Astarta Holding PLC · GPW:AST
Astarta — H1 2023 Earnings Presentation
25 slides from Astarta's earnings presentation, Aug 29, 2023
Slide 1: 1H23 Operating and Financial Results
1H23 Operating and Financial Results IR webpage 29 August, 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: 1H23 Highlights
1H23 HIGHLIGHTS Summary P&L EURk 1H22 1H23 • Astarta’s 1H23 consolidated revenues totalled EUR287m increasing by 32% Revenues, incl. 218 347 287 250 y-o-y driven by better performance by all business segments Agriculture 76 885 100 538 • Agricultural segment generated EUR101m in 1H23, up by 31% y-o-
Slide 4: 1H23 Highlights: Cash Flows and Balance Sheet
1H23 HIGHLIGHTS Summary Сash Flows Summary Balance Sheet EURk 1H22 1H23 EURk 1H22 YE22 1H23 Pre-tax income 29 353 61 729 Right-of-use asset (mainly land) 124 416 97 539 105 987 Depreciation and amortisation 24 734 24 134 Biological assets (non-current) 27 828 29 962 33 481 Financial interest expense
Slide 5: Agriculture
AGRICULTURE Sales volumes of key crops Financial results kt 2020 2021 2022 1H22 1H23 EURk 2020 2021 2022 1H22 1H23 Corn 630 483 366 232 286 Revenues, incl. 175 137 185 049 180 292 76 885 100 538 Wheat 265 290 201 13 47 Corn 94 440 85 125 86 316 54 531 67 271 Sunseeds 83 45 56 32 60 Wheat 44 726 59 7
Slide 6: Agriculture: yields and operating highlights
AGRICULTURE Gross yields and output of key crops Key operating highlights 2020 2021 2022 t/ha • In the first days of August the Company started sowing winter crops for t/ha kt t/ha kt t/ha kt the 2024 harvest. Rapeseeds is planted on the area of 12kha (-12% y- Corn 6.9 418 8.6 508 8.9 342 o-y) and w
Slide 7: Agricultural Market Fundamentals
AGRICULTURAL MARKET FUNDAMENTALS Ukrainian Grain and Oilseeds export cargo destinations, Ukrainian exports of agricultural products by means of transport, Jan-Jul’23 mt, Jan-Jul’23 ∑7.5 10% 0.5 ∑6.3 1.1 ∑5.5 ∑5.5 0.5 ∑4.9 Trucks 11% 0.2 ∑4.4 EU 0.4 1.0 2.0 0.6 0.2 Railway Total China 1.1 0.2 1.5 0.7
Slide 8: Sugar Production
SUGAR PRODUCTION Production Financial results Unit 2020 2021 2022 EURk 2020 2021 2022 1H22 1H23 Total sugar production kt 226 340 282 Revenues 126 973 170 197 155 529 61 855 86 099 Sugar from beets, kt kt 226 266 282 Cost of sales (98 728) (123 711) (113 510) (47 276) (58 360) Sugar beet processed k
Slide 9: Sugar Market Fundamentals
SUGAR MARKET FUNDAMENTALS Sugar production, consumption and exports, Ukraine 2.5 2.2 • In 2023 sugar beets were planted on 213kha, up by 21% y-o-y, 2 000.0 2.1 2.1 2.1 according to the Ukrainian Ministry of Agriculture 1 800.0 2.0 1.8 1.7 1.7 1 600.0 1.6 1.6 1.5 1.6 • The government suspended white
Slide 10: Soybean Processing
SOYBEAN PROCESSING Production Financial results kt 2020 2021 2022 1H22 1H23 EURk 2020 2021 2022 1H22 1H23 Soybean processed 208 172 211 113 125 Revenues, incl. 75 157 89 814 121 886 52 687 71 063 Soybean meal 152 128 155 83 93 Soybean meal 47 873 57 006 64 094 33 469 49 727 Soybean oil 40 32 40 21 2
Slide 11: Cattle Farming
CATTLE FARMING Milk production volume, herd and productivity* Financial results 2020 2021 2022 1H22 1H23 EURk 2020 2021 2022 1H22 1H23 Milk production, kt 93 97 102 50 59 Revenues 33 167 38 474 38 610 19 778 20 842 Herd, k heads 22 22 23 23 25 Cost of sales (25 015) (26 721) (26 889) (13 661) (13 73
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 programme reduced unit gas consumption by 1/3, electricity by 2/3 since 2015 From 2008 - membership in 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 15
Slide 16: Last Three Years Highlights
LAST THREE YEARS HIGHLIGHTS Revenues, EURm Investments, EURm ∑491 ∑510 20 ∑17 ∑416 14 ∑16 5% 8 2 38 39 15 ∑13 2 5 4% 33 90 122 1 3% 3% 3% 75 3% 10 9 185 180 11 175 10 2% 5 127 170 156 6 1% 2 2 0 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 1H22 1H23 Revenues 68 88 123 128 219 304 353 327 352 314 369 459 372 448 416 491 510 218 287 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 1H22 1H23 Right-of-use asset (mainly land) - - - - - - - - - - - - 110 142 94 117 98 124 106 Biological assets 4 6 5 13 15 20 44 45 30 19 15 22 17 30 24 28 30 28 33 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 1H22 1H23 PBIT 6 23 (11) 30 80 90 45 21 (67) 14 85 63 (16) 1 9 129 75 29 62 Depreciation and amortization 4 5 9 8 13 17 25 27 25 22 29 37 46 63 56 51 46 25 24 Gain on acquisition of subs
Slide 20: Appendix
APPENDIX 20
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 2020-1H2023 4.6 3.6 231 2.4 169 2.6 109 143 1.9 1.7 1.6 1.6 1.1 1.0 0.8 125 109 112 0.7 0.6 98 31 27 43 19 -0.4 2020 2021 2022 1H23 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 ready-to-use IT modules, which are united by an authorization server - a WEB portal. One module is currently under development. This concept of IT architecture allow
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