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AS Prfoods Consolidated Audited Annual Report 2019/2020

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AS Prfoods Consolidated Audited Annual Report 2019/2020 AS PRFoods Consolidated Audited Annual Report 2019/2020 (translation from the Estonian original) Consolidated Audited Annual Report of 2019/2020 Financial Year 1 Business name AS PRFoods Commercial register number 1150713 Address Pärnu mnt 141, Tallinn, Estonia Phone +372 452 1470 Website prfoods.ee Main activities Production and sale of fish products Fish farming Reporting period 1 July 2019 – 30 June 2020 Auditor KPMG Baltics OÜ Consolidated Audited Annual Report of 2019/2020 Financial Year 2 TABLE OF CONTENTS CORPORATE PROFILE .......................................................................................................................................................................... 4 MANAGEMENT REPORT ........................................................................................................................................................................ 8 OVERVIEW OF ECONOMIC ACTIVITIES ........................................................................................................................................... 8 MANAGEMENT AND SUPERVISORY BOARDS ............................................................................................................................... 22 SHARE AND SHAREHOLDERS ........................................................................................................................................................ 24 BOND AND BONDHOLDERS ............................................................................................................................................................ 27 SOCIAL RESPONSIBILITY ................................................................................................................................................................ 29 ENVIRONMENTAL RESPONSIBILITY .............................................................................................................................................. 29 REPORT ON CORPORATE GOVERNANCE .................................................................................................................................... 31 CONSOLIDATED FINANCIAL STATEMENTS ....................................................................................................................................... 37 CONSOLIDATED STATEMENT OF FINANCIAL POSITION .............................................................................................................. 37 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME .................................................................................................... 38 CONSOLIDATED STATEMENTS OF CASH FLOWS ........................................................................................................................ 39 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .............................................................................................................. 40 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ........................................................................................................ 41 GENERAL INFORMATION ..................................................................................................................................................... 41 BASES FOR PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS .......................................................................... 41 FINANCIAL RISKS ............................................................................................................................................................... 55 MANAGEMENT JUDGEMENTS AND ESTIMATES ...................................................................................................................... 60 CASH AND CASH EQUIVALENTS0 ......................................................................................................................................... 61 RECEIVABLES AND PREPAYMENTS ...................................................................................................................................... 62 INVENTORIES ..................................................................................................................................................................... 62 BIOLOGICAL ASSETS .......................................................................................................................................................... 62 SUBSIDIARIES .................................................................................................................................................................... 64 DEFERRED INCOME TAX ................................................................................................................................................... 65 TANGIBLE ASSETS ........................................................................................................................................................... 66 INTANGIBLE ASSETS ......................................................................................................................................................... 67 LEASES .......................................................................................................................................................................... 68 INTEREST-BEARING LIABILITIES ......................................................................................................................................... 70 PAYABLES AND PREPAYMENTS ......................................................................................................................................... 72 GOVERNMENT GRANTS .................................................................................................................................................... 72 EQUITY ........................................................................................................................................................................... 73 SEGMENT REPORTING ...................................................................................................................................................... 74 COST OF GOODS SOLD .................................................................................................................................................... 75 SALES AND MARKETING EXPENSES ................................................................................................................................... 76 GENERAL AND ADMINISTRATIVE EXPENSES ........................................................................................................................ 76 STAFF COSTS .................................................................................................................................................................. 76 OTHER OPERATING INCOME AND EXPENSES ...................................................................................................................... 77 FINANCIAL INCOME AND EXPENSE ..................................................................................................................................... 77 INCOME TAX EXPENSES ................................................................................................................................................... 77 TRANSACTIONS WITH RELATED PARTIES ............................................................................................................................ 77 ASSOCIATES .................................................................................................................................................................... 78 CONTINGENT LIABILITIES AND ASSETS ............................................................................................................................... 79 EVENTS AFTER BALANCE SHEET DATE .............................................................................................................................. 79 THE PARENT COMPANY PRIMARY’S FINANCIAL STATEMENTS .............................................................................................. 80 MANAGEMENT BOARD’S CONFIRMATION TO THE ANNUAL REPORT ............................................................................................ 84 INDEPENDENT AUDITOR’S REPORT .................................................................................................................................................. 85 PROPOSAL FOR COVERING LOSS ..................................................................................................................................................... 91 Consolidated Audited Annual Report of 2019/2020 Financial Year 3 CORPORATE PROFILE AS PRFoods (“Parent Company”) and its subsidiaries (together "Group") is a company engaged in fish farming, processing and sales. The Group’s shares are listed on the main list of NASDAQ Tallinn Stock Exchange since 5 May 2010 and its bonds are listed on the NASDAQ Tallinn bond list since 6 April 2020. AS PRFoods’ key market is Finland, where we are amongst the three largest fish production companies. Since the acquisition of John Ross Jr. and Coln Valley Smokery in the summer of 2017, the Group has sales experience to 37 countries in Europe, North and South America, and Asia. Main activities of the Group are fish farming and manufacturing of fish products. The main products are salmon and rainbow trout products. Approximately 2/3 of the raw fish used in the Group’s rainbow trout production comes from the Group’s fish farms in Swedish lakes, Turku
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