Rusagro Group · RUS:RAGR
Rusagro — ROS Agro — Q1 2017 Earnings Presentation
24 slides from Rusagro's earnings presentation, Jun 5, 2017
Slide 1: ROS AGRO PLC Investor Presentation Q1 2017
ROS AGRO PLC Investor Presentation Q1 2017 05 June 2017
Slide 2: Table of Contents
Table of Contents 1 Business Overview by division (IFRS) 4 2 Q1 2017 (IFRS) Summary 10 3 Additional information 14 2
Slide 3: Net revenue, Adjusted EBITDA: Actual Q1 2017 vs Actual Q1 2016
Net revenue, Adjusted EBITDA: Actual Q1 2017 vs Actual Q1 2016 Comments Net revenue (IFRS) Actual Q1 2017 vs Actual Q1 2016 22,000 Net Revenue increased by RR 1,042 million (+6%): 308 (1,379) 1,117 • Sugar sales increased by RR 1,533 million (+26%) as a result of sales volume increase that was 20,00
Slide 4: Business Overview by division (IFRS)
Section 1 Business Overview by division (IFRS) Q1 2017 vs Q1 2016
Slide 5: Sugar
Sugar Key indicators Actual Q1 2017 vs Actual Q1 2016 (IFRS) Comments Sugar: sales, Adjusted EBITDA and Adjusted EBITDA margin 45% Sales (RR +1,533 million, +26%): 8,000 39% 7,410 • an increase in sugar sales volume by 72 ths tn or 57% (following the high sugar beet harvest in 40% 2016 and acquisiti
Slide 6: Meat
Meat Key indicators Actual Q1 2017 vs Actual Q1 2016 (IFRS) Comments Meat: sales, Adjusted EBITDA and Adjusted EBITDA margin Sales (RR +1,117 million, +31%): 5,000 4,732 55% • an increase in sales volume of livestock pigs by 5 ths tn or 33% and in sales volume of processed pork by 2 ths tn or 11%. O
Slide 7: Agriculture
Agriculture Key indicators Actual Q1 2017 vs Actual Q1 2016 (IFRS) Comments Agriculture: sales, Adjusted EBITDA and Adjusted EBITDA margin Sales (RR +308 million, +9%): 60% 4,000 3,670 The major positive factors are: • sales of 452 ths tn of sugar beet in Q1 2017 compared to zero sales in Q1 2016; 4
Slide 8: Oil & Fats
Oil & Fats Key indicators Actual Q1 2017 vs Actual Q1 2016 (IFRS) Comments Oil & Fats: sales, Adjusted EBITDA and Adjusted EBITDA margin Sales (RR -1,379 million, -24%: EZHK RR +33 million, +2%; SAPP RR -1,338 million, -41%; Far East 6,500 RR -91 million, -9% and Eliminations RR +17 million). 5,747
Slide 9: Oil & Fats: volumes and prices
Oil & Fats Key indicators Actual Q1 2017 vs Actual Q1 2016 (IFRS) Comments Oil & Fats Ekaterinburg: volume and prices 20 78.1 80 Sales and prices in Ekaterinburg fat plant (EZHK): 15 16 77.1 thousand rubles per ton • sales volume of mayonnaise increased by 1 ths tn (+10%) with 2% increase in price;
Slide 10: Summary Key Indicators (IFRS)
Section 2 Summary Key Indicators (IFRS) Q1 2017 vs Q1 2016
Slide 11: Debt profile (as of 31 March 2017)
Debt profile (as of 31 March 2017) Comments Debt position and liquidity management • Gross debt decreased by RR 6,653 million (-15%) to RR 37,850 million Variance in RR million 31 March 2017 31 December 2016 • Net debt decreased by RR 4,894 million to negative amount of RR -552 million. Units % • 61
Slide 12: Statement of financial position: Key changes
Statement of financial position: Key changes 31 March 2017 vs 31 December 2016 Comments Assets as of 31 March 2017 vs 31 December 2016 160,000 ASSETS • PPE & LT biological assets* increased by RR 41 million (RR +888 million in Agriculture, RR -722 million in Meat). Decrease in balance of PPE in Meat
Slide 13: Cash Flows: Actual Q1 2017 vs Actual Q1 2016
Cash Flows: Actual Q1 2017 vs Actual Q1 2016 Cash Flows according to Management view (Not IFRS presentation)**RR m illion Comments Actual Actual Variances Q1 2017 Q1 2016 Units % In Q1 2017 cash and cash equivalents increased by RR 10,656 million from RR 6,752 million Cash flow s from operating acti
Slide 14: Additional information
Section 3 Additional information
Slide 15: Statement of Comprehensive income (IFRS)
Statement of Comprehensive income (IFRS) ROS AGRO PLC Variances Description Actual Q1 2017 Actual Q1 2016 (*) Units % Sales 18,780 17,738 1,042 6 Net gain on revaluation of biological assets and (1,968) (2,795) 827 30 agricultural produce Cost of sales (14,397) (11,589) (2,807) (24) Net gain/ (loss)
Slide 16: Adjusted EBITDA Q1 2017 (IFRS) Breakdown by divisions
Adjusted EBITDA Q1 2017 (IFRS) Breakdown by divisions ROS AGRO PLC RR m illion Q1 2017 Sugar Meat Agriculture Oil and Fat Other Elim ination Total Sales 7,410 4,732 3,670 4,368 16 (1,416) 18,780 Net gain / (Net loss) on revaluation of biological assets and agricultural produce - (336) (1,146) - - (4
Slide 17: Adjusted EBITDA Q1 2016 (IFRS) Breakdown by divisions
Adjusted EBITDA Q1 2016 (IFRS) Breakdown by divisions ROS AGRO PLC RR m illion Q1 2016 Sugar Meat Agriculture Oil and Fat Other Elim ination Total Sales 5,877 3,615 3,362 5,747 18 (881) 17,738 Net gain / (Net loss) on revaluation of biological assets and agricultural produce - (1,013) (1,049) - - (7
Slide 18: Statement of cash flows (IFRS)
Statement of cash flows (IFRS) ROS AGRO PLC RR m illion Actual Actual Variances Q1 2017 Q1 2016 Units % Cash flow s from operating activities Profit before incom e tax (320) 56 (376) - Adjustments for non-cash and non-operating (income)/expenses, net: Depreciation and amortization 1,727 949 778 82 I
Slide 19: Statement of cash flows (IFRS) - continuance
Statement of cash flows (IFRS) - continuance ROS AGRO PLC RR m illion Actual Actual Variances Q1 2017 Q1 2016 Units % Cash flow s from investing activities Purchases of property, plant and equipment (2,875) (1,151) (1,724) (150) Purchases of other intangible assets (40) (34) (6) (19) Proceeds from s
Slide 20: Statement of cash flows according to Management view
Statement of cash flows according to Management view (Not IFRS presentation) ROS AGRO PLC RR m illion Actual Actual Variances Q1 2017 Q1 2016 Units % Cash flow s from operating activities Profit before incom e tax (320) 56 (376) - Adjustments for non-cash and non-operating (income)/expenses, net: De
Slide 21: Statement of cash flows according to Management view - continuance
Statement of cash flows according to Management view (Not IFRS presentation) – continuance ROS AGRO PLC (*) Including in net cash RR m illion flows on financial assets Actual Actual Variances related to financial Q1 2017 Q1 2016 Units % activities. Cash flow s from investing activities - - Purchases
Slide 22: Statement of financial position (IFRS)
Statement of financial position (IFRS) ROS AGRO PLC RR m illion 31 March 31 December Variances 2017 2016 Units % ASSETS Current assets Cash and cash equivalents 16,397 6,752 9,645 143 Restricted cash 0 0.04 (0) (5) Short-term investments 5,773 17,230 (11,457) (66) Trade and other receivables 3,345 4
Slide 23: Statement of financial position (IFRS) - continuance
Statement of financial position (IFRS) - continuance ROS AGRO PLC RR m illion 31 March 31 December Variances 2017 2016 Units % Liabilities and EQUITY Current liabilities Short-term borrow ings 6,646 11,704 (5,059) (43) Trade and other payables 6,328 6,989 (661) (9) Current income tax payable 90 99 (
Slide 24: Average FX rate, USD/RUR
Average FX rate, USD/RUR Ruble's exchange rate for apr. 2015 - mar. 2016 85.00 80.00 77.93 77.33 75.00 69.70 70.00 70.42 65.03 65.00 66.78 65.42 63.25 60.00 54.45 55.00 57.18 53.22 50.00 50.47 45.00 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 USD/RUB max min t