Goodvalley at a glance

Goodvalley is a vertically integrated food producer with operations within pig farming, slaughtering and meat processing, arable and feed mills as well as biogas production. Headquartered in Denmark, we operate modern facilities with the most advanced technology and farming methods in Poland, Ukraine and Russia.

We apply Danish pig farming principles of sustainability and efficiency in countries with less expensive land prices and oversupply of crops, lower labour costs and prospects of meat consumption and pig price increases. We are among the most efficient manufacturers with leading operating KPIs in terms of pigs sold per sow, meat yield per sow and feed conversion ratio relative to both the average in EU and North America.

Founded in 1994, Goodvalley has a successful track record of revenue growth – both organically and through acquisitions – as well as improving profitability and growing market shares, even in times with historically low world market prices for pigs.

Goodvalley completed a 4-year senior secured bonds issue of EUR 135 million in 2017, and the Group’s bonds are listed on Nasdaq Copenhagen under the ticker ‘Goodvalley’ (ISIN DK0030398979).

Key figures

DKK million 2017 2016 2015 2014 2013
Revenue 1,620 1,405 1,275 1,209 1,270
Total income 1,653 1,485 1,370 1,414 1,315
EBITDA 426 347 284 362 267
Herd price adjustment 5 (49) - - -
Adjusted EBITDA 431 299 - - -
Profit/(loss) for the year 169 174 41 47 123
Operating cash flow 274 227 162 211 242
Invested capital 2,365 2,343 2,269 2,272 2,576
Net interest-bearing debt (NIBD) 1,100 1,185 1,250 1,151 1,117
Equity 1,265 1,232 1,105 1,256 1,532
Financial ratios 2017 2016 2015 2014 2013
EBITDA margin, % 26.3 24.7 22.3 29.9 21.0
Adjusted EBITDA margin, % 26.6 21.3 - - -
ROIC, % 12.9 10.6 8.4 10.2 7.2
NIBD/Adjusted EBITDA LTM 2.6 4.0 - - -
Equity ratio, % 46 46.4 43.2 49.4 53.9

Adjusted EBITDA refers to EBITDA before non-recurring items adjusted for herd price changes.

Segments
Pig
  • Breeding, farrowing, nursery and fattening at own farms in Poland, Ukraine and Russia
  • 2nd largest pig producer in Poland and 3rd largest in Ukraine
  • Farms located on own land in remote areas to reduce transport costs and emissions as well as the risk of biosecurity being compromised by external factors
  • Control over feed mix and quality provides competitive edge allowing for optimisation of feed consumption, daily weight gain and the number of piglets born as well as minimising the risk of disease
Food
  • Slaughtering, cutting, deboning and packing at own slaughterhouse in Poland
  • Planned expansion of operation into Ukraine to address undersupplied market
  • Sells deboned meat, MAP (Modified Atmospheric Packaging) and processed products
  • Distribution via retailers, export, wholesale and industrial processors
Arable
  • Grows crops in Poland, Ukraine and Russia to supply cereals for feed, silage for biogas production and oil seeds for external sale
  • Diversified portfolio of wheat, barley, corn, triticale and other crops
  • Modern, GPS-equipped machinery fleet facilitates growing and harvesting
  • Uses pig manure and fermented biomass from own facilities as organic fertilizers
Energy
  • Bioenergy production based on biomass from pig manure, corn silage, straws from grain production and slaughter waste
  • Supplies own pig farms with electricity and heating
  • External sales of electricity and heating