Tallinn, Estonia, 2011-11-21 15:00 CET (GLOBE NEWSWIRE) --
The consolidated turnover of the company of the first 9 months was 68.3 million euro, having increased by 8.8 million euro, i.e. 15% if compared to the previous year. The company’s consolidated turnover of the 3rd quarter was 24.1 million euro, having increased by 0.8 million euro, i.e. 4% if compared to the previous year. The volume of export in the turnover was 72%.
The gross profit of the first 9 months was 18.2 million euro, having increased by 17%, i.e. 2.6 million euro if compared to the previous year. The gross profit of the first 9 months has increased in all the business segments, the best results, if compared to 2010, have been achieved in fish and fish products and frozen goods business segments.
During the first 9 months, if compared to 2010, there has been positive development also in the gross margin ratio and the average gross margin of the first 9 months is 26.6%, which is 0.4 percentage points higher than during the same period of 2010.
The EBITDA from operations of the first 9 months was 4.2 million euro. The same number for the previous year was 5.6 million euro. The EBITDA from operations of 9 months of 2011, excluding one-off expenses and income was 5.3 million euro; in 2010 the same number was 4.5 million euro. During the first 9 months 2011, the amount of one-off expense arisen in connection with the relocation of production and logistics operations in Russia was 1.1 million euro. In the numbers of the first 9 months of 2010, the profit includes the insurance compensation for the loss of profit and needed investments in the fish segment in the amount of 1.1 million euro, of which 0.8 million euro was paid out in the 3rd quarter.
During the first 9 months, the company earned 0.7 million euro of net profit.
The group’s key ratios of the 3rd quarter and the first 9 months have been indicated in the following table.
|
Profit & Loss, EUR mln |
formula | Q1 | Q2 | Q3 | 9m 2011 | Q1 | Q2 | Q3 | 9m 2010 |
| Sales | 16.7 | 27.6 | 24.1 | 68.3 | 15.0 | 21.3 | 23.2 | 59.5 | |
| Gross profit | 3.2 | 8.1 | 6.8 | 18.2 | 3.0 | 5.5 | 7.1 | 15.6 | |
| EBITDA from operations | before fair value adjustment | -0.6 | 2.7 | 2.0 | 4.2 | 0.4 | 1.8 | 3.5 | 5.6 |
| EBITDA | -1.3 | 2.2 | 3.2 | 4.1 | 0.0 | 2.2 | 4.7 | 6.9 | |
| EBIT | -2.3 | 1.2 | 2.3 | 1.2 | -0.9 | 1.3 | 3.6 | 3.9 | |
| Net profit | -2.0 | 1.1 | 1.6 | 0.7 | -1.1 | 0.8 | 2.9 | 2.5 | |
| Gross margin | Gross profit / Net sales | 19.4% | 29.5% | 28.4% | 26.6% | 20.0% | 25.8% | 30.5% | 26.2% |
| EBITDA margin | EBITDA / Net sales | -7.8% | 8.0% | 13.3% | 6.0% | 0.0% | 10.3% | 20.4% | 11.7% |
| EBIT margin | EBIT / Net sales | -13.8% | 4.4% | 9.5% | 1.8% | -6.1% | 5.9% | 15.5% | 6.6% |
| Net margin | Net earnings / Net sales | -11.9% | 4.0% | 6.6% | 1.0% | -7.6% | 3.6% | 12.5% | 4.2% |
| Operating expense ratio | Operating expenses / Net sales | 29.6% | 23.4% | 24.4% | 25.3% | 25.1% | 24.0% | 23.8% | 24.2% |
|
Balance Sheet, EUR mln |
formula |
31.12. 2010 |
31.03. 2011 |
30.06. 2011 |
30.09. 2011 |
31.12. 2009 |
31.03. 2010 |
30.06. 2010 |
30.09. 2010 |
| Net debt | 11.2 | 14.5 | 13.0 | 10.7 | 18.5 | 20.1 | 10.2 | 9.3 | |
| Equity | 41.4 | 39.4 | 40.1 | 41.7 | 27.7 | 26.6 | 39.6 | 42.7 | |
| Working capital | Current Assets - Current Liabilities | 12.8 | 12.1 | 12.9 | 15.0 | 3.3 | 2.7 | 8.5 | 14.0 |
| Assets | 68.9 | 68.9 | 70.6 | 66.2 | 62.8 | 62.4 | 74.6 | 70.8 | |
| Liquidity ratio | Current Assets / Current Liabilities | 1.87 | 1.75 | 1.73 | 2.27 | 1.15 | 1.12 | 1.36 | 1.92 |
| Equity ratio | Equity / Total Assets | 60% | 57% | 57% | 63% | 44% | 43% | 53% | 60% |
| Gearing ratio | Net Debt / (Equity + Net Debt) | 21% | 27% | 24% | 20% | 40% | 43% | 21% | 18% |
| Net debt-to-EBITDA | Net Debt / Trailing 12m EBITDA | 1,58 | 2,50 | 2,24 | 2,53 | 2,98 | 3,15 | 1,65 | 1,58 |
| ROE | 12m Net Earnings / Average Equity | 4% | 1% | 2% | -1% | 3% | 5% | 3% | 1% |
| ROA | 12m Net Earnings / Average Assets | 2% | 1% | 1% | -1% | 1% | 2% | 2% | 1% |
The main figures by business segments of Premia Foods of the 3rd quarter and 9 months:
| EUR million | Q1 | Q2 | Q3 | 9m 2011 | Q1 | Q2 | Q3 | 9m 2010 |
| Sales | ||||||||
| Ice cream | 4.0 | 12.2 | 9.4 | 25.7 | 1.9 | 9.2 | 12.0 | 23.1 |
| Frozen food | 4.9 | 5.0 | 5.6 | 15.5 | 5.0 | 5.1 | 4.8 | 15.0 |
| Fish and fish products | 7.4 | 9.8 | 8.6 | 25.8 | 7.8 | 6.7 | 6.0 | 20.4 |
| Other | 0.3 | 0.5 | 0.5 | 1.3 | 0.3 | 0.2 | 0.4 | 0.9 |
| Total | 16.7 | 27.6 | 24.1 | 68.3 | 15.0 | 21.3 | 23.2 | 59.5 |
| Gross profit | ||||||||
| Ice cream | 1.0 | 5.3 | 3.5 | 9.8 | 0.8 | 3.8 | 5.0 | 9.5 |
| Frozen food | 1.1 | 0.9 | 1.4 | 3.5 | 1.1 | 1.1 | 1.1 | 3.3 |
| Fish and fish products | 1.0 | 1.8 | 1.9 | 4.6 | 1.4 | 0.2 | 0.9 | 2.5 |
| Gross margin | ||||||||
| Ice cream | 26% | 43% | 37% | 38% | 40% | 41% | 42% | 41% |
| Frozen food | 23% | 19% | 25% | 22% | 22% | 22% | 22% | 22% |
| Fish and fish products | 13% | 18% | 22% | 18% | 18% | 2% | 15% | 12% |
| EBITDA from operations | ||||||||
| (before fair value adjustment) | ||||||||
| Fish and fish products | 0.2 | 0.9 | 1.0 | 2.1 | 0.3 | 0.2 | 1.0 | 1.5 |
| EBITDA | ||||||||
| Ice cream | -0.4 | 2.0 | 0.9 | 2.4 | 0.1 | 1.6 | 2.8 | 4.5 |
| Frozen food | -0.3 | 0.1 | 0.2 | 0.1 | -0.3 | -0.1 | 0.0 | -0.4 |
| Fish and fish products | -0.5 | 0.4 | 2.1 | 2.0 | 0.0 | 0.6 | 2.3 | 2.9 |
| EBIT | ||||||||
| Ice cream | -0.8 | 1.5 | 0.5 | 1.2 | -0.1 | 1.2 | 2.2 | 3.3 |
| Frozen food | -0.5 | 0.1 | 0.0 | -0.4 | -0.5 | -0.2 | -0.2 | -1.0 |
| Fish and fish products | -0.8 | 0.1 | 1.9 | 1.2 | -0.3 | 0.3 | 2.0 | 2.1 |
Fish and fish products business segment
The growth in sales of fish and fish products was 2.6 million euro in the 3rd quarter, having increased from 6.0 million euro in 2010 to 8.6 million euro. While summarising the first 9 months, fish and fish products business segment has indicated turnover growth of 5.4 million euro, i.e. 26%.
The gross profit and gross margin of the fish business segment have improved materially if compared to the same period of previous year. The average gross margin of the first 9 months of 2011 was by 6 percentage points higher than a year before, increasing up to 18%. In the 3rd quarter the gross margin increased rapidly corresponding to 22%, while during the same period of previous year the gross margin was 15%.
The EBITDA from operations of the fish business segment has increased during the first 9 months by 39%, i.e. 0.6 million euro, whereas the EBITDA of the first 9 months of 2010 included the insurance compensation for lost profit and needed investments, worth 1.1 million euro.
Ice cream business segment
Usually the high season of ice cream sales is during the summer months, i.e. the 2nd and 3rd quarter and in order to evaluate the success of the ice cream business segment during the high season, the results of the 2nd and 3rd quarter in 2010 and in 2011 should be compared.
While in 2010 the summer was late and the majority of the ice cream consumption fell into the 3rd quarter, then in 2011 it was the other way around – the high season of ice cream fell into the 2nd quarter.
The sales turnover of ice cream has increased by 0.4 million euro and the gross profit has remained in the same level if compared to the comparable periods of 2010. The ice cream business segment can be considered successful also while summarising the first 9 months period and the turnover if compared to 2010 has increased by 2.5 million euro, i.e. 11%.
During the first 9 months the gross profit of the ice cream business segment has increased by 0.3 million euro reaching 9.8 million euro. Overall, the ice cream business segment generated the greatest part of Premia’s EBITDA amounting to 2.4 million euro.
Frozen goods business segment
The frozen goods business segment indicated remarkable development in the 3rd quarter. The turnover of the business segment increased in the 3rd quarter by 16% if compared to previous year reaching the level of 5.6 million euro. The turnover generated from the frozen goods business segment increased in all target markets. In summary of the first 9 months, the turnover of this business segment has increased by 0.6 million euro reaching the level of 15.5 million euro and remarkable input to the growth in turnover has been provided by Latvian and Lithuanian markets.
In the 3rd quarter, the frozen goods business segment has resulted in the best gross profit ever, having grown from 1.1 million euro made in 2010 to 1.4 million euro. Also EBITDA has indicated positive trend as in the 3rd quarter it increased by 0.2 million euro and in the first 9 months, if compared to 2010, by 0.5 million euro. The result is remarkable as the last time this segment’s EBITDA was positive was in year 2009.
During the first 9 months the turnover numbers in all the target markets of Premia have increased, if compared to 2010. The greatest growth in turnover was in Finland, where turnover of 9 months increased by 24%, followed by Estonia, where the increase of turnover was 16%.
Additional information:
Kuldar Leis
Premia Foods
Chairman of the Management Board
T: +372 6 033 800
kuldar.leis@premia.ee
www.premiafoods.eu
