Astarta Holding Plc · GPW:AST
Astarta — Q1 2023 Earnings Presentation
25 slides from Astarta's earnings presentation, May 17, 2023
Slide 1: 1Q23 operating and financial results
1Q23 operating and financial results 17th May, 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: 1Q23 Highlights
1Q23 HIGHLIGHTS Summary P&L EURk 1Q22 1Q23 • Astarta’s consolidated revenues increased by 37% y-o-y to EUR164m in 1Q23 Revenues, incl. 119 321 163 553 following better performance in all business segments Agriculture 62 543 80 097 • Agricultural segment was the best performer and generated EUR80m of
Slide 4: 1Q23 Highlights: Cash Flows and Balance Sheet
1Q23 HIGHLIGHTS Summary Сash Flows Summary Balance Sheet EURk 1Q22 1Q23 EURk 1Q22 YE22 1Q23 Pre-tax income 3 112 19 563 Right-of-use asset (mainly land) 117 316 97 539 106 807 Depreciation and amortisation 12 559 11 982 Biological assets (non-current) 26 238 29 962 31 173 Financial interest expenses
Slide 5: Agriculture
AGRICULTURE Sales volumes of key crops Financial results kt 2020 2021 2022 1Q22 1Q23 EURk 2020 2021 2022 1Q22 1Q23 Corn 630 483 366 200 227 Revenues, incl. 175 137 185 049 180 292 62 543 80 097 Wheat 265 290 201 10 41 Corn 94 440 85 125 86 316 46 460 57 444 Sunseeds 83 45 56 22 32 Wheat 44 726 59 76
Slide 6: Agriculture: yields and operating highlights
AGRICULTURE Gross yields and output of key crops Key operating highlights 2020 2021 2022 t/ha • Astarta continues spring planting in all seven regions of its t/ha kt t/ha kt t/ha kt Corn 6.9 418 8.6 508 8.9 342 operations. Rainy and cold weather slowed 2023 sowing campaign, but was favorable for the
Slide 7: Agricultural Market Fundamentals
AGRICULTURAL MARKET FUNDAMENTALS Black Sea Grain Initiative cargo breakdown, Aug 2022- Ukrainian exports of agricultural products by means of transport, Apr 2023 mt, 1Q23 ∑7.5 19% ∑6.3 0.5 ∑5.5 1.1 0.5 Trucks Corn 0.4 1.0 Railway 3% Total 2.0 1.1 cargo 50% Wheat 1.5 Danube ports Rapeseeds 1.1 29mt O
Slide 8: Sugar Production
SUGAR PRODUCTION Production Financial results Unit 2020 2021 2022 EURk 2020 2021 2022 1Q22 1Q23 Total sugar production kt 226 340 282 Revenues 126 973 170 197 155 529 19 752 36 694 Sugar from beets, kt kt 226 266 282 Cost of sales (98 728) (123 711) (113 510) (14 560) (24 523) Sugar beet processed k
Slide 9: Sugar Market Fundamentals
SUGAR MARKET FUNDAMENTALS Sugar production, consumption and exports, Ukraine 2.5 • In 2023, the area under sugar beet in Ukraine is expected at 2.2 2 000.0 2.1 2.1 2.1 the pre-war level of 220kha (+21% y-o-y). Preliminary, about 30 1 800.0 2.0 1.8 1.7 1.7 1 600.0 1.6 1.6 1.5 1.6 sugar mills will be
Slide 10: Soybean Processing
SOYBEAN PROCESSING Production Financial results kt 2020 2021 2022 1Q22 1Q23 EURk 2020 2021 2022 1Q22 1Q23 Soybean processed 208 172 211 50 61 Revenues, incl. 75 157 89 814 121 886 25 915 31 074 Soybean meal 152 128 155 36 45 Soybean meal 47 873 57 006 64 094 18 751 20 051 Soybean oil 40 32 40 9 12 S
Slide 11: Cattle Farming
CATTLE FARMING Milk production volume, herd and productivity* Financial results 2020 2021 2022 1Q22 1Q23 EURk 2020 2021 2022 1Q22 1Q23 Milk production, kt 93 97 102 25 30 Revenues 33 167 38 474 38 610 9 895 10 705 Herd, k heads 22 22 23 23 25 Cost of sales (25 015) (26 721) (26 889) (6 530) (6 712)
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 UA humanitarian project
At the start of the war, Astarta co-founded a large-scale humanitarian project Common Help UA. 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 entrepreneursh
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 1Q22 1Q23 Revenues 68 88 123 128 219 304 353 327 352 314 369 459 372 448 416 491 510 119 164 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 1Q22 1Q23 Right-of-use asset (mainly land) - - - - - - - - - - - - 110 142 94 117 98 117 107 Biological assets 4 6 5 13 15 20 44 45 30 19 15 22 17 30 24 28 30 26 31 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 1Q22 1Q23 PBIT 6 23 (11) 30 80 90 45 21 (67) 14 85 63 (16) 1 9 129 75 3 20 Depreciation and amortization 4 5 9 8 13 17 25 27 25 22 29 37 46 63 56 51 46 13 12 Gain on acquisition of subsi
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 2020-1Q2023 4.6 3.6 231 2.4 2.6 109 129 143 1.9 1.7 1.5 1.6 1.1 1.0 0.8 125 109 113 0.8 0.6 98 31 27 43 17 -0.4 2020 2021 2022 1Q23 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