Estonia, Foodstuff, Good for Business, Markets and Companies

The turnover of the first six months of 2014 amounted to 49.5 million euro, having increased by 7.5% within a year, and the EBITDA was 2.7 million euro, which is by 1.5 times more than one year earlier.

The net profit increased during the first half of 2014 by 1.3 million euro, amounting to 1.2 million euro and the proportion of operating expense in turnover was 22.5% which is by 2.0 percentage points lower than the result of the same period of previous year.

In the second quarter of 2014 as compared to the second quarter of 2013, the company's unaudited consolidated turnover grew by 4.6% to 29.1 million euros. EBITDA was 3.2 million euros, an increase by 0.8 million euro. Net profit was 2.3 million euros, an increase of 1.2 million euros.

In the second quarter, the turnover increased in the fish business segment as well as in the frozen goods business segment. The turnover of the ice cream business segment was considerably influenced by poor weather conditions of the second quarter and, if calculated in euros, also by the weakening of the Russian rouble against euro – in the summary of 6 months of 2014, the average exchange rate dropped by 15.1% on an annual basis. If calculated in roubles, the turnover of the ice cream business segment increased in the Russian market by 2.2% on an annual basis. The fluctuations of the exchange rate of the Russian rouble against euro does not affect the everyday work of Premia – Premia purchases the raw materials necessary for ice cream production in roubles and sells the final product in the Russian market also only in roubles. Therefore, after eliminating the influence of the fluctuations of the exchange rate of the Russian rouble against euro, the turnover of the whole ice cream business segment decreased by 10.5%, if compared to the previous year.

On 19th June 2014, the Swedish Board of Agriculture decided to satisfy Premia’s claim for damages and loss of profit partially and pay the company additional compensation for in the amount of 751 thousand euro, which has been recorded as other operating income.