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Vilkyskiu Pienine

Earnings Release • Nov 30, 2022

2260_ir_2022-11-30_28a2a166-8ffe-4027-ba24-afa303c18bc0.pdf

Earnings Release

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VILVI GROUP

THE RESULTS OF 9 MONTHS OF 2022

    1. ABOUT THE COMPANY 9. STRUCTURE OF "VILVI GROUP" 10. BOARD 11. SHORT HISTORY OF "VILVI GROUP" 12. SHARE PRICE DATA AND SHAREHOLDERS 13. CONTACTS

THE BEST "VILVI GROUP" RESULT IN IT'S HISTORY!

MEUR E B I T D A

Achievements:

complemented by classic and picante flavor spreads. has been complemented by new product – cream cheese bar contains even 42 % less sugar, comparing with similar ones in Lithuania.

New cream cheese with hemp and onions has also been introduced into the market

"Modest" AB and Vilkyškių pieninė AB. confirms the compliance with the highest requirements of safety and quality on food products and production. Food producing companies having IFS obtain wide opportunities to expand their business on new markets, gaining higher competitive advantage and consumer confidence; business productivity and brand image get improved.

Exhibitions:

powder

2. MAIN FINANCIAL INDICATORS

9 months of 2018 9 months of 2019 9 months of 2020 9 months of 2021 9 months of 2022
Revenue (Thousands EUR) 76,165 82,262 88,476 106,831 175,665
EBITDA (Thousands EUR) 3,898 2,586 6,348 7,724 17,419
EBITDA margin (%) 5.1% 3.1% 7.2% 7.2% 9.9%
Net profit (loss) (Thousands EUR) 513 -421 3,107 3,968 12,329
Profit (loss) margin (%) 0.7% -0.5% 3.5% 3.7% 7.0%
Quantity of purchased milk, t 199,062 195,798 206,432 226,070 241,288
Profit (loss) per share (EUR) 0.04 -0.04 0.26 0.33 1.03
Net financial debt (Thousands EUR) 31,599 29,283 21,848 24,924 20,546
During
9
months
of
2022
sales
revenue
MEUR.		 increased
by
64.4		 percent,
comparing
with		 the
same
period		 last
year
and		 amounted
to
175.7
EBITDA
reached
17.419
MEUR
(increased		 more
than
twice		 comparing
with
the
same		 period
last
year).
During
9
months
of
2022
net
profit
of
the		 group
came
to
12.329		 MEur
and
was		 three
times
higher		 than
at
the
same		 period
last
year.
During
9
months
of
2022
a
total
of
241.3
of
2021).		 tho
tones
of
basic		 indicators
milk
was		 purchased
(increased		 by
6.7
%
comparing		 with
9
months

QUANTITY OF PUCHASED MILK, T

EBITDA, THOUSANDS EUR

NET PROFIT (LOSS), THOUSANDS EUR

3. SALES REVENUE BY MARKETS

3. SALES REVENUE BY MARKETS
(Thousand EUR) 9 months of
2021		 9 months of
2022
16,646
16%		 19,141
11%
51,882
48%		 104,709
60%
Lithuania
European Union
Other countries		 38,303
36%		 51,815
29%

4. SALES REVENUE BY OPERATING SEGMENTS

4. SALES REVENUE BY OPERATING
SEGMENTS
9 months of 2022
(Thousand EUR) 9 months of 2021
Cheese, cheese products and other 45,685 43% 72,031 41%
Dry milk products 18,436 17% 28,332 16%
Fresh milk products 13,988 13% 19,472 11%
Cream 28,722 27% 55,830 32%

THE SEGMENT COMPRISES:

  • Cheese, cheese products and other. Cheese, cheese products and other products produced by
  • the subsidiary and Parent company; Dry milk products. WPC, MPC, skimmed-milk, permeate, whey and GSO (galactooligosaccharides) powder produced by the subsidiares; • Fresh milk products. Fresh milk products produced by the subsidiary (kephir, yoghurt, sour milk, butter, curd products); • Cream. Industrial cream produced by the subsidiary and Parent company.
  • 41%

5. CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Thousand EUR 2022.09.30 2021.12.31
ASSETS
Property, plant and equipment 47,638 48,771
Right-of-use assets 1,087 1,108
Intangible assets 4,176 4,186
Non-current amounts receivable 210 288
Deferred income tax assets - 304
Non-current assets 53,111 54,657
Inventories 22,014 17,625
Trade and other receivables 20,617 14,271
Prepayments 827 622
Cash and cash equivalents 2,281 799
Current assets 45,739 33,317
Total assets 98,850 87,974
Share capital 3,463 3,463
Share premium 3,301 3,301
Reserves 2,087 2,174
Retained earnings 40,394 30,510
Total equity attributable to owners of the Company 49,245 39,448
Non-controlling interest 278 133
Total equity 49,523 39,581
Borrowings 17,362 17,050
Lease liabilities 454 403
Government grants 3,852 4,125
Trade
and
other
payables		 53 53
Deferred income tax liability 1,153 -
Non-current liabilities 22,874 21,631
Borrowings 4,657 6,420
Lease liabilities 354 290
Income tax payable 259 179
Trade and other payables 21,183 19,873
Current liabilities 26,453 26,762
Total liabilities 49,327 48,393
Total equity and liabilities 98,850 87,974

6. CONSOLIDATED INCOME STATEMENT

Thousand
EUR		 2022.01.01-
2022.09.30		 2021.01.01-
2021.09.30
Revenue 175,665 106,831
Cost of sales -155,045 -97,588
Gross profit (loss) 20,620 9,243
Other operating income 228 434
Distribution expenses -3,437 -2,511
Administrative expenses -3,189 -2,596
Other operating expenses -128 -63
Other gain
(loss) -
net		 88 65
Results of operating activities 14,182 4,572
Finance income 443 38
Finance costs -580 -623
Finance costs, net -137 -585
Profit (loss) before income tax 14,045 3,987
Income tax expenses -1,716 -19
Profit (loss) for the period 12,329 3,968
Attributable to:
Shareholders of the Company 12,184 3,961
Non-controlling interest 145 7
Profit (loss) for the period 12,329 3,968
Basic and diluted earnings per share (in EUR) 1.03 0.33

7. CONCOLIDATED STATEMENT OF CASH FLOWS

Thousand EUR 2022.01.01- 2021.01.01-
Profit (loss) for the period 2022.09.30
12,330		 2021.09.30
3,968
Depreciation of property, plant and equipment 3,141 3,679
Amortization of intangible assets 10 12
Amortization and write-off of grants -286 -539
Loss (gain) from disposal of property, plant and equipment -26 40
Income tax expenses
Finance costs, net		 1,716
137		 19
585
17,022 7,764
Change in inventories -4,388 -4,075
Change in non-current amounts receivable 78 98
Change in trade and other receivables and prepayments -7,170 -3,920
Change in trade and other payables 1,282 4,528
6,824 4,395
Interest paid -486 -483
Income tax paid -179 -
Net cash flows generated from operating activities 6,159 3,912
Payments for acquisition of property, plant and equipment -1,718 -1,750
Payments for acquisition of intangible assets - -16
Proceeds from sale of property, plant and equipment
Acquisition of shares of the subsidiary		 78
-		 492
-271
Loans granted -300 -
Government grants received 13 99
Loans recovered 1,361 250
Change in cash flows from investing activities due to a business
combination		 - -650
Net cash flows generated from (used in) investing activities
-566 -1,846
Proceeds from borrowings 6,460 4,487
Repayments of borrowings -7,911 -4,902
Lease payments
Dividends paid out		 -271 -390
Net cash flows generated from (used in) financing activities -2,389
-4,111		 -955
-1,760
Net increase (decrease) in cash and cash equivalents 1,482 306
Cash and cash equivalents at
1 January		 799 181
Cash and cash equivalents at 30 September 2,281 487

ADDITIONAL INFORMATION

  • Company was established in 1993.
  • The production of dairy products is the core of Group business.
  • Company's share capital amounts to 3.5 million EUR.
  • The Company's issue is included in the Official List of AB NASDAQ OMX Vilnius.
  • The ISIN code of the securities: LT0000127508, Ticker symbol: VLP1L.

  • Standards: ISO 22000 and FSSC 22000.

  • STRUCTURE OF "VILVI GROUP"

10. BOARD

Gintaras Bertašius, Chair of the Board, CEO of Vilkyškių pieninė AB Vilija Milaševičiutė, Member of the Board, Chief Economics and Financial Officer at Vilkyškių pieninė Rimantas Jancevičius, Member of the Board, Chief Purchasing Officer at Vilkyškių pieninė AB Sigitas Trijonis, Member of the Board, Chief Technology Officer at Vilkyškių pieninė AB Linas Strėlis, Independent member ot the Board Andrej Cyba, Independent member ot the Board

Board members re-elected for a four-year term on 29 April 2022.

AB

Comparison of Vilkyškių pieninė AB share price and OMX Vilnius indexes

12. SHARE PRICE DATA. MAIN SHAREHOLDERS

OMX Vilnius VLP1L
Shareholder Shares Ownership interest
Swisspartners
Versicherung AG
Zweigniederlassung Österreich		 6,994,316 59%*
Multi Asset Selection Fund 2,035,729 17%
Other shareholders 2,912,955 24%
Capital in total: 11,943,000 100%

including the right to vote at the issuer's shareholders' meetings.

13. CONTACTS:

Gintaras Bertašius Director General Tel.: 8 441 55330 [email protected]

Vilkyškiai, Pagėgių sav. CRN: 277160980 Phone No: 8 441 55330 Fax.: 8 441 55242 [email protected] www.vilvigroup.eu

Vilija Milaševičiutė

Economics and Finance Director [email protected]

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