Company announcement no 3/2020 - Interim Report Q4 2019 and Annual Account 2019

Interim Report Q4 2019EBITDA fixed herd prices (FHP) for Q4 2019 increased to 6.1 mEUR (Q4 2018: 2.1 mEUR), corresponding to an EBITDA margin FHP of 19.8% (Q4 2018: 8.6%). The quarterly EBITDA in Q4 2019 increased with 4.0 mEUR (compared to Q4 2018) is mainly due to increasing sales prices (+3.9 mEUR).Sales prices in Q4 where 1.28 EUR/kg live weight and the January price (2020) was 1.30 EUR/kg live weight. The outlook is uncertain due to both ASF situation in China, Coronavirus, and the...

Interim Report Q4 2019

EBITDA fixed herd prices (FHP) for Q4 2019 increased to 6.1 mEUR (Q4 2018: 2.1 mEUR), corresponding to an EBITDA margin FHP of 19.8% (Q4 2018: 8.6%). The quarterly EBITDA in Q4 2019 increased with 4.0 mEUR (compared to Q4 2018) is mainly due to increasing sales prices (+3.9 mEUR).

Sales prices in Q4 where 1.28 EUR/kg live weight and the January price (2020) was 1.30 EUR/kg live weight. The outlook is uncertain due to both ASF situation in China, Coronavirus, and the current trade war between the US and CN, which might influence the level of export from Europe to CN.

Feed prices in Q4 been 229 EUR/T (compared to 259 EUR/T Q4 2018, most of the grain until new harvest 2020 is either in storage or on contract, reducing fluctuations on next year's feed price.  The increase in hedging has increased both inventories and net interest-bearing debt in Q4 2019.

The herd valuation in Q4 increased with 2.6 mEUR (compared to Q3 2019 and 4.1 mEUR compared to 31.12.2018).
Free cash flow was -5.8 mEUR in Q4 2019 (Q4 2018: 0.1mEUR).

Construction in Luga is progressing according to plan, the last two slaughter pig stables (out of 10) are expected in operations in Q1 2020, limited investments left in 2020 in Luga.

IFC put option, the value of the IFC put option based on the annual account is 18 mEUR, after the audit of the annual account and review of put option calculation by EY.

Further information

Bondholders - Claus Baltsersen, CEO phone +370 (685) 34 104

Media - Jytte Rosenmaj, Deputy Chairman phone +45 26 73 46 99

Attachments

• Company announcement no. 3 IDAVANG_Annual_Report_2019
• Company announcement no 3 2020 Q4 2019 Idavang Interim Report