Company Announcement No 18/2022 - Interim Report Q3 2022

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Interim Report Q3 2022

EBITDA fixed herd prices (FHP) for Q3 2022 increased to 10,463 kEUR (Q3 2021: 7.536 kEUR), corresponding to an EBITDA margin FHP of
32.5% (Q1 2021: 28.2%). The quarterly EBITDA in Q3 2022 increased by 2.927 kEUR (compared to Q3 2021). Main factors where higher subsidy increased 1,1 mEUR and improved Lithuanian contribution from improved sales price and feed price ratio of EUR 4,3m, whereas negative factors being Harvest -0,6 mEUR and lower volume from Ostrov estimated to -1,5 mEUR (expected fully normalized in Q1 2023).

Sales prices in Q2 were 1.62 EUR/kg live weight, up from 1,18 EUR/kg (Q3 2021). Better prices have been driven by the price increase in LT, which increased by 0,49 EUR/kg compared to 2021 (or 48%).

Feed prices in Q3 2022 were 302 EUR/T (compared to 249 EUR/T Q3 2021). The price increases do not reflect market, as spot market price increases is significant higher. Idavang going forward has limited grain contract fixed on price, but have 6,7 mEUR profit for 2022/2023 harvest in the equity (hence reducing cost per T with approximate 64 EUR in Lithuania) during the next 12 months.

Subsidy increased with 1,1 mEUR due to subsidy in LT for high feed prices of 2,5 mEUR in Q3 2022 (and is not expected in the future), compared to 1,4 mEUR in Q3 2021 in LT/RU.
Cash flow EBITDA (without matif) in Lithuania is currently around 1,43-1,45 EUR (up from Q2 1,33-1,35 EUR), and utility prices is driving around than half of the increase.

The herd valuation in Q3 increased by 3,227 kEUR (compared to 30.06.2022). The increase is driven by increasing prices in EU as effect of reductions in production of pork in EU.

Net interest-bearing debt (NIBD) decreased to EUR 71.0m in Q3 2022, being EUR 8.4m lower than in Q4 2021 (78.5 mEUR), mainly due to subsidies received 5,1 mEUR and matif gain realized.

EURRUB exchange rate
Idavang have chosen to use the official FX rates from Central bank of Russia due to input from auditors. Q2 have been restated.
Impact of this is significant as RUB as value increase 52% since 31.12.2021.


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