Interim Report Q1 2021
EBITDA fixed herd prices (FHP) for Q1 2021 decreased to 1,750 mEUR (Q1 2020: 7,250 kEUR), corresponding to an EBITDA margin FHP of 7.1% (Q1 2020: 25.2%). The quarterly EBITDA in Q1 2021 decreased by 5,500 kEUR (compared to Q1 2020) is mainly due to decreasing sales prices 5.736 kEUR.
Sales prices in Q1 were 1.03 EUR/kg live weight, down from 1,31 EUR/kg (Q1 2020). The price decrease from Q1 has been driven by a Corona impact on the supply chain and ASF disrupting supply/demand in Germany, but in Marts, prices rebounded. The outlook is highly uncertain with the ASF situation in China, Coronavirus in the EU, ASF situation in Germany, and the trade relation between the USA and China.
Feed prices in Q2 were 228 EUR/T as in Q1 2021 (compared to 230 EUR/T Q1 2020). A significant amount of grain is hedged until harvest 2022 either in storage, on fields, or contract, reducing fluctuations in feed price.
The herd valuation in Q1 increased by 9,740 kEUR (compared to 31.12.2020). Higher prices drove the increase in the EU and Lithuania, which more or less equal decrease in full 2020 (-9.264 kEUR). Free cash flow was 2,528 kEUR in Q1 2021 (Q1 2020: 13.702 kEUR).
Net interest-bearing debt has decreased from 87,3 mEUR (31.12.2020) to 86,7 mEUR driven by reduced net working capital and breeding herd (2,3 mEUR).