Goodvalley ended 2020 with USD 14 mln of net loss

Goodvalley Group reported a net loss of DKK(Danish Krone) -86 mln or USD 14.01 mln (2019: DKK 188 mln) derived from lower currency rates for the company's subsidiaries and currency losses from internal group borrowings.

Adjusted EBITDA increased 15% to DKK 316 mln or USD 51.49 mln (2019: DKK 274 mln) in 2020, corresponding to an Adjusted EBITDA margin of 21.6% (2019: 17.9%).

"We have established strong market positions in Poland and Ukraine as well as a solid platform in Russia with a total land bank of 42,000 hectares and a well-diversified production network of 35 farms. Goodvalley maintained satisfactory operations in 2020 despite challenging market conditions, which entailed volatility, significant price fluctuations and a decline in local currencies entailing a temporary negative translation effect in all countries," the report reads.

The company's revenue stood 4% lower YoY at DKK 1.46 bln or USD 238.39 mln (2019: DKK 1.53 bln or USD 248.66 mln).

The gross profit reduced by 27%, to DKK 345 mln or USD 56.22 mln vs. DKK 474 mln or USD 77.24 mln in 2019.

Goodvalley sales of live pigs increased to 43 thou. t (2019: 39.8 thou. t) in 2020. The strong volume growth in the pig production outweighed the effect of lower pig prices and drove an increase in segment revenue to DKK 461 mln or USD 75.12 mln (2019: DKK 429 mln or USD 69.90 mln) comprised of 88% from external sales of live pigs and 12% from external sales of crops and energy. The company's Ukrainian segment accounted for 32% of Group revenue in 2020.

The Ukrainian segment’s Adjusted EBITDA increased to DKK 161 mln or USD 26.23 mln (2019: DKK 113 mln or USD 18.41 mln), corresponding to an Adjusted EBITDA margin of 34.8% (2019: 26.3%).