DOCSLIB.ORG

AS Prfoods Consolidated Audited Annual Report 2018/2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
AS Prfoods Consolidated Audited Annual Report 2018/2019 AS PRFoods Consolidated Audited Annual Report 2018/2019 (translation from the Estonian original) 30.10.2019 Consolidated Audited Annual Report of 2018/2019 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 2018 – 30 June 2019 Auditor AS PricewaterhouseCoopers Consolidated Audited Annual Report of 2018/2019 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 SOCIAL RESPONSIBILITY ................................................................................................................................................................ 28 ENVIRONMENTAL RESPONSIBILITY .............................................................................................................................................. 28 REPORT ON GOOD CORPORATE GOVERNANCE ......................................................................................................................... 29 CONSOLIDATED FINANCIAL STATEMENTS ....................................................................................................................................... 36 CONSOLIDATED STATEMENT OF FINANCIAL POSITION .............................................................................................................. 36 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME .................................................................................................... 37 CONSOLIDATED STATEMENTS OF CASH FLOWS ........................................................................................................................ 38 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .............................................................................................................. 39 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ........................................................................................................ 40 GENERAL INFORMATION ..................................................................................................................................................... 40 BASES FOR PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS .......................................................................... 40 FINANCIAL RISKS ............................................................................................................................................................... 54 MANAGEMENT JUDGEMENTS AND ESTIMATES ...................................................................................................................... 60 CASH AND CASH EQUIVALENTS ........................................................................................................................................... 61 RECEIVABLES AND PREPAYMENTS ...................................................................................................................................... 61 INVENTORIES ..................................................................................................................................................................... 62 BIOLOGICAL ASSETS .......................................................................................................................................................... 62 SUBSIDIARIES .................................................................................................................................................................... 63 DEFERRED INCOME TAX ................................................................................................................................................... 64 PROPERTY, PLANT AND EQUIPMENT .................................................................................................................................. 65 INTANGIBLE ASSETS ......................................................................................................................................................... 66 FINANCE LEASE ............................................................................................................................................................... 67 OPERATING LEASE ........................................................................................................................................................... 68 BORROWINGS .................................................................................................................................................................. 68 PAYABLES AND PREPAYMENTS ......................................................................................................................................... 70 GOVERNMENT GRANTS .................................................................................................................................................... 70 EQUITY ........................................................................................................................................................................... 71 SEGMENT REPORTING ...................................................................................................................................................... 72 COST OF GOODS SOLD .................................................................................................................................................... 73 SALES AND MARKETING EXPENSES ................................................................................................................................... 74 GENERAL AND ADMINISTRATIVE EXPENSES ........................................................................................................................ 74 STAFF COSTS .................................................................................................................................................................. 74 OTHER OPERATING INCOME AND EXPENSES ...................................................................................................................... 75 FINANCIAL INCOME AND EXPENSE ..................................................................................................................................... 75 INCOME TAX EXPENSES ................................................................................................................................................... 75 EARNINGS PER SHARE ..................................................................................................................................................... 76 TRANSACTIONS WITH RELATED PARTIES ............................................................................................................................ 76 BUSINESS COMBINATIONS ................................................................................................................................................ 77 ASSOCIATES .................................................................................................................................................................... 80 CONTINGENT LIABILITIES AND ASSETS ............................................................................................................................... 80 EVENTS AFTER BALANCE SHEET DATE .............................................................................................................................. 80 SUPPLEMENTARY DISCLOSURES ABOUT THE PARENT COMPANY OF THE GROUP .................................................................. 81 MANAGEMENT BOARD’S CONFIRMATION TO THE ANNUAL REPORT ............................................................................................ 85 INDEPENDENT AUDITOR’S REPORT .................................................................................................................................................. 86 PROPOSAL FOR COVERING LOSS ..................................................................................................................................................... 87 Consolidated Audited Annual Report of 2018/2019 Financial Year 3 CORPORATE PROFILE AS PRFoods (“Parent Company”) and its subsidiaries (together "Group") is a company engaged in fish farming, processing and sales, and its shares are listed on the main list of NASDAQ Tallinn Stock Exchange since 5 May 2010. Main activity of the Group is fish manufacturing that is done in four contemporary production buildings in Renko and Kokkola (Finland), in Saaremaa (Estonia), and in Aberdeen (Great Britain). The Group aims to increase production capacity and to boost sales volumes of fish products. The company’s key market
Load more

Recommended publications
  • ELKO Group Corporate Presentation
    ELKO Group Corporate presentation May, 2016 About ELKO 2016 LEADING GLOBAL VENDORS 23 YEARS IN BUSINESS > 120 VENDORS > 20 000 PRODUCTS > 6 500 PARTNERS 2 BUSINESS DIVISIONS: BROADLINE SOLUTIONS 1993 2 Group’s Legal Structurecture A/S ELKO Grupa Baltics(1) CEE CIS ELKO Lietuva UAB ELKOTEX d.o.o. ELKO Trading Switzerland AG 100% 51% Lithuania Slovenia Switzerland 100% ELKO Eesti AS WESTech s.r.o. ELKO Mobile 100% 51% 51% Estonia Slovakia Cyprus WESTech CZ ELKO Marketing Limited 100% 100% Czech Republic Cyprus(2) ELKOTech Romania SA 100% Alma Ltd 100% Romania Russia ELKO Ukraine Ltd Ukraine 100% (1) Sales in Latvia, Lithuania and Estonia are done directly from ELKO Grupa (2) Manages sales to Russia and Ukraine ELKO Kazakhstan Ltd 100% Kazakhstan Regional Coverage 10 COUNTRIES WITH ELKO OFFICES COUNTRIES WITH ELKO 14 REPRESENTATION 4 TRANSIT HUBS HQ IN RIGA, LATVIA 4 Extensive Range of Products % Revenue contribution by product group Product range: more than 20 000 products 100% 1% 1% 2% 3% 4% 4% 3% 1% 7% 7% 8% 9% 10% 10% 90% 10% 12% 13% 14% 9% 7% 8% 7% 9% 80% 9% 12% 70% 16% 35% 38% 60% 35% 40% 39% 32% 50% 40% 53% 40% 1% 6% 17% 30% 44% 43% 43% 20% 39% 34% 26% 22% 10% 17% 0% 2008 2009 2010 2011 2012 2013 2014 2015 5 Vendor Relations and Range of Products 2015 Top Vendors, 2015 Other vendors 19.1% 2.1% 3.5% 4.3% 44.1% 4.7% 5.4% 8.2% 8.8% Region Shares 100% 10% 8% 8% 9% 9% 9% 9% 8% 10% Baltic Region 90% Latvia, Lithuania and Estonia.
    [Show full text]
  • CEE Top 500 the Ranking - Economic Outlook Analysis CEE Top 500
    3 6 15 35 Editorial CEE Top 500 The Ranking - Economic Outlook Analysis CEE Top 500 RANKING August 2016 COFACE CEE TOP 500 COMPANIES THE COFACE PUBLICATIONS by Coface Central Europe he year 2015 brought a The CEE Top 500 ranks the 500 biggest Favorable business conditions extended good mix of conditions for companies in the region by turnover. into 2016. The forecast for the CEE region Central and Eastern Europe. These top players increased their turnover in 2016 is nearly on the same level as Average GDP growth for by 4.2% to nearly 593 billion EUR and 2015 with an estimated average growth the CEE region was 3.3% enlarged their staff by 0.5%. Overall 4.3% rate of 3.0%. A further improvement Tin 2015, after 2.6% in 2014. Economies of the total labor force in the region is in the labor market and growing benefited from rising domestic demand. employed by the companies of the CEE confidence will strengthen household This included both, growing private Top 500 which has a positive effect consumption as the main growth driver consumption, supported by declining on unemployment rates. The ongoing of the CEE economies. The contribution unemployment and growing wages, upward trend was also recorded by of investments will not be as high as and increasing investments in most the majority of the sectors in the CEE last year due to a slow start of new EU economies. Important support came Top 500. Twelve out of thirteen sectors co-financed projects weakening the from EU funds which CEE countries increased their turnover compared to the expansion of the construction sector were efficient users of in the final year previous year.
    [Show full text]
  • Baltic Top 50 2013
    panoramaTHE COFACE ECONOMIC PUBLICATIONS Summer 2013 BALTIC TOP 50 2013 CONTENTS For the first time, Coface publishes the Baltic Top 50. The companies are ranked based on their turnover in 2012. The total turnover of all the Coface Baltic Top 50: companies surveyed was 36 billion EUR. / 02 Ranking and methodology Top 3 largest companies in the Baltic region / 03 Country analysis and With a turnover of approximately 6.3 billion EUR, Orlen Lietuva AB, country ranking a Polish-based oil and gas company with a branch in Lithuania, ranks first in 2012.Vilniaus Prekyba UAB (2.8 billion EUR, Lithuania) comes in / 06 Sector analysis and second place and Maxima Grupe UAB (2.4 billion EUR, Lithuania) in third sector ranking place. These three companies generated almost one third of the total turnover of all Top 50 companies. Country Analysis Most of the Top 50 companies are based in Lithuania (29). Twelve companies are Latvian and only nine Estonian. Latvia had the highest GDP growth rate in Europe in 2012 (5.1%). It’s also Latvian companies that show the highest growth rate in turnover in this study (average rate: 18%). The turnover of Estonian companies increased by 13% on average, Lithuanian companies had to be satisfied with 9%. Industry Review In 2012, the oil and gas sector became one of the sectors with the most dynamic growth rate in the Baltics, with companies posting a plus of 29%. The only sector with a negative growth rate was energy supply. Nevertheless, energy companies still rank third in terms of turnover.
    [Show full text]
  • Interim Financial Statement
    ELKO GRUPA AS Unaudited Consolidated Financial Statements For 6 months ended 30 June 2017 ELKO Grupa AS Unaudited Consolidated Financial Statements for 6 months ended 30 June 2017 Structure Page Management report 3 Statement of Directors’ responsibility 5 Consolidated balance sheet 6 Consolidated income statement 7 Consolidated statement of changes in equity 8 Consolidated cash flow statement 9 Notes to the consolidated financial statements 10 ELKO Grupa AS Unaudited Consolidated Financial Statements for 6 months ended 30 June 2017 AS ELKO Grupa Management report on interim consolidated financial statements for the 6 month period ended 30 June 2017 Business activities ELKO Grupa AS (hereinafter – the Company) is one of the largest distributors of IT products in the Baltic States, Central and Eastern Europe. The Company’s core business activity is wholesale distribution of computer desktop components and peripherals, notebooks, monitors, multimedia and software products, server, network component and networking solutions, using the wide network of the ELKO Grupa AS subsidiaries and cooperation partners, representing a broad range of vendors of these products all over the world, including Lenovo, Apple, Intel, Acer, Asus, Seagate, Western Digital and others. The key to the success of ELKO Grupa AS as the parent company is the long-term strategy for cooperation with vendors developed over the years, centralized purchase system, functionality of business process and financial management. Financial analysis ELKO Grupa AS turnover in the 6 months of 2017 has reached USD 635m (EUR 586m) that constitutes 17% increase from the corresponding period in 2016. Gross profit reached USD 32.4m (EUR 29.9m) that is increase by 31% comparing to prior year.
    [Show full text]
  • Transparency Report 2018
    Transparency Report 2018 EY Latvia Contents Message from the EY Baltics Managing Partner and the Assurance Leader ........................................................................... 3 About us ............................................................................................................................................................................. 5 Legal structure, ownership and governance ...................................................................................................................... 5 Network arrangements .................................................................................................................................................... 6 Commitment to quality ........................................................................................................................................................ 8 Infrastructure supporting quality ...................................................................................................................................... 8 Instilled professional values ............................................................................................................................................. 9 Internal quality control system ....................................................................................................................................... 10 Client acceptance and continuance ................................................................................................................................
    [Show full text]
  • Riga Facts & Figures
    RIGA FACTS & FIGURES 2017 TABLE OF CONTENTS GENERAL INFORMATION ......................2 CLIMATE ..................................................3 TERRITORY .............................................4 POPULATION ..........................................6 EDUCATION AND CULTURE .................10 BUSINESS ..............................................12 TRANSPORTS ........................................14 INFORMATION TECHNOLOGY ..............16 INVESTMENTS .......................................17 Stockholm 550 km 1 Riga is the capital city of the Republic of Latvia. Geographically it is located in the centre of the Baltic State region, and it is the largest city in the Baltics and the third largest city (after St. Petersburg and Stockholm) in the entire Baltic Sea region. Helsinki 400 km Moscow Tallinn 920 km 310 km Riga Vilnius 300 km Minsk 480 km Warsaw 660 km 2 GENERAL INFORMATION Area: 304 km2 Time zone: GMT+2 Accessibility: By plane – from more than 80 cities all over the world By train – from Russia, Belorussia and Estonia By ferry – from Sweden By bus – from more than 100 European cities Population (2016): 639.6 thousand Share of economically active 71.2 % population (2016): The average monthly gross 949 EUR wages and salaries (2016): Unemployment rate (2016): 4.8 % National currency: Euro (EUR) Number of enterprises 71 465 (2015): Number of newly established 6 305 enterprises (2016): The largest sectors of the Services (32 064) economy based on the num- Trade (15 016) ber of enterprises (2015): Construction (4 783) Manufacturing
    [Show full text]
  • Illustrative Corporate Financial Statements 2004
    Consolidated annual report for the year ended 31 December 2017 ELKO GRUPA AS Consolidated Annual Report For the year ended 31 December 2017 Pepared in accordance with International Financial Reporting Standards as adopted by EU Consolidated annual report for the year ended 31 December 2017 Content General information 3 Management report 4 Statement of Directors’ Responsibility 6 Consolidated financial statements Consolidated statement of comprehensive income 7 Consolidated statement of financial position 8 Consolidated statement of changes in equity 9 Consolidated statement of cash flows 10 Notes to the consolidated financial statements 11 Consolidated integrated non-financial report 57 Independent auditors’ report 62 2 Consolidated annual report for the year ended 31 December 2017 General information Group name ELKO GRUPA AS Legal status of the Group Joint Stock Company Unified registration number, place 4 000 312 956 and date of registration Riga, 14 May, 1993 Re-registration in Commercial register 2 December, 2003 with re-registration number 4 000 312 956 4 Registered office 4 Toma street Riga LV-1003 Latvia Shareholders Ashington Business Inc. Limited (1,935,440 shares), United Kingdom Solsbury Inventions Limited (1,928,536 shares), United Kingdom Amber Trust II S.C.A. (1,728,644 shares), Luxembourg Eurotrail SIA (753,833 shares), Latvia Whitebarn SIA (1,072,608 shares), Latvia KRM Serviss SIA (1,049,110 shares), Latvia Solo Investīcijas IT SIA (997,844 shares), Latvia Council Members Andris Putāns – Chairman of the Council Indrek
    [Show full text]
  • Illustrative Corporate Financial Statements 2004
    ELKO GRUPA JSC Consolidated Financial Statements in EUR For the year ended 31 December 2008 1 ELKO GRUPA JSC Consolidated financial statements for the year ended 31 December 2008 Structure Page General information ...........................................................................................3 Consolidated balance sheet ...............................................................................4 Consolidated income statement ........................................................................5 Consolidated statement of changes in equity....................................................6 Consolidated cash flows statement ...................................................................7 Notes to the consolidated financial statements ................................................8 Independent auditor's report...........................................................................37 2 ELKO GRUPA JSC Consolidated financial statements for the year ended 31 December 2008 General information Group name ELKO GRUPA Legal status of the Group Joint Stock Company Unified registration number, place and 000 312 956 date of registration Riga, 14 May, 1993 Re-registration in Commercial register 2ND December,2003 with re-registration number 4 000 312 956 4 Registered office 27 Rupniecibas street Riga LV-1045 Latvia Shareholders Egons Mednis (9,57 %), Latvia Andris Putāns (9,79 %), Latvia Ēriks Strods (9,10 %), Latvia Kaspars Viškints (9,79 %), Latvia IT Investīcijas”, AS (35,25 %), Latvia Amber Trust II S.C.A. (17,67%), Luxemburg
    [Show full text]
  • Baltic Top 50 2014
    panoramaTHE COFACE ECONOMIC PUBLICATIONS July 2014 BALTIC TOP 50 2014 CONTENTS Coface is publishing its second edition of the Baltic Top 50. The companies are ranked based on their turnover in 2013. Figures for 2013 show the continuing recovery of the Baltic states. The / 02 Coface Baltic Top 50: Ranking and methodology total turnover of the top players in the North increased by 2.2% to EUR 36.2 billion. Whereas net profits fell from 2011 to 2012, companies have now reported a sharp rise of 54.6%. / 03 Country analysis and country ranking Top 3 largest companies in the Baltics / 07 Sector analysis and It is hard to beat the three top companies in the Baltics. With a sector ranking turnover of EUR 6.1 billion, the oil and gas giant Orlen Lietuva is again number 1, although it has some problems to contend with. Both Coface contacts second-placed Vilniaus Prekyba (EUR 3 billion) and the third-placed / 09 Maxima Grupe (EUR 2.5 billion) increased their turnover by around 6% and net profits by around 20%. Country Analysis Lithuania, already home to a majority of the top companies in 2012 (29), was able to further strengthen its leading position (+2). Unsurprisingly, the country also contributed the largest share in turnover (71.5% or almost EUR 26 billion, +2.7%). Although the Latvian economy still exhibits the highest GDP growth in 2013, its top players were not able to continue their double-digit growth rates from the previous year. In total, turnover by the eleven (-1 company) Latvian top companies decreased by 2.9%.
    [Show full text]
  • Unaudited Consolidated Financial Statements for 12 Months Ended
    ELKO GRUPA AS Unaudited Consolidated Financial Statements For 12 months ended 31 December 2017 ELKO Grupa AS Unaudited Consolidated Financial Statements for 12 months ended 31 December 2017 Structure Page Management report 3 Statement of Directors’ responsibility 5 Consolidated balance sheet 6 Consolidated income statement 7 Consolidated statement of changes in equity 8 Consolidated cash flow statement 9 Notes to the consolidated financial statements 10 ELKO Grupa AS Unaudited Consolidated Financial Statements for 12 months ended 31 December 2017 AS ELKO Grupa Management report on interim consolidated financial statements for 12 months ended 31 December 2017 Business activities ELKO Grupa AS (hereinafter – the Company) is one of the region's largest distributors of IT products and solutions. The ELKO Group represents 180 IT manufacturers, and provides a wide range of products and services to more than 7 000 retailers, local computer manufacturers, system integrators and enterprises within various sectors in 30 countries in Europe and Central Asia. Currently, ELKO employs more than 700 people and is headquartered in Riga, Latvia. The key to the success of ELKO Grupa AS, as the parent company, is the long-term strategy for cooperation with vendors developed over the years, a centralized purchase system, and the functionality of business-process and financial management. Financial analysis ELKO Grupa AS consolidated turnover in the twelve months of 2017 reached USD 1 587m (EUR 1 403m) which is a 9% increase over the corresponding period in 2016. This is explained by organic growth and by consolidating the results of Gandalf Distribution AB into the ELKO Group, starting from July 2017.
    [Show full text]
  • Ranking - Economic Outlook Analysis CEE Top 500
    3 6 15 35 Editorial CEE Top 500 The Ranking - Economic Outlook Analysis CEE Top 500 RANKING August 2016 COFACE CEE TOP 500 COMPANIES THE COFACE PUBLICATIONS by Coface Central Europe he year 2015 brought a The CEE Top 500 ranks the 500 biggest Favorable business conditions extended good mix of conditions for companies in the region by turnover. into 2016. The forecast for the CEE region Central and Eastern Europe. These top players increased their turnover in 2016 is nearly on the same level as Average GDP growth for by 4.2% to nearly 593 billion EUR and 2015 with an estimated average growth the CEE region was 3.3% enlarged their staff by 0.5%. Overall 4.3% rate of 3.0%. A further improvement Tin 2015, after 2.6% in 2014. Economies of the total labor force in the region is in the labor market and growing benefited from rising domestic demand. employed by the companies of the CEE confidence will strengthen household This included both, growing private Top 500 which has a positive effect consumption as the main growth driver consumption, supported by declining on unemployment rates. The ongoing of the CEE economies. The contribution unemployment and growing wages, upward trend was also recorded by of investments will not be as high as and increasing investments in most the majority of the sectors in the CEE last year due to a slow start of new EU economies. Important support came Top 500. Twelve out of thirteen sectors co-financed projects weakening the from EU funds which CEE countries increased their turnover compared to the expansion of the construction sector were efficient users of in the final year previous year.
    [Show full text]
  • Runaway Taxes Who Pays Tax in Central and Eastern Europe?
    1 RUNAWAY TAXES Who pays tax in Central and Eastern Europe? This report was produced by civil society organisations in six countries across Central and Eastern Europe including: Bulgaria (Za Zemiata), Czech Republic (Glopolis), Hungary (Demnet), Latvia (Lapas), Poland (IGO) and Slovenia (Ekvilib Institute). Research was coordinated and written by Finance Uncovered, www.financeuncovered.org The authors believe that all of the details in this report are factually accurate as of 5 December 2016. Authors: Collective of Authors Published by: Za Zemiata, Glopolis, Demnet, Lapas, IGO & Ekvilib Institute, Prague 2017 Publisher of English version: Glopolis, Soukenicka 23, 110 00 Prague 1 tel. / fax: +420 272 661 132 www.glopolis.org © Za Zemiata, Glopolis, Demnet, Lapas, IGO & Ekvilib Institute 2017 This publication has been produced with the financial assistance of the Czech Development Agency and the Ministry of Foreign Affairs of the Czech Republic and of the European Union. The contents of this document are the sole responsibility of authors and can under no circumstances be regarded as reflecting the position of the financial donors. This publication has been realized in the framework of the „Tax Justice Together - Mobilising European citizens to place inequality and tax justice at the heart of the European development agenda during EYD2015 and beyond“ project financed by European Union. ISBN 978-80-87753-29-3 WHO PAYS TAX IN CENTRAL AND EASTERN EUROPE? Introduction With participants from six Central and Eastern European Countries, Hungary, the Czech Republic, Slovenia, Poland, Latvia and Bulgaria we set out to look at the tax position of major companies in each country.
    [Show full text]