Rusagro Group · RUS:RAGR
Rusagro — Ros Agro — Q1 2023 Earnings Presentation
23 slides from Rusagro's earnings presentation, May 22, 2023
Slide 1: Ros Agro PLC Investors Presentation 1Q 2023
MAY 22ND, 2023 ROS AGRO PLC INVESTORS PRESENTATION 1Q 2023
Slide 2: Ros Agro PLC at a Glance 2022
ROS AGRO PLC AT A GLANCE 2022 2 Diversified Financial Results Business Leading Market Positions Sustainable Long-Term Growth 2022 Adj. EBITDA, RUB bn Net Profit, RUB bn Sugar 1 2 240 2017-2022 adj. EBITDA CAGR Business № № Consumer Industrial fats and +26% 48,1 margarine producer sunflower oil 41,4
Slide 3: Table of Contents
TABLE OF CONTENTS 3 1 Summary Key Indicators (IFRS) 1Q 2023 vs 1Q 2022 4 2 Business Overview by division (IFRS) 7 3 Overview of Debt profile and Cash Flows 12 4 Additional information 15
Slide 4: Summary Key Indicators (IFRS) 1Q 2023 vs 1Q 2022
SECTION 1 SUMMARY KEY INDICATORS (IFRS) 1Q 2023 VS 1Q 2022
Slide 5: 1Q 2023 Highlights
1Q 2023 HIGHLIGHTS 5 -23% -56% -11 pp +176% 47.4 7.1 15% 5.4 2.32 RUB bn RUB bn adj. EBITDA RUB bn Net Debt / Adj. Net Revenue adj. EBITDA margin EBITDA (LTM) Net profit -17% +19% -17% +99% 148 72 333 709 2.1 ths tn ths tn ths tn ths tn RUB bn Sugar Sales Oil&Fat and Dairy Agriculture products CAPEX
Slide 6: Net Revenue, Adjusted EBITDA: 1Q 2023 vs 1Q 2022
NET REVENUE, ADJUSTED EBITDA: 6 1Q 2023 vs 1Q 2022 Summary Key Indicators (IFRS) 1Q 2023 vs 1Q 2022 Net Revenue decreased by RUB 14,111 million (-23%): 70,000 • Revenue of Sugar segment decreased by RUB 1 922 million (-17%) mainly because of lower sugar sales volumes following the decrease in produc
Slide 7: Business Overview by Division (IFRS)
SECTION 2 BUSINESS OVERVIEW BY DIVISION (IFRS) 1Q 2023 VS 1Q 2022
Slide 8: Sugar: Key Indicators 1Q 2023 vs 1Q 2022
SUGAR 8 KEY INDICATORS 1Q 2023 VS 1Q 2022 (IFRS) Sales (RUB -1,922 million, -17%): • Revenue from sugar sales declined by RUB 1,320 million mainly because of the decrease in Sales, Adjusted EBITDA and Adjusted EBITDA margin sales volumes: • Lower sugar content of sugar beet due to adverse weather co
Slide 9: Oil & Fats: Key Indicators 1Q 2023 vs 1Q 2022
OIL & FATS 9 KEY INDICATORS 1Q 2023 VS 1Q 2022 (IFRS) Sales (RUB -11,754 million, -33%): Oil & Fats: Sales, Adjusted EBITDA and Adjusted EBITDA margin • The impact of factors on the decrease of revenue: RUB -6,155 million as a result of a decrease in sales volumes for all product categories and RUB
Slide 10: Meat: Key Indicators 1Q 2023 vs 1Q 2022
MEAT 10 KEY INDICATORS 1Q 2023 VS 1Q 2022 (IFRS) Sales (RUB +1,467 million, +16%): Sales, Adjusted EBITDA and Adjusted EBITDA margin Sales increase was impacted by the following factors: • RUB +1,864 million due to the increase in sales volume by 19% (+11 thousand tones). Positive 12,000 8% 10,725 d
Slide 11: Agriculture: Key Indicators 1Q 2023 vs 1Q 2022
AGRICULTURE 11 KEY INDICATORS 1Q 2023 VS 1Q 2022 (IFRS) Sales (RUB -2,289 million, -28%) Sales, Adjusted EBITDA and Adjusted EBITDA margin Sales decrease impacted by the factors: RUB -2,717 million due to sales prices decrease supported by the strengthening of the russian rouble and RUB +427 million
Slide 12: Overview of Debt Profile and Cash Flows
SECTION 3 OVERVIEW OF DEBT PROFILE AND CASH FLOWS
Slide 13: Debt Profile as of 31 March 2023
DEBT PROFILE AS OF 31 MARCH 2023 13 Comments Debt position and liquidity management RUB million Variance • Gross debt decreased by RUB 22 689 million (-10%) 31 March 2023 31 December 2022 Units % up to RUB 210 701 million. Gross debt 210,701 233,390 (22,689) (10) • Net debt / Adjusted EBITDA (LTM) r
Slide 14: Cash Flows: 1Q 2023 vs 1Q 2022
CASH FLOWS: 1Q 2023 VS 1Q 2022 14 Cash Flows according to Management view Main variances in cash flow statement line items between 1Q 2023 vs 1Q 2022: (Not IFRS presentation)* Net cash from operating activities: RUB million • decrease in adjusted EBITDA (RUB -9,050 million); 1Q 2023 1Q 2022 Variance
Slide 15: Additional Information
SECTION 4 ADDITIONAL INFORMATION
Slide 16: Statement of Financial Position: Key Changes
STATEMENT OF FINANCIAL POSITION: 16 KEY CHANGES 31 MARCH 2023 VS 31 DECEMBER 2022 ASSETS • Cash & Investments** decreased by RUB 17,772 million. For cash Assets flow details please refer to the next slide. ST Investments are lower RUB million mainly because of decrease in bank deposits with original
Slide 17: Consolidated Statement of Comprehensive Income (IFRS)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (IFRS) 17 FOR THE THREE MONTHS ENDED 31 MARCH 2023 RUB million Varianсes Description 1Q 2023 1Q 2022 Units % Sales 47,395 61,506 (14,111) (23) Net gain / (loss) on revaluation of biological assets and (547) (3,097) 2,550 82 agricultural produce Cost of
Slide 18: Segment Information for Three Months Ended 31 March 2023
SEGMENT INFORMATION 18 FOR THE THREE MONTHS ENDED 31 MARCH 2023 RUB million Sugar Meat Agriculture Oil and Fat Other Elimination Total Sales 9,411 10,725 5,896 23,357 464 (2,457) 47,395 Net gain / (loss) on revaluation of biological assets and - 1,327 (1,415) - - (459) (547) agricultural produce Cos
Slide 19: Segment Information for Three Months Ended 31 March 2022
SEGMENT INFORMATION 19 FOR THE THREE MONTHS ENDED 31 MARCH 2022 RUB million Sugar Meat Agriculture Oil and Fat Other Elimination Total Sales 11,333 9,258 8,185 35,111 208 (2,589) 61,506 Net gain/ (loss) on revaluation of biological assets and - 967 (2,845) - - (1,219) (3,097) agricultural produce Co
Slide 20: Consolidated Statement of Cash Flows
CONSOLIDATED STATEMENT OF СASH FLOWS FOR THE THREE MONTHS ENDED 31 MARCH 2022* 20 RUB million Variance 1Q 2023 1Q 2022 Units % Cash flows from operating activities Profit before income tax 7,159 2,095 5,065 242 Adjustments for non-cash and non-operating (income)/expenses, net: Depreciation and amort
Slide 21: Consolidated Statement of Cash Flows (continued)
CONSOLIDATED STATEMENT OF СASH FLOWS 21 FOR THE THREE MONTHS ENDED 31 MARCH 2022* - CONTINUANCE RUB million Variance 1Q 2023 1Q 2022 Units % Cash flows from investing activities - Purchases of property, plant and equipment (2,000) (2,982) 982 33 Purchases of other intangible assets (289) (361) 72 20
Slide 22: Consolidated Statement of Financial Position as at 31 March 2023
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS) 22 AS AT 31 MARCH 2023 RUB million 31 December Variances 31 March 2023 2022 Units % ASSETS 409,221 432,827 (23,606) (5) Current assets Cash and cash equivalents 30,392 21,473 8,919 42 Restricted cash - - - - Short-term investments 64,107 91,383 (27
Slide 23: Consolidated Statement of Financial Position (continued)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS) 23 AS AT 31 MARCH 2023 - CONTINUANCE RUB million 31 December Variances 31 March 2023 2022 Units % Liabilities and EQUITY 409,221 432,827 (23,606) (5) Current liabilities Short-term borrowings 150,002 172,352 (22,350) (13) Lease liabilities 874 863