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Q3 and 9 months results show separately discontinued daughter company Heimon Kala Oy results. As of Q4 PRFoods will no longer show Heimon Kala Oy results as discontinued unit. Acquired fish farming licences fair value has not been included in the report. Taking into account that group's financial year ends June 30, the annual report will be structured anew, including fish farming. Relevant information will be disclosed in upcoming report. 

"End of 2021 and beginning of 2022 were extremely volatile. Raw material prices increased over 100%, due to which processed goods, which prices were fixed in fall with retailers, were significantly loss making. Therefore, it should be viewed as right decision to sell Heimon Kala OY, as seen from company's results. Independently, other group companies were profitable, even Estonia if to deduct loss from Finnish exports. During Q4 we can demonstrate that our other companies can manage even in very volatile environment. PRFoods has no exposure to Ukraine, Belorussia, and Russia, thus the war does not affect as directly. At the same time, we must take into account higher costs, including energy. Fish farming can pass extra costs directly to consumers, processing units must monitor that gross margin is kept, even if sales might be compromised.

Grave mistakes in Finnish management caused there a crisis, survival of which independently was challenging. We believe that further consolidation in Finland affects positively Heimon Kala Oy performance in future and Estonian factory will continue to sell subcontracted products to Heimon Kala Oy.

Due to sale of business units, correction was made in the balance sheet of the group, due to purchase price of Finnish units in 2006-2007 and 2017. Please take into account that Swedish fish farming unit was separated from Heimon Kala Oy as part of the sale but was historically included in purchase price of Finnish businesses. Relevant adjustment will be made in annual report after directly consolidating Sweden to group. PRFoods is analysing various scenarios to reduce debt in order to invest in new fish farming projects.”

Consolidated Statement of Financial Position

Thousand euros31.03.202231.03.202130.06.2021
ASSETS   
Cash and cash equivalents1191 4852 500
Receivables and prepayments3 6693 5363 512
Inventories2 6617 6455 691
Biological assets2 3132 3664 795
Total current assets8 76215 03216 498
    
Deferred tax assets972138
Long-term financial investments230232302
Tangible assets9 01715 54115 300
Intangible assets21 94223 62623 460
Total non-current assets31 28639 42039 100
TOTAL ASSETS40 04754 45255 598
    
EQUITY AND LIABILITIES   
Interest-bearing liabilities7 4848 9847 325
Payables and prepayments4 00410 83312 124
Government grants152208207
Total current liabilities11 64020 02519 656
    
Interest-bearing liabilities16 52313 94417 561
Payables and prepayments02980
Deferred tax liabilities1 5361 7871 861
Government grants226752746
Total non-current liabilities18 28516 78120 168
TOTAL LIABILITIES29 92536 80639 824
    
Share capital7 7377 7377 737
Share premium14 19714 19814 007
Treasury shares-390-390-390
Statutory capital reserve515151
Currency translation differences815683559
Retained profit (loss)-12 009-4 985-6 723
Equity attributable to parent10 40117 29415 241
Non-controlling interest-278352533
TOTAL EQUITY10 12317 64615 774
TOTAL EQUITY AND LIABILITIES40 04954 45255 598


Consolidated Statement of Profit or Loss And Other Comprehensive Income

Thousand euros9m 2021/20229m 2020/2021*
Revenue21 64740 595
Cost of goods sold-19 316-35 831
Gross profit2 3314 764
   
Operating expenses-3 295-7 063
Selling and distribution expenses-2 274-4 886
Administrative expenses-1 021-2 178
Other income / expense-41179
Fair value adjustment on biological assets904-149
Operating profit (loss)-101-2 270
Financial income / expenses-1 279-799
Profit (Loss) before tax-1 380-3 070
Income tax-135-85
Net profit (Loss) from continuing operations-1 516-3 155
   
Net profit (Loss) from discontinued operations-4 106-258
Net profit (loss) for the period-5 622-3 413
Net profit (loss) attributable to:  
Owners of the Parent Company-5 627-3 331
Non-controlling interests5-82
Total net profit (loss) for the period-5 622-3 413
   
Other comprehensive income (loss) that may subsequently be classified to profit or loss:  
Foreign currency translation differences1321 049
Total comprehensive income (expense)-5 490-2 364
   
Total comprehensive income (expense) attributable to:  
Owners of the Parent Company-5 495-2 282
Non-controlling interests5-82
Total comprehensive income (expense) for the period-5 490-2 364
   
Profit (Loss) per share (EUR)-0,15-0,09
   
Diluted profit (loss) per share (EUR)-0,15-0,09

 *The results of 9m 2020/2021 have been adjusted and show only line-by-line consolidated operating results from continuing operations.

Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 452 1470
[email protected]
www.prfoods.ee

Attachment


AS PRFoods is a fish farming and production company which is listed on the main list of NASDAQ OMX Tallinn Stock Exchange since 5 May 2010.

AS PRFoods’ key market is Finland, where the company is amongst the three largest fish production companies. Since the acquisition of John Ross Jr. and Coln Valley Smokery in the summer of 2017, the Group has expanded its sales to 37 countries in Europe, North and South America, and Asia.