ASTARTA published interim report for the nine months of 2017

Key Highlights

  • Consolidated Revenues increased by 61% to EUR 349 million
  • Exports generated 61% of total sales
  • EBITDA corrected 13% to EUR 112 million
  • Net profit stood at EUR 74 million (6% lower y-o-y)
  • Strong balance sheet with Net Debt/EBITDA (LTM) at 0.8 and Debt/Equity at 0.3
  • Operating cash flow increased by 30% to EUR 71 million

 

 

Performance in Key Segments

Sugar production

Revenues of the segment, the largest contributor to the consolidated sales, grew to EUR 156 million (56% higher y-o-y) as a combination of 40% increase in selling volumes as well as 10% gain in sugar price. Export sales of sugar amounted to 143 000 tons, which is over 3х times higher compared to the respective period a year ago. As of the date of publication, in a running campaign white sugar production exceeded 260 000 tons.

Agriculture

The segment’s revenues amounted to EUR 106 million, demonstrating growth of 147%. Sales volumes of crops increased by 160% to over 662 000 tons. Over 90% of total selling volumes of the segment were exported. Autumn harvesting is running smoothly, to date, about 65% of corn and 80% of sugar beet are already harvested and stored.

Soybean processing

The soybean processing segment generated revenues of EUR 58 million (9% higher y-o-y). During the reporting period, the Globyno soybean processing plant crushed over 155 000 tons of soybeans and produced c. 110 000 tons of meal, 28 000 tons of oil, and 8 500 tons of husk. Sales of soybean oil increased by 15% y-o-y to over 32 000 tons, while meal sales volumes demonstrated a minor decrease (1% lower y-o-y) to around 106 000 tons.

Dairy Farming

Segment revenues climbed to EUR 23 million (35% higher y-o-y). The increase was driven mainly by higher sales prices on premium quality of produce and market conjuncture. Sales volumes of milk increased by 1% to nearly 78 000 tons. Over the nine months of 2017 ASTARTA dairy farms produced over 81 000 tons of milk (1% higher y-o-y).

Comments of CEO Viktor Ivanchyk

"As sugar and crop prices continue to be subdued, efficiency at all stages of operations remains a focus of management. In all business segments, we aim to achieve competitive production costs and high quality of produce to compete in the current tough soft commodities markets".