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Company announcement no 13/2021 – Interim Report Q2 2021

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

Company announcement no 13/2021

Interim Report Q2 2021

EBITDA fixed herd prices (FHP) for Q2 2021 increased to 6,111 mEUR (Q2 2020: 4,754 kEUR), corresponding to an EBITDA margin FHP of 21.6% (Q2 2020: 18.4%). The quarterly EBITDA in Q2 2021 increased by 1,357 kEUR (compared to Q2 2020) is mainly due to increased sales prices of 1.173 kEUR. 

Sales prices in Q2 were 1.20 EUR/kg live weight, up from 1,14 EUR/kg (Q2 2020). The price increase has been driven by normalization in the ASF disrupting supply/demand in Germany and higher demand in Russia (as Russians travel less).   

The outlook is highly uncertain as demand from China has decreased significantly as domestic prices has dropped significant.

Feed prices in Q2 2021 were 238 EUR/T (compared to 230 EUR/T Q2 2020). A significant amount of grain is hedged until harvest 2022 either in storage, on fields, or contracts, reducing future increases in feed price, as raw materials as grain have been increasing. 

The herd valuation in Q2 decreased by 2,445 kEUR (compared to 31.03.2021). The decrease is mainly due reducing prices of 30 kg. 

Free cash flow was 4,735 kEUR in Q2 2021 (Q2 2020: 7.695 kEUR).

Net interest-bearing debt has decreased from 87,3 mEUR (31.12.2020) to 83,8 mEUR driven by cash flow from operating activities (6,1 mEUR) less investments.

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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