Astarta Holding Plc · GPW:AST
Astarta — H1 2021 Earnings Presentation
24 slides from Astarta's earnings presentation, Aug 11, 2021
Slide 1: 1H21 operating and financial results
1H21 operating and financial results
Slide 2: Disclaimer
DISCLAIMER This presentation is being provided to you solely for your information and may not be reproduced or further distributed to any other person or published, in whole or in part, for any purpose. This presentation comprises the written materials/slides for a presentation concerning ASTARTA Ho
Slide 3: 1H21 Highlights
1H21 HIGHLIGHTS Summary P&L EURk 1H20 1H21 • ASTARTA’s consolidated revenues amounted to EUR151m in 1H21, Revenues, including 172 129 150 878 12% down y-o-y, mainly due to lower contribution of the Agricultural Agriculture 54 473 27 382 segment which generated 18% of consolidated revenues Sugar prod
Slide 4: 1H21 Highlights
1H21 HIGHLIGHTS Summary Сash Flows Summary Balance Sheet EURk 1H20 1H21 EURk 1H20 YE20 1H21 Pre-tax income 5 629 91 773 Right-of-use asset (mainly land) 120 695 94 178 100 092 D&A 30 736 23 824 Biological assets (non-current) 26 072 23 917 26 180 Financial interest expenses, net 4 790 2 838 PP&E and
Slide 5: Agriculture
AGRICULTURE Yields of key crops Financial results t/ha 2018 2019 2020 EURk 2018 2019 2020 1H20 1H21 Corn 9.8 8.7 6.9 Revenues, including 126 765 205 712 175 137 54 473 27 382 Wheat 4.7 5.1 4.8 Corn 52 846 109 973 94 439 52 964 23 772 Sunseeds 2.9 2.9 2.2 Wheat 43 942 40 250 44 726 740 1 341 Soybeans
Slide 6: Global Agricultural Market Fundamentals
GLOBAL AGRICULTURAL MARKET FUNDAMENTALS Corn global ending stocks vs stock to use Wheat global ending stocks vs stock to use 400 Ending stocks Stock to use 35% 350 Ending stocks Stock to use 45% 350 30% 300 40% 300 25% 35% 250 30% 250 20% 200 25% 200 15% 150 20% 150 100 10% 100 15% 5% 10% 50 50 5% 0
Slide 7: Sugar Production
SUGAR PRODUCTION Production Financial results Unit 2018 2019 2020 EURk 2018 2019 2020 1H20 1H21 Sugar production kt 352 302 226 Revenues 119 436 116 893 126 973 56 802 58 917 Sugar beet processed kt 2 472 1 950 1 559 Cost of sales (103 779) (107 637) (98 728) (47 334) (37 309) Own sugar beet % 60% 8
Slide 8: Sugar Production
SUGAR PRODUCTION Sugar production, consumption and exports, Ukraine • Local sugar consumption dropped by 1/3 to 1.3-1.4mt since 2011 • Domestic production amounted 1.2mt in 2020 due to lower harvest. This 2.5 2.3 2 000.0 2.2 2.1 2.1 pushed the local sugar prices to USD627 in 1H21, or by 75% y-o-y 2.
Slide 9: Soybean Processing
SOYBEAN PROCESSING Production Financial results kt 2018 2019 2020 1H20 1H21 EURk 2018 2019 2020 1H20 1H21 Soybean processed 215 231 208 128 96 Revenues, including 74 290 82 718 75 157 40 422 44 843 Soybean meal 158 169 152 93 71 Soybean meal 48 082 54 025 47 872 27 392 28 357 Soybean oil 41 44 40 25
Slide 10: Cattle Farming
CATTLE FARMING Milk production, herd and productivity Financial results 2018 2019 2020 1H20 1H21 EURk 2018 2019 2020 1H20 1H21 Milk production, kt 106 96 93 47 49 Revenues 29 309 34 603 33 167 18 080 18 069 Herd, k heads 27 24 22 22 22 Cost of sales (24 852) (27 692) (25 015) (14 243) (12 533) Milk
Slide 11: Strategy and Outlook
STRATEGY AND OUTLOOK • Active working capital management and capex at maintenance Financial goals levels while weather poses challenges for agricultural activities • Maintaining low financial leverage • Wide ranging cost cutting measures to reduce fixed and variable costs across the board • Retain N
Slide 12: Summary Financials
SUMMARY FINANCIALS 12
Slide 13: Last Three Years Highlights
LAST THREE YEARS HIGHLIGHTS Revenues, EURm Investments, EURm ∑448 60 ∑51 16% ∑372 ∑416 8 14% 14% 35 5 50 7 23 33 12% 83 75 40 29 10% 74 30 ∑24 8% 206 175 34 127 20 2 5% 6% ∑13 1 3% 4% 127 10 21 119 117 10 2% 10 0 1 2 0% 2018 2019 2020 2018 2019 2020 Sugar Agriculture Sugar Agriculture Other СAPEX as
Slide 14: Consolidated Statement of Profit and Loss
CONSOLIDATED STATEMENT OF PROFIT AND LOSS EURm 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H20 1H21 Revenues 68 88 123 128 219 304 353 327 352 314 369 459 372 448 416 172 151 Cost of sales (55) (67) (96) (83) (128) (193) (286) (293) (268) (219) (257) (355) (324) (400)
Slide 15: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET EURm 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H20 1H21 Right-of-use asset (mainly land) - - - - - - - - - - - - 110 142 94 121 100 Biological assets 4 6 5 13 15 20 44 45 30 19 15 22 17 30 24 26 26 PP&E and other 33 79 79 111 148 231 244 3
Slide 16: Consolidated Cash Flows
CONSOLIDATED CASH FLOWS EURm 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H20 1H21 PBIT 6 23 (11) 30 80 90 45 21 (67) 14 85 63 (16) 1 9 6 92 Depreciation and amortization 4 5 9 8 13 17 25 27 25 22 29 37 46 63 56 31 24 Gain on acquisition of subsidiaries (4) (5) (9) (0)
Slide 17: Appendix
APPENDIX 17
Slide 18: ASTARTA – Value Chain
ASTARTA – VALUE CHAIN Crop growing Storage, Handling & Logistics Processing Primary agriculture Storage & Handling Sugar • Among Ukraine’s Top 5 agriproducers by land • 7 grain and oilseeds silos with storage • 20%-25% share of the local sugar bank and production capacity – 550kt market by consumpti
Slide 19: Agriculture – Achievements
AGRICULTURE • ASTARTA is ranked among Ukraine’s Top 5 agricultural businesses with a total farmland used for grain and oilseeds growing as well as cattle farming of c. 220kha • The largest sugar beet grower with 1.5mt harvest in 2020 • Large-scale row crop grower (corn, wheat, sunflower and soybeans
Slide 20: Sugar Production – Key Achievements
SUGAR PRODUCTION • ASTARTA preserved leadership position locally with a market Key achievements share of 20% in 2020 according to Ukrsugar • The Company managed to sustain high quality of sugar despite adverse weather conditions and suboptimal sugar beet harvest: high quality sugar production at 99%
Slide 21: Valuation and Capital Structure
VALUATION AND CAPITAL STRUCTURE EV 2018-2021 7 6.7 134 6 94 274 5 4.8 4.7 104 4 3.5 143 139 2.4 2.6 3 220 103 2 136 98 75 31 1.1 1.0 1 2018 2019 2020 1H21 0 Net financial debt, EURm Lease liabilities, EURm MCAP, EURm Net debt/EBITDA EV/EBITDA Equity Coverage Top 10 shareholders Board of Directors Na
Slide 22: Key ESG Facts
KEY ESG FACTS Energy consumption Emissions, kt of CO² equivalent Water consumption, m³/t of s.b.** Gas, m³/t of s.b.* Disel, kg/ha Ecological 378 0.82 0.85 293 0.85 238 75 74 72 23 23 24 2018 2019 2020 2018 2019 2020* 2018 2019 2020 Employees by gender Lost day rate CSR budget, EURm Female Male 1.6
Slide 23: ASTARTA IT Solutions
ASTARTA IT SOLUTIONS • AgriChain is a proprietary integrated multi-module IT solution for agribusiness management. The core of AgriChain is a WEB-portal, consisting of eight modules Launched • AgriChain Land is the farmland management module covering land mapping, lease agreements, leaseholders’ and
Slide 24: FV of Biological Assets
FV OF BIOLOGICAL ASSETS Crops’ calendar Mar Apr May Jun Jul Aug Sept Oct Nov Dec Assets in agriculture Sugar beets Biological assets Agricultural produce Winter crops* Corn Agriculture Agriculture Non-current Current produce Sunflower seeds produce at Livestock unharvested subsequent the point crops