Company announcement no 17/2023 Interim Report Q3 2023
Interim Report Q3 2023
EBITDA fixed herd prices (FHP) for Q3 2023 increased to 13.663 mEUR (Q3 2022: 10.463 kEUR), corresponding to an EBITDA margin FHP of 36.3% (Q3 2022: 32.5%). The quarterly EBITDA in Q3 2023 increased by 3.201 kEUR (compared to Q3 2022). Nevertheless, this consist of many parts this quarter: Russia harvest negative with 2,7 mEUR (from 4,1 to 1,5 mEUR) whereas remaining Russian business compensate positive with 3,0 mEUR partly due to FX (cost in EUR lower), Lithuania negative effects from one-off subsidy in Q3 2022 (2,5 mEUR), but combined sales/feed with positive effect of 4.9 mEUR and lower cost levels with 0.5 mEUR driven by utilities.
Sales prices combined down, as they in Q3 2023 were 1.59 EUR/kg live weight, down from 1.62 EUR/kg Q2 2022 equal to EUR 0,8m, but EURRUB effects this picture highly as Lithuanian sales prices in EUR is up 23% and Russian in RUB is up 13%.
Feed prices in Q3 2023 were 261 EUR/T (compared to 332 EUR/T Q3 2022). End September 2023 on hedging gains are included in Group equity in other reserves, and grain prices are only fixed until end 2023 on current market terms.
The herd valuation in Q3 decreased by 3,154 kEUR (compared to 30.06.2023). The decrease is driven by decreasing in prices in EU, but for the full year it is still an increase due to higher EU prices.
Net interest-bearing debt (NIBD) decreased to EUR 46.9m end Q3 2023, being EUR 40.9m lower than Q4 2020 when bond was issued (87.8 mEUR). The EUR 75m bond duration ends Q4 2025, hence having very stable financing. NIBD split is net deposit of 3.0 mEUR in Russia and NIBD of 49.9 mEUR in Denmark/Lithuania. Outstanding bonds is 62,3 mEUR and own bonds end Q3 2023 is 11,2 mEUR.
Liquidity position, end September was a cash sweep of EUR 6,500,000 made, hence 8,469 kEUR advance payment has been made on 2023 excess cash payment.
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.
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