Astarta Holding Plc · GPW:AST
Astarta — H1 2024 Earnings Presentation
25 slides from Astarta's earnings presentation, Aug 27, 2024
Slide 1: 1H24 Operating and Financial Results
1H24 Operating and Financial Results IR webpage 27 August, 2024
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: 1H24 Highlights
1H24 HIGHLIGHTS Summary P&L EURk 1H23 1H24 • Astarta’s 1H24 consolidated revenues grew by 12% y-o-y to EUR321m Revenues, incl. 287 250 320 710 • Sugar Production was the main growth driver accounting for 40% of the Agriculture 100 538 98 868 total or EUR128m (+48% y-o-y) followed by the Agriculture
Slide 4: 1H24 Highlights: Cash Flows and Balance Sheet
1H24 HIGHLIGHTS Summary Сash Flows Summary Balance Sheet EURk 1H23 1H24 EURk 1H23 YE23 1H24 Pre-tax income 61 729 49 267 Right-of-use asset (mainly land) 105 987 107 142 118 762 Depreciation and amortisation 24 134 25 193 Biological assets (non-current) 33 481 36 614 41 418 Financial interest expens
Slide 5: Agriculture
AGRICULTURE Sales volumes of key crops Financial results kt 2021 2022 2023 1H23 1H24 EURk 2021 2022 2023 1H23 1H24 Corn 483 366 493 286 338 Revenues, incl. 185 049 180 292 239 890* 100 538 98 868 Wheat 290 201 354 47 80 Corn 85 125 86 316 105 978 67 714 65 185 Sunseeds 45 56 118 60 20 Wheat 59 763 5
Slide 6: Agriculture: Yields and Operating Highlights
AGRICULTURE Gross yields and output of key crops Key operating highlights 2022 2023 2024 • The abnormally hot and rain-free weather prompted Astarta to speed up t/ha t/ha kt t/ha kt t/ha kt harvesting of winter crops. Less favorable weather conditions also led to Corn 8.9 342 10.3 201 In progress In
Slide 7: Agricultural Market Fundamentals
AGRICULTURAL MARKET FUNDAMENTALS Ukrainian export of agricultural products by means of transport, mt, 2022-2024 8 Black Sea Grain initiative • According to MinAgro, domestic early crops harvesting was complete by end-August. Wheat production totaled 21.7mt (- 6 3% y-o-y), yielding 4.5t/ha (-6% y-o-y
Slide 8: Sugar Production
SUGAR PRODUCTION Production Financial results Unit 2021 2022 2023 EURk 2021 2022 2023 1H23 1H24 Total sugar production kt 340 282 377 Revenues 170 197 155 529 199 452 86 099 127 542 Sugar from beets, kt kt 266 282 377 Cost of revenues (123 711) (113 510)(144 408) (58 360) (98 557) Sugar beet process
Slide 9: Sugar Market Fundamentals
SUGAR MARKET FUNDAMENTALS Sugar production, consumption and exports, Ukraine • With Ukrainian sugar beets in a good condition, harvesting is 2.5 expected from end-Aug - mid-Sept, depending on the region. 2 000.0 2.1 2.1 2.1 1 800.0 2.0 1.8 1.8 Harvested area is estimated at 254kha (+2% y-o-y) accord
Slide 10: Soybean Processing
SOYBEAN PROCESSING Production Financial results kt 2021 2022 2023 1H23 1H24 EURk 2021 2022 2023 1H23 1H24 Soybean processed 172 211 232 125 122 Revenues, incl. 89 814 121 886 121 539 71 063 58 352 Soybean meal 128 155 172 94 89 Soybean meal 57 006 64 094 84 555 50 055 37 884 Soybean oil 32 40 45 24
Slide 11: Cattle Farming
CATTLE FARMING Milk production volume, herd and productivity* Financial results 2021 2022 2023 1H23 1H24 EURk 2021 2022 2023 1H23 1H24 Milk production, kt 97 102 115 59 62 Revenues 38 474 38 610 42 598 20 842 25 091 Herd, k heads 22 23 26 25 28 Cost of revenues (26 721) (26 889) (29 891) (13 732) (1
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 ∑619 100 12% ∑491 ∑510 15 43 7% 8 14 80 7% 39 122 38 3% 3% 90 122 60 ∑41 2% 240 185 180 40 ∑16 ∑17 21 20 -3% 199 2 2 9 170 156 9 11 11 0 2 6 -8% 2021 2022 2023 2021 2022 2023 Sugar Production Agriculture Soybean Processing Sugar Production
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 2023 1H23 1H24 Revenues 68 88 123 128 219 304 353 327 352 314 369 459 372 448 416 491 510 619 287 321 Cost of revenues (55) (67) (96) (83) (128) (193) (286) (293) (268)
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 2023 1H23 1H24 Right-of-use asset (mainly land) - - - - - - - - - - - - 110 142 94 117 98 107 106 119 Biological assets 4 6 5 13 15 20 44 45 30 19 15 22 17 30 24 28 30 37 33 41 PP&E a
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 2023 1H23 1H24 PBIT 6 23 (11) 30 80 90 45 21 (67) 14 85 63 (16) 1 9 129 75 74 62 49 Depreciation and amortization 4 5 9 8 13 17 25 27 25 22 29 37 46 63 56 51 46 50 24 25 Gain on acquisit
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 2021-1H24 4.6 3.6 231 165 109 168 2.6 1.9 2.2 1.7 2.0 1.6 125 109 118 1.1 1.0 123 0.8 0.7 0.6 27 43 39 -28 -0.4 2021 2022 2023 1H24 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, kMWh Total emissions, kt of CO2eq* Emissions breakdown, 2023, % ∑1 286 ∑1 079 390 Biogenic Ecological 1 184 311 33% FLAG 929 Scope 3 348 273 15 16 non-FLAG Scope 2 480 531 67% Scope 1 2022 2023 2022 2023 Employees by gender Lost day rate Charitable and social
Slide 24: Astarta IT Solutions
ASTARTA IT SOLUTIONS AgriChain is an in-house integrated multi-module IT solution for agribusiness management. AgriChain consists of 8 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: Fair Value of Biological Assets
FAIR VALUE 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 see