Tallinn, Estonia, 2018-01-12 07:03 CET (GLOBE NEWSWIRE) --
In the 12 months of 2017 the unaudited consolidated sales revenue of PRFoods increased by +55.3% y-o-y, i.e. by +26.2 million euros due to acquisition of new companies, reaching the level of 73.7 million euros. Comparable sales revenue increased by +15.1%, i.e. +7.2 million euros. PRFoods 12 months of 2017 sales are in accordance with management forecasts.
Majority of growth in comparable sales is contributed to increasing prices for our products. The acquisition of John Ross Jr., Coln Valley and Trio Trading has increased Group’s sales by 19.1 million euros and will further support of strategy of international growth and profitability. John Ross Jr and Coln Valley are being consolidated to PRFoods Group from 01.07.2017 and Trio Trading from 01.09.2017.
The sales revenue in 4th quarter increased by +15.1 million euros, i.e. +89.5% compared to 4th quarter 2016. Comparable sales revenue increased at the same period +2.6 million euros, i.e. +15.4%.
Sales quantity in 12 months increased by +4,536 tonnes, i.e. +64.3%. Comparable sales quantity decreased by -452 tonnes, i.e. -6.4% at the same period.
PRFoods’ pro forma sales revenue in 12 months would have been 109.7 million euros if all companies would have been consolidated into the Group since beginning of the year. Pro forma revenue is divided by largest target markets as following: Finland 77.5 million euros, UK 14.2 million euros, Estonia 6.3 million euros, Latvia 5.6 million euros, France 2.8 million euros and Greece 0.9 million euros. Remaining revenue 2.4 million euros consists of export to various countries, incl Sweden 0.4 million euros, Italy 0.3 million euros and Belgium 0.3 million euros. By sales revenue, next larger markets are Japan, Kuwait and Hong Kong.
On 11.12.2017, PRFoods held extraordinary shareholders meeting to change our financial year to be in line with financial year of John Ross Jr, Coln Valley and Trio Trading. Current financial year will be extended until 30.06.2018 and in future PRFoods financial year will run from July to June.
Revenue by product groups
| Revenues mln EUR | Q1 2017 | Q1 2016 | Q2 2017 | Q2 2016 | Q3 2017 | Q3 2016 | Q4 2017 | Q4 2016 | 12m 2017 | 12m 2016 | 12m 2017/ 12m 2016 | Change % |
| Smoked products | 4.0 | 3.6 | 5.9 | 3.9 | 10.8 | 3.9 | 12.8 | 5.2 | 33.6 | 16.5 | 17.0 | +103.0% |
| Other fish products | 1.7 | 1.5 | 2.3 | 1.8 | 2.1 | 1.5 | 4.7 | 3.0 | 10.7 | 7.8 | 2.8 | +36.4% |
| Raw fish and fillets | 4.9 | 5.1 | 4.9 | 4.1 | 4.9 | 5.1 | 14.1 | 8.7 | 28.8 | 23.0 | 5.7 | +24.9% |
| Other | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.0 | 0.4 | 0.0 | 0.6 | 0.0 | 0.6 | +1926.8% |
| Total | 10.6 | 10.2 | 13.1 | 9.8 | 18.0 | 10.5 | 32.0 | 16.9 | 73.7 | 47.4 | 26.2 | +55.3% |
The largest increase compared to previous year in revenue came from the smoked products group, which increased by +17.0 million euros, i.e. +103.0%. The revenue from the raw fish and fillets products group increased by +5.7 million euros, i.e. +24.9% and the revenue from the other fish product group increased by +2.8 million euros, i.e. +36.4%.
Revenue by client segments
| Revenues mln EUR | Q1 2017 | Q1 2016 | Q2 2017 | Q2 2016 | Q3 2017 | Q3 2016 | Q4 2017 | Q4 2016 | 12m 2017 | 12m 2016 | 12m 2017/ 12m 2016 | Change % |
| HoReCa | 3.7 | 2.9 | 4.7 | 3.4 | 5.5 | 3.6 | 6.3 | 4.2 | 20.3 | 14.2 | +6.1 | +42.6% |
| Retail chains | 4.4 | 5.3 | 6.5 | 4.9 | 7.1 | 4.4 | 12.5 | 6.2 | 30.5 | 20.8 | +9.8 | +47.1% |
| Wholesale | 2.4 | 2.0 | 1.8 | 1.3 | 5.2 | 2.5 | 12.8 | 6.4 | 22.2 | 12.2 | +10.0 | +81.5% |
| Other | 0.1 | 0.0 | 0.1 | 0.1 | 0.2 | 0.1 | 0.4 | 0.1 | 0.7 | 0.3 | +0.4 | +161.8% |
| Total | 10.6 | 10.2 | 13.1 | 9.8 | 18.0 | 10.5 | 32.0 | 16.9 | 73.7 | 47.4 | +26.2 | +55.3% |
Based on client segments, the 12 months’ revenue of 2017 increased in HoReCa sector, by +6.1 million euros, i.e. +42.6%. Revenue increased in retail chains sector by +9.8 million euros, i.e. +47.1% and in wholesale sector by +10.0 million euros, i.e. +81.5%.
Revenue by target markets
| Revenues mln EUR | Q1 2017 | Q1 2016 | Q2 2017 | Q2 2016 | Q3 2017 | Q3 2016 | Q4 2017 | Q4 2016 | 12m 2017 | 12m 2016 | 12m 2017/ 12m 2016 | Change % |
| Finland | 9.0 | 8.3 | 10.5 | 8.0 | 13.0 | 9.0 | 22.7 | 13.7 | 55.2 | 39.0 | +16.2 | +41.6% |
| Estonia | 1.0 | 1.4 | 1.6 | 1.3 | 0.8 | 0.9 | 1.7 | 1.4 | 5.1 | 5.0 | +0.1 | +2.0% |
| UK | 0.0 | 0.0 | 0.0 | 0.0 | 3.1 | 0.0 | 4.5 | 0.0 | 7.6 | 0.0 | +7.6 | |
| Other | 0.6 | 0.6 | 0.9 | 0.5 | 1.1 | 0.6 | 3.1 | 1.8 | 5.8 | 3.5 | +2.3 | +64.9% |
| Total | 10.6 | 10.2 | 13.1 | 9.8 | 18.0 | 10.5 | 32.0 | 16.9 | 73.7 | 47.4 | +26.2 | +55.3% |
Finnish revenue in 12 months of 2017 increased by +16.2 million euros, i.e. +41.6%. The share of Finnish market formed 74.9% of the total revenue, having decreased by -7.2 percentage points compared to the same period last year.
12 months’ revenue of 2017 in Estonia remained on the level of previous year, increasing by +0.1 million euros, i.e. +2.0%. The proportion of the revenue from the Estonian market decreased by -3.6% percentage points in comparison with the same period last year.
UK’s market has become new main market for Group since acquisition of new companies, sales revenue from this market was 7.6 million euros since acquisition and share of the market was 10.3% of total revenue.
Revenue in other countries increased by +2.3 million euros in 12 months of 2017 and the proportion of revenue from these markets grew by +0.5 percentage points.
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 452 1470
investor@prfoods.ee
www.prfoods.ee