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Management Commentary
The 2024/2025 financial year was a significant and transformative period for PRFoods, marked by the stabilisation of the company’s financial position. The successful restructuring of debt obligations substantially strengthened the Group’s financial standing, reduced liquidity-related pressures on day-to-day operations, ensured business continuity, preserved jobs, and protected the position of creditors. As a result of the restructuring, the Group has taken a decisive step towards stable and sustainable growth while continuing its efforts to meet the expectations set out in the restructuring plan. The restructuring, which extended the maturity of debt obligations until 31 March 2028 and set an interest rate of 0%, considerably eased pressure on cash flows and created a foundation for implementing the company’s strategic action plan, as defined in the restructuring agreement.
During the 2024/2025 financial year, the Group continued its operations in two production units on Saaremaa and in Aberdeen focusing primarily on the production and sale of higher value-added fish products. The Group’s sales revenue increased by approximately 10% year-on-year, reaching EUR 18.8 million. Growth was driven by both the United Kingdom market, which accounted for approximately 74% of total sales, and the Estonian market, where sales increased by about 12%. Sales growth was supported by the gradual recovery in demand for premium-segment products and the rebound in exports.
The improvement in performance was also reflected in profitability indicators. Gross profit increased by 0.8 million euros, reaching 4.0 million euros. Although the Group’s operating result remained negative, the operating loss decreased significantly (-0.6 million euros compared to -3.3 million euros in the previous year). Due to the IFRS requirement to measure post-restructuring debt obligations initially at their fair value, a one-off financial income of 9.6 million euros was recognised from the restructuring, resulting in a net profit of 7.3 million euros for the financial year. Without the impact of the restructuring, the net result for the year would have been a loss of 1.8 million euros, which nevertheless represents a significant improvement in operating performance compared to the previous year.
The Saaremaa unit continued to increase production volumes and market share. In addition to revenue growth, attention has been directed towards improving efficiency and profitability. Demand for Saare Kala products has shown a positive growth trend in both domestic and export markets.
The UK subsidiary, John Ross Jr (Aberdeen) Ltd, maintained positive profitability and successfully continued to hold a strong market position. Consistent efforts by the Scottish management and the strength of the brand have ensured stable results despite challenges in the sector and fluctuations in raw material prices.
The Management Board remains focused on restoring profitability and enhancing operational efficiency. The goal is to utilise the stability achieved through the restructuring to increase operating cash flows, thereby strengthening the capital base and value of the Group’s companies and supporting the achievement of the restructuring objectives.
We would like to thank all our employees, partners, and investors for their dedication, trust, and perseverance. The difficult decisions and restructuring efforts of recent years have laid the foundation for a stronger Group and ensured the company’s continued operations.
Differences from the Q4 and 12-Month Interim Report for 2024/2025
AS PRFoods published its Q4 and 12-month interim report for the 2024/2025 financial year on 29.08.2025. The interim report showed a net loss for the financial year of 1,658 thousand euros. However, the audited annual report discloses a net profit of 7,339 thousand euros.
The significant improvement in the result is due to the fact that, at the time of publishing the interim report, the Management Board had not yet fully completed its IFRS-mandated obligation to measure post-restructuring debt obligations at their fair value. As there were multiple restructured debt obligations with differing terms, and determining fair value involves significant management judgements, consultation with experts, and auditor review, this represented a key focus area where the Management Board sought sufficient assurance.
Since the valuation was not completed at the time of the interim report publication, the Management Board was unable to reflect the effects of the restructuring in the Q4 and 12-month interim report. From the revaluation of debt obligations, a one-off financial income of 9,578 thousand euros was recognised.
Consolidated statement of financial position
EUR '000 | 30.06.2025 | 30.06.2024 |
ASSETS |
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Cash and cash equivalents | 305 | 203 |
Trade and other receivables | 1,546 | 2,212 |
Prepayments | 182 | 173 |
Inventories | 1,656 | 1,644 |
Total current assets | 3,689 | 4,232 |
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Long-term financial investments | 0 | 418 |
Tangible assets | 3,595 | 4,164 |
Intangible assets | 12,956 | 13,102 |
Total non-current assets | 16,552 | 17,684 |
TOTAL ASSETS | 20,240 | 21,916 |
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EQUITY AND LIABILITIES |
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Interest-bearing liabilities | 971 | 10,899 |
Trade and other payables | 1,563 | 2,559 |
Total current liabilities | 2,534 | 13,458 |
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Interest-bearing liabilities | 5,514 | 3,600 |
Trade and other payables | 30 | 0 |
Deferred tax liabilities | 1,421 | 1,420 |
Government grants | 213 | 247 |
Total non-current liabilities | 7,179 | 5,267 |
TOTAL LIABILITIES | 9,713 | 18,725 |
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Share capital | 7,737 | 7,737 |
Share premium | 14,007 | 14,007 |
Treasury shares | -390 | -390 |
Statutory capital reserve | 51 | 51 |
Currency translation differences | 451 | 439 |
Retained profit (loss) | -11,327 | -18,653 |
Equity attributable to parent | 10,528 | 3,191 |
Non-controlling interest | 0 | 0 |
TOTAL EQUITY | 10,528 | 3,191 |
TOTAL EQUITY AND LIABILITIES | 20,240 | 21,916 |
Consolidated statement of comprehensive income
EUR '000 | 2024/2025 | 2023/2024 |
Revenue | 18,782 | 17,086 |
Cost of goods sold | -14,796 | -13,888 |
Gross profit | 3,986 | 3,198 |
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Operating expenses | -4,506 | -4,623 |
Selling and distribution expenses | -2,810 | -2,663 |
Administrative expenses | -1,695 | -1,960 |
Other income / expense | -106 | -1,882 |
Operating profit (loss) | -625 | -3,307 |
Financial income / expenses | 8,347 | -1,057 |
Share of result of associates and joint ventures | -139 | 46 |
Profit (loss) from the sale of the subsidiary | 0 | -271 |
Profit (Loss) before tax | 7,583 | -4,589 |
Income tax | -244 | -84 |
Net profit (loss) for the period | 7,339 | -4,673 |
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Net profit (loss) attributable to: |
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Owners of the Parent Company | 7,339 | -4,668 |
Non-controlling interests | 0 | -4 |
Total net profit (loss) for the period | 7,339 | -4,673 |
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Other comprehensive income (loss) that may subsequently be classified to profit or loss: |
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Foreign currency translation differences | 12 | -169 |
Total comprehensive income (expense) | 7,351 | -4,842 |
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Total comprehensive income (expense) attributable to: |
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Owners of the Parent Company | 7,351 | -4,837 |
Non-controlling interests | 0 | -4 |
Total comprehensive income (expense) for the period | 7,351 | -4,842 |
Kristjan Kotkas | Timo Pärn |
Member of the Management Board | Member of the Management Board |
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