Astarta Holding Plc · GPW:AST
Astarta — FY2021 Earnings Presentation
26 slides from Astarta's earnings presentation, Apr 8, 2022
Slide 1: 2021 operating and financial results
2021 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: The Humanitarian Project Common Help UA
THE HUMANITARIAN PROJECT COMMON HELP UA This dedicated humanitarian project was created by the teams of Astarta and the charitable foundation "Believe in yourself" As of 8th of April, 40 tonnes of humanitarian medical supplies received from the Portuguese charitable organisation were delivered to 55
Slide 4: 2021 Highlights: Summary P&L
2021 HIGHLIGHTS Summary P&L EURk 2020 2021 • Astarta’s consolidated revenues amounted to EUR491m in 2021, up Revenues*, including 415 630 491 355 18% y-o-y, on higher sales prices of grains, sugar and soybean Agriculture 175 137 185 049 products Sugar production 126 973 170 197 • Revenues in the Agr
Slide 5: 2021 Highlights: Summary Balance Sheet
2021 HIGHLIGHTS Summary Balance Sheet EURk YE20 YE21 EURk YE20 YE21 Right-of-use asset (mainly land) 94 178 117 058 Equity 337 326 495 142 Biological assets 23 917 27 703 Long-term loans 35 078 20 855 PP&E and other 199 053 200 531 Lease liability (mainly land) 72 600 92 182 Non-current assets 317 1
Slide 6: 2021 Highlights: Summary Cash Flows
2021 HIGHLIGHTS Summary Сash Flows EURk 2020 2021 • Astarta reported Operating cash flows of EUR57m vs Pre-tax income 9 209 128 773 EUR156m in 2020 due to changes in working capital and fair Depreciation & Amortisation 55 510 51 386 value of biological assets and agricultural produce. Operating Fina
Slide 7: Agriculture
AGRICULTURE Sales volumes of key crops Financial results kt 2019 2020 2021 EURk 2019 2020 2021 Corn 714 630 483 Revenues, including 205 712 175 137 185 049 Wheat 266 265 290 Corn 109 973 94 440 85 126 Sunseeds 103 83 45 Wheat 40 250 44 726 59 764 Rapeseeds 5 12 28 Sunseeds 30 221 26 914 21 324 Rapes
Slide 8: Agriculture
AGRICULTURE Output of key crops* Key operational highlights kt 2019 2020 2021 • All key crops’ yields increased significantly (+10-30% y-o-y) due to Corn 581 418 508 favourable growing conditions in the Company’s area of operations, Wheat 256 230 268 thus boosting production. Volume of grains and oi
Slide 9: 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% 300 40% 300 25% 35% 250 30% 250 20% 200 25% 200 15% 150 20% 150 10% 100 15% 100 10% 50 5% 50 5% 0
Slide 10: Sugar Production
SUGAR PRODUCTION Financial results Key financial highlights EURk 2019 2020 2021 • Strong demand and higher prices led to a significant increase in Revenues 116 893 126 973 170 197 revenues by 34% y-o-y to EUR170m in 2021 Cost of sales (107 637) (98 728) (123 711) • Gross profit margin improved by 5p
Slide 11: Sugar Production
SUGAR PRODUCTION Sugar production, consumption and exports, Ukraine • According to Ukrsugar, beet sugar output in Ukraine totalled 1.4mt (up 2.5 2.3 2.2 2,000.0 by 25% y-o-y) with 33 sugar plants running in 2021. Domestic 2.1 2.1 2.1 consumption is estimated at 1.3mt. The acreage under sugar beet 1,
Slide 12: Soybean Processing
SOYBEAN PROCESSING Production Financial results kt 2019 2020 2021 EURk 2019 2020 2021 Soybean processed 231 208 172 Revenues, including 82 718 75 157 89 814 Soybean meal 169 152 128 Soybean meal 54 025 47 873 57 006 Soybean oil 44 40 32 Soybean oil 27 444 25 999 31 598 Sales volumes Cost of sales (6
Slide 13: Cattle Farming
CATTLE FARMING Milk production, herd and productivity Financial results 2019 2020 2021 EURk 2019 2020 2021 Milk production, kt 96 93 97 Revenues 34 603 33 167 38 474 Herd, k heads 24 22 22 Cost of sales (27 692) (25 015) (26 721) Milk yield, kg/day 20.1 21.4 22.6 BA revaluation 8 949 1 363 (1 427) M
Slide 14: 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 15: Sustainability Framework: Energy & GHG Emissions Management
SUSTAINABILITY FRAMEWORK: ENERGY & GHG EMISSIONS MANAGEMENT Key facts Ratings and reporting • In 2014 Bioenergy complex was put into operation. This plant ASTARTA is a member of the produces biogas from beet pulp for sugar and soybean Global Compact of United processing plants to replace natural gas
Slide 16: Summary Financials
SUMMARY FINANCIALS 16
Slide 17: 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 18: 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 Revenues 68 88 123 128 219 304 353 327 352 314 369 459 372 448 416 491 Cost of sales (55) (67) (96) (83) (128) (193) (286) (293) (268) (219) (257) (355) (324) (400) (348) (4
Slide 19: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET EURm 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Right-of-use asset (mainly land) - - - - - - - - - - - - 110 142 94 117 Biological assets 4 6 5 13 15 20 44 45 30 19 15 22 17 30 24 28 PP&E and other 33 79 79 111 148 231 244 321 237 232 2
Slide 20: Consolidated Cash Flows
CONSOLIDATED CASH FLOWS EURm 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 PBIT 6 23 (11) 30 80 90 45 21 (67) 14 85 63 (16) 1 9 129 Depreciation and amortization 4 5 9 8 13 17 25 27 25 22 29 37 46 63 56 51 Gain on acquisition of subsidiaries (4) (5) (9) (0) (4) (13)
Slide 21: Appendix
APPENDIX 21
Slide 22: 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 23: Valuation and Capital Structure
VALUATION AND CAPITAL STRUCTURE EV 2019-2021 4.7 4.6 94 3.6 3.5 231 2.4 2.6 139 143 1.9 1.6 1.1 125 0.8 136 98 0.6 31 27 2019 2020 2021 -0.4 Net financial debt Lease liabilities MCAP Net debt/EBITDA EV/EBITDA Equity Coverage Top 10 shareholders* Board of Directors Name Share Director Position Backgr
Slide 24: 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 25: 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 26: 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