Astarta Holding Plc · GPW:AST
Astarta — H1 2022 Earnings Presentation
24 slides from Astarta's earnings presentation, Aug 1, 2022
Slide 1: 1H22 operating and financial results
1H22 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: 1H22 Highlights
1H22 HIGHLIGHTS Summary P&L • 1H22 Astarta’s revenues increased by 45% y-o-y to EUR218m, with the EURk 1H21 1H22 biggest contribution by the Agricultural segment with a 35% share Revenues, including 150 878 218 347 Agriculture 27 382 76 885 • The Agricultural revenues nearly doubled to EUR77m y-o-y
Slide 4: 1H22 Highlights
1H22 HIGHLIGHTS Summary Сash Flows Summary Balance Sheet EURk 1H21 1H22 EURk 1H21 YE21 1H22 Pre-tax income 91 773 29 353 Right-of-use asset (mainly land) 100 092 117 058 124 416 Depreciation & Amortisation 23 824 24 734 Biological assets (non-current) 26 180 27 703 27 828 Financial interest expenses
Slide 5: Agriculture
AGRICULTURE Yields of key crops Financial results t/ha 2019 2020 2021 EURk 2019 2020 2021 1H21 1H22 Corn 8.7 6.9 8.6 Revenues, including 175 137 185 049 185 049 27 382 76 885 Wheat 5.1 4.8 5.8 Corn 94 439 85 126 85 126 23 772 54 531 Sunseeds 2.9 2.2 2.7 Wheat 44 726 59 764 59 764 1 341 3 194 Soybean
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 350 Ending stocks Stock to use 45% 350 Ending stocks Stock to use 45% 300 40% 300 40% 35% 35% 250 30% 250 30% 200 25% 200 25% 150 20% 150 20% 100 15% 15% 100 10% 10% 50 5% 50
Slide 7: Sugar Production
SUGAR PRODUCTION Production Financial results Unit 2019 2020 2021 EURk 2019 2020 2021 1H21 1H22 Sugar production kt 302 226 340* Revenues 116 893 126 973 170 197 58 917 61 855 Sugar beet processed kt 1 950 1 559 1 844 Cost of sales (107 637) (98 728) (123 711) (37 309) (47 484) Own sugar beet % 80%
Slide 8: Sugar Production
SUGAR PRODUCTION Sugar production, consumption and exports, Ukraine • According to the latest data by the Agriculture Ministry the 2.5 2.3 2.2 sugar beet acreage totalled 182kha (-19% y-o-y). With yields 2 000.0 2.1 2.1 2.1 1 800.0 2.0 1.8 1.8 forecast of 44t/ha by Ukrsugar, the sugar beet output is
Slide 9: Soybean Processing
SOYBEAN PROCESSING Production Financial results kt 2019 2020 2021 1H21 1H22 EURk 2019 2020 2021 1H21 1H22 Soybean processed 215 231 208 96 113 Revenues, including 82 718 75 157 89 814 44 843 52 687 Soybean meal 158 169 152 71 83 Soybean meal 54 025 47 872 57 006 28 357 33 469 Soybean oil 41 44 40 18
Slide 10: Cattle Farming
CATTLE FARMING Milk production, herd and productivity Financial results 2019 2020 2021 1H21 1H22 EURk 2019 2020 2021 1H21 1H22 Milk production, kt 96 93 97 49 50 Revenues 34 603 33 167 38 474 18 069 19 778 Herd, k heads 24 22 22 22 23 Cost of sales (27 692) (25 015) (26 721) (12 533) (13 658) Unit m
Slide 11: Outlook
OUTLOOK Since russia started the full-scale war against Ukraine all local businesses operate under conditions which make it difficult to specify development plans in detail. Currently the major task is to ensure food security for the country and concentrate on the short-term objectives of vital impo
Slide 12: Sustainability Framework: Energy & GHG Emissions Management
SUSTAINABILITY FRAMEWORK: ENERGY & GHG EMISSIONS MANAGEMENT • Four out of five sugar mills retooled from coal to natural gas as the main Ratings and reporting energy input. Energy-efficiency BAT programme from 2015 to reduce energy consumption per tonne of sugar beets processed. To-date, gas consump
Slide 13: The Humanitarian Project Common Help UA
THE HUMANITARIAN PROJECT COMMON HELP UA Co-founders Common Help UA is a humanitarian project co-founded by the Charitable Foundation “Believe in Yourself” and Astarta from the onset of the full-scale russian military aggression against Ukraine. The project participants put together their capabilitie
Slide 14: Summary Financials
SUMMARY FINANCIALS 14
Slide 15: Last Three Years Highlights
LAST THREE YEARS HIGHLIGHTS Revenues*, EURm Investments, EURm ∑491 30 ∑24 ∑448 5% ∑416 8 25 5% 8 5 38 2 ∑16 4% 35 33 90 20 ∑13 83 75 3% 15 3% 2 3% 185 1 206 175 10 21 2% 10 11 117 127 170 5 1% 0 1 2 2 0% 2019 2020 2021 2019 2020 2021 Sugar production Agriculture Sugar production Agriculture Soybean
Slide 16: 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 1H21 1H22 Revenues 68 88 123 128 219 304 353 327 352 314 369 459 372 448 416 491 151 218 Cost of revenues (55) (67) (96) (83) (128) (193) (286) (293) (268) (219) (257) (355)
Slide 17: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET EURm 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1H21 1H22 Right-of-use asset (mainly land) - - - - - - - - - - - - 110 142 94 117 100 124 Biological assets 4 6 5 13 15 20 44 45 30 19 15 22 17 30 24 28 26 28 PP&E and other 33 79 79 111 1
Slide 18: Consolidated Cash Flows
CONSOLIDATED CASH FLOWS EURm 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1Q21 1H22 PBIT 6 23 (11) 30 80 90 45 21 (67) 14 85 63 (16) 1 9 129 92 29 Depreciation and amortization 4 5 9 8 13 17 25 27 25 22 29 37 46 63 56 51 24 25 Gain on acquisition of subsidiaries (4
Slide 19: Appendix
APPENDIX 19
Slide 20: Astarta – Value Chain
ASTARTA – VALUE CHAIN Crop growing Storage, Handling and Logistics Processing Primary agriculture Storage and Handling Sugar • Among Ukraine’s Top 5 agriproducers by land • 7 grain and oilseeds silos with storage • 22% share of the local sugar market bank and production capacity – 562kt by productio
Slide 21: Valuation and Capital Structure
VALUATION AND CAPITAL STRUCTURE EV 2019-2022 4.7 4.6 94 3.6 3.5 231 105 2.4 2.6 139 2.1 143 1.9 141 1.6 1.1 1.3 125 0.8 136 98 0.6 31 27 53 2019 2020 2021 1H22 -0.4 Net financial debt Lease liabilities MCAP Net debt/EBITDA EV/EBITDA Equity Coverage Top 10 shareholders* Board of Directors Name Share
Slide 22: Key ESG Facts
KEY ESG FACTS Energy consumption, k GJ Emissions, kt of CO2 equivalent Water consumption, megaliters Ecological 4 080 388 4.0 3 627 359 3.7 2020 2021 2020 2021 2020 2021 Employees by gender Lost day rate CSR budget, EURm Female Male 18.3 2.4 Social 3 211 3 077 1.6 1 816 1 743 6.0 20% 2020 2021 2020
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 • AgriChain Land is the farmland management module covering land mapping, lease agreements, leaseholders’ and payments
Slide 24: 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