Astarta Holding Plc · GPW:AST
Astarta — Q1 2021 Earnings Presentation
24 slides from Astarta's earnings presentation, May 19, 2021
Slide 1: 1Q21 operating and financial results
1Q21 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: 1Q21 Highlights
1Q21 HIGHLIGHTS Summary P&L EURk 1Q20 1Q21 • ASTARTA’s consolidated revenues amounted to EUR83m in 1Q21, Revenues, including 101 344 82 835 18% down y-o-y, mainly due to lower sales in the Agricultural Agriculture 39 170 14 626 segment which generated 18% of consolidated revenues Sugar production 28
Slide 4: 1Q21 Highlights
1Q21 HIGHLIGHTS Summary Сash Flows Summary Balance Sheet EURk 1Q20 1Q21 EURk 1Q20 YE20 1Q21 Pre-tax income (15 159) 4 271 Right-of-use asset (mainly land) 120 025 94 178 98 464 D&A 15 820 11 733 Biological assets (non-current) 24 676 23 917 23 296 Financial interest expenses, net 2 528 1 476 PP&E an
Slide 5: Agriculture
AGRICULTURE Sales volumes of key crops Financial results kt 2018 2019 2020 1Q20 1Q21 EURk 2018 2019 2020 1Q20 1Q21 Corn 358 714 630 236 73 Revenues, including 126 765 205 712 175 137 39 170 14 626 Wheat 270 266 265 3 4 Corn 52 846 109 973 94 439 38 155 12 038 Sunseeds 78 103 83 - 4 Wheat 43 942 40 2
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% 40% 300 300 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 1Q20 1Q21 Sugar production kt 352 302 226 Revenues 119 436 116 893 126 973 28 755 28 756 Sugar beet processed kt 2 472 1 950 1 559 Cost of sales (103 779) (107 637) (98 728) (24 671) (17 421) 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 2.3 • Domestic production amounted 1.2mt in 2020 due to lower harvest 2.5 2 000.0 2.2 2.1 2.1 2.1 This pushed the local sugar prices to USD602 in 1Q21, or by 67% y-o-y
Slide 9: Soybean Processing
SOYBEAN PROCESSING Production Financial results kt 2018 2019 2020 1Q20 1Q21 EURk 2018 2019 2020 1Q20 1Q21 Soybean processed 215 231 208 64 51 Revenues, including 74 290 82 718 75 157 22 348 29 301 Soybean meal 158 169 152 47 38 Soybean meal 48 082 54 025 47 872 15 020 17 906 Soybean oil 41 44 40 13
Slide 10: Cattle Farming
CATTLE FARMING Milk production, herd and productivity Financial results 2018 2019 2020 1Q20 1Q21 EURk 2018 2019 2020 1Q20 1Q21 Milk production, kt 106 96 93 24 25 Revenues 29 309 34 603 33 167 10 042 9 159 Herd, k heads 27 24 22 22 22 Cost of sales (24 852) (27 692) (25 015) (8 224) (6 396) Milk yie
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 10 2% 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 1Q20 1Q21 Revenues 68 88 123 128 219 304 353 327 352 314 369 459 372 448 416 101 83 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 1Q20 1Q21 Right-of-use asset (mainly land) - - - - - - - - - - - - 110 142 94 120 98 Biological assets 4 6 5 13 15 20 44 45 30 19 15 22 17 30 24 25 23 PP&E and other 33 79 79 111 148 231 244 32
Slide 16: Consolidated Cash Flows
CONSOLIDATED CASH FLOWS EURm 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q20 1Q21 PBIT 6 23 (11) 30 80 90 45 21 (67) 14 85 63 (16) 1 9 (15) 4 Depreciation and amortization 4 5 9 8 13 17 25 27 25 22 29 37 46 63 56 16 12 Gain on acquisition of subsidiaries (4) (5) (9) (
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 4.8 94 5 4.7 104 216 4 3.5 143 139 2.4 3.2 3 220 2 136 98 102 1.1 31 16 1.1 1 2018 2019 2020 1Q21 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