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ASTARTA Publishes Annual Report for the Year 2020

ASTARTA’s consolidated revenues amounted to EUR416m in 2020, of which half were contributed by exports. 

Gross profit increased by 33% y-o-y to EUR122m and EBITDA grew by 46% y-o-y to EUR113m, accordingly.

Net debt reduced from EUR276m as of YE19 to on back of repayment of bank debt and land lease liabilities leading to Net debt/EBITDA ratio of 1.1x at the end of 2020.

Viktor Ivanchyk, Founder and CEO, ASTARTA:
“Our balance sheet was strengthened by paying down majority of bank debt to regain flexibility on the direction of future capital allocation.”

The segment revenues totalled EUR175m in 2020 versus EUR206m in 2019 on lower sales volumes of corn due to lower harvest in Ukraine in 2020. Exports accounted for 80% of the Agriculture segment revenues in 2020. In 2020, ASTARTA produced 811kt of grains and oilseeds. The agricultural segment EBITDA increased from EUR53m in 2019 to EUR80m in 2020.

Viktor Ivanchyk, Founder and CEO, ASTARTA:
“Amid high uncertainty, we continued investing into modern agricultural machinery and secured timely procurement of all key inputs for crop production. We deepened relationships with business partners which grow and supply us with sugar beets and soybeans, among other crops, for processing at our plants”. 

In 2020 ASTARTA retained its leading position in the Ukrainian sugar market with a 20% share.
“A” grade quality sugar output increased from 96% in 2019 to 99% of the total 226 kt in 2020. 
Revenues increased by 9% y-o-y to EUR127m on back of 2% y-o-y higher price and 9% y-o-y higher sugar sales volumes in 2020. 
EBITDA totalled EUR22m in 2020.

Soybean Processing
The segment generated EUR75m of revenues. ASTARTA crushed 208kt of soybeans in 2020, down by 10% y-o-y, due to lower harvest in Ukraine. Share of exports reduced from 89% to 76% in 2020 reflecting more attractive local prices versus international ones. EBITDA was flat at EUR7.4m.

Cattle Farming
Productivity increased from 20.1 to 21.4kg of milk per day per cow in 2020 amid further technological improvements in animal feed and herd optimization.
Revenues declined by 4% y-o-y to EUR33m in 2020. EBITDA margin decreased from 45% to 26% in 2020 on higher input costs. 

Viktor Ivanchyk, Founder and CEO, ASTARTA:
“My sincere gratitude goes to all our employees, clients, suppliers, and off-takers with whom we have successfully navigated all challenges in 2020. 

Now, we back at spring – the time of hope and nature awakening. Our team is out sowing the seeds for the new harvest, using the most advanced machinery purchased within our five-year modernisation programme. We are determined to make the new 2021/22 agricultural season a success for ASTARTA, our stakeholders and Ukraine”.

The full report is available here

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