Consolidated Unaudited Interim Report Of AS Prfoods For The 4Th Quarter And 12 Months Of 2024/2025 Financial Year

2025-08-29 09:31:34

(MENAFN- GlobeNewsWire - Nasdaq) 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 EUR	4Q 2024/2025	2024/2025	4Q 2023/2024	2023/2024
Sales	3.8	18,9	4.5	17,1
Gross profit	0.8	4,0	0.6	3,2
EBITDA	-0.2	0,2	0.0	-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 otherwise	30.06.2025	30.06.2024	30.06.2023
Net debt	13.9	14.3	16.7
Equity	1.5	3.2	8.3
Working capital	-12.4	-9.2	0.0
Assets	20.4	21.9	30.2
Liquidity ratio	0.2	0.3x	1.0x
Equity ratio	7.5%	14.6%	27.4%
Gearing ratio	90.1%	81.8%	66.9%
Debt to total assets	0.9x	0.9x	0.7x
Net debt to operating EBITDA	60x	-42.5x	55.8x
ROE	-70.0%	-81.4%	4.1%
ROA	-7.8%	-17.9%	1.0%

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EUR '000	30.06.2025	30.06.2024
ASSETS
Cash and cash equivalents	305	203
Trade and other receivables	1,741	2,212
Prepayments	198	173
Inventories	1,580	1,644
Total current assets	3,824	4,232

Long-term financial investments	0	418
Tangible assets	3,622	4,164
Intangible assets	12,928	13,102
Total non-current assets	16,551	17,684
TOTAL ASSETS	20,375	21,916

EQUITY AND LIABILITIES
Interest-bearing liabilities	13,309	10,899
Trade and other payables	2,929	2,559
Total current liabilities	16,238	13,458

Interest-bearing liabilities	937	3,600
Trade and other payables	30	0
Deferred tax liabilities	1,421	1,420
Government grants	213	247
Total non-current liabilities	2,602	5,267
TOTAL LIABILITIES	18,839	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	451	439
Retained profit (loss)	-20,318	-18,653
Equity attributable to parent	1,536	3,191
Non-controlling interest	0	0
TOTAL EQUITY	1,536	3,191
TOTAL EQUITY AND LIABILITIES	20,375	21,916

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

EUR '000	12m 2024/2025	12m 2023/2024
Revenue	18,878	17,086
Cost of goods sold	-14,872	-13,888
Gross profit	4,006	3,198

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 assets	0	0
Operating profit (loss)	-506	-3,307
Financial income / expenses	-769	-1,057
Share of result of associates and joint ventures	0	46
Profit (-loss) from the sale of the subsidiary	0	-271
Profit (-loss) from the sale of the associate	-139	0
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 interests	0	-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 differences	12	-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 interests	0	-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

PRF 2024_2025_q4_en_eur_con

MENAFN29082025004107003653ID1109993464

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.