PRFoods : Unaudited consolidated turnover of AS PRFoods in December 2018

PRFoods
Company Announcement

PRF: Unaudited consolidated turnover of AS PRFoods in December 2018

In December 2018, the unaudited consolidated revenue of PRFoods amounted to EUR 11.2 million euros compared to 14.0 million euros in December 2017, down by 2.8 million euros i.e. 19.7% y-o-y. Sales quantity decreased by 943 tonnes, i.e. 43.8%.

The majority of the decline in sales revenue and volume is attributable to discontinued operations following the restructuring in the Group's Finnish arm. Trio Trading Ab Oy abolishing the salmon reselling business resulted in a decline of revenue by 2.0 million euros and in volume by 911 tonnes compared to Trio Trading Ab Oy's results in December 2017. The effects of the restructurings within the Group are not final yet, however, small but steady m-o-m increase in Trio Trading Ab Oy sales revenue and volume since its weakest month - September 2018 - allow to believe that the lowest point of the company has been passed. Revenue from the Group's UK companies declined by 0.4 million euros and volume by 27 tonnes. Revenue of Heimon Kala Oy, incl. Överumans Fisk AB declined by 0.3 million euros and volume by 41 tonnes. Revenue of the Group's Estonian operations declined by 0.1 million euros whereas the volume increased by 36 tonnes.

The three largest markets accounting for 89.6% of total sales in December 2018 had an aggregated turnover of 10.1 million euros: Finland's sales totalled 7.5 million euros i.e. 66.5% of the total, the UK's 1.7 million euros i.e. 15.3% of the total and Estonia's 0.9 million euros, i.e. 7.8% of the total. The remaining sales were generated by sales in Latvia (0.3 million euros), France (0.2 million euros), Belgium (0.1 million euros), Italy (0.1 million euros) and other countries.

Starting from 2018, the Group publishes monthly revenue by product groups. Detailed overview of the revenue by customer groups and countries is published in quarterly reports.

Revenue, mln EUR	12'2018	12'2017	Change	Change, %
Smoked products	5.2	6.0	-0.8	-13.5%
Raw fish and fillets	3.8	5.5	-1.7	-31.3%
Other fish products	2.2	2.2	0.0	-1.5%
Other revenue	0.0	0.2	-0.2	-85.7%
Total	11.2	14.0	-2.8	-19.7%

The largest decrease stems from the raw fish and fillets products group, which decreased by 1.7 million euros, i.e. 31.3%. The revenue from the smoked products group decreased by 0.8 million euros, i.e. 13.5%. The revenue of the other fish products group remained practically unchanged compared to the same period year ago.

Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: [phone]
[e-mail]
www.prfoods.ee