Company announcement no 3/2021 / Annual Account 2020

February 26, 2021 9:29 AM EST

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Interim Report Q4 2020 / Annual Account 2020

EBITDA fixed herd prices (FHP) for Q4 2020 decreased to 486 kEUR (Q4 2019: 6,104 kEUR), corresponding to an EBITDA margin FHP of 2.2% (Q4 2019: 19.8%). The reduction from 2019 Q4 to 2020 Q4 is driven by reduction is sales prices 1.28 EUR to 0.92 EUR being 28% lower.

Sales prices in Q4 were 0.92 EUR/kg live weight down from 1.12 EUR/kg (Q3 2020). The price decrease from Q4 has been driven by ASF outbreak in Germany.

The outlook is highly uncertain with the ASF situation in China/Germany and a potential rebound of Coronavirus impacting supply chains.

Feed prices in Q4 were 232 EUR/T, 1% above Q1-Q3 2020 (compared to 240 EUR/T Q4 2019). A significant amount of grain is hedged until harvest 2021 either in storage or contract, reducing feed price fluctuations going forward. 

The herd valuation in Q4 decreased by 4,121 mEUR (compared to 30.09.2020). Lower prices drove the decrease in EU and Lithuania and Russia followed partly. 

Free cash flow was -748 kEUR in Q4 2020 (Q4 2019: -5.849 kEUR).  

Net interest-bearing debt has last quarter increased from 64,0 mEUR to 87,4 mEUR driven by repurchase of 20% shares from (IFC 17,9 mEUR) due to put option medio December.


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