AS PRFoods Unaudited Consolidated Interim Report 3d Quarter and 9 months 2022/23

Consolidated Unaudited Interim Report of AS PRFoods for the 3rd quarter and 9 months of 2022/2023 financial year PRFoods continues to operate now as Estonian-British group, having two productions facilities in Estonia and United Kingdom respectively. Fish farming operations are taking place only in Estonia, with further capacity expansions planned.Q3 and 9 months results show that downsizing operations was risky but proven right, as our profitability has substantially...

Tallinn, 31/05/2023 (informazione.news - comunicati stampa - cibi e bevande)

Consolidated Unaudited Interim Report of AS PRFoods for the 3rd quarter and 9 months of 202 2 /202 3 financial year

PRFoods continues to operate now as Estonian-British group, having two productions facilities in Estonia and United Kingdom respectively. Fish farming operations are taking place only in Estonia, with further capacity expansions planned.
Q3 and 9 months results show that downsizing operations was risky but proven right, as our profitability has substantially improved. EBITDA from operations improved from -1,1 meur year ago to 0,04 meur. Operating results was near zero when last year it was still -1,4 meur. We finished quarter with small profit compared to -4,5 meur loss last year (due to divestments).
On 9 months basis our EBITDA from operations improved from -2,3 meur to 200,000 eur positive result, , while our sales were down 57%. Gross profit improved by 23% in absolute terms, which is very remarkable result.
We finished 9 months with 800,000 eur profit compared to -6,6 million lass last year (incl one -off effect of divestments)
While our products are in strong demand, the overall price increases have negative effect on purchase frequency. High inflation and high food prices persist, making consumption growth unlikely. Also high leverage of the group straddles the company with extreme cash flow management challenges.
We believe with new farming licences we can re-establish PRFoods as regional leader in fish farming and processing. 2024 we see significant growth in sales to Finland and elsewhere in the region.
Challenges remain, as for entire food processing sector, but I am very pleased with personal commitment and professionalism in our operating companies, John Ross Jr. and Saare Kala. Their effort has put the company on new lease of life.

KEY RATIOS

INCOME STATEMENT 

BALANCE SHEET

Consolidated Statement of Financial Position

Consolidated Statement of Profit or Loss And Other Comprehensive Income

Indrek Kasela

AS PRFoods

Member of the Management Board

Phone:+372 452 1470

investor@prfoods.ee

www.prfoods.ee                

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