AS PRFOODS
PRFoods
Company Announcement
PRF: Unaudited consolidated turnover of AS PRFoods for 11 months of 2017
Tallinn, Estonia, 2017-12-11 08:15 CET (GLOBE NEWSWIRE) -- In the 11 months of 2017 the unaudited consolidated sales revenue of PRFoods increased by +48.4% y-o-y, i.e. by +19.5 million euros due to acquisition of new companies, reaching the level of 59.8 million euros. Comparable sales revenue increased by +15.6%, i.e. +6.3 million euros. PRFoods 11 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 13.2 million euros and will further support of strategy of international growth and profitability.
The sales revenue in November increased by +3.8 million euros, i.e. +66.5% compared to November 2016. Comparable sales revenue increased at the same period +0.8 million euros, i.e. +14.7%.
PRFoods' pro forma sales revenue in 11 months would have been 96,0 million euros if all companies would have been consolidated into the Group since beginning of the year.
Revenue by product groups
| Revenues mln EUR | Q1 2017 | Q1 2016 | Q2 2017 | Q2 2016 | Q3 2017 | Q3 2016 | 11m 2017 | 11m 2016 | 11m 2017/ 11m 2016 | Change % | Proportion |
| Smoked products | 4.0 | 3.6 | 5.9 | 3.9 | 9.2 | 3.9 | 25.9 | 14.1 | 11.8 | +83.5% | 43.3% |
| Other fish products | 1.7 | 1.5 | 2.3 | 1.8 | 2.0 | 1.5 | 8.4 | 6.3 | 2.1 | +33.9% | 14.0% |
| Raw fish and fillets | 4.9 | 5.1 | 4.9 | 4.1 | 6.7 | 5.1 | 25.1 | 19.9 | 5.2 | +26.2% | 42.0% |
| Other | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.0 | 0.4 | 0.0 | 0.4 | +1255.1% | 0.7% |
| Total | 10.6 | 10.2 | 13.1 | 9.8 | 18.1 | 10.5 | 59.8 | 40.3 | 19.5 | +48.4% | 100.0% |
The largest increase compared to previous year in revenue came from the smoked products group, which increased by +11.8 million euros, i.e. +83.5%. The revenue from the raw fish and fillets products group increased by +5.2 million euros, i.e. +26.2% and the revenue from the other fish product group increased by +2.1 million euros, i.e. +33.9%.
Revenue by client segments
| Revenues mln EUR | Q1 2017 | Q1 2016 | Q2 2017 | Q2 2016 | Q3 2017 | Q3 2016 | 11m 2017 | 11m 2016 | 11m 2017/ 11m 2016 | Change % | Proportion |
| HoReCa | 3.7 | 2.9 | 4.7 | 3.4 | 5.7 | 3.6 | 18.1 | 12.5 | +5.6 | +44.9% | 30.2% |
| Retail chains | 4.4 | 5.3 | 6.5 | 4.9 | 7.0 | 4.379 | 24.5 | 17.7 | +6.8 | +38.2% | 41.0% |
| Wholesale | 2.4 | 2.0 | 1.8 | 1.3 | 5.4 | 2.5 | 16.9 | 9.9 | +7.0 | +70.8% | 28.2% |
| Other | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.4 | 0.2 | +0.1 | +65.9% | 0.6% |
| Total | 10.6 | 10.2 | 13.1 | 9.8 | 18.1 | 10.5 | 59.8 | 40.3 | +19.5 | +48.4% | 100.0% |
Based on client segments, the 11 months' revenue of 2017 increased in HoReCa sector, by +5.6 million euros, i.e. +44.9%. Revenue increased in retail chains sector by +6.8 million euros, i.e. +38.2% and in wholesale sector by +7.0 million euros, i.e. +70.8%.
Revenue by target markets
| Revenues mln EUR | Q1 2017 | Q1 2016 | Q2 2017 | Q2 2016 | Q3 2017 | Q3 2016 | 11m 2017 | 11m 2016 | 11m 2017/ 11m 2016 | Change % | Proportion |
| Finland | 9.0 | 8.3 | 10.5 | 8.0 | 13.0 | 9.0 | 45.5 | 33.4 | +12.1 | +36.3% | 76.0% |
| Estonia | 1.0 | 1.4 | 1.6 | 1.3 | 0.8 | 0.9 | 4.4 | 4.4 | +0.0 | +0.8% | 7.4% |
| UK | 0.0 | 0.0 | 0.0 | 0.0 | 3.2 | 0.0 | 5.7 | 0.0 | +5.7 | 9.5% | |
| Other | 0.6 | 0.6 | 0.9 | 0.5 | 1.2 | 0.6 | 4.2 | 2.6 | +1.7 | +65.1% | 7.1% |
| Total | 10.6 | 10.2 | 13.1 | 9.8 | 18.1 | 10.5 | 59.8 | 40.3 | +19.5 | +48.4% | 100.0% |
Finnish revenue in 11 months of 2017 increased by +12.1 million euros, i.e. +36.3%. The share of Finnish market formed 76.0% of the total revenue, having decreased by -6.7 percentage points compared to the same period last year.
11 months' revenue of 2017 in Estonia remained on the level of previous year. The proportion of the revenue from the Estonian market decreased by -3.5% 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 5.7 million euros since acquisition and share of the market was 9.5% of total revenue.
Revenue in other countries increased by +1.7 million euros in 11 months of 2017 and the proportion of revenue from these markets grew by +0.7 percentage points.
Indrek Kasela
AS PRFoods
Member of the Management Board
Phone: +372 452 1470
investor@prfoods.ee
www.prfoods.ee
PRFoods AS published this content on 11 December 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 11 December 2017 07:22:03 UTC.
Original documenthttp://www.nasdaqbaltic.com/market/?pg=details&instrument=EE3100101031&list=2&tab=news&news_id=295065
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