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Company announcement no 4/2024 - Interim Report Q4 2023

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Interim Report Q4 2023

EBITDA fixed herd prices (FHP) for Q4 2023 increased to 8.949 mEUR (Q4 2022: 5.292 kEUR), corresponding to an EBITDA margin FHP of 25.2% (Q4 2022: 15.2%). The quarterly EBITDA in Q4 2023 increased by 3.657 kEUR (compared to Q4 2022).  The improvement comes from LT where EBITDA fixed herd price increased compared to Q4 2022 by 3.560 kEUR, driven by prices on pigs and feed with 3,7 mEUR.
Russia marginal improves by 177 kEUR, driven by devaluation RUB as variable and capacity cost are down EUR 1,0 mEUR whereas earnings from pigs’ sales prices less feed impact negative with 0,7 mEUR

Sales prices combined down, as they in Q4 2023 were 1.47 EUR/kg live weight, down from 1.56 EUR/kg Q4 2022 equal to EUR 2,1m, but EURRUB effects this picture highly as Lithuanian sales prices in EUR is up 11% and Russian in RUB is up 6%. Feed prices in Q4 2023 were 281 EUR/T (compared to 356 EUR/T Q3 2022).

The herd valuation in Q4 decreased by 2,817 kEUR (compared to 30.09.2023). The decrease is driven by decreasing valuation in Russia, but for the full year it is still an increase both in Russia and EU due to higher prices.

Net interest-bearing debt (NIBD) decreased to EUR 38.3m end Q4 2023, being EUR 49.5m 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 6.6 mEUR in Russia and NIBD of 44.9 mEUR in Denmark/Lithuania.  Outstanding bonds is 62,3 mEUR and own bonds end Q3 2024 is 11,2 mEUR.

Impairment of Russian operation, Idavang has in Q4 2023 impaired our Russian operations with EUR -27,2m, this impairment is done due to increased WACC requirement in the Russia market, which is historical high.  Idavang Russia is still generating a normal cash flow in RUB, but as Idavang does not have net debt, hence all business is evaluated based on equity return requirements.  Effect on Russian balance is that all intangible assets are written down 100% and buildings in tangible assets down 99%.

Follow up on December 2023 Company Announcement no 19/2023 was published.  

The Danish Business Authority has this week extended its pre-approval for sale of Idavang's Russian assets (provided a buyer is not sanctioned) until 30.06.2024 due to EU adopting its 12th sanctions package. Based on this extended deadline, the Board of Directors and Executive Board of Idavang have decided to continue to explore the strategic options for the future of Idavang's Russian business, which may result in 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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