Consolidated Unaudited Interim Report , 12 mos 2021/2022

PRFoods

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. Q€ 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.

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

8 846

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

8 398

7 325

Payables and prepayments

3 919

12 124

Government grants

0

207

Total current liabilities

12 317

19 656

 

 

.

Interest-bearing liabilities

16 424

17 561

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)

-12 811

-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

4th Q 2021/2022

4th 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

-44 090

-53 727

Gross profit

417

303

3 086

4 965

 

 

 

 

 

Operating expenses

-1 197

-2 264

-7 207

-9 468

Selling and distribution expenses

-630

-1 499

-4 843

-6 389

Administrative expenses

-567

-765

-2 364

-3 079

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

-3 883

Financial income / expenses

-136

-223

-3 102

-1 085

Profit (Loss) before tax

-1 689

-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

-5 069

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 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
[email protected]
www.prfoods.ee

Attachment

Candice Cearley

Next Post

PostEx acquires Call Courier

Mon Sep 12 , 2022
Pakistani fintech PostEx has obtained logistics support company Contact Courier, developing what it describes as the premier e-commerce service service provider in the place. PostEx will now serve 1.3 million users with more than 8,000 merchants throughout 500 metropolitan areas in Pakistan, and is on observe to having a regular […]