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
investor@prfoods.ee
www.prfoods.ee
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