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Goodvalley Annual Report 2020

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Goodvalley delivered solid results amid challenging 2020

While the year came off to a good start based on high live pig prices, solid volume growth and strong production efficiency, the global outbreak of COVID-19 put an abrupt end to the positive development. Demand for live pigs and pork products dropped across our markets due to reduced consumption, temporary closures of slaughterhouses and very limited export activities. The significant negative impact on demand and prices was further exacerbated by the effects of an outbreak of African Swine Fever in Germany in the second half of the year where we also saw a sharp increase in feed prices.

“2020 was a year of unprecedented challenges and unusual market conditions, and we are proud to report strong operational performance and solid financial results based on our dedicated employees’ extraordinary discipline and work efforts during a difficult period,” says CEO Hans Henrik Pedersen.


Highlights

• Group revenue decreased by 4% to DKK 1,463 million (2019: DKK 1,526 million), and Adjusted EBITDA came to DKK 316 million (2019: DKK 274 million), corresponding to an Adjusted EBITDA margin of 21.6% (2019: 17.9%).

• The Polish segment’s revenue declined to DKK 871 million (2019: DKK 925 million), and Adjusted EBITDA came to DKK 114 million (2019: DKK 112 million)
corresponding to an increase in Adjusted EBITDA margin of 13.1% (2019: 12.1%), realised despite lower pig prices and a drop in the meat to feed ratio as the low pig prices were not reflected in the feed price, which was stable.

• Ukrainian segment revenue came to DKK 461 million (2019: DKK 429 million), and Adjusted EBITDA increased to DKK 161 million (2019: DKK 113 million) corresponding to an Adjusted EBITDA margin of 34.8% (2019: 26.3%) driven by a significant improvement in our arable production due to a strong focus on crop rotation, despite flooding at the beginning of the year, and a significantly improved pig production efficiency which lifted the number of pigs sold per sow.

• Revenue in the Russian business declined to DKK 131 million (2019: DKK 172 million) due to the lower volume and a decrease in the average sales price, and Adjusted EBITDA fell to DKK 40 million (2019: DKK 49 million) corresponding to an Adjusted EBITDA margin of 30.5% (2019: 28.5%), primarily caused by the PRRS outbreak, which impacted volumes produced throughout the year and entailed a sharp decline in the number of pigs sold per sow.


Outlook
In 2021, Goodvalley expects to generate revenue of DKK 1,450 - 1,600 million and an Adjusted EBITDA of 230-280 million. The outlook is based on expectations of a relatively stable pig price level compared to the average price in 2020 and good production efficiency.
The outlook for 2021 is based on an average market price for live pigs of DKK 11.30 per kilo slaughter pig (2020 reported: DKK 11.19 per kilo slaughter pig) and a feed price of DKK 1.66 per kilo (2020 reported: DKK 1.65 per kilo) in the pig division and the prevailing economic situation in Goodvalley’s markets. The outlook is furthermore based on exchange rates for the Group’s key currencies remaining at the closing rates in December 2020 for the full year.


Further information

Group CFO, Jakob Brasted

+ 45 76 52 20 00

info@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.

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