Latest news with #Estonian
Yahoo
10 hours ago
- Business
- Yahoo
Consolidated Unaudited Interim Report of AS PRFoods for the 3rd quarter and 9 months of 2024/2025 financial year
MANAGEMENT COMMENTARY PRFoods' third quarter of the 2024/2025 financial year has come to an end. We can conclude that it has been a challenging period due to market volatility and Estonia's poor economic climate. However, we have still managed to increase the Group's profitability and reduce expenses. At this point, we must commend our teams both in Estonia and the United Kingdom, where the goals are clear and the focus is steady in moving towards the set objectives. The approval of PRFoods' bond restructuring plan has also been finalized, which will allow our production units to better focus on business development going forward. In the third quarter, the Group's unaudited consolidated revenue was 3.7 million euros, representing a 3% decrease compared to the previous financial year. EBITDA from operating activities improved from -0.2 million euros in the 2023/2024 financial year to -0.1 million euros, and the net loss decreased from -0.7 million euros to -0.5 million euros. The third quarter of the financial year is one of the most challenging, and we can acknowledge that we are moving in the right direction. When comparing the results of the first nine months of the 2023/2024 and 2024/2025 financial years, we can be pleased. The unaudited consolidated revenue was 15.1 million euros, representing a 20% increase compared to the same period last year. EBITDA from operating activities increased to 0.6 million euros. Operating profit was 0.1 million euros, whereas in the previous year, it was an operating loss of -0.9 million euros. The net loss for the nine months was -0.9 million euros, compared to a net loss of -2.1 million euros in the previous financial year. Our UK production unit, John Ross Jr., continues to operate profitably and with growth. Our Estonian production unit has also seen improvement. However, it must be noted that due to the economic downturn in Estonia and general consumer behavior, demand for fish products in Estonia has significantly decreased overall. While Saare Kala is able to maintain its position, in today's volatile market and with the tax hikes that are shaking the economic environment, food producers and retail businesses in Estonia are among those hit hardest. In addition to the domestic market, we also see declining consumption in the Baltic countries and Finland. Predicted tariffs on the US market are also causing various shifts in fish and fish product exports. Both input prices and export capacity are being squeezed. In these difficult and changing times, we must acknowledge that every increase in efficiency indicators is a significant achievement for us. The preparation of the restructuring plan for PRFoods AS bonds has also been completed. The restructuring plan was approved by the bondholders on April 17, 2025. In addition, an additional loan from the majority shareholder Amber Trust II S.C.A., SICAR (in liquidation) has been confirmed to provide working capital, which will enable the operating companies to grow better than before. We would like to thank all shareholders, bondholders, and the company's supervisory board for their support and trust. KEY RATIOSINCOME STATEMENT mln EUR, unless indicated otherwise 3Q 2024/2025 2023/2024 3Q 2023/2024 2022/2023 Sales 3.7 17.1 3.8 19.6 Gross profit 0.7 3.2 0.5 3.6 EBITDA -0.1 -0.3 -0.2 0.3 EBIT -0.3 -3.3 -0.5 -1.0 EBT -0.5 -4.6 -0.7 0.4 Net profit (-loss) -0.5 -4.7 -0.7 0.3 Gross margin 18.1% 18.7% 13.2% 18.3% EBITDA margin -3.5% -2.0% -5.5% 1.5% EBIT margin -7.2% -19.4% -13.2% -5.1% EBT margin -14.3% -26.9% -18.3% 2.0% Net margin -14.5% -27.3% -18.4% 1.5% Operating expense ratio -24.6% -27.1% -27.2% 24.0% BALANCE SHEET mln EUR, unless indicated otherwise 31.03.2025 30.06.2024 31.03.2024 30.06.2023 Net debt 13.3 14.3 13.6 16.7 Equity 2.2 3.2 5.8 8.3 Working capital -12.3 -9.2 -8.5 0.0 Assets 21.0 21.9 24.3 30.2 Liquidity ratio 0.3 0.3x 0.4x 1.0x Equity ratio 10.4% 14.6% 24.0% 27.4% Gearing ratio 85.9% 81.8% 70.0% 66.9% Debt to total assets 0.9x 0.9x 0.8x 0.7x Net debt to operating EBITDA 25x -42.5x 36.2x 55.8x ROE -61.6% -81.4% -9.8% 4.1% ROA -7.7% -17.9% -2.5% 1.0% CONSOLIDATED STATEMENT OF FINANCIAL POSITION EUR '000 31.03.2025 30.06.2024 ASSETS Cash and cash equivalents 669 203 Trade and other receivables 1,599 2,212 Prepayments 192 173 Inventories 1 663 1,644 Total current assets 4,124 4,232 Long-term financial investments 0 418 Tangible assets 3,763 4,164 Intangible assets 13,084 13,102 Total non-current assets 16,848 17,684 TOTAL ASSETS 20,971 21,916 EQUITY AND LIABILITIES Interest-bearing liabilities 13,182 10,899 Trade and other payables 3,197 2,559 Total current liabilities 16,379 13,458 Interest-bearing liabilities 801 3,600 Deferred tax liabilities 1,422 1,420 Government grants 186 247 Total non-current liabilities 2,408 5,267 TOTAL LIABILITIES 18,787 18,725 Share capital 7,737 7,737 Share premium 14,007 14,007 Treasury shares -390 -390 Statutory capital reserve 51 51 Currency translation differences 383 439 Retained profit (loss) -19,601 -18,653 Equity attributable to parent 2,186 3,191 Non-controlling interest 0 0 TOTAL EQUITY 2,186 3,191 TOTAL EQUITY AND LIABILITIES 20,971 21,916 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME EUR '000 3Q 2024/2025 3Q 2023/2024 9m 2024/2025 9m 2023/2024 Revenue 3,684 3,768 15,098 12,625 Cost of goods sold -3,018 -3,226 -11,901 -9,985 Gross profit 665 542 3,197 2,640 Operating expenses -906 -1,024 -3,056 -3,533 Selling and distribution expenses -580 -598 -1,982 -1,946 Administrative expenses -327 -426 -1,073 -1,587 Other income / expense -24 26 -24 6 Fair value adjustment on biological assets 0 0 0 0 Operating profit (loss) -265 -456 118 -887 Financial income / expenses -261 -240 -886 -1,082 Profit (Loss) before tax -526 -696 -769 -1,969 Income tax -9 2 -179 -109 Net profit (loss) for the period -535 -694 -948 -2,078 Net profit (loss) attributable to: Owners of the Parent Company -535 -694 -948 -2,075 Non-controlling interests 0 0 0 -4 Total net profit (loss) for the period -535 -694 -948 -2,079 Other comprehensive income (loss) that may subsequently be classified to profit or loss: Foreign currency translation differences -4 138 -56 -101 Total comprehensive income (expense) -539 -556 -1,004 -2,180 Total comprehensive income (expense) attributable to: Owners of the Parent Company -539 -556 -1,004 -2,176 Non-controlling interests 0 0 0 -4 Total comprehensive income (expense) for the period -539 -556 -1,004 -2,180 Profit (Loss) per share (EUR) -0.01 -0.02 -0.02 -0.05 Diluted profit (loss) per share (EUR) -0.01 -0.02 -0.02 -0.05 Kristjan Kotkas Timo Pärn Member of the Management Board Member of the Management Boardinvestor@ Attachment PRF 2024_2025_q3_en_eur_conSign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
Notice of calling the annual general meeting of shareholders of AS Trigon Property Development
AS Trigon Property Development (registry code 10106774, address Pärnu mnt 18, Tallinn 10141, hereinafter the 'Company') calls the annual general meeting of Company's shareholders, which shall be held at 10:00 on 20 June 2025 (here and hereafter Estonian time, GMT+3) at the Company's office, at Pärnu mnt 18, Tallinn, 10141, IV floor. Registration for the meeting starts at 09:00 on the date of the meeting. Agenda of the meeting and the Management Board proposals for the draft resolutions to be adopted, which have been approved by the Supervisory Board: 1. Approval of the annual report of the Company for the financial year 2024 To approve the annual report of the Company for the financial year 2024, in accordance with which the balance sheet value of the Company as at 31 December 2024 was 1,873,680 euros and the net profit for the financial year was 167,409 euros. 2. Allocation of the net profit for the financial year 2024 To approve the net profit allocation proposal made by the Management Board and to carry the net profit for 2024 in the amount of 167,409 euros to accumulated profit. 3. Appointment of the auditor for the financial year 2025 and determining the remuneration policy for the auditor To appoint AS PricewaterhouseCoopers (registry code 10142876, address Pärnu mnt 15, 10141 Tallinn) as the auditor of the Company for the financial year 2025. The auditing services will be paid for in accordance with the contract to be drawn up with the auditor. 4. Remuneration of the Supervisory Board member To pay Supervisory Board member Aivar Kempi one-off payment in the amount of EUR 2,400 and starting from 21.06.2025 a monthly fee of EUR 200. Organisational matters Participation at the meeting The list of shareholders entitled to participate in the general meeting will be determined as of 7 days prior to the general meeting, i.e. at the end of the working day of the Nasdaq CSD Estonian settlement system on 13 June 2025. Registration of participants will start an hour before the beginning of the meeting, i.e. at 09:00. We ask the shareholders and their representatives to arrive in good time, taking into account the time required to register the participants. For participating in the general meeting, we kindly ask you to present: Individual shareholders should submit an identity document, their representatives should also hold a valid written authorisation; legal representatives of corporate shareholders should submit their identity document; the authorised representative should also hold a valid written authorisation document. In case the corporate shareholder is not registered in the Estonian Commercial Register, we ask to provide a valid extract from the relevant register where the legal person is registered and from which the representative's right to represent the shareholder arises. The extract must be in English or translated into Estonian or English by a sworn translator or an official equivalent to sworn translator. The documents of a foreign shareholder must be legalised or authenticated by apostille, unless otherwise provided by an international agreement. The Company may also deem the shareholder's voting right to be proven, if all the required information on the legal person and the representative concerned are given in a notarised power of attorney, issued to the representative in a foreign country, and the power of attorney is recognised in Estonia. The shareholder may notify the Company of the appointment of a representative and the revocation of the proxy by sending the documents to Company's e-mail address info@ or take the above documents to the Company's office at Pärnu mnt 18, Tallinn, 10141, IV floor, weekdays between 9:00 am – 5:00 pm by no later than 19 June 2025 at 17:00 (Estonian time). In order to authorise a representative, the shareholder may use the template for power of attorney, which is published on the Company's homepage and attached to the notice of adoption of resolutions on Nasdaq Baltic stock exchange homepage ( Templates for revocation of the proxy are also available at the same place. Shareholders, whose shares represent at least 1/20 of the share capital of the Company, may demand the inclusion of additional items on the agenda of the annual general meeting, if the corresponding request is filed in writing at least 15 days prior to the general meeting, i.e. at the latest by 23:59 on 5 June 2025, at the e-mail address info@ or to the Company's office at Pärnu mnt 18, Tallinn, 10141, IV floor. A draft decision or rationale must be submitted at the same time as the proposal to supplement the agenda. Shareholders, whose shares represent at least 1/20 of the share capital of the Company, may submit to the Company in writing a draft resolution on each agenda item, by posting the draft to the e-mail address info@ or to the Company's office at Pärnu mnt 18, Tallinn, 10141, IV floor. The draft must be submitted in electronic form or by post so that it would be delivered to and received by the Company no later than 3 days before the general meeting, i.e. by 23:59 on 17 June 2025 at the latest. At the general meeting, shareholders are entitled to receive information on the activities of the company from the Management Board. Management Board may refuse to provide information if there are reasonable grounds for assuming that it may cause significant damage to the interests of the company. In case the board refuses to provide information, the shareholder may require the general meeting to decide on the lawfulness of the request or to submit within two weeks an application to the court in petition proceedings, to oblige the Management Board to disclose information. Documents related to the resolutions Documents, concerning the general meeting, draft decisions of the general meeting and other documents submitted to the general meeting pursuant to law (including the Annual Report of the Company for the financial year 2024, together with the auditor's report and the proposal for distribution of profit), as well as other information subject to disclosure, are available for examination as attached to the stock exchange announcement about the notice of adoption of resolutions published on Nasdaq Baltic stock exchange homepage on the Company´s website as well as on prior notice beginning from the notification of the general meeting until the day of the general meeting at Company's office at Pärnu mnt 18, Tallinn, 10141, IV floor on working days from 9:00 am untill 5:00 pm. Please contact us in advance at info@ to request access to the documents. Information on shares and total number of votes, linked to the shares As of 30th of May 2025, the share capital of AS Trigon Property Development is divided into 4,499,061 shares with no nominal value. Each share grants its holder one vote. Rando Tomingas Member of the Management Board Telephone: +372 667 9200 E-mail: info@ Attachments TPD Annual report 2024 ENG Draft resolutions of AS Trigon Property Development Draft Power of Attorney Draft notice for withdrawal of the power of attorneySign in to access your portfolio
Daily Maverick
a day ago
- Business
- Daily Maverick
Stalking Minister Schreiber at the e-Governance Conference in Estonia
Daily Maverick was invited to Estonia as a guest of the minister of foreign affairs to attend the African Business Forum and 11th annual e-Governance Conference, and experience the EU's premier digital society — stalking Home Affairs Minister Leon Schreiber for an interview was optional. Sometimes the best stories happen in the margins. While Home Affairs Minister Leon Schreiber was behind closed doors at the e-Governance Conference in Tallinn, Estonia, with Estonian President Alar Karis, I found myself in conversations that revealed as much about South Africa's digital transformation challenge as any high-level diplomatic exchange could. At least that's what I told myself after being blocked from following the delegates into the meeting room. The Ukraine Defence Tech stand is right next to the entrance hall for those meeting rooms, so I head over to chat to Anastasiia Kapranova, the Ukraine Ministry of Defence lead for international engagement on defence digitalisation, about the lessons the war-torn nation may have for developing digital economies. Downside? I need to lead with an apology for South Africa's neutrality, which is born out of our allegiance with Russia. War is a great digital accelerator To her credit (or maybe it was my charm), she doesn't flinch when I say the quiet diplomacy part out loud. She's focused on something else entirely: how a crisis becomes a catalyst. 'The full-scale war showed us that we have to completely shift the focus and move from the peacetime solution to the wartime solutions,' she tells me, standing next to displays of Ukraine's Delta combat system and Army Plus Reserve Plus platforms. What strikes me isn't just the sophistication of the technology, but the philosophy behind it. Ukraine has been 'sharing the knowledge that we gained … um … at very high cost at the cost of our people's lives' to help allies 'increase their resilience through the digitalisation'. It's digitisation born from necessity, stripped of bureaucratic niceties and focused purely on what works. The lesson for South Africa isn't about war — it's about urgency. While we debate timelines and processes, Ukraine rebuilt its entire digital infrastructure under fire. 'A lot of, especially, technological development in Ukraine is done bottom up,' explains Kapranova. 'It is important to listen, to hear and to empower those who have knowledge and skills.' WhatsApp, Mr Minister? That bottom-up philosophy feels particularly relevant when I go over my notes from an earlier conversation with fellow South African Mitchell Ron Black — Schreiber was at an offsite lunch. Black is a South African entrepreneur (with links to Rise Mzansi) whose company, Wakamoso Africa, is tackling what he calls the 'invisible data problem' — the fact that 'the type of granular data to build financial profiles on South Africans of colour doesn't exist in the systems', making them 'appear as less bankable by default'. The solution is elegantly simple: a WhatsApp-first platform that turns CVs into 'micro income-generating assets', paying users in airtime when their skills match job searches. It's the kind of grassroots innovation that should excite government officials committed to digital transformation. Except it doesn't, apparently. Black recounts his interaction with Schreiber: 'As soon as he heard that we were working on WhatsApp, the reaction was, 'Oh, we should probably start looking at that'.' Black says he has been 'tossed from pillar to post' trying to engage with the government and mobilise funding outside of a limited pilot project in Uitsig (the Cape Town one), despite having a ready-to-scale solution. 'There's no clear focus on innovation.' The yawning gap between ambition and implementation When I do finally get my interview with Schreiber after his presidential meeting, his enthusiasm is infectious. The conference had brought 'even greater clarity' to South Africa's digital transformation goals. He spoke passionately about Estonia as a benchmark, and he has five key commitments: eVisas, smart IDs, the electronic travel authorisation (ETA) system, expanded bank branch integration and courier delivery options. His November deadline for the ETA ahead of the G20 summit shows accountability. 'We're absolutely on track,' he insists. But there's a disconnect between the high-level vision and the reality facing South African innovators like Black, who, despite being 'owed a couple million rand in government funding that just never appeared', continues bootstrapping solutions while waiting for the state to catch up. Estonia's patient capital model This gap became clearer in conversations about Estonia's approach to African partnerships. The European Union's Global Gateway strategy, promising to 'invest €150-billion [about R3-trillion] in Africa by 2027', represents significant resources. But accessing these requires navigating complex procurement processes and finding the right partnerships — something that seems particularly challenging for South African startups caught between government indifference and funding gaps. For African entrepreneurs, Estonia's e-residency programme offers an intriguing workaround. Incorporating in Estonia can 'derisk the project' for European investors and open up grant possibilities, particularly for seed-stage startups. It's a pragmatic solution to funding challenges, though one that exports local talent and IP. Perhaps the most telling observation came from Dr Armid Azadeh, founder of the medtech solutions company OnCall, representing Namibian perspectives on digital transformation. While acknowledging Estonia's offerings, he noted, 'We ourselves feel we're a Namibian company and that is our brand — proudly Namibian.' For countries with stable systems, the benefits of offshoring incorporation are less compelling. This touches on something deeper: the question of digital sovereignty versus digital pragmatism. South Africa wants to be digitally transformed, but on whose terms? Using whose platforms? With whose data? Black's vision extends beyond individual solutions to 'creating digital twins of these communities' that provide 'microeconomic granular data to start better trending' for government planning. It's the kind of locally rooted, socially conscious innovation that could transform lives. But it requires what he calls 'patient partners over time' — something in short supply in both government and local investment circles. Beyond the taglines Watching Schreiber network with Estonian officials while Ukrainian innovators showcase crisis-forged solutions and South African entrepreneurs struggle for recognition, the challenge becomes clear. South Africa's digital transformation won't be solved by adopting Estonia's model wholesale, or by securing EU funding, or even by delivering the ETA system on time. It requires bridging the gap between ministerial ambition and grassroots innovation, between international benchmarking and local implementation. The tools exist. The talent exists. Even the political will, in its way, exists. What's missing is the connective tissue — the systems and relationships that turn individual innovations into societal transformation. Ukraine learned this lesson the hard way, with Kapranova explaining how putting 'people who we serve in the government at the core of our digital products' builds trust and preserves identity. Estonia learned it through decades of patient institution-building. DM
Yahoo
2 days ago
- Business
- Yahoo
Establishment of the Risk, Nomination and Remuneration Committees of Bigbank
The Supervisory Board of Bigbank AS decided to establish three new committees: the Risk Committee, the Remuneration Committee and the Nomination committee. The Risk Committee comprises three members of the Supervisory Board: Sven Raba, Vahur Voll and Jaan Liitmäe. The Remuneration Committee consists of three members of the Supervisory Board: Alari Aho, Juhani Jaeger and Jaan Liitmäe. The Nomination Committee is composed of three members of the Supervisory Board: Alari Aho, Juhani Jaeger and Sven Raba. Committee meetings are convened as necessary. The chairman of each committee is elected form among its members. Committee members are remunerated in accordance with the shareholders' resolution dated 29.05.2025. In addition to the established committees, the Bank's Audit Committee will continue its work. Bigbank AS ( with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 30 April 2025, the bank's total assets amounted to 2.9 billion euros, with equity of 274 million euros. Operating in nine countries, the bank serves more than 170,000 active customers and employs over 550 people. The credit rating agency Moody's has assigned Bigbank a long-term bank deposit rating of Ba1, along with a baseline credit assessment (BCA) and an adjusted BCA of Ba2. Martin LäntsChairman of the Management Board E-mail: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Newsweek
2 days ago
- Business
- Newsweek
High-Speed Rail Plan to Link European Countries Gets $1 Billion Boost
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Estonia's section of the Rail Baltica high-speed rail project has moved into its development phase after project leaders signed two major construction contracts valued at up to 932 million euros, the equivalent of $1.06 billion. The contracts, awarded to international consortia led by GRK Suomi and Bouygues Travaux Publics, span the Ülemiste–Pärnu and Pärnu–Ikla railway sections. Construction preparations are now underway, with the goal of physically linking Estonia's capital to the rest of the Baltic region and Europe. Newsweek contacted the managers of Estonia's section of the project via email for more information. Why It Matters The Rail Baltica project is one of the largest active projects in the European transportation industry, designed to connect the Baltic capitals of Tallinn, Riga, and Vilnius directly to Poland, and ultimately to Western Europe. The project took on a new urgency after the escalation of the war between Ukraine and Russia because it would make the Baltic states less reliant on Russian infrastructure. What To Know The construction procurement milestone allows Estonia's 215-kilometer portion of Rail Baltica to proceed, though the final construction relies on Latvia and Lithuania also delivering their segments of the rail. The consortium led by GRK Suomi includes Finnish, Estonian, French and Swedish partners taking charge of substructure and superstructure works for the Ülemiste–Pärnu and Tootsi–Pärnu segments. A new terminal for Rail Baltica by Zaha Hadid Architects. A new terminal for Rail Baltica by Zaha Hadid Architects. Zaha Hadid Architects Bouygues Travaux Publics—working with partners from France, Poland and Estonia—is responsible for the Pärnu–Ikla section. Rail Baltica is the largest railway project under construction in Europe, covering almost 900 kilometers. Once completed, it will connect passengers and freight from Tallinn to Warsaw through Latvia and Lithuania, and indirectly to Finland via ferry links. The plan is to have portions operational by 2028, with full completion set for 2030. However, concerns have been raised by officials that Latvia may not be able to complete its segment on time, which would delay the entire project. A joint audit from Lithuanian, Latvian and Estonian investigators found that the country may need 7.6 billion euros more than originally planned to complete its segment. In response to the report, Andris Kulbergs, the chair of the Latvian Saeima's Rail Baltica inquiry committee, said: "We have a contract. All three of us—Estonia, Latvia and Lithuania—are in the same boat. If one of us fails, we all share the cost. The penalties must be paid even on another country's behalf." What People Are Saying The Lithuanian Ministry of Transport and Communications told Newsweek: "Rail Baltica is our strategic priority and a geopolitical necessity. The project aims to connect Lithuania, Latvia, and Estonia with their Western allies through a north-south railway axis using the standard European gauge of 1435 mm. This shift is crucial for the military mobility across the Baltics, enhancing our capacity and integration with Europe. "Furthermore, the revised Trans-European Transport Network (TEN-T) Regulation now foresees the development of a new European-gauge railway line to Klaipėda and a new transport corridor connecting the Baltic, Black and Aegean Seas, thus further enhancing Rail Bartica's impact and reach. "The strategic importance of Rail Baltica is growing not only considering the geopolitical situation in Europe, but also the expansion of the unified European transport network corridors and future connections with Ukraine. The Rail Baltica project will serve as a strong foundation for establishing a new economic and security corridor with Ukraine, which is crucial for our collective security." What Happens Next Construction on Estonia's section is set to begin after the current development phase, with major works expected in 2026.
