from  operating  activities increased to 0.6 million euros.
Operating  profit was 0.1 million euros, whereas in the previous year, it was an
operating  loss of -0.9 million euros. The net loss for the nine months was -0.9
million  euros, compared  to a  net loss  of -2.1  million euros in the previous
financial year.

Our  UK production unit, John Ross Jr., continues to operate profitably and with
growth. Our Estonian production unit has also seen improvement. However, it must
be  noted that  due to  the economic  downturn in  Estonia and  general consumer
behavior,  demand  for  fish  products  in  Estonia  has significantly decreased
overall.  While Saare Kala is able to maintain its position, in today's volatile
market  and with the tax  hikes that are shaking  the economic environment, food
producers  and  retail  businesses  in  Estonia  are among those hit hardest. In
addition to the domestic market, we also see declining consumption in the Baltic
countries  and  Finland.  Predicted  tariffs  on  the US market are also causing
various  shifts in fish and  fish product exports. Both  input prices and export
capacity  are being  squeezed. In  these difficult  and changing  times, we must
acknowledge  that  every  increase  in  efficiency  indicators  is a significant
achievement for us.

The  preparation of the  restructuring plan for  PRFoods AS bonds  has also been
completed.  The  restructuring  plan  was  approved  by the bondholders on April
17, 2025. In  addition, an additional  loan from the  majority shareholder Amber
Trust  II S.C.A., SICAR  (in liquidation) has  been confirmed to provide working
capital,  which will enable the operating  companies to grow better than before.
We  would  like  to  thank  all  shareholders,  bondholders,  and  the company's
supervisory board for their support and trust.

KEY RATIOS
INCOME STATEMENT

|mln EUR, unless indicated       |            |         |            |         |
|otherwise                       |3Q 2024/2025|2023/2024|3Q 2023/2024|2022/2023|
|                                |            |         |            |         |
 Sales                                     3.7      17.1          3.8      19.6

 Gross profit                              0.7       3.2          0.5       3.6

 EBITDA                                   -0.1      -0.3         -0.2       0.3

 EBIT                                     -0.3      -3.3         -0.5      -1.0

 EBT                                      -0.5      -4.6         -0.7       0.4

 Net profit (-loss)                       -0.5      -4.7         -0.7       0.3

 Gross margin                            18.1%     18.7%        13.2%     18.3%

 EBITDA margin                           -3.5%     -2.0%        -5.5%      1.5%

 EBIT margin                             -7.2%    -19.4%       -13.2%     -5.1%

 EBT margin                             -14.3%    -26.9%       -18.3%      2.0%

 Net margin                             -14.5%    -27.3%       -18.4%      1.5%

 Operating expense ratio                -24.6%    -27.1%       -27.2%     24.0%

BALANCE SHEET

 mln EUR, unless indicated
 otherwise                   31.03.2025        30.06.2024 31.03.2024 30.06.2023

 Net debt                          13.3              14.3       13.6       16.7

 Equity                             2.2               3.2        5.8        8.3

 Working capital                  -12.3              -9.2       -8.5        0.0

 Assets                            21.0              21.9       24.3       30.2

 Liquidity ratio                    0.3              0.3x       0.4x       1.0x

 Equity ratio                     10.4%             14.6%      24.0%      27.4%

 Gearing ratio                    85.9%             81.8%      70.0%      66.9%

 Debt to total assets              0.9x              0.9x       0.8x       0.7x

 Net debt to operating
 EBITDA                             25x            -42.5x      36.2x      55.8x

 ROE                             -61.6%            -81.4%      -9.8%       4.1%

 ROA                              -7.7%            -17.9%      -2.5%       1.0%

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

  EUR '000                           31.03.2025   30.06.2024

  ASSETS

  Cash and cash equivalents                 669          203

  Trade and other receivables             1,599        2,212

  Prepayments                               192          173

  Inventories                             1 663        1,644

  Total current assets                    4,124        4,232



  Long-term financial investments             0          418

  Tangible assets                         3,763        4,164

  Intangible assets                      13,084       13,102

  Total non-current assets               16,848       17,684

  TOTAL ASSETS                           20,971       21,916



  EQUITY AND LIABILITIES

  Interest-bearing liabilities           13,182       10,899

  Trade and other payables                3,197        2,559

  Total current liabilities              16,379       13,458



  Interest-bearing liabilities              801        3,600

  Deferred tax liabilities                1,422        1,420

  Government grants                         186          247

  Total non-current liabilities           2,408        5,267

  TOTAL LIABILITIES                      18,787       18,725



  Share capital                           7,737        7,737

  Share premium                          14,007       14,007

  Treasury shares                          -390         -390

  Statutory capital reserve                  51           51

  Currency translation differences          383          439

  Retained profit (loss)                -19,601      -18,653

  Equity attributable to parent           2,186        3,191

  Non-controlling interest                    0            0

  TOTAL EQUITY                            2,186        3,191

  TOTAL EQUITY AND LIABILITIES           20,971       21,916

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

 EUR '000                   3Q 2024/2025 3Q 2023/2024 9m 2024/2025 9m 2023/2024

 Revenue                           3,684        3,768       15,098       12,625

 Cost of goods sold               -3,018       -3,226      -11,901       -9,985

 Gross profit                        665          542        3,197        2,640



 Operating expenses                 -906       -1,024       -3,056       -3,533

    Selling and
 distribution expenses              -580         -598       -1,982       -1,946

    Administrative expenses         -327         -426       -1,073       -1,587

 Other income / expense              -24           26          -24            6

 Fair value adjustment on
 biological assets                     0            0            0            0

 Operating profit (loss)            -265         -456          118         -887

 Financial income /
 expenses                           -261         -240         -886       -1,082

 Profit (Loss) before tax           -526         -696         -769       -1,969

 Income tax                           -9            2         -179         -109

 Net profit (loss) for the
 period                             -535         -694         -948       -2,078



 Net profit (loss)
 attributable to:

 Owners of the Parent
 Company                            -535         -694         -948       -2,075

 Non-controlling interests             0            0            0           -4

 Total net profit (loss)
 for the period                     -535         -694         -948       -2,079



 Other comprehensive income
 (loss) that may
 subsequently be classified
 to profit or loss:

 Foreign currency
 translation differences              -4          138          -56         -101

 Total comprehensive income
 (expense)                          -539         -556       -1,004       -2,180



 Total comprehensive income
 (expense) attributable to:

 Owners of the Parent
 Company                            -539         -556       -1,004       -2,176

 Non-controlling interests             0            0            0           -4

 Total comprehensive income
 (expense) for the period           -539         -556       -1,004       -2,180



 Profit (Loss) per share
 (EUR)                             -0.01        -0.02        -0.02        -0.05



 Diluted profit (loss) per
 share (EUR)                       -0.01        -0.02        -0.02        -0.05

Kristjan Kotkas                                        Timo Pärn
Member of the Management Board                                Member of the
Management Board
\[email protected\]
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