Vettel's harbour and production complex.

AS PRFoods Sales Revenue Increase by 34%

In the Q2 2017 the unaudited consolidated sales revenue of PRFoods increased by +33.9% (EUR +3.3 million), reaching the level of EUR 13.1 million.

The majority of growth in sales is contributed to increasing prices of its products. As raw material prices increased for last 9 months, in order to maintain margins, the company had to increase also its sales prices.

Salmon prices have started to decrease, which will help to boost AS PRFoods' margins in Q3 and Q4. Rainbow trout prices have remained stable, which could positively affect the company's own fish farming business.  

Preparation of trout at Vettel, Saaremaa.

The company said that it remains cautious as volatility in raw material prices continues as does global demand for fish, hence access to sustainable and price competitive raw material is very important. The planned acquisition of John Ross Jr. and Coln Valley should further support of strategy of international growth and profitability.

The majority of growth in sales is contributed to increasing prices of its products.

The HoReCa sector increased by EUR+2.0 million.

Finnish revenue in the first 6 months of 2017 increased by EUR+3.3 million.

Based on client segments, the first 6 months’ revenue of 2017 increased the most in HoReCa sector, by EUR+2.0 million (+31.9%). Revenue increased in retail chains sector by EUR+0.7 million (+6.7%) and in wholesale sector by EUR+0.9 million (27.0%).

Heimon Pulled Salmon is a delicious smoked rainbow trout ready to eat.

Finnish revenue in the first 6 months of 2017 increased by EUR+3.3 million (20.2%). The share of Finnish market formed 82.6% of the total revenue, having increased by 1.4 percentage points compared to the same period last year.

First 6 months’ revenue of 2017 decreased in Estonia by EUR-0.1 million (-3.8%). The proportion of the revenue from the Estonian market decreased by -2.5% percentage points in comparison with the same period last year.

AS PRFoods is among the leaders of the fishing industry in the Finland retail market with its own trademarks and with private label products and also in the HoReCa sector.

Revenue in other countries increased by EUR+0.5 million in Q2 2017 and the proportion of revenue from these markets grew by +1.1 percentage points.

About AS PRFoods

AS PRFoods is engaged in the production and sales of fish products in the Finland and Estonia and fish farming in Sweden and Finland.

AS PRFoods is a food production company which is listed on the main list of NASDAQ OMX Tallinn Stock Exchange since 5 May 2010.

The competitive advantage of the Group is its vertical integration – fish farming, production and sales. Trout farmed in the lakes of Sweden and in the archipelago in Turku area in Finland, as well as salmon imported from Norway, are processed in the modern production facilities of Heimon Kala OY in Renko, Finland and of Vettel OÜ on the island Saaremaa, Estonia. The Group's distribution network in Finland and Estonia enables to ensure that customers receive fast and high quality deliveries. The Group is among the leaders of the fishing industry in the Finland retail market with its own trademarks and with private label products and also in the HoReCa sector.

Brilliant, fresh, tempting, even irresistible, beautiful. Domestic Rainbow trout and Muënunmait, as well as Canadian Siianmäti, come to the cold shelves in their precious and stylish glass jars.

Trademarks of the Finnish Group include Heimon Gourmet and Saaristomeren. These are well known and appreciated fish brands, which have been a part of Finnish everyday and festive dishes. Other trademarks of the Group include Gurmé and Polar Fish that are sold in the Baltic States.

Vettel's production complex in Saaremaa.

Source: AS PRFoods

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Address:	Pärnu mnt 141 (Delta Plaza, 14th floor)
City:	Tallinn
State/ZIP:	(11314 )
Country:	Estonia
Phone:	+372 452 1470
E-Mail:	investor@prfoods.ee
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