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PRF: Consolidated turnover of Premia Foods AS, IV quarter and 12 months of 2010

Spekuliantai.lt | 2011-01-17 | NASDAQ OMX biržų naujienos | perskaitė: 1443
Raktiniai žodžiai: Premia Foods AS, PRF
PRF: Consolidated turnover of Premia Foods AS, IV quarter and 12 months of 2010

Premia Foods Company Announcement 17.01.2011

PRF: Consolidated turnover of Premia Foods AS, IV quarter and 12 months of 2010

The consolidated unaudited turnover of Premia Foods AS in 2010 was 77.3 million
euro (1209.6 million Estonian kroons), having grown by 8.6 million euro (134.7
million Estonian kroons) i.e. 12.5% per year. The company's sales turnover in
the fourth quarter was 17.8 million euro (278.8 million Estonian kroons),
having grown by 2.0 million euro (31.2 million Estonian kroons) i.e. 12.6% per
year.

Tallinn, Estonia, 2011-01-17 08:40 CET (GLOBE NEWSWIRE) --



Sales (EUR mln) Q1 Q2 Q3 Q4
2010 Q1 Q2 Q3 Q4 2009



Ice cream 1.9 9.2 12.0
3.3 26.5 2.1 5.9 6.4 1.8
16.1

Frozen food 5.0 5.1 4.8
4.9 19.8 6.0 5.9 5.5 5.1
22.4

Fish and fish products 7.8 6.7 6.0 9.3
29.8 6.1 7.3 7.2 8.6 29.3

Other 0.3 0.2 0.4
0.3 1.2 0.0 0.1 0.4 0.4
0.9

Total 15.0 21.3 23.2
17.8 77.3 14.3 19.1 19.5 15.8 68.7

The results of the fourth quarter and 12 months indicate that the areas of
activities are well balanced.

Fish and fish products still form the greatest part i.e. 38.5% of the turnover;
therewith that area of activity formed 52.3% of the company's turnover in the
fourth quarter. The 7.7% increase in the sales turnover in the fourth quarter
and 1.6% increase in the sales turnover throughout the year compared to the
same periods of 2009, is considered very positive by the management of the
company because 2010 was significantly more complicated for production and sale
of fish products in the Baltic states and foremost in Finland, due to
extraordinary circumstances (fast increase of fresh fish prices and fire
accident in the Uusikaupunki production unit).

Ice cream has had the greatest growth of all the areas of activities and forms
a bit more than one third i.e. 34.2% of the annual sales turnover, therewith
the sales turnover of ice cream in the fourth quarter grew by 88.4% i.e. by 1.6
million euro (24.4 million Estonian kroons) compared to the same period of the
previous year. The reason for such a good result is the sales results of
Khladokombinat No 1, located in St Petersburg, consolidated since May 2010, and
active work with both popular new products and sales campaigns in the Baltics.

Frozen products, the third main area of activity, form a bit more than a
quarter of the whole annual sales turnover i.e. 25.7% and have reached the
comparable level in volume with the one of 2009. The sales volumes of frozen
products have stabilized and diversely from 2009, the sales volume of frozen
products in 2010 has grown in the fourth quarter compared to the third quarter.
The reason is active work with the sales in the Baltics and the positive
seasonal effect of Christmas holidays, which also increased the popularity of
frozen poultry meat products, especially in Estonia.



Sales (EUR mln) Q1 Q2 Q3 Q4
2010 Q1 Q2 Q3 Q4 2009



Finland 7.0 6.6 4.7
8.0 26.2 5.0 6.2 6.3 7.4
24.9

Estonia 4.3 5.2 7.2
4.8 21.5 5.1 6.5 6.4 4.8
22.8

Latvia 2.3 2.9 3.4
2.3 10.9 2.8 3.5 3.4 2.2
11.8

Lithuania 1.3 3.1 3.5
1.3 9.3 1.2 2.9 3.4 1.2
8.7

Russia 0.0 3.5 4.3
1.4 9.2 0.0 0.0 0.0 0.0
0.0

Other 0.1 0.0 0.1
0.0 0.2 0.2 0.1 0.1 0.2
0.5



Finnish market formed the biggest part i.e. 45% of the sales turnover of Premia
Foods in the fourth quarter, by providing additional turnover in amount of 0.6
million euro (9.4 million Estonian kroons) compared to the same period of the
previous year. The Finnish market gave a turnover of 26.2 million euro (410.7
Estonian kroons), which exceed the 12 months' turnover of 2009 by 1.4 million
euro (21.2 million Estonian kroons). The management considers this a very good
result, because the increase in turnover was mostly caused by launching new
products with high added value and actively taking part in Christmas campaigns,
and also successful work in HoReCa sector. The trademark “Heimon Gourmet” owned
by Premia Foods continues as one of the leaders in the chilled fish market in
Finland and the company continues to hold the 25% market share in the retail
market of Finland's chilled packaged fish products.

In the Estonian market, the result of the fourth quarter was approximately the
same as the result of the fourth quarter in 2009. As an annual conclusion,
Estonia is continuously the second most important market of Premia Foods,
whereas the turnover of 21.5 million euro (337.6 million Estonian kroons) and
the positive results of the last two quarter of 2010 give reasons for
satisfaction. The company continues as the leader of the ice cream market in
Estonia, having a 40% market share by revenue. The company is also continuously
among the leaders in the frozen products market.

There are also positive signals in Latvia because the turnover continued to
increase both in the third and fourth quarter compared to the same periods of
2009. The annual turnover of 2010 in amount of 10.9 million euro (169.9 million
Estonian kroons) sets Latvia to the third position among the markets of Premia
Foods. Latvian economy was in a very difficult situation in 2010 and the
efforts made in Latvian market for retaining and improving its position have
been successful. Premia Foods continues on the second position in Latvian
ice-cream market having a 14% market share by revenue and also being among the
leaders in the frozen products market.

In every quarter of 2010 the Lithuanian market exceeded the 2009 turnover
results. The annual result of 6.2% increase in turnover, i.e. 0.5 million euro
(7.8 million Estonian kroons) compared to the previous period is the result of
persistent work. Lithuanian market is the most complex market of the Baltic
states but 2010 showed that the previous choices concerning personnel, product
assortment and product development are justified. Premia Foods gained the
leader position in Lithuanian ice cream market in the summer of 2010 with 21%
value share.

The product portfolio of Khladokombinat No 1 in St.Petersburg consists of ice
cream of almost 100% and the goal for 2010 was optimizing the portfolio by
stopping the ineffective products and concentrating on the development of the
existing brands together with achieving sufficient distribution for those.
Russian business results are consolidated into the turnover of Premia Foods
since May 2010 and the turnover of 8.2 million euro (144.0 million kroons)
meaning 22%-25% of market share in the region and strong 2nd position on the
market, is matching the expectations for the year of the management of Premia
Foods.Important seasonal effects caused by the changes in weather have material
impact on the Russian ice cream market alike the Lithuanian market - the severe
decrease in weather temperature after a very warm summer decreased the
necessary impulsivity needed for buying ice cream. One of the circumstances
affecting the market is also the fact that although small ice creams are
popular in St Petersburg's market, the family ice creams which form a
significant part of the ice cream sales in winter in Estonia are significantly
less known in St Petersburg's market due to cultural and historical reasons.
Thus seasonal effects to the sales of ice cream in St Petersburg area both in
high or low seasons are bigger than in nearer countries (Estonia, Finland),
which must be considered as a cultural difference.




Additional information:

Kuldar Leis

Premia Foods

CEO

T: 6 033 800

[email protected]

www.premiafoods.eu

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