Key highlights:
In 9M21 ASTARTA’s consolidated revenues amounted to EUR301m, of which the Sugar segment contributed 38%. Gross profit doubled to EUR159m, and Gross margin surged from 28% to 53% as the changes in biological assets per IAS41 reached EUR105m on higher expected commodity prices and yields. Accordingly, EBITDA doubled to EUR159m compared to 9M20.

The Agriculture segment revenues amounted to EUR95m on lower sales of crops from the previous year’s harvest. EBITDA doubled to EUR121m and EBITDA margin increased from 50% to 128% y-o-y.

The Sugar segment revenues received a 30% y-o-y boost to EUR113m. EBITDA doubled to EUR30m, with the EBITDA margin growing from 15% to 27%. At the beginning of September ASTARTA completed processing of imported raw cane sugar, with resulting white sugar output at 73kt. ASTARTA’s 2021 sugar beet processing season started on 15 September. To-date the Company produced 152kt of white sugar from sugar beet.

Soybean Processing
The Soybean segment revenues reached EUR63m, up by 18% y-o-y, amid higher soybean meal and oil prices. Exports contributed 66% of the revenues. EBITDA margin decreased to 5% in 9M21 versus 9% in 9M20 on higher prices of soybeans, the key raw material, outpacing product prices.
In September 2021, ASTARTA launched an investment project to add a new technological line of advanced soybean processing to existing soybean processing facilities in the Poltava region. The production capacity is up to 100kt of soy protein concentrate per year. The project timeline is two years and planned investment is circa USD50m.

Сattle Farming
The Cattle Farming segment revenues increased by 9% to EUR27m in 9M21 vs EUR 25m in 9M20. Milk production increased by 3% y-o-y to 72kt in 9M21 on 5% y-o-y higher milk yield of 22.5kg/day per cow. EBITDA stable at EUR5m.