AS PREMIA FOODS

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AS PREMIA FOODS Consolidated Unaudited Interim Report for 4 th quarter and 12 months of 2012 Balance Sheet, EUR mln formula 31.12.11 31.03.12 30.06.12 30.09.12 31.12.12 31.12.10 31.03.11 30.06.11 30.09.11 31.12.11 Net debt Short and Long term Loans and Borrowings - Cash 11.3 12.2 12.0 10.9 13.8 11.2 14.5 13.0 10.7 11.3 Equity 40.5 39.3 39.8 37.1 36.5 41.4 39.4 40.1 41.7 40.5 Working capital Current Assets - Current Liabilities 12.8 12.0 12.4 9.7 12.2 12.8 12.1 12.9 15.0 13.7 Assets 64.1 64.2 68.5 65.4 63.2 68.9 68.9 70.6 66.2 64.1 Liquidity ratio Current Assets / Current Liabilities 2.19 1.91 1.70 1.55 1.91 1.87 1.75 1.73 2.27 2.19 Equity ratio Equity / Total Assets 63% 61% 58% 57% 58% 60% 57% 57% 63% 63% Gearing ratio Net Debt / (Equity + Net Debt) 22% 24% 23% 23% 28% 21% 27% 24% 20% 22% Net debt-to-EBITDA Net Debt / EBITDA from operations 1.98 1.98 2.19 2.06 2.68 2.54 4.01 2.35 2.09 1.98 ROE Net Earnings / Average Equity -1% 1% 0% -1% 0% 4% 1% 2% -1% -1% ROA Net Earnings / Average Assets -1% 0% 0% -1% 0% 2% 1% 1% -1% -1% BUSINESS SEGMENT ANALYSIS In the summary of 2012, while analysing the results of business segments, the fish business segment is continuously the leading business segment, the main target market of which is Finland. In the Finnish market, in addition to fish products, to some extent also ice cream products are sold by Premia. The second largest target market of the chilled fish and fish products is Estonia; as regards to these products, Latvia and Lithuania remain more concentrated on selling frozen fish and fish products. In the Baltic markets, the balanced division of the portfolio between ice cream and frozen goods is quite evident, then in Russia, the sales of frozen goods were launched only in the 4 th quarter of 2012 and the proportion of this category in Russian product portfolio could still be described as small. If compared to the results of the 12 months of 2011, the proportion of the frozen goods business segment has increased by 3 percentage points, the proportion of the ice cream business segment has decreased by 1 percentage point and the proportion of the fish business segment has decreased by almost 2 percentage points. In conclusion, during the reporting period the product portfolio and the geographic scope of Premia Foods can be described as well balanced. 6
AS PREMIA FOODS Consolidated Unaudited Interim Report for 4 th quarter and 12 months of 2012 The main figures by the business segments of Premia Foods for the 4 th quarter and 12 months are indicated in the table below. Fish and fish products business segment In 2012, the fish and fish products business segment as a whole was characterized by the decreased prices of raw fish, which had a direct impact on the turnover of Premia’s fish business segment. At the same time, as the market price of rainbow trout decreased by 13%, the turnover of Premia’s fish business segment, in the summary of 2012, decreased by only 8.6% and in terms of quantity, in the summary of 2012, the sales increased by 2%. At the same time, if compared to the previous year, Premia’s turnover in the Horeca sector increased by 80% in 2012. In the Finnish market, retail chains concentrate more on private label products, hence in 2012 Premia focused also on developing and launching products with a higher additional value. As at the end of the year, Premia is in the 2 nd place as regards to the market shares in the Finnish chilled packaged fish sector. Although the 4 th quarter of 2012 was the best quarter of the year for the fish business segment as regards to the turnover and the gross profitability, the results were, in the summary of the 12 months, lower than the corresponding results of the 4 th quarter of 2011 and the 12 months of 2011. The main reason thereof is the aforementioned decrease in market price. In the summary of the 12 months, if compared to the previous year, the gross profitability of the fish business segment decreased by 1 percentage point, which resulted in the decrease of the gross profit by 1.1 million euro, if compared to the gross profit of the 12 months of 2011. The operational EBITDA of the fish business segment of the 12 months of 2012 was 3.3 million euro, which is 0.5 million euro less than the result of the same period in 2011. 7 SEGMENT ANALYSIS EUR million Q1 Q2 Q3 Q4 12m 2012 Q1 Q2 Q3 Q4 12m 2011 Sales Ice cream 3.7 10.7 10.0 3.0 27.4 4.0 12.2 9.4 3.2 28.8 Frozen goods 5.3 5.6 5.6 5.9 22.4 4.9 5.0 5.6 5.1 20.6 Fish and fish products 7.7 9.2 7.3 10.1 34.3 7.4 9.8 8.6 11.2 36.9 Other 0.4 0.6 0.6 0.6 2.3 0.3 0.5 0.5 0.6 1.9 Total 17.1 26.1 23.6 19.6 86.4 16.7 27.6 24.1 20.0 88.3 Gross profit Ice cream 1.3 5.0 4.6 1.0 11.8 1.0 5.3 3.5 0.7 10.5 Frozen goods 1.2 1.3 1.3 1.3 5.1 1.1 0.9 1.4 1.1 4.6 Fish and fish products 1.5 1.5 1.1 2.0 6.1 1.0 1.8 1.9 2.6 7.2 Gross margin Ice cream 35% 46% 46% 35% 43% 26% 43% 37% 24% 37% Frozen goods 24% 23% 23% 22% 23% 23% 19% 25% 22% 22% Fish and fish products 20% 16% 15% 19% 18% 13% 18% 22% 23% 19% EBITDA from operations Ice cream -0.4 1.8 1.5 -0.6 2.4 -0.3 2.7 1.1 -0.9 2.6 Frozen goods -0.3 0.2 0.1 -0.3 -0.3 -0.3 0.1 0.2 -0.4 -0.3 Fish and fish products 0.7 0.8 0.6 1.3 3.3 0.2 0.9 1.0 1.7 3.8 EBITDA Ice cream -0.4 1.8 1.5 -0.6 2.4 -0.4 2.0 0.9 -0.9 1.5 Frozen goods -0.3 0.2 0.1 -0.3 -0.3 -0.3 0.1 0.2 -0.4 -0.3 Fish and fish products 0.1 -0.1 0.3 1.1 1.5 -0.5 0.4 2.1 1.3 3.3 EBIT Ice cream -0.6 1.5 1.2 -0.8 1.3 -0.8 1.5 0.5 -1.3 0.0 Frozen goods -0.5 0.1 0.0 -0.5 -0.9 -0.5 0.1 0.0 -0.6 -0.9 Fish and fish products -0.1 -0.3 0.1 0.9 0.6 -0.8 0.1 1.9 1.0 2.1
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