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Vilkyskiu Pienine
Quarterly Report • May 31, 2022
2260_ir_2022-05-31_e7989caa-95f7-4ded-a280-fc688066e921.pdf
Quarterly Report
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VILVI GROUP
THE RESULTS OF Q1 2022
1. MAIN EVENTS DURING Q1 2022
2021 Procurement of 70% of the qualifying holding of SIA Baltic Board
2018 Comletion of dry milk products factory launch
2015 Vilkyškių pieninė AB has been declared as "The brand of the Year"
2006 Acquired "Modest" AB
Acquired Kelmės pieninė AB
Company established
1993
2008
Vilkyškių pieninė AB became the listed company 2006
Since 2006, when "Vilvi Group" became a lynching company, its determination, success, consistent and systematic move towards the set goal has allowed Q1 2022 achieve the best result historically!
Q1 2006-2022 SALES REVENUE AND EBITDA, THOUSANDS EUR
EXHIBITIONS:
• In 13-17 February, "Vilvi Group" traditionally took part in the international exhibition of food industry "Gulfood 2022" in Dubai, The United Arab Emirates. The main focus was on mozzarella cheese and milk/whey powder.
EXTENDED/ISSUED CERTIFICATES DURING Q1 2022:
- Kosher certificate for the production of dry milk products of Kelmės pieninė AB was renewed;
- HALAL certificates have been renewed for Kelmės pieninė AB, "Modest" AB and Vilkyškių pieninė AB;
ACHIEVEMENTS:
- AB Kelmės pieninė was recognized as one of the Lithuanian business leaders after evaluating the company's business growth, operational efficiency, employee benefits and transparency. In the ranking of Verslo žinios, "Lithuanian Business Leaders 500" took the 97th place.
- In Europe's largest independent brand study "Sustainable Brand Index" Vilkyškių pieninė brand fell among the most sustainable brands in Lithuania – ranked honorable 12th, while in the food and drink category is 2th. A total of 85 brands were involved in the investigation, selected on the basis of market share, turnover and brand awareness.
- According to a "Sprinter" survey conducted in January 2022, Vilkyškių yoghurts are the most popular in Lithuania. They are loved by both men and women, mostly young people aged 18-35, and residents of large cities.
MARKETS:
- Decrease in raw milk production in farms worlwide and increase in consumption demand for dairy products were the factors that maintained prices in export marktes at high levels. These high export prices weighted off rising raw milk and other materials, energy, logistics costs and allowed to create higher value added.
- As product price growth was not equal in different regions and "Vilvi Group" has wide geographical reach, sales were diversified taking into account price level of the region in order to achieve maximum result.
- Comparing Q1 2022 vs last year the same period sales revenue grew considerably: cheese and cheese product category by +49%, cream by +66% and dry milk products by +76%. Sales volume change was as follows: cheese and cheese product category grew by +13%, cream by +4%, dry milk products by +1%.
2. MAIN FINANCIAL INDICATORS
| Q1 2018 | Q1 2019 | Q1 2020 | Q1 2021 | Q1 2022 | |
|---|---|---|---|---|---|
| Revenue (Thousands EUR) | 20,975 | 27,414 | 29,103 | 31,653 | 50,447 |
| EBITDA (Thousands EUR) | 1,278 | 115 | 1,584 | 942 | 4,493 |
| EBITDA margin (%) | 6.1% | 0.4% | 5.4% | 3.0% | 8.9% |
| Net profit (loss) (Thousands EUR) | 124 | -820 | 502 | -197 | 3,044 |
| Net profit margin (%) |
0.6% | -3.0% | 1.7% | -0.6% | 6.0% |
| Quantity of purchased basic indicators milk, t |
60,074 | 57,446 | 68,837 | 67,305 | 72,723 |
| Profit per share (EUR) | 0.01 | -0.07 | 0.04 | -0.02 | 0.25 |
| Net financial debt (Thousands EUR) | 29,991 | 29,552 | 24,912 | 19,320 | 20,524 |
At first three months of 2022, sales revenue came to EUR 50.4 MEUR (59.4 percent more than in 3 months of 2021).
At reporting period EBITDA was 4.5 MEUR or 3.6 MEUR more than in previous year same period.
In 3 months of 2022 net profit was 3.0 MEUR (Q1 2021 net loss was 0.2 MEUR).
In 3 months of 2022, a total of 72.7 tho tones of basic indicators milk was purchased, and increase by 8.1 percent as compared with 3 months of 2021.
60,074 57,446 68,837 67,305 72,723 Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022
QUANTITY OF PUCHASED BASIC INDICATORS MILK, T
REVENUE, THOUSANDS EUR
EBITDA, THOUSANDS EUR
NET PROFIT (LOSS), THOUSANDS EUR
3. SALES REVENUE BY MARKETS
4. SALES REVENUE BY OPERATING SEGMENTS
| (Thousand EUR) | Q1 2021 | Q1 2022 | ||
|---|---|---|---|---|
| Cheese, cheese products and other | 14,301 | 45% | 23,571 | 47% |
| Dry milk products | 4,806 | 15% | 8,462 | 17% |
| Fresh milk products | 4,639 | 15% | 5,272 | 10% |
| Cream | 7,907 | 25% | 13,142 | 26% |
| Total: | 31,653 | 50,447 |
Q1 2021 Q1 2022
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, skimmed-milk, permeate and whey powder produced by the subsidiary;
- 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.
5. CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Thousand EUR | 2022.03.31 | 2021.12.31 |
|---|---|---|
| ASSETS | ||
| Property, plant and equipment | 48,273 | 48,771 |
| Right-of-use assets | 1,004 | 1,108 |
| Intangible assets | 4,182 | 4,186 |
| Non-current amounts receivable | 229 | 288 |
| Deferred income tax assets | 49 | 304 |
| Non-current assets | 53,737 | 54,657 |
| Inventories | 16,220 | 17,625 |
| Trade and other receivables | 15,549 | 14,271 |
| Prepayments | 720 | 622 |
| Cash and cash equivalents | 2,390 | 799 |
| Current assets | 34,879 | 33,317 |
| Total assets | 88,616 | 87,974 |
| Share capital | 3,463 | 3,463 |
| Share premium | 3,301 | 3,301 |
| Reserves | 2,154 | 2,174 |
| Retained earnings | 33,562 | 30,510 |
| Total equity attributable to owners of the Company | 42,480 | 39,448 |
| Non-controlling interest | 146 | 133 |
| Total equity | 42,626 | 39,581 |
| Borrowings | 18,705 | 17,050 |
| Lease liabilities | 339 | 403 |
| Government grants | 4,086 | 4,125 |
| Trade and other payables |
53 | 53 |
| Non-current liabilities | 23,183 | 21,631 |
| Borrowings | 3,606 | 6,420 |
| Lease liabilities | 264 | 290 |
| Income tax payable | 179 | 179 |
| Trade and other payables | 18,758 | 19,873 |
| Current liabilities | 22,807 | 26,762 |
| Total liabilities | 45,990 | 48,393 |
| Total equity and liabilities | 88,616 | 87,974 |
6. CONSOLIDATED INCOME STATEMENT
| Thousand EUR | 2022.01.01- 2022.03.31 |
2021.01.01- 2021.03.31 |
|
|---|---|---|---|
| Revenue | 50,447 | 31,653 | |
| Cost of sales | -45,023 | -30,197 | |
| Gross profit (loss) | 5,424 | 1,456 | |
| Other operating income | 86 | 43 | |
| Distribution expenses | -1,017 | -861 | |
| Administrative expenses | -1,000 | -699 | |
| Other operating expenses | -42 | -20 | |
| Other gain (loss) - net |
3 | 17 | |
| Results of operating activities | 3,454 | -64 | |
| Finance income | 60 | 58 | |
| Finance costs | -215 | -191 | |
| Finance costs, net | -155 | -133 | |
| Profit (loss) before income tax | 3,299 | -197 | |
| Income tax expenses | -255 | - | |
| Profit (loss) for the period | 3,044 | -197 | |
| Attributable to: | |||
| Shareholders of the Company | 3,031 | -196 | |
| Non-controlling interest | 13 | -1 | |
| Profit (loss) for the period | 3,044 | -197 | |
| Basic and diluted earnings per share (in EUR) | 0.25 | -0.02 |
7. CONCOLIDATED STATEMENT OF CASH FLOWS
| Thousand EUR | 2022.01.01- 2022.03.31 |
2021.01.01- 2021.03.31 |
|---|---|---|
| Profit (loss) for the period | 3,044 | -197 |
| Depreciation of property, plant and equipment | 1,154 | 1,131 |
| Amortization of intangible assets | 4 | 3 |
| Amortization and write-off of grants | -119 | -128 |
| Loss (gain) from disposal of property, plant and equipment | - | 88 |
| Income tax expenses | 255 | - |
| Finance costs, net | 155 | 133 |
| 4,493 | 1,030 | |
| Change in inventories | 1,405 | 918 |
| Change in non-current amounts receivable | 59 | 99 |
| Change in trade and other receivables and prepayments | -2,667 | -83 |
| Change in trade and other payables | -1,319 | 264 |
| 1,971 | 2,228 | |
| Interest paid | -90 | -166 |
| Income tax paid | - | - |
| Net cash flows generated from operating activities | 1,881 | 2,062 |
| Payments for acquisition of property, plant and equipment | -403 | -589 |
| Payments for acquisition of intangible assets | - | -14 |
| Proceeds from sale of property, plant and equipment | 2 | 153 |
| Government grants received |
9 | - |
| Loans granted |
- | - |
| Loans recovered | 1,351 | - |
| Net cash flows generated from (used in) investing activities | 959 | -450 |
| Proceeds from borrowings | 6,100 | 2,154 |
| Repayments of borrowings | -7,259 | -3,634 |
| Lease payments | -90 | -78 |
| Net cash flows generated from (used in) financing activities | -1,249 | -1,558 |
| Net increase (decrease) in cash and cash equivalents | 1,591 | 54 |
| Cash and cash equivalents at 1 January | 799 | 181 |
| Cash and cash equivalents at 31 March |
2,390 | 235 |
ADDITIONAL INFORMATION
- ✓ Comapany was established in 1993.
- ✓ On the 31th of March 2022 the Group had 865 employees.
- ✓ 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 22000:2018 and FSSC 22000.
• The production of fresh dairy products.
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 AB
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 memeber ot the board
Andrej Cyba, Independent memeber ot the board
Board members re-elected for a four-year term on 29 April 2022.
11. SHORT HISTORY OF "VILVI GROUP"
| Shareholder | Shares | Ownership interest | |
|---|---|---|---|
| Swisspartners Versicherung AG Zweigniederlassung Österreich |
6.992.316 | 59%* | Other shareholders 24% Swisspartners |
| Multi Asset Selection Fund | 2.035.729 | 17% | Versicherung AG Zweigniederlassung Multi Asset Österreich |
| Other shareholders | 2.914.955 | 24% | Selection Fund 59% 17% |
| Capital in total: | 11.943.000 | 100% |
*Swisspartners Versicherung AG Zweigniederlassung Österreich has granted G. Bertašius (CEO at Vilkyškių pieninė AB) permission to exercise all the non-property rights of the shareholder, including the right to vote at the issuer's shareholders' meetings.
Vilkyškių pieninė AB share price and OMX Vilnius indexes comparison 2019 April – 2022 March
Vilkyškiai, Pagėgių sav. CRN: 277160980 Phone No: 8 441 55330 Fax.: 8 441 55242 [email protected] www.vilvigroup.eu
Contacts:
Gintaras Bertašius
Director General Tel.: 8 441 55330 [email protected]
Vilija Milaševičiutė
Economics and Finance Director Tel.: 8 441 55102 [email protected]