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01.03.2022 07:00
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Village Farms International Reports Fourth Quarter and Year End 2021 Financial Results: Fourth Quarter Consolidated EPS of $0.03 Per Share, Net Income of $2.1 Million and Consolidated Adjusted EBITDA(1) of $5.3 Million
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PR Newswire
VANCOUVER, BC, March 1, 2022
- Canadian Cannabis Generates 13th Consecutive Quarter of Positive Adjusted EBITDA, Pure Sunfarms Remains Top-Selling Brand of Dried Flower in Ontario, Alberta and BC
- U.S. Cannabis 2 and Village Farms Fresh (Produce) Each Generate Positive Adjusted EBITDA
VANCOUVER, BC, March 1, 2022 /PRNewswire/ - Village Farms International, Inc. ("Village Farms" or the "Company") (NASDAQ: VFF) today announced its financial results for the three months and year ended December 31, 2021. All figures are in U.S. dollars unless otherwise indicated.
Management Commentary
"In the fourth quarter, we once again saw strong year-over-year growth in sales and adjusted EBITDA, with positive adjusted EBITDA contributions from each of our Canadian Cannabis, US Cannabis and Village Farms Fresh (Produce) businesses for the second consecutive quarter," said Michael DeGiglio, CEO, Village Farms. "Our results were driven by the continued strong performance of our Canadian cannabis operations, with Pure Sunfarms' leading market share in the dried flower category and successful new product introductions, as well as the first partial quarter contribution of Rose LifeScience in Quebec, driving a 50% year-over-year increase in net revenue and 99% increase in adjusted EBITDA. Gross margin remained at the top end of our target range at 42%. With expanded production capacity and robust product strategy, as well as the significant opportunities created by the acquisition of Quebec-based Rose and anticipated receipt of EU-GMP certification, we believe 2022 promises to take the scale and profitability of our Canadian cannabis operations to a new level."
"The performance of our Canadian cannabis operations throughout 2021 contributed to a year that saw Village Farms overall deliver growth in revenue and adjusted EBITDA of 58% and 89%, respectively, supported by the profitable contribution of Balanced Health Botanicals since its acquisition in August, and the improvement in market pricing for Village Farms Fresh in the second half of the year. 2021 was also a year in which we meaningfully moved forward our growth strategies – in high and low-THC cannabis, in North America and abroad – which we expect will position Village Farms to build on our current momentum for the next phase of profitable, outsized growth – in 2022 and beyond."
| 1. | Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measures" for a definition and reconciliation of Adjusted EBITDA to net income (loss), the nearest comparable measurement under GAAP. |
| 2. | U.S. Cannabis segment refers to our U.S.-based CBD, cannabinoid and hemp businesses. |
Fourth Quarter Highlights
With the acquisitions of Balanced Health and Rose LifeScience in 2021, we now organize our operating segments into Canadian Cannabis (Pure Sunfarms; Rose LifeScience); U.S. Cannabis (Balanced Health and VF Hemp); Village Farms Fresh (Produce) and VF Clean Energy. For Consolidated Results see below.
Cannabis
- Total cannabis sales (Canadian and US) increased 168% year-over-year to $34.4 million, and represented 47% of total consolidated sales, increasing from 27% for the fourth quarter of 2020; and,
- Total cannabis adjusted EBITDA increased 183% year-over-year to $6.8 million.
Canadian Cannabis (Pure Sunfarms and Rose LifeScience)
- Canadian Cannabis achieved strong year-over-growth in total net sales and retail branded sales, while generating margins at the high end of the Company's stated target range:
- 50% year-over-year increase in total net sales and 118% year-over-year increase in Retail Branded Sales;
- 42% gross margin, above the Company's stated target range of 30 to 40%;
- 99% year-over-year increase in adjusted EBITDA, marking the 13th consecutive quarter of positive adjusted EBITDA;
- Pure Sunfarms remained the top-selling brand* of dried flower products in key markets:
- In Ontario (by kilograms sold and dollars sold) for the fourth quarter 2021 and for the period since Retail Branded sales launch in October 2019;
- In Alberta** for the fourth quarter 2021 and monthly since October 2020 (by dollars sold);
- In British Columbia** for the fourth quarter 2021 and monthly since October 2020 (by dollars sold);
- Pure Sunfarms launched 23 new SKUs across four product categories; and,
- Village Farms acquired 70% ownership of privately-held, Québec-based, Rose LifeScience, adding a substantial presence in the Province of Québec as a cannabis supplier, producer and commercialization expert.
| *Based on OCS market data for the quarter ended December 31, 2021. |
| ** Market share performance data cited has been calculated by Pure Sunfarms from sales information provided by Buddi retail store data from over 300 retailers across Alberta and British Columbia as of December 31, 2021. |
| *** Market share performance and data cited has been calculated by Pure Sunfarms from sales information provided by OCS as of December 31, 2021. |
Canadian Cannabis (Pure Sunfarms and Rose LifeScience) Financial Summary for the Three Months and Year Ended December 31, 2021 and December 31, 2020 (Before Village Farms' Proportionate Share)
| (millions except % metrics) | Three Months Ended December 31, | | |||
| | 2021 | 2020 | Change of C$ | ||
| | C$ | US$ | C$ | US$ | |
| Total Gross Sales 1 | $46.3 | $36.7 | $29.5 | $22.7 | +57% |
| Total Net Sales | $33.8 | $26.8 | $22.6 | $17.3 | +50% |
| Gross Margin 2 | 42% | 42% | 39% | 39% | +7% |
| SG&A | $9.2 | $7.2 | $5.8 | $4.5 | -57% |
| Share-based compensation | $1.6 | $1.2 | $0.1 | $0.1 | N/A |
| Net income | $4.4 | $3.5 | $1.4 | $1.1 | +215% |
| Adjusted EBITDA 3 | $6.1 | $4.9 | $3.1 | $2.4 | +99% |
| Adjusted EBITDA Margin 3 | 18% | 18% | 14% | 14% | +33% |
| | | | | | |
| (millions except % metrics) | Year Ended December 31, | | |||
| | 2021 | 2020 | Change of C$ | ||
| | C$ | US$ | C$ | US$ | |
| Total Gross Sales 1 | $164.4 | $131.2 | $99.1 | $74.1 | +66% |
| Total Net Sales | $120.8 | $96.4 | $76.1 | $56.9 | +59% |
| Gross Margin 2 | 40% | 40% Werbung Mehr Nachrichten zur Village Farms International Aktie kostenlos abonnieren
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