Astarta Holding PLC · GPW:AST
Astarta — FY2010 Earnings Presentation
18 slides from Astarta's earnings presentation, April 2011
Slide 1: ASTARTA Holding N.V. Results for the full year 2010
ASTARTA Holding N.V. Results for the full year 2010 April, 2011
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: Agenda
Agenda Introduction Key Financial Highlights Segmental Overview Business Outlook 2010 Financials 3
Slide 4: Introduction
Introduction Economic environment in Ukraine • In 2010 real GDP rose by 4.5% y-o-y, marking one of the highest growth rates in the region • CPI at the end of 2010 reduced to 9.1% y-o-y (down from 12.3% in 2009) and slowed further to 7.2% y-o-y by end-February 2011 • The Government revitalized suppor
Slide 5: ASTARTA's strong position in the market
ASTARTA‟s strong position in the market Integrated agro –industrial group Main strong points • One of the largest agri producers in Ukraine • 225 ths ha of land under management, 100% leased Business model based on vertical integration AGRICULTURE land cultivated • 330 ths tonnes of grain and oil cr
Slide 6: Solid 2010 results
Solid 2010 results Key financials Net revenue breakdown EUR '000 2010 2009 • Revenues grew by 71% to EUR 219,3 million Revenue 219 330 128 239 • COGS grew by 55%, well below revenue growth following growth, % 71,0% 3,9% management efforts directed to increase efficiency and EBITDA 100 708 48 870 int
Slide 7: Key Financial Highlights
Key Financial Highlights Revenue breakdown* EBITDA breakdown** Cattle Other Cattle farming 1% farming 6% 12% Sugar Agriculture Sugar production 35% production 65% 58% 2010 Agriculture 29% Cattle Other 2% Cattle farming farming 5% 23% Sugar Sugar production production 51% 49% Agriculture 44% 2009 Agr
Slide 8: Segment highlights – Agriculture
Segment highlights – Agriculture Ukraine agriculture: key facts Arable land area (mln ha) • Ukraine has the largest area of agricultural land in Europe 32 with approximately 42 million ha of land • 32 million ha of agricultural land are used for crop production • Ukraine harvested 39 million tonnes
Slide 9: Segment highlights – Agriculture
Segment highlights – Agriculture Key segment points Agricultural land in operation/under control (UAH / tonne, excl. VAT) • Area of arable land increased by 20% to 210 ths ha 250 • New machinery acquired to improve production economics 210 • New storage facilities constructed 200 175 35 166 • Advers
Slide 10: Segment highlights – Sugar
Segment highlights – Sugar Key segment points Sugar extraction ratio in 2007-2010 (%% of beet processed) • Sugar yields lower, as sugar beet was hit by the adverse weather, but traditionally higher than the industry averages ASTARTA Ukraine EU • Energy efficiency program contributes to further cuts
Slide 11: Segment highlights - Sugar
Segment highlights - Sugar Key considerations Average sugar prices in 2008-10 (USD / tonne, excl. VAT) • Beet sugar production for the fourth consecutive year fell 1000 short of domestic demand which is estimated at about 1,9- 2,1 mln. tonnes White sugar, Ukraine, net of VAT 800 • Ukrainian sugar pr
Slide 12: Segment highlights – Cattle farming
Segment highlights – Cattle farming Key highlights Dairy farm headcount and milk output in Ukraine • Cattle headcount in Ukraine reduced by 33% over the last five years and total milk production in Ukraine reduced by 15% since 2004 4,5 • In 2010 domestic milk production decreased by 3,4% y-o-y, to 1
Slide 13: Segment highlights – Cattle farming
Segment highlights – Cattle farming Key segment points Dairy farm headcount and milk output in Ukraine 30 Cattle, ths heads 60 • ASTARTA is the biggest producers of industrialised milk in Cows, ths heads 52 Ukraine with 2% share 25 Milk production, ths tones 50 44 • Total cattle herd increased in 20
Slide 14: Business outlook
Business outlook Expansion of a land bank up to 250 thousand ha Develop sugar production capacities and their energy efficiency Increase of efficiency of cattle farming production and further expansion of this segment Development of new business areas: projects of biomass methanization and bio-fuel
Slide 15: Balance sheet
Balance sheet EUR '000 2010 2009 2008 2007 PP&E 140 282 105 495 72 717 77 919 Biological assets 14 926 12 747 5 150 6 380 Other 7 472 5 601 5 796 1 228 Non-current assets 162 680 123 843 83 663 85 527 Inventories 119 512 69 500 55 372 51 855 Biological assets 38 955 19 962 14 620 15 216 Trade accoun
Slide 16: Income statement
Income statement EUR '000 2010 2009 2008* 2007 Revenue 219 330 128 239 123 382 87 747 Cost of goods sold -128 319 -82 638 -96 262 -66 867 Gain (loss) from produce remeasurement 177 -2 241 7 527 3 722 Gross profit 91 188 43 360 34 647 24 602 Changes in fair value of biological assets 12 040 13 270 -3
Slide 17: Cash flow statement
Cash flow statement EUR '000 2010 2009 2008 2007 (Loss) profit before tax 79 626 29 874 -10 803 21 418 Adjustments for: Depreciation and amortization 13 198 8 178 9 450 5 043 Gain on acquisition of subsidiaries -4 016 -172 -8 951 -5 050 Interest expense 8 400 8 201 7 131 5 350 Loss (gain) from chang
Slide 18: Key data, ratios and multiples
Key data, ratios and multiples EUR '000 2010 2009 2008* 2007 EBITDA 100 708 48 870 30 893 30 820 Net debt 110 429 82 865 87 072 50 213 EBITDA margin, % 46,00% 38,00% 25,0% 35,1% Net profit margin, % 36,00% 23,00% -6,2% 24,5% ROE 38,00% 25,0% -13,2% 21,7% ROA 23,00% 13,00% -4,4% 12,4% Market capitali