Astarta Holding PLC · GPW:AST
Astarta — 9M 2023 Earnings Presentation
25 slides from Astarta's earnings presentation, Nov 9, 2023
Slide 1: 9M23 Operating and Financial Results
9M23 Operating and Financial Results IR webpage 9th November, 2023
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: 9M23 Highlights
9M23 HIGHLIGHTS Summary P&L EURk 9M22 9M23 • Astarta’s 9M23 consolidated revenues totalled EUR392m increasing by 15% y-o- Revenues, incl. 341 343 391 998 y on higher sales across the board Agriculture 103 844 113 909 • Sugar Production, the largest revenue generator, grew by 32% y-o-y to EUR142m Sug
Slide 4: 9M23 Highlights: Cash Flows and Balance Sheet
9M23 HIGHLIGHTS Summary Сash Flows Summary Balance Sheet EURk 9M22 9M23 EURk 9M22 YE22 9M23 Pre-tax income 67 446 63 124 Right-of-use asset (mainly land) 109 628 97 539 110 621 Depreciation and amortisation 35 797 36 726 Biological assets (non-current) 25 173 29 962 41 913 Financial interest expense
Slide 5: Agriculture
AGRICULTURE Sales volumes of key crops Financial results kt 2020 2021 2022 9M22 9M23 EURk 2020 2021 2022 9M22 9M23 Corn 630 483 366 284 319 Revenues, incl. 175 137 185 049 180 292 103 844 113 909 Wheat 265 290 201 66 69 Corn 94 440 85 125 86 316 66 121 71 125 Sunseeds 83 45 56 33 64 Wheat 44 726 59
Slide 6: Agriculture: Yields and Operating Highlights
AGRICULTURE Gross yields and output of key crops Key operating highlights 2021 2022 2023 • In October, Astarta completed winter crop planting for the 2024 harvest. This t/ha t/ha kt t/ha kt t/ha kt year the share of winter crops is 29% of the total crop area. Winter wheat Corn 8.6 508 8.9 342 in pro
Slide 7: Agricultural Market Fundamentals
AGRICULTURAL MARKET FUNDAMENTALS Ukrainian Grain and Oilseeds export destinations, Jan- Ukrainian agri exports by means of transport, mt, Jan-Sep’23 Sep’23 ∑7.5 10% ∑6.3 1.1 ∑5.5 ∑5.5 10% ∑4.9 Trucks EU 1.0 2.0 0.6 ∑4.4 Total Africa 1.1 Railway 1.5 1.6 0.6 0.7 ∑3.4 ∑3.7 ∑3.6 12% cargo China 1.1 55%
Slide 8: Sugar Production
SUGAR PRODUCTION Production Financial results Unit 2020 2021 2022 EURk 2020 2021 2022 9M22 9M23 Total sugar production kt 226 340 282 Revenues 126 973 170 197 155 529 107 802 142 484 Sugar from beets, kt kt 226 266 282 Cost of sales (98 728) (123 711) (113 510) (77 515) (101 310) Sugar beet processe
Slide 9: Sugar Market Fundamentals
SUGAR MARKET FUNDAMENTALS Sugar production, consumption and exports, Ukraine 2.5 2.2 2.1 2 000.0 • To-date, 10mt of sugar beets was harvested in Ukraine, yielding 2.1 2.1 48t/ha 1 800.0 2.0 1.8 1.7 1.7 1 600.0 1.6 1.6 1.5 1.6 • UkrSugar reported that sugar production started at 30 mills and 1.5 1.5
Slide 10: Soybean Processing
SOYBEAN PROCESSING Production Financial results kt 2020 2021 2022 9M22 9M23 EURk 2020 2021 2022 9M22 9M23 Soybean processed 208 172 211 151 167 Revenues, incl. 75 157 89 814 121 886 92 266 92 752 Soybean meal 152 128 155 111 124 Soybean meal 47 873 57 006 64 094 47 287 63 980 Soybean oil 40 32 40 28
Slide 11: Cattle Farming
CATTLE FARMING Milk production volume, herd and productivity* Financial results 2020 2021 2022 9M22 9M23 EURk 2020 2021 2022 9M22 9M23 Milk production, kt 93 97 102 75 86 Revenues 33 167 38 474 38 610 28 572 30 233 Herd, k heads 22 22 23 23 25 Cost of sales (25 015) (26 721) (26 889) (20 374) (21 34
Slide 12: Strategy for a Sustainable Future
STRATEGY FOR A SUSTAINABLE FUTURE Area of focus Short term Longer term • Safety and support of personnel, preservation and development of human resources • Preservation of financial resources Resilience under war-time • Ensuring sustainable business continuity of operations conditions and help in •
Slide 13: Sustainability Framework: Energy & GHG Emissions Management
SUSTAINABILITY FRAMEWORK: ENERGY & GHG EMISSIONS MANAGEMENT Downstream operations Ratings and reporting • Four out of five sugar mills retooled from coal to natural gas. Energy-efficiency BAT From 2008 - membership in programme reduced unit gas consumption by 1/3, electricity by 2/3 since 2015 the G
Slide 14: Common Help Ukraine humanitarian project
At the start of the war, Astarta co-founded a large-scale humanitarian project Common Help Ukraine. The project grew through other businesses, international organizations, local communities and temporarily displaced civilians joining in to provide assistance to those in need, nurture local entrepren
Slide 15: Summary Financials
SUMMARY FINANCIALS
Slide 16: Last Three Years Highlights
LAST THREE YEARS HIGHLIGHTS Revenues, EURm Investments, EURm ∑491 ∑510 30 ∑416 14 3% 3% 3% 8 25 38 39 3% 5 20 33 90 122 ∑16 ∑17 75 ∑13 2 2% 15 2 185 180 1 175 10 9 10 11 1% 127 170 156 5 6 0 2 2 0% 2020 2021 2022 2020 2021 2022 Sugar Production Agriculture Sugar Production Agriculture Soybean Proces
Slide 17: 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 2021 2022 9M22 9M23 Revenues 68 88 123 128 219 304 353 327 352 314 369 459 372 448 416 491 510 341 392 Cost of revenues (55) (67) (96) (83) (128) (193) (286) (293) (268) (219) (2
Slide 18: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET EURm 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 9M22 9M23 Right-of-use asset (mainly land) - - - - - - - - - - - - 110 142 94 117 98 110 111 Biological assets 4 6 5 13 15 20 44 45 30 19 15 22 17 30 24 28 30 25 42 PP&E and other 33
Slide 19: Consolidated Cash Flows
CONSOLIDATED CASH FLOWS EURm 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 9M22 9M23 PBIT 6 23 (11) 30 80 90 45 21 (67) 14 85 63 (16) 1 9 129 75 67 63 Depreciation and amortization 4 5 9 8 13 17 25 27 25 22 29 37 46 63 56 51 46 36 37 Gain on acquisition of subs
Slide 20: Appendix
APPENDIX
Slide 21: Astarta – Value Chain
ASTARTA – VALUE CHAIN Crop growing Storage, Handling and Logistics Processing Primary agriculture Storage and Handling Sugar • Among the biggest Ukraine’s agricultural • 7 grain and oilseeds silos with storage • 21% share of the local sugar market by businesses by land bank in operation capacity – 5
Slide 22: Valuation and Capital Structure
VALUATION AND CAPITAL STRUCTURE EV 2020-9M2023 4.6 3.6 231 2.4 164 2.6 109 2.2 143 1.9 1.7 1.6 1.1 1.0 0.8 1.0 125 109 120 0.6 98 31 27 43 24 -0.4 2020 2021 2022 9M23 Net financial debt Lease liabilities MCAP Net debt*/EBITDA EV/EBITDA *Net debt incl. lease Equity Coverage Top 10 shareholders* Board
Slide 23: Key ESG Facts
KEY ESG FACTS Total energy consumption, k GJ Total emissions, kt of CO2eq* Emissions breakdown, 2022, kt of CO2eq ∑1 040 ∑1 079 3 689 Biogenic Ecological 3 352 238 311 Scope 3 31% FLAG 224 273 17 15 Scope 2 non-FLAG 561 480 Scope 1 69% 2021 2022 2021 2022 Employees by gender Lost day rate Charitable
Slide 24: Astarta IT Solutions
ASTARTA IT SOLUTIONS AgriChain is an in-house integrated multi-module IT solution for agribusiness management. AgriChain consists of 6 IT modules, which are united by an authorization server - a WEB portal. This concept of IT architecture allows the use of individual IT modules or bundles from any c
Slide 25: FV of Biological Assets
FV OF BIOLOGICAL ASSETS Crops’ calendar Assets in agriculture Mar Apr May Jun Jul Aug Sept Oct Nov Dec Sugar beets Biological assets Agricultural produce Winter crops* Agriculture Agriculture Corn Non-current Current produce at produce Livestock unharvested subsequent the point Sunflower seeds crops