Company announcement no 6/2023 – Interim Report Q1 2023
Interim Report Q1 2023
EBITDA fixed herd prices (FHP) for Q1 2023 increased to 5.935 mEUR (Q1 2022: 263 kEUR), corresponding to an EBITDA margin FHP of
18.1% (Q1 2022: 1.3%). The quarterly EBITDA in Q1 2023 increased by 5.672 kEUR (compared to Q1 2022). Mainly driven by improved sales prices, as they in Q1 2023 were 1.51 EUR/kg live weight, up from 1.07 EUR/kg Q1 2022.
Feed prices in Q1 2023 were 298 EUR/T (compared to 356 EUR/T Q4 2022). End Marts 2023 3.3 mEUR hedging gains are included in Group equity in other reserves, which will be released into EBITDA during next 6 months.
The herd valuation in Q1 increased by 6,418 kEUR (compared to 31.12.2022). The increase is driven by increasing price in EU, as the EU supply of pork has been reduced during the last 2-3 years.
Net interest-bearing debt (NIBD) decreased to EUR 63.5m end Q1 2023, being EUR 24.3m lower than Q4 2020 when bond was issued (87.8 mEUR). Nevertheless, the following need to be considered EUR 3,3 from hedging transactions which will be included in EBITDA in Q2-Q3 2023. Idavang has 32 months left of the EUR 75m bond duration, hence having very stable financing. NIBD split is 5,8 mEUR in Russia and 58,5 mEUR in Denmark/Lithuania. Idavang did in Q1 make repayment in waiver approved in December 2022, so outstanding bonds is 68,7 mEUR and own bonds end Q1 2023 is 12,3 mEUR.
In December 2022 Company Announcement no 19/2022 was published. According to the announcement the Board of Directors and the Executive Boards are conducting a strategic review of the Group’s presence in Russia. As part of the strategic review the options for the future of the Group’s Russian activities are explored, including a potential sale of the business.
No conclusion of the process has been reached, at the date of signing submitting this interim report.
Further information
Bondholders – Claus Baltsersen, CEO phone +370 (685) 34 104
Media – Jytte Rosenmaj, Board Member phone +45 26 73 46 99
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