Rusagro Group · RUS:RAGR
Rusagro — Ros Agro — FY2019 Earnings Presentation
25 slides from Rusagro's earnings presentation, Mar 10, 2020
Slide 1: Ros Agro PLC Investors Presentation 12M 2019 and Q4 2019
10 MARCH 2020 ROS AGRO PLC INVESTORS PRESENTATION PRESENTATION 12M 2019 AND Q4 2019
Slide 2: Table of Contents
TABLE OF CONTENTS 2 1 Summary Key Indicators (IFRS) Q4 2019 vs Q4 2018 and 12M 2019 vs 12M 2018 3 2 Business Overview by division (IFRS) 6 3 Additional information 18 2
Slide 3: Section 1: Summary Key Indicators (IFRS)
SECTION 1 SUMMARY KEY INDICATORS (IFRS) Q4 2019 VS Q4 2018 AND 12M 2019 VS 12M 2018
Slide 4: Net Revenue, Adjusted EBITDA: Actual Q4 2019 vs Q4 2018
NET REVENUE, ADJUSTED EBITDA: 4 ACTUAL Q4 2019 VS ACTUAL Q4 2018 Comments Net revenue (IFRS) Actual Q4 2019 vs Actual Q4 2018 45,000 Net Revenue increased by RR 8,319 million (+27%): 39,096 2,776 • Revenue of Sugar segment increased to RR 7,953 million (+25%) due to sugar sales rise to 295 6,177 186
Slide 5: Net Revenue, Adjusted EBITDA: Actual 12M 2019 vs 12M 2018
NET REVENUE, ADJUSTED EBITDA: 5 ACTUAL 12M 2019 VS ACTUAL 12M 2018 Comments Net revenue (IFRS) Actual 12M 2019 vs Actual 12M 2018 Net Revenue increased by RR 55,194 million (67%): 140,000 36,089 3,015 477 138,172 • Sugar sales increased by RR 7,112 million (30%) as a result of significantly higher s
Slide 6: Statement of Comprehensive Income (IFRS)
STATEMENT OF COMPREHENSIVE INCOME (IFRS) 6 ROS AGRO PLC RR m illion Varianсes Varianсes Description Actual 12M 2019 Actual 12M 2018 Actual 4Q 2019 Actual 4Q 2018 Units % Units % Sales 138,172 82,978 55,195 67 39,096 30,777 8,319 27 Net gain / (loss) on revaluation of biological assets and (4,112) 2,
Slide 7: Debt Profile (as of 31 December 2019)
DEBT PROFILE (AS OF 31 DECEMBER 2019) 7 Comments Debt position and liquidity management Variance in RR million 31 December 2019 31 December 2018 Gross debt decreased by RR 2,774 million (+3%) up to RR 97,876 million Units % Gross debt 97,876 95,102 2,774 3 • Net debt increased by RR 7,398 million (+
Slide 8: Statement of Financial Position: Key Changes December 2019 vs 2018
STATEMENT OF FINANCIAL POSITION: KEY CHANGES 31 DECEMBER 2019 VS 8 31 DECEMBER 2018 Comments Assets as of 31 December 2019 vs 31 December 2018 ASSETS • PPE & LT biological assets* increased by RR 9,712 million (RR +9,127 million in Meat, RR +1,383 million in 245,000 Sugar, RR -993 million in Agricul
Slide 9: Cash Flows: Actual 12M 2019 vs Actual 12M 2018
CASH FLOWS: 9 ACTUAL 12M 2019 VS ACTUAL 12M 2018 Comments Cash Flows according to Management view (Not IFRS presentation)** RR m illion Actual Actual Variances Main variances in cash flow statement line items between 12M 2019 and 12M 2018: 12m 2019 12m 2018 Units % Cash flow s from operating activit
Slide 10: Section 2: Business Overview by Division (IFRS)
SECTION 2 BUSINESS OVERVIEW BY DIVISION (IFRS) Q4 2019 AND 12M 2019 VS Q4 2018 AND 12M 2018
Slide 11: Meat: Key Indicators Actual Q4 2019 vs Q4 2018
MEAT KEY INDICATORS ACTUAL Q4 2019 VS 11 ACTUAL Q4 2018 (IFRS) Comments Meat: sales, Adjusted EBITDA and Adjusted EBITDA margin 30% Sales (RR +572 million, +8%): 8,000 26% 7,538 6,966 • Increase in sales volumes of livestock and processed pork by 22% was mainly caused by production growth by 42% due
Slide 12: Meat: Key Indicators Actual 12M 2019 vs 12M 2018
MEAT KEY INDICATORS ACTUAL 12M 2019 VS 12 ACTUAL 12M 2018 (IFRS) Comments Meat: sales, Adjusted EBITDA and Adjusted EBITDA margin 60% Sales (RR +3,484 million, +16%): 30,000 25,834 • Increase in sales volume of processed pork by 25% was mainly caused by production growth by 25,000 22,350 33% due to
Slide 13: Sugar: Key Indicators Actual Q4 2019 vs Q4 2018
SUGAR KEY INDICATORS ACTUAL Q4 2019 VS 13 ACTUAL Q4 2018 (IFRS) Comments Sugar: sales, Adjusted EBITDA and Adjusted Sales (RR +1,604 million, +25%): 9,000 EBITDA margin 7,953 • Sugar sales increased by RR 1,604 million mainly due to sales volume increase by 155 ths tn 30% compared to 4Q’18 as the re
Slide 14: Sugar: Key Indicators Actual 12M 2019 vs 12M 2018
SUGAR KEY INDICATORS ACTUAL 12M 2019 14 VS ACTUAL 12M 2018 (IFRS) Comments Sugar: sales, Adjusted EBITDA and Adjusted EBITDA 35,000 margin 40% Sales (RR +7,112 million, +30%): 31,195 • Higher stock has been accumulated by the end of 2018 (650 ths tn vs normal 450 ths tn) in view of 30,000 expected p
Slide 15: Agriculture: Key Indicators Actual Q4 2019 vs Q4 2018
AGRICULTURE KEY INDICATORS ACTUAL Q4 2019 VS 15 ACTUAL Q4 2018 (IFRS) Comments Agriculture: sales, Adjusted EBITDA and Adjusted 15,000 EBITDA margin 13,800 Sales (RR -2,996 million, -22%): • RR -2,120 million of sugar beet sales prices drop partly compensated by its higher sales volume 12,000 10,804
Slide 16: Agriculture: Key Indicators Actual 12M 2019 vs 12M 2018
AGRICULTURE KEY INDICATORS ACTUAL 12M 2019 VS 16 ACTUAL 12M 2018 (IFRS) Comments Agriculture: sales, Adjusted EBITDA and Adjusted Sales (RR +5,017 million, +24%): 30,000 EBITDA margin 50% • Sales increased thanks to higher sales volumes of main crops and higher sales prices of wheat, 25,845 barley a
Slide 17: Oil & Fats: Key Indicators Actual Q4 2019 vs Q4 2018
OIL & FATS KEY INDICATORS ACTUAL Q4 2019 VS 17 ACTUAL Q4 2018 (IFRS) Oil & Fats: sales, Adjusted EBITDA and Adjusted Comments EBITDA margin 20,000 Sales (RR +6,177 million, +53%: EZHK RR +5,471 million, +101%; SAPP RR +3,544 million, 17,796 +38%; Far East RR -270 million, -29% and Eliminations RR -2
Slide 18: Oil & Fats: Key Indicators Actual 12M 2019 vs 12M 2018
OIL & FATS KEY INDICATORS ACTUAL 12M 2019 18 VS ACTUAL 12M 2018 (IFRS) Oil & Fats: sales, Adjusted EBITDA and Adjusted Comments EBITDA margin 70,000 15% Sales (RR +36,089 million, +137%: EZHK RR +23,262 million, +190%; SAPP RR +27,919 million, 62,375 +161%; Far East RR -400 million, -12% and Elimina
Slide 19: Section 3: Additional Information
SECTION 3 ADDITIONAL INFORMATION
Slide 20: Adjusted EBITDA 12M 2019 (IFRS) Breakdown by Divisions
ADJUSTED EBITDA 12M 2019 (IFRS) BREAKDOWN BY DIVISIONS 20 ROS AGRO PLC RR m illion 12M 2019 Sugar Meat Agriculture Oil and Fat Other Elim ination Total Sales 31,195 25,834 25,845 62,375 4,164 (11,240) 138,172 Net gain / (loss) on revaluation of biological assets and agricultural produce - (852) (1,5
Slide 21: Adjusted EBITDA 12M 2018 (IFRS) Breakdown by Divisions
ADJUSTED EBITDA 12M 2018 (IFRS) BREAKDOWN BY DIVISIONS 21 ROS AGRO PLC RR m illion 12M 2018 Sugar Meat Agriculture Oil and Fat Other Elim ination Total Sales 24,083 22,350 20,828 26,286 1,187 (11,757) 82,978 Net gain / (loss) on revaluation of biological assets and agricultural produce - (542) 2,313
Slide 22: Statement of Cash Flows According to Management View
STATEMENT OF CASH FLOWS ACCORDING TO MANAGEMENT VIEW (NOT IFRS 22 PRESENTATION) ROS AGRO PLC RR m illion Variances Actual Actual 12m 2019 12m 2018 Units % Cash flow s from operating activities Profit before income tax 10,444 13,532 (3,088) (23) Adjustments for non-cash and non-operating (income)/exp
Slide 23: Statement of Cash Flows According to Management View – Continuance
STATEMENT OF CASH FLOWS ACCORDING TO MANAGEMENT VIEW (NOT IFRS 23 PRESENTATION) – CONTINUANCE ROS AGRO PLC RR m illion Actual Actual Variances (*) Including in net cash 12m 2019 12m 2018 Units % flows on financial assets Cash flow s from investing activities - - Purchases of property, plant and equi
Slide 24: Statement of Financial Position (IFRS)
STATEMENT OF FINANCIAL POSITION (IFRS) 24 ROS AGRO PLC RR m illion 31 Decem ber 31 Decem ber Variances 2019 2018 Units % ASSETS 239,495 223,779 15,716 7 Current assets Cash and cash equivalents 2,171 1,728 442 26 Restricted cash 0 0 (0) (20) Short-term investments 23,457 8,551 14,905 174 Trade and o
Slide 25: Statement of Financial Position (IFRS) – Continuance
STATEMENT OF FINANCIAL POSITION (IFRS) 25 – CONTINUANCE ROS AGRO PLC RR m illion 31 Decem ber 31 Decem ber Variances 2019 2018 Units % Liabilities and EQUITY 239,495 223,779 15,716 7 Current liabilities Short-term borrow ings 31,835 32,514 (679) (2) Lease liabilities 917 917 - Trade and other payabl