Earnings Release • Feb 29, 2024
Earnings Release
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On 14.04.2023 Vilkyškių pieninė, AB, the parent company of Vilvi Group, acquired the remaining 30% of the shares of "Baltic Dairy Board" , SIA* and now owns a 100% shareholding.
* "Baltic Dairy Board", SIA is a Latvian company, specialising in producing and selling high value-added dairy ingredients, and milk and whey separation.
At "SB Insight" 2023 study Vilkyškių pieninė, AB ranked second among the most sustainable brands of the food and beverage industry in Lithuania. We are the leaders when compared to other dairy producers. Consumers assessed brands on the basis of sustainability - environmental and social responsibility criteria.
Vilkyškių pieninė AB took the 2nd place among the TOP 10 leaders of Lithuanian food industry sector in 2023! Analysts of "Verslo žinios" rank companies according to ten indicators of 2022, taking into account size, efficiency, growth, social value.
In order to save natural resources and reduce CO2 emissions, Vilvi Group is starting to install solar power plants on the roofs of the factories of Vilkyškių pieninė AB, "Modest" AB and "Kelmė pienas" UAB. The electricity generated by solar power plants will be used for the needs of the companies.
This project will increase the use of cleaner and renewable electricity, thus reducing the use of traditional electricity.
A long-standing partnership has become an integral part of both brands. For a number of years, "Vilkyškiai" products with a black cat have also been marked with the "Žalgiris" logo.
By purchasing "Vilkyškiai" black cat products, the team's fans directly contribute to the Lithuanian Champions club.
We are constantly striving to contribute to the promotion of culture in the region, and this cooperation provides even more opportunities to organize the highest level of events and ensure that Tauragė will be famous as a modern city that values its history, open to guests from all over the world. We are one of the largest companies in the region, so we understand our responsibility to contribute to the cultural growth and development of the community.
Vilvi Group together with Lithuanian University of Health Sciences scientists have developed an innovative product for older people – "Senescentis" dietary supplement made from WPC powder.
This is a unique multicomponent composition of whey proteins, macroelements, microelements, water and fat-soluble vitamins that help prevent senile weakness syndrome and malnutrition.
Vilkyškių Original cream cheese was presented to consumers as a new product in the spreadable cheeses category. It is a natural-tasting curd cream with a mild creamy consistency, which contains as much as 99% cottage cheese.
The line of Less sugar was supplemented with 2 news: yogurt with mango, passion fruit and Spanish sage Chia seeds and caramelized banana-flavored curd cheese.
Another new - VILVI yoghurt bar, which is made from yogurt mass, rich in yogurt bacteria. The yoghurt bar has a refreshing creamy consistency, covered with crispy chocolate and resembles a cheesecake.
| AB Vilkyškių pieninė |
AB "Modest" |
AB Kelmės pieninė |
UAB "Kelmės pienas" |
AB "Pieno logistika" |
SIA "Baltic Dairy Board" |
|
|---|---|---|---|---|---|---|
| ISO 22000/FSSC 22000 | ||||||
| ISO 50001 | ||||||
| HALAL | ||||||
| Kosher | ||||||
| IFS Food Version 7 | ||||||
| Organic production certificate |
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Revenue (Thousands EUR) | 114,581 | 120,873 | 156,045 | 234,083 | 212,213 |
| EBITDA (Thousands EUR) | 3,698 | 8,271 | 14,122 | 19,280 | 21,043 |
| EBITDA margin (%) | 3.2% | 6.8% | 9.0% | 8.2% | 9.9% |
| Net profit (loss) (Thousands EUR) | -446 | 3,872 | 5,500 | 12,699 | 14,601 |
| Profit (loss) margin (%) | -0.4% | 3.2% | 3.5% | 5.4% | 6.9% |
| Quantity of purchased milk, t | 268,555 | 287,370 | 314,540 | 342,953 | 351,832 |
| Profit (loss) per share (EUR) | -0.04 | 0.32 | 0.46 | 1.05 | 1.22 |
| Net financial debt (Thousands EUR) | 27,185 | 21,479 | 23,364 | 22,308 | 11,459 |
During 2023 Vilvi Group sales revenue decreased by 9.3 percent, comparing with the same period last year and amounted to 212.2 MEUR.
During 2023 EBITDA reached 21.0 MEUR (increased by 15.0 percent comparing with 2022).
In 2023, Vilvi Group earned 14.6 MEur net profit (by 15.0 percent more than in 2022). A part of the profit came from the processing of purchased whey products, which are not directly related to the processing of milk. Also, part of the profit was earned by a subsidiary in Latvia.
During 12 months of 2023 a total of 351.8 tho tones of basic indicators milk was purchased (increased by 2.6 % comparing with 12 months of 2022).
NET PROFIT, THOUSANDS EUR
QUANTITY OF PUCHASED MILK, T
EBITDA, THOUSANDS EUR
2023
Other countries 34%
Lithuania 17%
European Union 49%
| 2022 | |||
|---|---|---|---|
| Other countries 32% |
Lithuania 11% |
||
| European Union 57% |
| (Thousand EUR) | 2022 | 2023 | |||
|---|---|---|---|---|---|
| Lithuania | 26,751 | 11% | 36,624 | 17% | |
| European Union | 132,771 | 57% | 103,333 | 49% | |
| Other countries | 74,561 | 32% | 72,256 | 34% | |
| Total revenue: | 234,083 | 212,213 |
| (Thousand EUR) | 2022 | 2023 | ||
|---|---|---|---|---|
| Cheese, cheese products and other | 95,792 | 41% | 86,688 | 41% |
| Dry milk products | 36,630 | 16% | 37,968 | 18% |
| Fresh milk products | 26,864 | 11% | 32,941 | 15% |
| Cream | 74,798 | 32% | 54,616 | 26% |
| Total: | 234,083 | 212,213 |
| Thousand EUR | 2023.12.31 | 2022.12.31 |
|---|---|---|
| ASSETS | ||
| Property, plant and equipment | 56,204 | 48,365 |
| Right-of-use assets | 1,517 | 1,082 |
| Intangible assets | 4,167 | 4,175 |
| Non-current amounts receivable | 913 | 111 |
| Non-current assets | 62,801 | 53,733 |
| Inventories | 15,977 | 25,493 |
| Trade and other receivables | 18,526 | 17,875 |
| Prepayments | 679 | 741 |
| Cash and cash equivalents | 8,725 | 621 |
| Current assets | 43,907 | 44,730 |
| Total assets | 106,708 | 98,463 |
| Share capital | 3,463 | 3,463 |
| Share premium | 3,301 | 3,301 |
| Reserves | 1,884 | 2,068 |
| Retained earnings | 52,311 | 40,749 |
| Total equity attributable to owners of the Company | 60,959 | 49,581 |
| Non-controlling interest | -20 | 321 |
| Total equity | 60,939 | 49,902 |
| Borrowings | 15,705 | 12,978 |
| Lease liabilities | 775 | 399 |
| Government grants | 3,598 | 3,743 |
| Trade and other payables |
42 | 42 |
| Deferred income tax liability | 1,023 | 790 |
| Non-current liabilities | 21,143 | 17,952 |
| Borrowings | 3,235 | 9,238 |
| Lease liabilities | 469 | 314 |
| Income tax payable | 513 | 344 |
| Trade and other payables | 20,409 | 20,713 |
| Current liabilities | 24,626 | 30,609 |
| Total liabilities | 45,769 | 48,561 |
| Total equity and liabilities | 106,708 | 98,463 |
| Thousand EUR | 2023.01.01- 2023.12.31 |
2022.01.01- 2022.12.31 |
|---|---|---|
| Revenue | 212,213 | 234,083 |
| Cost of sales | -184,500 | -209,809 |
| Gross profit (loss) | 27,713 | 24,274 |
| Other operating income | 277 | 313 |
| Distribution expenses | -4,438 | -4,149 |
| Administrative expenses | -6,646 | -5,427 |
| Other operating expenses | -307 | -179 |
| Other gain (loss) - net |
221 | 89 |
| Results of operating activities | 16,820 | 14,921 |
| Finance income | 39 | 127 |
| Finance costs | -1,378 | -868 |
| Finance costs, net | -1,339 | -741 |
| Profit (loss) before income tax | 15,481 | 14,180 |
| Income tax expenses | -880 | -1,481 |
| Profit (loss) for the period | 14,601 | 12,699 |
| Attributable to: | ||
| Shareholders of the Company | 14,640 | 12,511 |
| Non-controlling interest | -39 | 188 |
| Profit (loss) for the period | 14,601 | 12,699 |
| Basic and diluted earnings per share (in EUR) | 1.22 | 1,05 |
| Thousand EUR | 2023.01.01- 2023.12.31 |
2022.01.01- 2022.12.31 |
|---|---|---|
| Profit (loss) for the period | 14,601 | 12,699 |
| Depreciation of property, plant and equipment | 4,648 | 4,742 |
| Amortization of intangible assets | 5 | 11 |
| Amortization and write-off of grants | -430 | -394 |
| Change in inventory write-down allowance | -1,413 | 2,593 |
| Loss (gain) from disposal of property, plant and equipment | -182 | -28 |
| Income tax expenses | 879 | 1,481 |
| Finance costs, net | 1,339 | 741 |
| 19,447 | 21,845 | |
| Change in inventories | 10,929 | -10,461 |
| Change in non-current amounts receivable | -802 | 177 |
| Change in trade and other receivables and prepayments | -779 | -4,159 |
| Change in trade and other payables | -891 | 365 |
| 27,904 | 7,767 | |
| Interest paid | -1,225 | -393 |
| Income tax paid | -138 | -222 |
| Net cash flows generated from operating activities | 26,541 | 7,152 |
| Payments for acquisition of property, plant and equipment | -12,003 | -3,958 |
| Payments for acquisition of intangible assets | 3 | - |
| Proceeds from sale of property, plant and equipment | 557 | 83 |
| Acquisition of shares of the subsidiary | -400 | - |
| Loans granted | -170 | -800 |
| Government grants received | 285 | 13 |
| Loans recovered | 381 | 1,361 |
| -11,347 | -3,301 | |
| Proceeds from borrowings | 2,000 | 6,911 |
| Repayments of borrowings | -5,276 | -8,165 |
| Lease payments | -650 | -386 |
| Dividends paid out | -3,164 | -2,389 |
| Net cash flows generated from (used in) financing activities | -7,090 | -4,029 |
| Net increase (decrease) in cash and cash equivalents | 8,104 | -178 |
| Cash and cash equivalents at 1 January | 621 | 799 |
| Cash and cash equivalents at 30 September | 8,725 | 621 |
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, Director of investment projects Department 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.
| Shareholder | Shares | Ownership interest | |
|---|---|---|---|
| Swisspartners Versicherung AG Zweigniederlassung Österreich |
7,213,680 | 60.4%* | |
| Multi Asset Selection Fund | 2,035,729 | 17.0% | |
| Other shareholders | 2,693,591 | 22.6% | |
| 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.
Chief Economics and Financial Officer Phone No: 8 441 55102 [email protected]
Vilkyškiai, Pagėgių sav. CRN: 277160980 Phone No: 8 441 55330 [email protected] www.vilvigroup.eu
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