Financial results

Turnover and net result

2022 was a record year for Numidia, both in terms of sales and net result:

  • Full-year sales grew by 5% year-on-year (YoY) to a total of EUR 939 million.

  • The turnover by main product groups was: powders 74% (78% in 2021), fat 13% (10% in 2021), cheese 11% (9% in 2021) and liquids 2% (3% in 2021).

We made a conscious decision to limit volume and sales growth in a market characterized by extremely high prices and volatility. We focused on long-term continuity.

  • The 2022 average sales price per Mt is EUR 3,099 compared to EUR 2,256 for 2021 and EUR 2,046 for 2020.

The 2022 net result was EUR 20.8 million, which is an increase of 487% YoY. This record net income is the result of a combination of strong gross margins from physical sales and profits from commodity derivative trading.

In the dairy market, derivative trading is becoming just as important as physical trading. Therefore, we believe that trading in dairy commodity derivatives cannot be seen separately from physical sales gross margins. Instead, we believe that a good integration between the two is necessary to be a leader in our industry.

Balance sheet

We accomplished our 2022 priority to achieve profitability while controlling our working capital and improving our solvability:

  • Working capital remained stable from December 2021 to December 2022, while sales and market prices increased. working capital is calculated as current assets minus current liabilities excluding debts to credit institutions.  

  • The cash conversion cycle was 43 days at the end of 2022 compared to 47 days at the end of 2021. The cash conversion cycle is calculated as: Days of Sales Outstanding (DSO) + Days of Inventory Outstanding (DIO) -/- Days of Payable Outstanding (DPO).

  • Solvability increased from 15.8% at the end of 2021 to 24.1% at the end of 2022. The adjusted solvability is calculated by dividing the Tangible net worth (TNW) by the adjusted balance sheet total. The TNW has been calculated in line with the bank covenants. The balance sheet total used for the solvability calculation was adjusted for the impact of unrealized commodity derivatives results under cash flow hedge accounting.

  • The current ratio ultimo 2022 is 1.26 (1.17 ultimo 2021).

Cash flows

The 2022 cash flow from business operations was EUR 28.9 million. This cash flow was used to repay long-term loans, invest in tangible fixed assets (ERP implementation mainly), pay dividends in the amount of EUR 1.2 million and reduce the amount drawn under the asset-based credit facility.


Financing and related requirements

The operations of Numidia are largely financed through an asset-based credit facility with Deutsche Bank and ING Bank. The total committed credit line amounts to EUR 120 million. On 31 December 2021, a total of EUR 63.9 million was utilized and all related bank covenants were met.


Over the years, we have built a very strong foundation for growth. We are ready to take the next step toward becoming a leader in the global dairy industry and increasing our control over the supply chain. We aim to combine this growth with the following:

  • Positive cash flow from business operations

  • Investments in employee development and being the employer of choice in our industry and region

  • Extending our leading position in sustainability within the dairy trade. Having achieved an EcoVadis Silver Medal in 2021 and a Gold Medal in 2022, we strive for a Platinum Medal in 2023.

  • Investments in IT, automation, and market and business intelligence

  • Targeted strategic investments

We are confident that we have all the conditions in place to achieve our ambitions:

  • A best-in-class workforce

  • A very solid balance sheet and solvability

  • A committed credit facility through August 2024, providing sufficient room for growth

  • A strong presence in the global physical and derivatives dairy markets

  • A diversified customer and supplier base

  • A diversified and broad product range

  • The most advanced sustainability structure

And we can, because we are Numidians!