Company announcement no 14/2019 Interim Report Q2 2019

Interim Report Q2 2019 EBITDA fixed herd prices (FHP) for Q2 2019 increased to 6.9 mEUR (Q2 2018: 4.5 mEUR), corresponding to an EBITDA margin FHP of 25.2% (Q2 2018: 17.8%). The quarterly EBITDA in Q2 2019 increased with 2.4 mEUR (compared to Q2 2018); the change can be split into 3 main drivers: Increasing sales prices in Lithuanian (+3.2 mEUR), increasing feed prices (-1,3 mEUR) and subsidy for high feed prices (from Russia) (+0.3 mEUR). Sales prices in Q2 where 1,32 EUR/kg live weight...

Gadbjerg, 27/08/2019 (informazione.news - comunicati stampa - cibi e bevande)

EBITDA fixed herd prices (FHP) for Q2 2019 increased to 6.9 mEUR (Q2 2018: 4.5 mEUR), corresponding to an EBITDA margin FHP of 25.2% (Q2 2018: 17.8%). The quarterly EBITDA in Q2 2019 increased with 2.4 mEUR (compared to Q2 2018); the change can be split into 3 main drivers: Increasing sales prices in Lithuanian (+3.2 mEUR), increasing feed prices (-1,3 mEUR) and subsidy for high feed prices (from Russia) (+0.3 mEUR).

Sales prices in Q2 where 1,32 EUR/kg live weight and August price was 1,31 EUR/kg live weight. The outlook is uncertain due to both ASF situation in China and the current trade war between the US and CN, which both might influence the level of export from the Europe to CN.

The herd valuation in Q2 increased with 3.3 mEUR (compared to Q1 2019), the increase was driven by increasing prices in Lithuania (and Europe). 

Free cash flow was 3.4 mEUR in Q2 2019 (Q2 2018: -1.7mEUR).

Construction in Luga is progressing according to plan, and the decision has been made to expand the investment from 7 slaughter pig stables to 10, hence increasing expansionary capex in Luga Investment from previously communicated 8-9 mEUR to 11-12 mEUR.

Further information

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

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

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