OREANDA-NEWS. May 16, 2012. The unaudited consolidated turnover of AS Premia Foods of the 1st quarter of 2012 increased compared to the same period last year by 2.7% and was 17.1 million euro.

In addition to the increase in turnover, all the profitability ratios have improved in the 1st quarter of 2012 and this applies to all the business segments.

During this period, the gross profit of the company increased by 29% reaching 4.2 million euro. The gross margin of Premia Foods in the 1st quarter of 2012 was 24.5%, having improved by 5.1 percentage points by year.

For the first time since Premia became a public company the EBITDA result of the 1st quarter is positive. The EBITDA from operations improved by 0.5 million euro, reaching zero. Net profit improved by 0.8 million euro and by the end of the 1st quarter the company had earned net loss in the amount of 1.2 million euro, while the result of the same period previous year was net loss in the amount of 2.0 million euro.

The group’s key ratios of the first quarter of 2012 have been indicated in the following table. 

 

 

 

 

KEY RATIOS  

 

 

 

 

 

Profit & Loss, EUR mln

formula

 

Q1 2012

Q1 2011

Sales

 

 

17,1

16,7

Gross profit

 

 

4,2

3,2

EBITDA from operations

before one-offs and fair value adjustment

 

0,0

-0,5

EBITDA

 

 

-0,6

-1,3

EBIT

 

 

-1,4

-2,3

Net profit

 

 

-1,2

-2,0

Gross margin 

Gross profit / Net sales

 

24,5%

19,4%

EBITDA margin

EBITDA from operations / Net sales

 

0,1%

-2,7%

EBIT margin

EBIT / Net sales

 

-8,3%

-13,8%

Net margin 

Net earnings / Net sales

 

-6,9%

-11,9%

Operating expense ratio

Operating expenses / Net sales

 

29,7%

29,6%

 

 

 

 

 

Balance Sheet, EUR mln

formula

 

31.03.12

31.03.11

Net debt

Short and Long term Loans and Borrowings - Cash

 

12,2

14,5

Equity

 

 

39,3

39,4

Working capital

Current Assets - Current Liabilities

 

12,0

12,1

Assets

 

 

64,2

68,9

Liquidity ratio

Current Assets / Current Liabilities

 

1,91

1,75

Equity ratio 

Equity / Total Assets

 

61%

57%

Gearing ratio

Net Debt / (Equity + Net Debt)

 

24%

27%

Net debt-to-EBITDA

Net Debt / EBITDA from operations

 

1,98

4,01

ROE

Net Earnings / Average Equity

 

1%

1%

ROA

Net Earnings / Average Assets

 

0%

1%

The turnover and profitability ratios as improved in the 1st quarter of 2012 have also improved the financial position of the company. The financial leverage ratios of the company have improved and the net debt has decreased by 2.3 million euro.