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PRF: Consolidated Unaudited Interim Report of AS Premia Foods for 2nd quarter and 6 months of 2014

August 10, 2014

For Premia Foods AS, the first half of 2014 may be characterised by the increase of turnover, considerably improved profitability and decreased operating costs. The turnover of 6 months of 2014 amounted to 49.5 million euro, having increased by 7.5% within a year, and the EBITDA was 2.7 million euro, which is by 1.5 times more than one year earlier. The net profit increased during the first half of 2014 by 1.3 million euro, amounting to 1.2 million euro and the proportion of operating expense in turnover was 22.5% which is by 2.0 percentage points lower than the result of the same period of previous year. The 2nd quarter of 2014 compared to the 2nd quarter of 2013: -- Unaudited consolidated turnover 29.1 million euro, increase 4.6%, i.e. 1.3 million euro. -- Gross margin 26.1%, decrease 2.5 percentage points. -- EBITDA from operations 2.0 million euro, decrease 0.5 million euro. -- EBITDA 3.2 million euro, increase by 0.8 million euro. -- Operating profit 2.6 million euro, increase 0.9 million euro. -- Net profit 2.3 million euro, increase 1.2 million euro. -- Operating expense ratio decreased by 0.9 percentage points, reaching 21.8%. -- Cash-flow from operations 1.2 million euro, increase by 1.7 million euro. In the 2nd quarter, the turnover increased in the fish business segment as well as in the frozen goods business segment. The turnover of the ice cream business segment was considerably influenced by poor weather conditions of the 2nd quarter and, if calculated in euros, also by the weakening of the Russian ruble against euro – in the summary of 6 months of 2014, the average exchange rate dropped by 15.1% on an annual basis. If calculated in rubles, the turnover of the ice cream business segment increased in the Russian market by 2.2% on an annual basis. The fluctuations of the exchange rate of the Russian ruble against euro does not affect the everyday work of PremiaPremia purchases the raw materials necessary for ice cream production in rubles and sells the final product in the Russian market also only in rubles. Therefore, after eliminating the influence of the fluctuations of the exchange rate of the Russian ruble against euro, the turnover of the whole ice cream business segment decreased by 10.5%, if compared to the previous year. On 19th June 2014, the Swedish Board of Agriculture decided to satisfy Premia’s claim for damages and loss of profit partially and pay the company additional compensation for in the amount of 751 thousand euro, which has been recorded as other operating income. 6 months of 2014 compared to 6 months of 2013: -- Unaudited consolidated turnover 49.5 million euro, increase 7.5%, i.e. 3.5 million euro. -- EBITDA from operations 2.6 million euro, increase 0.5 million euro. -- EBITDA was 2.7 million euro, increase 0.9 million euro. -- Operating profit 1.5 million euro, increase 1.1 million euro. -- Net profit was 1.2 million euro, increase 1.3 million euro. -- The proportion of the operating expense in turnover was 22.5%, decrease 2.0 percentage points. KEY RATIOS Profit & formula Q1 Q2 6m 2014 Q1 Q2 6m 2013 Loss, EUR mln Sales 20.5 29.1 49.5 18.3 27.8 46.1 Gross 4.8 7.6 12.4 3.8 8.0 11.7 profit EBITDA before 0.6 2.0 2.6 -0.4 2.4 2.0 from one-offs operati and fair ons value adjustmen t EBITDA -0.6 3.2 2.7 -0.7 2.4 1.7 EBIT -1.2 2.6 1.5 -1.3 1.7 0.4 Net -1.1 2.3 1.2 -1.2 1.0 -0.1 profit Gross Gross 23.3% 26.1% 25.0% 20.6% 28.6% 25.5% margin profit / Net sales Operatio EBITDA 2.9% 6.8% 5.2% -2.2% 8.8% 4.4% nal from EBITDA operation margin s/Net sales EBIT EBIT / Net -5.8% 9.1% 3.0% -7.3% 6.2% 0.9% margin sales Net Net -5.6% 7.9% 2.3% -6.5% 3.7% -0.3% margin earnings / Net sales Operatin Operating 23.5% 21.8% 22.5% 27.1% 22.7% 24.4% g expenses expense / Net ratio sales Balance formula 31.12.13 31.03.14 30.06.14 31.12.12 31.03.13 30.06.13 Sheet, EUR mln Net debt Short and 13.2 13.6 13.7 13.8 13.2 15.2 Long term Loans and Borrowing s - Cash Equity 37.3 36.1 37.9 36.5 35.3 36.1 Working Current 10.1 8.5 9.9 12.1 10.4 10.8 capital Assets - Current Liabiliti es Assets 63.8 63.8 68.5 63.2 62.4 67.7 Liquidit Current 1.63 1.47 1.48 1.91 1.73 1.58 y ratio Assets / Current Liabiliti es Equity Equity / 58% 56% 55% 58% 57% 53% ratio Total Assets Gearing Net Debt / 26% 27% 27% 28% 27% 30% ratio (Equity + Net Debt) Net Net Debt / 3.43 2.82 3.15 2.71 2.80 3.46 debt-to EBITDA -EBITDA from operation s ROE Net 3% 3% 6% 0% 0% 1% Earnings / Average Equity ROA Net 1% 2% 3% 0% 0% 1% Earnings / Average Assets Consolidated statement of financial position EUR ‘000 30/06/2014 31/12/2013 30/06/2013 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Cash and cash equivalents 1,882 1,314 862 Receivables and prepayments 11,437 8,356 12,674 Inventories 12,114 10,258 10,496 Biological assets 5,204 6,270 5,564 Total current assets 30,637 26,198 29,597 Deferred income tax assets 568 557 450 Long-term financial investments 135 127 128 Investment property 2,084 2,084 2,084 Property, plant and equipment 12,759 12,500 12,952 Intangible assets 22,336 22,373 22,480 Total non-current assets 37,882 37,641 38,094 -------------------------------------------------------------------------------- TOTAL ASSETS 68,519 63,839 67,691 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Borrowings 7,412 6,035 5,141 Payables and prepayments 13,315 10,057 13,613 Total current liabilities 20,727 16,092 18,754 Borrowings 8,179 8,470 10,950 Deferred income tax liabilities 564 716 569 Government grants 1,155 1,264 1,367 Total non-current liabilities 9,898 10,450 12,886 Total liabilities 30,625 26,542 31,640 Share capital 19,342 19,342 19,342 Share premium 16,026 16,026 16,026 Statutory capital reserve 6 6 6 Other reserves 0 62 51 Currency translation differences 644 748 608 Retained earnings 1,876 1,113 18 Equity attributable to equity holders of the 37,894 37,297 36,051 parent Total equity 37,894 37,297 36,051 -------------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 68,519 63,839 67,691 -------------------------------------------------------------------------------- Consolidated statement of profit or loss and other comprehensive income EUR ‘000 Q2 2014 Q2 2013 6m 2014 6m 2013 -------------------------------------------------------------------------------- Revenue 29,058 27,776 49,508 46,053 Cost of goods sold -21,464 -19,823 -37,143 -34,330 -------------------------------------------------------------------------------- Gross profit 7,594 7,953 12,365 11,723 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Operating expenses -6,323 -6,307 -11,136 -11,258 Sales and marketing expenses -5,373 -5,349 -9,269 -9,297 General and administrative expenses -950 -958 -1,867 -1,961 Other income and expenses, net 864 49 858 106 Revaluation of biological assets 504 34 -625 -169 -------------------------------------------------------------------------------- Operating loss 2,639 1,729 1,462 403 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Finance income 0 -63 11 37 Finance costs -97 -485 -385 -586 Loss before income tax 2,542 1,181 1,088 -146 Corporate income tax -255 -143 63 -2 -------------------------------------------------------------------------------- Net loss for the period 2,287 1,038 1,151 -148 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Other comprehensive income / expense that might subsequently classified to profit or loss: Currency translation differences -72 104 -104 123 Other comprehensive income /expense -72 104 -104 123 Total comprehensive income/ expense 2,215 1,142 1,047 -25 Net profit/ loss for the period: Attributable to equity holders of the parent 2,287 1,038 1,151 -148 Net profit/ loss for the period 2,287 1,038 1,151 -148 Comprehensive income/ expese for the period: Attributable to equity holders of the parent 2,215 1,142 1,047 -25 Total comprehensive income/ expense 2,215 1,142 1,047 -25 Earnings per share Basic earnings per share (EUR) 0.06 0.03 0.03 0.00 Diluted earnings per share (EUR) 0.06 0.03 0.03 0.00 Additional information: Katre KÕvask AS Premia Foods Chairman of the Management Board T: +372 6 033 800 katre.kovask@premia.ee www.premiafoods.eu Copyright © 2014 OMX AB (publ).


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Source: OMX


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