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ASTARTA Published Report for the Six Months of 2021

Key highlights:

ASTARTA’s consolidated revenues amounted to EUR151m in 1H21. The Sugar segment revenues increased to EUR59m, or 39% of the total consolidated revenues. Revenues in the Agricultural segment were EUR27m. The Soybean Processing and the Cattle Farming segments generated EUR45m and EUR18m of revenues, correspondingly. EBITDA increased by 87% y-o-y to EUR125m and EBITDA margin from 39% in 1H20 to 83% in 1H21.

Agriculture

Revenues were EUR27m primarily on lower sales of corn by 55% y-o-y to 151kt reflecting lower 2020 crop harvest. Gross margin increased from 82% in 1H20 to 337% in 1H21as changes in biological assets per IAS41 were higher on increase in expected yields and prices.
The above lead to EBITDA growth from EUR53m in 1H20 to EUR100m in 1H21 and EBITDA margin from 97% to 365% correspondingly.

Sugar

1H21 revenues increased by 4% y-o-y to EUR59m on back of higher prices. Gross margin increased to 37% in 1H21. EBITDA amounted to EUR18m in 1H21versus EUR8m in 1H20, with the margin widening to 31% in 1H21.

Soybean Processing

1H21 revenues reached EUR45m, up by 11% y-o-y, amid higher soybean meal and oil prices. Gross margin amounted to 10% in 1H21 on higher raw materials (soybeans) prices. EBITDA margin was 8% in 1H21 versus 9% in 1H20.

Сattle Farming

Milk production increased by 4% y-o-y to 49kt in 1H21 on 7% y-o-y higher milk yield of 23.1 kg/day. 1H21 revenues were flat at EUR18m.
Gross margin increased from 26% in 1H20 to 27% in 1H21. EBITDA declined from EUR4m to EUR3m.

Yuliya Bereshchenko, business development and IR director of ASTARTA:

«ASTARTA continues to demonstrate its resilient business model by delivering much needed hard currency inflows and taxes to the Ukrainian state budget, cereals and feedstock products to global markets and reduced leverage profile to its shareholders. The Company continues servicing its customers in Ukraine and globally with sustainable food products».

 

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