PRF1T PRFoods AS

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 otherwise3Q 2024/20252023/20243Q 2023/20242022/2023
Sales3.717.13.819.6
Gross profit0.73.20.53.6
EBITDA-0.1-0.3-0.20.3
EBIT-0.3-3.3-0.5-1.0
EBT-0.5-4.6-0.70.4
Net profit (-loss)-0.5-4.7-0.70.3
Gross margin18.1%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 otherwise31.03.202530.06.202431.03.202430.06.2023
Net debt13.314.313.616.7
Equity2.2              3.25.88.3
Working capital-12.3-9.2-8.50.0
Assets21.021.924.330.2
Liquidity ratio0.30.3x0.4x1.0x
Equity ratio 10.4%14.6%24.0%27.4%
Gearing ratio85.9%81.8%70.0%66.9%
Debt to total assets0.9x0.9x0.8x0.7x
Net debt to operating EBITDA25x-42.5x36.2x55.8x
ROE-61.6%-81.4%-9.8%4.1%
ROA-7.7%-17.9%-2.5%1.0%

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EUR '00031.03.202530.06.2024
ASSETS  
Cash and cash equivalents669203
Trade and other receivables1,5992,212
Prepayments192173
Inventories1 6631,644
Total current assets4,1244,232
   
Long-term financial investments0418
Tangible assets3,7634,164
Intangible assets13,08413,102
Total non-current assets16,84817,684
TOTAL ASSETS20,97121,916
   
EQUITY AND LIABILITIES  
Interest-bearing liabilities13,18210,899
Trade and other payables3,1972,559
Total current liabilities16,37913,458
   
Interest-bearing liabilities8013,600
Deferred tax liabilities1,4221,420
Government grants186247
Total non-current liabilities2,4085,267
TOTAL LIABILITIES18,78718,725
   
Share capital7,7377,737
Share premium14,00714,007
Treasury shares-390-390
Statutory capital reserve5151
Currency translation differences383439
Retained profit (loss)-19,601-18,653
Equity attributable to parent2,1863,191
Non-controlling interest00
TOTAL EQUITY2,1863,191
TOTAL EQUITY AND LIABILITIES20,97121,916

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

EUR '0003Q 2024/20253Q 2023/20249m 2024/20259m 2023/2024
Revenue3,6843,76815,09812,625
Cost of goods sold-3,018-3,226-11,901-9,985
Gross profit6655423,1972,640
     
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-2426-246
Fair value adjustment on biological assets0000
Operating profit (loss)-265-456118-887
Financial income / expenses-261-240-886-1,082
Profit (Loss) before tax-526-696-769-1,969
Income tax-92-179-109
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 interests000-4
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-4138-56-101
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 interests000-4
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

 

Attachment



EN
30/05/2025

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