PRFoods Provides Consolidated Unaudited Interim Report for the Fourth Quarter and Financial Year 2019/2020

PRFoods announced the consolidated unaudited financial results for the fourth quarter and Fiscal Year 2019/2020. PRFoods results were significantly impacted by Covid-19 pandemic that resulted into the shutdown of markets and disruption in customers orders.

For the quarter, the company’s sales revenue remained 15.1 million euros, a 29.7% decline compared to the prior year same period revenue of 21.5 million euros. It posted EBITDA from operating activities of -0.4 million euros during the 4th quarter, a significant decay as compared to prior year same quarter EBITDA of 0.3 million euros. While for the full year 2019/20, the sales were 78.3 million euros, a 8.7% decrease as compared to 85.7 million euros and the EBITDA for the year was slightly lower at 1.6 million euros compared to 1.7 million euros during financial year 18/19.

However, the company believes that the results were satisfied by considering the critical market situation amid pandemic and then comparing the results with its competitors. While company was expecting stronger results for the year based on the better financial results that it had posted for the first half of last financial year. The company notes that crisis in whole market amid pandemic made the company achieve a positive result otherwise company was able to respond rising fish prices with achievements.

The company had 19.4 million in euros at the end of financial year (30.06.2020), a decrease as compared to previous year reported net debt of 20.5 million euros. In January 2020, PRFoods completed a private placement of bonds which made the short-term liabilities.

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