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PRF: Consolidated turnover of 2nd quarter and first half of the year 2010 of AS

Spekuliantai.lt | 2010-07-15 | NASDAQ OMX biržų naujienos | perskaitė: 1389
Raktiniai žodžiai: Premia Foods AS, PRF
PRF: Consolidated turnover of 2nd quarter and first half of the year 2010 of AS

Premia Foods Company Announcement 15.07.2010

PRF: Consolidated turnover of 2nd quarter and first half of the year 2010 of AS

Turnover of AS Premia Foods in 2nd quarter 2010 was 333 million EEK (21,3
million EUR), growing by 11, 1%.Compared to the year before, the turnover of
Premia Foods has produced better results in ice cream segment, also the
share of the logistic services has grown. There is still a small decline if
compared to the previous year in fish and fish products segment as well as in
deep frozen goods segment. In deep frozen goods segment the main reason for
decline is the decline in purchasing power of the consumers, but in fish and
fish product segment thereare three main reasons for such an effect: the
increase of price levels in raw fish has had a negative influence on
consumption, the fire accident in Finnish fish processing unit had also its
influence on the results and the Easter holidays, which traditionally have a
big impact on the results, were in 1st quarter of the year, not in the second
quarter as in year 2009. The effect of fire accident on Premia Foods' annual
consolidated results is still not significant as the product portfolio and
production has been reorganized and today ca 75% of pre-accident capacities
have been restored. It is presumed that by 4th quarter the sales can be
continued on full capacity and according to the plan.

The sales of OOO Khladokombinat No 1, which is consolidated since May 2010, is
included in the results. Moreover, the results of May-June have been very
positive on St Petersburg market and the company has fulfilled the sales plans.
OOO Khladokombinat is constantly on 2nd position in St Petersburg's ice cream
market. In the Baltic states Premia Foods continues as the leading company on
ice cream market, being No 1 in Estonia and amongst first two positions in
Latvia and Lithuania. Ice cream gives 1/3 of the portfolio of Premia Foods, fish
and fish products give 40% and deep frozen goods give 28%.

Increase in turnover of 2nd quarter is 42% if compared to the 1st quarter. The
increase in turnover without OOO Khladokombinat, which is consolidated since
May, is 18,8%.

Due to the active work with assortment, it was possible to increase the sales of
fish and fish products on Finnish fish market even despite the fire accident in
Uusikaupunki's fish processing unit. Estonia's sales results were negatively
affected by the increase of prices of raw fish which lowered demand. Latvia
experiences the depression of economy and due to the weak purchasing power of
the consumers, the results did not meet the results of 2nd quarter of year 2009.
It is most pleasant to see the increase of turnover in Lithuania, despite of
difficult market situation. It has been achieved mainly due to the good work on
assortment policy and activated sales of deep frozen goods.

Turnover of Premia Foods by business segments in 2nd quarter 2010 (in millions
of EEK)
--------------------------------------------------------------------------------
| | 2nd quarter, 2010 | 2nd quarter, 2009 | Change |
--------------------------------------------------------------------------------
| Ice cream | 143,8 | 91,8 | +56,6% |
--------------------------------------------------------------------------------
| Deep frozen | 80,3 | 92,0 | -12,7% |
| goods | | | |
--------------------------------------------------------------------------------
| Fish and fish | 105,1 | 113,6 | -7,5% |
| products | | | |
--------------------------------------------------------------------------------
| Other | 3,8 | 2,2 | +727% |
--------------------------------------------------------------------------------
| Total | 333,0 | 299,6 | +11,1% |
--------------------------------------------------------------------------------

Share of business segments in portfolio of Premia Foods AS in 2nd quarter of
2010
--------------------------------------------------------------------------------
| | 2nd quarter, 2010 | 2nd quarter, 2009 |
--------------------------------------------------------------------------------
| Ice cream | 43,2% | 30,6% |
--------------------------------------------------------------------------------
| Frozen goods | 24,1% | 30,7% |
--------------------------------------------------------------------------------
| Fish and fish products | 31,6% | 37,9% |
--------------------------------------------------------------------------------
| Other | 1,1% | 0,8% |
--------------------------------------------------------------------------------

Turnover of Premia Foods AS by geographical markets in 2nd quarter (in millions
of EEK)
--------------------------------------------------------------------------------
| | 2nd | Share | 2nd | Share | Change |
| | quarter,20 | | quarter, | | |
| | 10 | | 2009 | | |
--------------------------------------------------------------------------------
| Finland | 102,5 | 30,8% | 97,3 | 32,5% | +5,3% |
--------------------------------------------------------------------------------
| Estonia | 82,0 | 24,6% | 101,1 | 33,8% | -18,9% |
--------------------------------------------------------------------------------
| Latvia | 45,0 | 13,5% | 54,0 | 18,0% | -16,7% |
--------------------------------------------------------------------------------
| Lithuania | 49,0 | 14,7% | 46,1 | 15,4% | +6,3% |
--------------------------------------------------------------------------------
| Russia | 54,3 | 16,3% | 0 | 0 | N/A |
--------------------------------------------------------------------------------
| Other | 0,2 | 0,1% | 1,1 | 0,3% | -81,8% |
--------------------------------------------------------------------------------

Turnover of Premia Foods AS during the first half of 2010 was 567,4 million EEK
(36,3 million EUR), growing by 8,6%. The increase in ice cream segment was
certainly influenced also by the warm weather which started just after Midsummer
Day, but much bigger input was given by successfully launched novelties in all
Baltic states as well as in St Petersburg. New, 15%- vanilla ice cream in cone
is the new leader in Estonian sales top, defeating the years' long leader
vanilla ice cream in chocolate glaze under brand name “Väike Tom”, which has
been a leading summer ice cream in Estonia throughout the years. In Lithuania
the same product is sold under brand name “Klasika” and has achieved 4th
position in the sales top today. The same ice cream is on the market also in
Latvia and also under “ Klasika” brand, whereas in Latvia the new brand and
product family “ Premia”, which was launched in spring this year, has shown very
good performance as well. On 13th of July the daughter company of Premia Foods,
Premia Tallinna Külmhoone AS, made a new record, by selling ice cream for 2,026
million EEK (0,13 million EUR) during one day in Estonia.

Weak purchasing power is the main factor explaining the decline in sales of deep
frozen goods if compared to the previous year; mainly the decline is seen in
Latvia. In fish and fish products' segment there is increase in turnover if
compared to the previous year, but the increase in raw fish prices and the fire
accident prevented further sales increase. But, the product series “ Isogrilli”
has turned to a success story in Finnish market, also facelift was done for the
brand “ Heimon Gourmet” in order to increase awareness and preference among
consumers.

Turnover of Premia Foods AS in the first half of 2010 by business segments (in
millions of EEK)
--------------------------------------------------------------------------------
| | 1st half of 2010 | 1st half of 2009 | Change |
--------------------------------------------------------------------------------
| Ice cream | 173,7 | 124,6 | +39,4% |
--------------------------------------------------------------------------------
| Deep frozen | 158,8 | 185,8 | -14,5% |
| goods | | | |
--------------------------------------------------------------------------------
| Fish and fish | 226,4 | 209,5 | +8,1% |
| products | | | |
--------------------------------------------------------------------------------
| Other | 8,5 | 2,8 | +203,6% |
--------------------------------------------------------------------------------
| Total | 567,4 | 522,7 | +8,6% |
--------------------------------------------------------------------------------

Share of business segments in portfolio of Premia Foods AS in 1st half of of
2010
--------------------------------------------------------------------------------
| | 1st half of 2010 | 1st half of 2009 |
--------------------------------------------------------------------------------
| Ice cream | 30,6% | 23,8% |
--------------------------------------------------------------------------------
| Deep frozen goods | 28% | 35,5% |
--------------------------------------------------------------------------------
| Fish and fish products | 39,9% | 40,1% |
--------------------------------------------------------------------------------
| Other | 1,5% | 0,6% |
--------------------------------------------------------------------------------

Turnover of Premia Foods AS by geographical markets in 1st half of 2010 (in
millions of EEK)
--------------------------------------------------------------------------------
| | 1st half | Share | 1st half of | Share | Change |
| | of 2010 | | 2009 | | |
--------------------------------------------------------------------------------
| Finland | 211,9 | 37,3% | 175,5 | 33,6% | +20,7% |
--------------------------------------------------------------------------------
| Estonia | 149,4 | 26,3% | 180,4 | 34,5% | -17,2% |
--------------------------------------------------------------------------------
| Latvia | 81,2 | 14,3% | 97,4 | 18,6% | -16,6% |
--------------------------------------------------------------------------------
| Lithuania | 69,6 | 12,3% | 65,0 | 12,4% | +6,9% |
--------------------------------------------------------------------------------
| Russia | 54,3 | 9,6% | 0 | 0 | N/A |
--------------------------------------------------------------------------------
| Other | 1,0 | 0,2% | 4,4 | 0,9% | -773% |
--------------------------------------------------------------------------------


Additional information:
Andri Avila
CFO, Member of Management Board
+372 603 3800
[email protected]

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