- The audited consolidated turnover of Premia Foods of 2013 was 98.9 million euro. Within a year, the turnover increased by 12.5 million euro, i.e. 14.4%, which is a record-making result. The proportion of export in the turnover was 72%. The turnover increased, if calculated in local currency, in all business segments and target markets.
- The gross profit of 2013 was 23.3 million euro, having decreased by 1.8%, i.e. 0.4 million euro within a year. At the same time, the gross margin decreased by 3.9 percentage points to 23.5%. The decrease of both gross margin and gross profit resulted from the abruptly increased prices of raw fish of the fish and fish products business segment. The gross margins of the ice cream business segment and the frozen goods business segment increased respectively by 1.5 and 1.0 percentage points.
- The EBITDA of 2013 was 4.8 million euro, exceeding the result of 2012 by 1.5 million euro.
- The impact of the revaluation of livestock to the profit of year 2013 was 0.7 million euro, the respective impact of year 2012 was -1.4 million euro.
- The EBIT of 2013 was 2.2 million euro, which exceeds the result of the previous year by 2.1 million euro. The operating profit improved in all business segments.
- While summarizing the year 2013, Premia Foods earned net profit in the amount of 0.9 million euro. The result improved by 0.9 million euro, if compared to 2012.
- The operating expense ratio was 22.6% in 2013, which is by 3.6 percentage points less than in 2012. In absolute numbers, the operating expenses decreased, if compared to 2012, by 0.3 million euro.
- The unfavourable movement of the exchange rate of the Russian rouble and the Swedish krona resulted in a foreign exchange rate loss in the amount of 0.6 million euro in the summary of the year.
The Management Board of Premia Foods has submitted its proposal to the Supervisory Board to continue the declared dividend policy and to distribute 387 thousand euro, i.e. 0.01 euro per share, as dividends for the financial year 2013. Provided that this proposal is approved by the Supervisory Board, the same proposal will be made to the General Meeting of shareholders. With this proposal the company continues to adhere to the dividend policy disclosed in the spring 2011.
KEY RATIOS:
| Profit & Loss, EUR mln | formula / comment | 2013 | 2012 | 2011 | 2010 | 2009 | |
| Sales | 98.9 | 86.4 | 88.3 | 77.3 | 68.7 | ||
| Gross profit | 23.3 | 23.7 | 22.9 | 18.7 | 17.8 | ||
| EBITDA from operations | before one-offs and fair value adjustment | 3.8 | 5.1 | 5.7 | 4.4 | 4.0 | |
| EBITDA | earnings before interest, tax, depreciation and amortisation | 4.8 | 3.3 | 4.1 | 7.1 | 6.2 | |
| EBIT | operating profit | 2.2 | 0.1 | 0.2 | 3.1 | 2.5 | |
| EBT | earnings before tax | 1.0 | -0.5 | -0.7 | 1.7 | 0.7 | |
| Net profit | 0.9 | 0.1 | -0.6 | 1.3 | 0.7 | ||
| Gross margin | Gross profit / Net sales | 23.5% | 27.4% | 26.0% | 24.2% | 25.9% | |
| Operational EBITDA margin | EBITDA from operations/Net sales | 3.9% | 5.9% | 6.4% | 5.7% | 5.8% | |
| EBITDA margin | EBITDA /Net sales | 4.8% | 3.8% | 4.7% | 9.2% | 9.0% | |
| EBIT margin | EBIT / Net sales | 2.2% | 0.1% | 0.2% | 4.0% | 3.7% | |
| EBT margin | EBT / Net sales | 1.1% | -0.5% | -0.8% | 2.2% | 0.9% | |
| Net margin | Net earnings / Net sales | 1.0% | 0.1% | -0.6% | 1.7% | 1.0% | |
| Operating expense ratio | Operating expenses / Net sales | 22.6% | 26.2% | 25.8% | 24.8% | 25.5% |
| Balance Sheet, EUR mln | formula | 31.12.13 | 31.12.12 | 31.12.11 | 31.12.10 | 31.12.09 | |
| Net debt | Short and Long term Loans and Borrowings - Cash | 13.2 | 13.8 | 11.3 | 11.2 | 18.5 | |
| Equity | 37.3 | 36.5 | 40.5 | 41.4 | 27.7 | ||
| Working capital | Current Assets - Current Liabilities | 10.1 | 12.1 | 13.7 | 12.8 | 3.3 | |
| Assets | 63.8 | 63.2 | 64.1 | 68.9 | 62.8 | ||
| Liquidity ratio | Current Assets / Current Liabilities | 1.63 | 1.91 | 2.19 | 1.87 | 1.15 | |
| Equity ratio | Equity / Total Assets | 58% | 58% | 63% | 60% | 44% | |
| Gearing ratio | Net Debt / (Equity + Net Debt) | 26% | 28% | 22% | 21% | 40% | |
| Net debt-to-EBITDA | Net Debt / EBITDA from operations | 3.43 | 2.71 | 2.20 | 2.54 | 4.65 | |
| ROE | Net Earnings / Average Equity | 3% | 0% | -1% | 4% | 3% | |
| ROA | Net Earnings / Average Assets | 1% | 0% | -1% | 2% | 1% |
Consolidated statement of financial position
| as at 31 December |
31.12.2013 EUR ‘000 |
31.12.2012 EUR ‘000 |
| Cash and cash equivalents | 1,314 | 1,357 |
| Receivables and prepayments | 8,356 | 8,152 |
| Inventories | 10,258 | 10,308 |
| Biological assets | 6,270 | 5,631 |
| Total current assets | 26,198 | 25,448 |
| Deferred income tax assets | 557 | 473 |
| Long-term financial investments | 127 | 131 |
| Investment property | 2,084 | 2,084 |
| Property, plant and equipment | 12,500 | 12,499 |
| Intangible assets | 22,373 | 22,548 |
| Total non-current assets | 37,641 | 37,735 |
| TOTAL ASSETS | 63,839 | 63,183 |
| Borrowings | 6,035 | 3,953 |
| Payables and prepayments | 10,057 | 9,399 |
| Total current liabilities | 16,092 | 13,352 |
| Borrowings | 8,470 | 11,239 |
| Deferred income tax liabilities | 716 | 659 |
| Government grants | 1,264 | 1,479 |
| Total non-current liabilities | 10,450 | 13,377 |
| Total liabilities | 26,542 | 26,729 |
|
Share capital |
19,342 | 19,342 |
| Share premium | 16,026 | 16,026 |
| Treasury shares | 0 | 0 |
| Statutory reserve capital | 6 | 6 |
| Other reserves | 62 | 42 |
| Currency translation differences | 748 | 485 |
| Retained earnings | 1,113 | 553 |
| Equity attributable to equity holders of the parent | 37,297 | 36,453 |
| Total equity | 37,297 | 36,453 |
| TOTAL EQUITY AND LIABILITIES | 63,839 | 63,183 |
Consolidated statement of profit or loss and other comprehensive income
| For the year ended 31 December |
2013 EUR ‘000 |
2012 EUR ‘000 |
| Revenue | 98,853 | 86,381 |
| Cost of goods sold | -75,592 | -62,698 |
| Gross profit | 23,261 | 23,683 |
| Sales and marketing expenses | -18,369 | -18,208 |
| General and administrative expenses | -3,948 | -4,393 |
| Other income and expenses, net | 514 | 345 |
| Revaluation of biological assets | 742 | -1,363 |
| Operating profit | 2,200 | 64 |
| Finance income | 5 | 148 |
| Finance costs | -1,163 | -673 |
| Profit / loss before income tax | 1,042 | -461 |
| Corporate income tax | -95 | 534 |
| Net profit for financial year | 947 | 73 |
| Other comprehensive income that might subsequently classified to profit or loss: | ||
| Currency translation differences | 264 | 94 |
| Other comprehensive income | 264 | 94 |
| Total comprehensive income | 1,211 | 167 |
| Net profit for the financial year: | ||
| Attributable to equity holders of the parent | 947 | 73 |
| Net profit for the financial year | 947 | 73 |
| Comprehensive income for the financial year: | ||
| Attributable to equity holders of the parent | 1,211 | 167 |
| Total comprehensive income | 1,211 | 167 |
| Earnings per share | ||
| Basic earnings per share (EUR) | 0.02 | 0.00 |
| Diluted earnings per share (EUR) | 0.02 | 0.00 |
Additional information:
Katre Kõvask
Premia Foods
Chairman of Management Board
T: +372 6 033 800
katre.kovask@premia.ee
www.premiafoods.eu
