PRF1T PRFoods AS

Consolidated Unaudited Interim Report of AS PRFoods for the 4th quarter and 12 months of 2024/2025 financial year

Consolidated Unaudited Interim Report of AS PRFoods for the 4th quarter and 12 months of 2024/2025 financial year



MANAGEMENT COMMENTARY

PRFoods’ fourth quarter of the 2024/2025 financial year has come to an end. We can state that it has been a challenging period due to market volatility and the weak economic environment in Estonia. Estonia’s move into the group of European countries with the highest food VAT strongly affects all food producers and consumption, impacting both sales volumes and consumer demand, as well as increasing the tax burden and budgetary pressures. In the fisheries sector, as is well known, the only options are to purchase most goods and raw materials outside Estonia, which means that VAT refunds on purchases are relatively low in our industry.

In the fourth quarter, the Group’s unaudited consolidated revenue amounted to 3.8 million euros, decreasing by 15% compared to the same period of the previous financial year. Due to one-off costs related to bond restructuring, fourth quarter EBITDA amounted to -0.2 million euros, which is 0.2 million euros less than a year earlier. The Group’s net loss decreased from 2.4 million euros to 0.6 million euros.

Comparing the 12-month results of the 2023/2024 and 2024/2025 financial years, we can be encouraged. Unaudited consolidated revenue was 18.9 million euros, up 10% compared to the same period of the previous year. EBITDA increased to 0.2 million euros. Operating loss amounted to -0.5 million euros (2023/2024: -3.3 million euros). Net loss in the 2024/2025 financial year was -1.7 million euros compared to -4.7 million euros in the previous year.

Our UK production unit, John Ross Jr., continues to operate profitably and grow further. The increase in the number of clients and improved profitability is certainly commendable.

Our Estonian unit also deserves recognition, not because of growing financial indicators, but because the team has managed, in a difficult economic environment, to continue making strategic plans, maintain motivation, and look positively toward the future. Production efficiency and optimization have borne fruit, and the restructuring of production processes in Estonia has now been completed. Our ambition is to become the market leader in Estonia in all trout- and salmon-related categories and to significantly expand the unit’s assortment over the next nine months.

We are also pleased to note that the reputation and image of all companies within the Group are on the rise in Estonia. We are no longer as strongly associated with minority shareholders and former management board members. According to a study commissioned by the Estonian Fish Farmers Association, awareness of our Saare Kala brand is good and growing strongly. In addition, we are clearly associated with quality, and strong product development also provides feedback on innovation and growth.



KEY RATIOS

INCOME STATEMENT 

Mln EUR4Q 2024/20252024/20254Q 2023/20242023/2024
Sales3.818,94.517,1
Gross profit0.84,00.63,2
EBITDA-0.20,20.0-0,3
EBIT-0.6-0,5-2.4-3,3
EBT-0.6-1,4-2.6-4,6
Net profit (loss) -0.7-1,7-2.6-4,7
Gross margin 21.4%21,2%12.5%18,7%
EBITDA margin-5.2%1,2%-0.7%-2,0%
EBIT margin-16.5%-2,7%-54.2%-19,4%
EBT margin-17.1%-7,5%-58.7%-26,9%
Net margin -18.8%-8,8%-58.2%-27,3%
Operating expense ratio-37.7%-23,7%-24.4%-27,1%

BALANCE SHEET

Mln EUR, unless indicated otherwise30.06.202530.06.202430.06.2023
Net debt13.914.316.7
Equity1.53.28.3
Working capital-12.4-9.20.0
Assets20.421.930.2
Liquidity ratio0.20.3x1.0x
Equity ratio 7.5%14.6%27.4%
Gearing ratio90.1%81.8%66.9%
Debt to total assets0.9x0.9x0.7x
Net debt to operating EBITDA60x-42.5x55.8x
ROE-70.0%-81.4%4.1%
ROA-7.8%-17.9%1.0%

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EUR '00030.06.202530.06.2024
ASSETS  
Cash and cash equivalents305203
Trade and other receivables1,7412,212
Prepayments198173
Inventories1,5801,644
Total current assets3,8244,232
   
Long-term financial investments0418
Tangible assets3,6224,164
Intangible assets12,92813,102
Total non-current assets16,55117,684
TOTAL ASSETS20,37521,916
   
EQUITY AND LIABILITIES  
Interest-bearing liabilities13,30910,899
Trade and other payables2,9292,559
Total current liabilities16,23813,458
   
Interest-bearing liabilities9373,600
Trade and other payables300
Deferred tax liabilities1,4211,420
Government grants213247
Total non-current liabilities2,6025,267
TOTAL LIABILITIES18,83918,725
   
Share capital7,7377,737
Share premium14,00714,007
Treasury shares-390-390
Statutory capital reserve5151
Currency translation differences451439
Retained profit (loss)-20,318-18,653
Equity attributable to parent1,5363,191
Non-controlling interest00
TOTAL EQUITY1,5363,191
TOTAL EQUITY AND LIABILITIES20,37521,916

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

EUR '00012m 2024/202512m 2023/2024
Revenue18,87817,086
Cost of goods sold-14,872-13,888
Gross profit4,0063,198
   
Operating expenses-4,483-4,623
   Selling and distribution expenses-2,787-2,663
   Administrative expenses-1,695-1,960
Other income / expense-30- 1,882
Fair value adjustment on biological assets00
Operating profit (loss)-506-3,307
Financial income / expenses-769-1,057
Share of result of associates and joint ventures046
Profit (-loss) from the sale of the subsidiary0-271
Profit (-loss) from the sale of the associate-1390
Profit (Loss) before tax-1,414-4,589
Income tax-244-84
Net profit (loss) for the period-1,658-4,673
   
Net profit (loss) attributable to:  
Owners of the Parent Company-1,658-4,668
Non-controlling interests0-4
Total net profit (loss) for the period-1,658-4,673
   
Other comprehensive income (loss) that may subsequently be classified to profit or loss:  
Foreign currency translation differences12-169
Total comprehensive income (expense)-1,646-4,841
   
Total comprehensive income (expense) attributable to:  
Owners of the Parent Company-1,646-4,837
Non-controlling interests0-4
Total comprehensive income (expense) for the period-1,646-4,841

Kristjan Kotkas                                                              Timo Pärn

Member of the Management Board                                Member of the Management Board

 

Attachment



EN
29/08/2025

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