GlobeNewswire

Goodvalley adjusts outlook and publishes preliminary results

Share

19/10/2020

COMPANY ANNOUNCEMENT 11/2020


Goodvalley adjusts the 2020 outlook as an expected rebound in live pig prices has not materialised. This is driven by the continued negative effects of COVID-19 and the discovery of African Swine Fever (ASF) in wild boars in Germany in Q3. While there have been no reports of outbreaks at farms in Germany, the discovery of ASF has still resulted in a Chinese import ban on German pigs and pork meat, leading to an oversupply of live pigs in Europe entailing a decline in the German live pig price to below DKK 10 per kilo slaughter pig against a price above DKK 14 per kilo at the beginning of 2020.

Revenue is now expected to be DKK 1,450-1,550 million, and Adjusted EBITDA guidance is revised to DKK 300-330 million against previous expectations of revenue in the DKK 1,600-1,750 million range and Adjusted EBITDA of DKK 320-380 million. The outlook is now based on an average market price for live pigs of DKK 11.90 per kilo slaughter pig (previously DKK 12.35) and a significantly lower average price for weaners.

Despite the challenging market conditions, Goodvalley delivered strong operational performance and solid financial results in Q3 and for the first nine months of 2020. According to preliminary Q3 2020 figures, Group revenue was DKK 379 million (Q3 2019: DKK 414 million), and Adjusted EBITDA came to DKK 58 million (Q3 2019: DKK 71 million) corresponding to an Adjusted EBITDA margin of 15.2% (Q3 2019: 17.2%). For the nine months ended 30 September 2020, revenue was stable at DKK 1,130 million (9M 2019: DKK 1,121 million), and Adjusted EBITDA grew significantly to DKK 258 million (9M 2019: DKK 185 million) corresponding to an improved Adjusted EBITDA margin of 22.8% (9M 2019: 16.5%). Over the course of the last twelve months, Goodvalley has generated Adjusted EBITDA of DKK 346 million.

The solid performance and results generated in the difficult market environment are testament to the resilience of Goodvalley’s vertically integrated business model with a geographically well-diversified production network across the Group’s three key markets in Poland, Ukraine and Russia. The effect of lower pig prices was partly offset as Goodvalley more than tripled sales of its strategically important branded products to a record-high of 683 tonnes in Q3. For the first nine months of the year, Goodvalley grew sales of branded products to 1,611 tonnes, and the Group now expects to sell at least 2,100 tonnes (previously 1,800 tonnes) of branded products in 2020.  Furthermore, Goodvalley has increased the distribution significantly and now expects to have products listed across 12,000 stores (previously 6,000 stores) in Poland by the end of 2020.

The interim report for Q3 and the first nine months of 2020 will be published on 20 November 2020.

*Adjusted EBITDA refers to EBITDA adjusted for herd price changes and non-recurring items.


Further information

CEO, Hans Henrik Pedersen
+ 45 76 52 20 00
investor@goodvalley.com

Goodvalley at a glance

Goodvalley is an international producer of high-quality pork products operating in Poland, Ukraine and Russia based on Danish production standards. The company is to a large extent self-sufficient and masters the whole production chain from field to fork, from growing crops for feed, breeding and slaughtering pigs including using the manure in biogas facilities to produce electricity and organic fertilizer for the fields. Goodvalley is certified as a carbon neutral company by German TÜV and operates according to the highest standards in terms of animal welfare, transparency in the production and sustainable production methods.

Attachment

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

RomReal: Third Quarter (Q3) 2020 Results and Investor Presentation26.11.2020 23:00:00 CETPress release

RomReal hereby announces the results of the third quarter of 2020 via the report and investor presentation attached to this message. A webcast presentation will also be uploaded on our website www.romreal.com by 9am CET tomorrow 27 November 2020. For further information please contact: Harris Palaondas Investor Relations RomReal investors@romreal.com This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act Attachments RomReal - Q3 2020 PresentationRomReal - Q3 2020 Report

PRESS RELEASE: NACON: GREEDFALL EXTEND ITS JOURNEY WITH A NEW EXPANSION AND A RELEASE ON PLAYSTATION 5 AND XBOX SERIES S/X26.11.2020 18:00:00 CETPress release

GREEDFALL EXTEND ITS JOURNEY WITH A NEW EXPANSION AND A RELEASE ON PLAYSTATION 5 AND XBOX SERIES S/X Lesquin (France), November 26, 2020 – Following the success of GreedFall, which sold more than a million copies in less than a year, and considering the enthusiasm of all those who travelled the rich lands of Teer Fradee, NACON and Focus Home Interactive are happy to announce a new partnership aiming to expand the game with new content, as well as a release on PlayStation 5 and Xbox Series S/X. The two companies have thus reached an agreement, in which Focus Home Interactive will be in charge of the publishing of the upcoming additional content and expansion, as well as the PlayStation 5 and Xbox Series S/X versions of GreedFall. The GreedFall brand is now integrated as part of the NACON portfolio. Released September 10, 2019, GreedFall is an RPG experience in which you explore uncharted lands seeping with magic, filled with secrets and fantastic creatures. With diplomacy, deception and

KBC Group: KBC finalises acquisition of OTP Banka Slovensko (Slovakia)26.11.2020 18:00:00 CETPress release

Joint Press Release Outside trading hours – Regulated information* Brussels, Budapest, Bratislava – 26 November 2020 – 6 p.m. CET KBC finalises acquisition of OTP Banka Slovensko (Slovakia) Belgium’s KBC Group and OTP Bank, the Hungarian parent company of OTP Banka Slovensko (Slovakia), today closed the agreement announced on 17 February 2020 for KBC Bank NV to acquire ownership of 99.44% of the shares in OTP Banka Slovensko, a.s. (OTP Banka Slovensko). The remaining shares are held by a number of private individuals. The transaction received regulatory approval from the National Bank of Slovakia (NBS), the National Bank of Belgium (NBB), the European Central Bank (ECB) and the Antimonopoly Office of the Slovak Republic. It has only a limited impact (-0.2%) on KBC’s solid capital position, keeping KBC’s excellent 3Q2020 CET1 ratio of 16.6% (Basel III fully loaded, Danish compromise) well above regulatory minimum capital requirements. As a result of the transaction, KBC Bank NV is now t

IMCD to acquire the personal care business of Turkish distributor Ejder Kimya26.11.2020 17:45:00 CETPress release

ROTTERDAM, The Netherlands (26 November 2020) – IMCD N.V. (“IMCD”), a leading distributor of speciality chemicals and ingredients, today announces that it has successfully signed an agreement to acquire the personal care business of Ejder Kimya İlaç Danışmanlık Sanayi ve Ticaret A.Ş. (“Ejder Kimya”). Ejder Kimya was founded in 1999 and is a Turkish chemicals distributor of raw materials for personal care and pharmaceuticals products and food additives. It has a strong and solid position in the personal care market in Turkey. Ejder Kimya’s personal care business generated a revenue of € 4.7 million in 2019. Aylin Zakuto, Managing Director IMCD Turkey, comments: “This acquisition is a solid step to strengthen IMCD Turkey’s footprint in the personal care market in line with IMCD’s global growth strategy. Adding Ejder Kimya’s personal care market expertise and extensive portfolio to IMCD will expand our offered solutions to customers and accelerate the growth of our suppliers in the person

Information regarding the early redemption of the 2021 bonds26.11.2020 17:00:00 CETPress release

Press release: Information to Bondholders 26 November 2020 Information regarding the early redemption of the 2021 bonds NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED) OR IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS PRESS RELEASE. THE DISTRIBUTION OF THIS PRESS RELEASE IN CERTAIN JURISDICTIONS (IN PARTICULAR, THE UNITED STATES AND THE UNITED KINGDOM) MAY BE RESTRICTED BY LAW. On 29 October 2020, Cembrit Group A/S exercised its right to make a voluntary early redemption of its outstanding senior secured callable bonds maturing on 20 March 2021 with ISIN SE0009722887 and outstanding amount of EUR 115

Saniona AB’s Nomination Committee for the Annual General Meeting 202126.11.2020 16:00:00 CETPress release

PRESS RELEASE November 26, 2020 Saniona (OMX: SANION), a clinical stage biopharmaceutical company focused on rare diseases, today announced the composition of the Nomination Committee for the Annual General Meeting 2021. Pursuant to the instruction and charter for the Nomination Committee adopted by the general meeting, the Nomination Committee shall be comprised of three members, which shall be the Chairman of the Board of Directors and two members appointed by the two largest shareholders as of last September. On September 30, 2020, the two largest shareholders, which desired to appoint a representative to the Nomination Committee, were Jørgen Drejer and New Leaf Venture Partners. Each such shareholder has appointed a representative, as shown below, who together with the Chairman of the Board of Directors will form Saniona AB’s Nomination Committee. The Nomination Committee’s members are: Søren Skjærbæk, Partner at Ursus law firm, Vejle, Denmark, appointed by Jørgen DrejerJohn Haurum