Company announcement no 12 2023 Q1 2024 Idavang
Interim Report Q1 2024
EBITDA fixed herd prices (FHP) for Q1 2024 increased to 8.176 mEUR (Q1 2023: 5.935 kEUR), corresponding to an EBITDA margin FHP of
24.1% (Q1 2023: 18.1%). The quarterly EBITDA in Q1 2024 increased by 2.241 kEUR (compared to Q1 2023). Mainly driven by improved feed prices saving of EUR 3,1m and increase volume (Ostrov), whereas sales prices Q1 2024 were 1.44 EUR/kg live weight, down from 1.51 EUR/kg Q1 2023, hence negative impact of EUR 1,5m.
Feed prices in Q1 2024 were 253 EUR/T (compared to 298 EUR/T Q1 2023), which equals a saving on feed of EUR 3,1m.
The herd valuation in Q1 increased by 2,055 kEUR (compared to 31.12.2023). The increase is driven by increasing price on weaners in EU.
Net interest-bearing debt (NIBD) decreased to EUR 31.4m end Q1 2024, being EUR 56.4m lower than Q4 2020 when bond was issued (87.8 mEUR). Idavang has 20 months left of the EUR 75m bond duration, hence having very stable financing. NIBD split is -8,2 mEUR in Russia (only bank deposit and no debt) and 39,6 mEUR in Denmark/Lithuania. Idavang did in first weeks of January repurchase EUR 15,9 m at average purchase price 92,2. Hence, income effect of EUR 15,9m * 7,8% interest or 1,2mEUR. Outstanding bonds is 62,3 mEUR and own bonds end Q1 2024 is 26,6 mEUR.
During Q1 2024 Russia has paid EUR 0,6m dividend and additional EUR 0,4m during April/May 2024.
In December 2023 Company Announcement no 19/2023 was published, where a potential buyer was rejected by the Russian authorities. The Board of Directors and Executive Board of Idavang are taking the reasons for rejecting the previous buyer into account in the ongoing strategic review of Idavang’s Russia business. We continue evaluating the different strategic options for the future of Idavang’s Russian business, including a potential sale of the business.
No conclusion of the process has been reached, at the date of signing submitting this interim report.
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