Goodvalley maintained strong operational performance and continued to improve production efficiency in the face of chal­lenging market conditions in Q1 2019. While financial perfor­mance in the quarter was impeded by high feed costs and low pig and pork prices, the Group’s continued investments in stable upgrades and efficiency enhancements have established a solid foundation for profitable growth as market conditions improve.




As expected, financial performance in the first quarter of 2019 was impacted by the repercussions of challenging weather conditions in 2018 and a general oversupply of pork across Europe. We have continuously invested in our business, adding capacity and further improving efficiency despite short-term fluctuations, and we now stand ready to leverage the positive trends in pork and pig prices seen in the second quarter of the year. Still, it is too early to adjust full year guid­ance amid highly fluctuating prices driven by significant uncertainty about supply and demand in the important Chinese market, which has been severely impacted by outbreaks of ASF says CEO Tom Axelgaard.


Q1 2019


  • Group revenue declined to DKK 322 million (Q1 2018: DKK 351 million) due to lower pig prices following a continued oversupply of meat in the market. Goodvalley’s Adjusted* EBITDA came to DKK 37 million (Q1 2018: DKK 73 million), corresponding to an Adjusted EBITDA margin of 11.5% (Q1 2018: 20.7%).


  • Pig segment revenue declined to DKK 216 million (Q1 2018: DKK 247 million) as a result of the significantly lower prices and a decrease in volumes from temporary lower weight gain in Goodvalley’s Ukrainian production. Adjusted EBITDA was DKK 28 million (Q1 2018: DKK 57 million).


  • Revenue from the Food segment was down to DKK 161 million (Q1 2018: DKK 189 million) as a consequence of lower prices, entailing a decline in EBITDA to DKK -4 million (Q1 2018: DKK 6 million).


  • The Arable segment lifted revenue to DKK 18 million (Q1 2018: DKK 8 million) driven by the Ukrainian business’ sale of corn harvested late 2018 and beginning of 2019. The segment gen­erated EBITDA of DKK 4 million (Q1 2018: DKK 5 million).


  • The Energy segment generated revenue of DKK 17 million (Q1 2018: DKK 19 million) and EBITDA of DKK 3 million (Q1 2018: DKK 6 million).




Goodvalley maintains expectations of generating revenue of DKK 1,400-1,550 million and an Adjusted EBITDA of DKK 220- 280 million in 2019


* In this report, Adjusted EBITDA refers to EBITDA adjusted for herd price changes and non-recurring items, cf. page 3  in the Q1 2019 report.


Conference call

On 27 May 2019 at 12.30 (CET), Goodvalley will host a conference call at which CEO Tom Axelgaard and CFO Hans Henrik Pedersen will provide comments on financial and operational performance in the interim Q1 2019, the outlook and answer questions. Registration is not required.


The conference call will be conducted in English and can be followed live here:



Participants should dial the numbers provided below and state conference code 5597593


+45 32 72 80 42


+47 239 602 64


+46 (0)850 692 180

United Kingdom:

+44 (0)844 571 8892

United States:

+1 631 5107495


Further information

Group Communications, Anne Axelgaard

+ 45 76 52 20 00


Find the full Interim Report Q1 2019 here


Goodvalley uses cookies to ensure that we give you the best experience on our website. By continuing to use our site, we assume that you are happy to receive all cookies on the Goodvalley website. However, if you want, you can change your cookie settings at any time. Find out more.