Rusagro Group · RUS:RAGR
Rusagro — Ros Agro — Q3 2015 Earnings Presentation
28 slides from Rusagro's earnings presentation, Nov 23, 2015
Slide 1: Presentation for Investors 9M 2015 and Q3 2015
ROS AGRO PLC Presentation for Investors 9M 2015 and Q3 2015 23 November 2015
Slide 2: Table of Contents
Table of Contents 1 ROS AGRO PLC – summary key indicators 9M 2015 and Q3 2015 (IFRS) 3 2 Business Overview by division (IFRS) 8 3 Additional information 19 2
Slide 3: Section 1: Summary Key Indicators (IFRS)
Section 1 Summary Key Indicators (IFRS) 9M 2015 vs 9M 2014 Q3 2015 vs Q3 2014
Slide 4: Net revenue and Adjusted EBITDA 9M 2015
Net revenue, Adjusted EBITDA: Actual 9M 2015 vs Actual 9M 2014 Comments Net revenue (IFRS) Actual 9M 2015 vs Actual 9M 2014 55,000 1,596 717 (364) 50,358 Net Revenue increased by RR 8,972 million (+22%) due to: 50,000 6,344 679 • Sugar sales increased by RR 6,344 million (+38%) due to sale prices in
Slide 5: Net revenue and Adjusted EBITDA Q3 2015
Net revenue, Adjusted EBITDA: Actual Q3 2015 vs Actual Q3 2014 Comments Net revenue (IFRS) Actual Q3 2015 vs Actual Q3 2014 19,000 500 (803) Net Revenue increased by RR 3,028 million (+21%) due to: 985 18,000 2,919 (573) 17,769 • Sugar sales increased by RR +2,919 million (+51%) due to an increase b
Slide 6: Debt profile (as of 30 September 2015)
Debt profile (as of 30 September 2015) Comments Debt position and liquidity management • Gross debt increased by RR 7,049 million (+32%) up to RR 29,355 million. 30 31 Decem ber Variance • Net debt decreased by RR 2,751 million (-76%) to RR 866 million. in RR m illion Septem ber • 100% of total gros
Slide 7: Cash Flows: Actual 9M 2015 vs Actual 9M 2014
Cash Flows: Actual 9M 2015 vs Actual 9M 2014 Comments Cash Flows according to Management view (Not IFRS presentation)** RR m illion In 9M 2015 cash and cash equivalents decreased by RR 4,174 million from RR 10,316 Actual Actual V ariance s million to RR 6,142 million. 9M 2015 9M 2014 Units % Cas h f
Slide 8: Section 2: Business Overview by division (IFRS)
Section 2 Business Overview by division (IFRS) 9M 2015 vs 9M 2014 Q3 2015 vs Q3 2014
Slide 9: Sugar 9M 2015
Sugar Key indicators Actual 9M 2015 vs Actual 9M 2014 (IFRS) Comments Sugar: sales, Adjusted EBITDA and Adjusted EBITDA margin 33% 25,000 22,922 35% Sales (RR +6,344 million, +38%): The increase in sales is caused by growth in sales prices from 27.4 ths rur/tn up to 40.4 ths 30% rur/tn (excl. VAT) (
Slide 10: Sugar Q3 2015
Sugar Key indicators Actual Q3 2015 vs Actual Q3 2014 (IFRS) Comments Sugar: sales, Adjusted EBITDA and Adjusted EBITDA margin 40% Sales (RR +2,919 million, +51%): 36% sales price increased from 28.1 ths rur/tn up to 41.9 ths rur/tn (excl. VAT) (+49%), 10,000 35% sales volume increased by 6 ths tn (
Slide 11: Meat 9M 2015
Meat Key indicators Actual 9M 2015 vs Actual 9M 2014 (IFRS) Comments Meat: sales, Adjusted EBITDA and Adjusted EBITDA 15,000 margin 60% Sales (RR +679 million, +5 %): 13,432 • sales volume of livestock pigs decreased by 14 ths tn (-11%) from 125 ths tn to 111 ths tn; 12,753 13,000 55% • sales volume
Slide 12: Meat Q3 2015
Meat Key indicators Actual Q3 2015 vs Actual Q3 2014 (IFRS) Comments Meat: sales, Adjusted EBITDA and Adjusted EBITDA 6,000 5,528 margin 60% Sales (RR -573 million, -10 %): 56% 4,956 • sales volume of livestock pigs decreased by 13 ths tn (-28%) from 47 ths tn to 34 ths tn; 5,000 • sales volume of p
Slide 13: Agriculture 9M 2015
Agriculture Key indicators Actual 9M 2015 vs Actual 9M 2014 (IFRS) Comments Agriculture: sales, Adjusted EBITDA and Adjusted 6,000 EBITDA margin 50% Sales (RR +1,596 million, +44%): 5,199 The major positive factors are: 5,000 45% • an increase in sales volumes of wheat (+45%) and barley (+23%) 40% E
Slide 14: Agriculture Q3 2015
Agriculture Key indicators Actual Q3 2015 vs Actual Q3 2014 (IFRS) Comments Agriculture: sales, Adjusted EBITDA and Adjusted EBITDA margin Sales (RR +985 million, +50%): 3,500 50% 2,969 45% The positive factors are: 3,000 • an increase in sales volumes of barley (+699%) and corn (+250%) 40% 32% 35%
Slide 15: Oil & Fats 9M 2015
Oil & Fats Key indicators Actual 9M 2015 vs Actual 9M 2014 (IFRS) Comments Oil & Fats: sales, Adjusted EBITDA and Adjusted EBITDA margin Sales (RR +717 million, +6%: EZHK RR +1,308 million, +27%, SAPP RR -869 million, 12,053 20% -12%, Far East RR +1,335 million, +100% and Eliminations RR -1,057 mill
Slide 16: Oil & Fats Yekaterinburg: volume and prices 9M
Oil & Fats Key indicators Actual 9M 2015 vs Actual 9M 2014 (IFRS) Comments Oil & Fats Yekaterinburg: volume and prices 80 Sales and prices in Yekaterinburg fat plant (EZHK): 50 45 45 • margarine’s price increased by 34% from 51.7 ths rur/tn up to 69.1 ths rur/tn (excl. VAT) 41 40 71.9 70 thousand ru
Slide 17: Oil & Fats Q3 2015
Oil & Fats Key indicators Actual Q3 2015 vs Actual Q3 2014 (IFRS) Comments Oil & Fats: sales, Adjusted EBITDA and Adjusted EBITDA margin Sales (RR +500 million, +15%: EZHK RR +800 million, +47%, SAPP RR -419 million, - 20% 21%, Far East RR +464 million, +100% and Eliminations -345 million, -105%). 3
Slide 18: Oil & Fats Yekaterinburg: volume and prices Q3
Oil & Fats Key indicators Actual Q3 2015 vs Actual Q3 2014 (IFRS) Comments Oil & Fats Yekaterinburg: volume and prices 74.0 80 Sales and prices in Yekaterinburg fat plant (EZHK): 19 18 18 • margarine’s price increased by 40% from 52.8 ths rur/tn up to 74 ths rur/tn (excl. VAT) 72.6 70 thousand ruble
Slide 19: Section 3: Additional information
Section 3 Additional information
Slide 20: Statement of Comprehensive income (IFRS)
Statement of Comprehensive income (IFRS) ROS AGRO PLC RR m illion Actual 9M 2014 Variances (*) As a result of the full year audit Item Actual 9M 2015 2014 the management corrected (*) Units % the accounting treatment of bonds, Sale s 50,358 41,386 8,972 22 purchased in April-May 2014. Gain on revalu
Slide 21: Adjusted EBITDA 9M 2015 (IFRS) Breakdown by divisions
Adjusted EBITDA 9M 2015 (IFRS) Breakdown by divisions ROS AGRO PLC RR m illion 9M 2015 Sugar M e at Agriculture Oil Othe r Elim ination Total Sales 22,922 13,432 5,199 12,053 28 (3,277) 50,358 Gain on revaluation of biological assets and agricultural produce - 6,406 4,261 - - - 10,667 Cost of sales
Slide 22: Adjusted EBITDA 9M 2014 (IFRS) Breakdown by divisions
Adjusted EBITDA 9M 2014 (IFRS) Breakdown by divisions ROS AGRO PLC RR m illion 9M 2014 Sugar M e at Agriculture Oil Othe r Elim ination Total Sales 16,578 12,753 3,603 11,337 37 (2,921) 41,386 Gain on revaluation of biological assets and agricultural produce - 7,670 1,723 - - - 9,393 Cost of sales (
Slide 23: Statement of cash flows (IFRS)
Statement of cash flows (IFRS) ROS AGRO PLC m ln. rur Actual Actual V ariance s 9M 2015 9M 2015 Units % Cas h flow s from ope rating activitie s Profit be fore incom e tax 19,459 12,902 6,558 51 Adjustments for non-cash and non-operating (income)/expenses, net: Depreciation and amortization 2,351 2,
Slide 24: Statement of cash flows (IFRS) - continuance
Statement of cash flows (IFRS) - continuance ROS AGRO PLC Actual Actual V ariance s 9M 2015 9M 2015 Units % Cas h flow s from inve s ting activitie s Purchases of property, plant and equipment (9,694) (3,926) (5,768) -147 Purchases of other intangible assets (103) (87) (15) -18 Proceeds f rom sales
Slide 25: Statement of cash flows according to Management view
Statement of cash flows according to Management view (Not IFRS presentation) ROS AGRO PLC m ln. rur Actual Actual V ariance s 9M 2015 9M 2014 Units % Cas h flow s from ope rating activitie s Profit be fore incom e tax 19,459 12,902 6,558 51 Adjustments for non-cash and non-operating (income)/expense
Slide 26: Statement of cash flows according to Management view – continuance
Statement of cash flows according to Management view (Not IFRS presentation) – continuance ROS AGRO PLC m ln. rur Actual Actual V ariance s 9M 2015 9M 2014 Units % Cas h flow s from inve s ting activitie s - 0 Purchases of property, plant and equipment (9,694) (3,926) (5,768) -147 Purchases of other
Slide 27: Statement of financial positions (IFRS)
Statement of financial positions (IFRS) ROS AGRO PLC RR m illion 30 September 31 December Variances 2015 2014 Units % ASSETS Curre nt as s e ts Cash and cash equivalents 6,142 10,316 (4,174) (40) Restricted cash 19 - 19 - Short-term investments 22,287 8,864 13,423 151 Trade and other receivables 3,2
Slide 28: Statement of financial positions (IFRS) - continuance
Statement of financial positions (IFRS) - continuance ROS AGRO PLC RR m illion 30 September 31 December Variances 2015 2014 Units % Liabilitie s and EQUITY Curre nt liabilitie s Short-term borrow ings 17,417 12,500 4,917 39 Trade and other payables 5,609 2,772 2,837 102 Current income tax payable 25