Astarta Holding Plc · GPW:AST
Astarta — Q1 2024 Earnings Presentation
25 slides from Astarta's earnings presentation, May 21, 2024
Slide 1: 1Q24 Operating and Financial Results
1Q24 Operating and Financial Results IR webpage 21 May, 2024
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: 1Q24 Highlights: Summary P&L
1Q24 HIGHLIGHTS Summary P&L EURk 1Q23 1Q24 • Astarta’s consolidated revenues totalled EUR166m in 1Q24 (flat y-o-y) Revenues, incl. 163 553 165 779 • Agricultural segment was the main contributor with 44% of total or Agriculture 80 097 73 267 EUR73m (-9% y-o-y) followed by the Sugar Production with 2
Slide 4: 1Q24 Highlights: Cash Flows and Balance Sheet
1Q24 HIGHLIGHTS Summary Сash Flows Summary Balance Sheet EURk 1Q23 1Q24 EURk 1Q23 YE23 1Q24 Pre-tax income 19 563 10 346 Right-of-use asset (mainly land) 106 807 107 142 120 659 Depreciation and amortisation 11 982 12 553 Biological assets (non-current) 31 173 36 614 37 344 Financial interest expens
Slide 5: Agriculture
AGRICULTURE Sales volumes of key crops Financial results kt 2021 2022 2023 1Q23 1Q24 EURk 2021 2022 2023 1Q23 1Q24 Corn 483 366 493 227 215 Revenues, incl. 185 049 180 292 239 890* 80 097 73 267 Wheat 290 201 354 41 80 Corn 85 125 86 316 105 978 57 444 41 658 Sunseeds 45 56 118 32 19 Wheat 59 763 52
Slide 6: Agriculture: Key operating highlights
AGRICULTURE Key operating highlights • Amid supportive weather conditions Astarta’s agricultural subsidiaries completed the 2024 sowing campaign several weeks earlier, by mid-May (end-May in 2023) • Area under winter crops stands at 61kha (+8% y-o-y), incl. 49kha of wheat (previous year – 43kha) and
Slide 7: Agricultural Market Fundamentals
AGRICULTURAL MARKET FUNDAMENTALS Ukrainian Grain and Oilseeds export destinations, 1Q24 • In the 1Q24 grain and oilseed crops export stood at 18mt (+5% y-o- 20% y) and seaborne exports even exceeded prewar levels amid active ship traffic via the Ukrainian grain corridor. The EU remained the EU 42% k
Slide 8: Sugar Production
SUGAR PRODUCTION Production Financial results Unit 2021 2022 2023 EURk 2021 2022 2023 1Q23 1Q24 Total sugar production kt 340 282 377 Revenues 170 197 155 529 199 452 36 694 43 512 Sugar from beets, kt kt 266 282 377 Cost of revenues (123 711) (113 510)(144 408) (24 523) (33 581) Sugar beet processe
Slide 9: Sugar Market Fundamentals
SUGAR MARKET FUNDAMENTALS Sugar production, consumption and exports, Ukraine 2.5 • As of the May 9th, 2024, sugar beet sowing was complete in 2 000.0 2.1 2.1 2.1 1 800.0 2.0 1.8 1.8 Ukraine, with area totalling 250kha (flat y-o-y) according to the 1.7 1 600.0 1.6 1.6 1.5 1.6 Ministry of Agriculture
Slide 10: Soybean Processing
SOYBEAN PROCESSING Production Financial results kt 2021 2022 2023 1Q23 1Q24 EURk 2021 2022 2023 1Q23 1Q24 Soybean processed 172 211 232 60 61 Revenues, incl. 89 814 121 886 121 539 31 074 29 322 Soybean meal 128 155 172 46 44 Soybean meal 57 006 64 094 84 555 20 051 19 059 Soybean oil 32 40 45 12 12
Slide 11: Cattle Farming
CATTLE FARMING Milk production volume, herd and productivity* Financial results 2021 2022 2023 1Q23 1Q24 EURk 2021 2022 2023 1Q23 1Q24 Milk production, kt 97 102 115 30 32 Revenues 38 474 38 610 42 598 10 705 13 251 Herd, k heads 22 23 26 25 27 Cost of revenues (26 721) (26 889) (29 891) (6 712) (7
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 From 2008 - membership in programme reduced unit gas consumption by 1/3, electricity by 2/3 since 2015 the G
Slide 14: Common Help Ukraine humanitarian project
At the start of the war, Astarta co-founded a large-scale humanitarian project Common Help Ukraine. 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 entrepren
Slide 15: Summary Financials
SUMMARY FINANCIALS
Slide 16: Last Three Years Highlights
LAST THREE YEARS HIGHLIGHTS Revenues, EURm Investments, EURm ∑619 100 12% ∑491 ∑510 15 43 7% 8 14 80 7% 39 122 38 3% 3% 90 122 60 ∑41 2% 240 185 180 40 ∑16 ∑17 21 20 -3% 199 2 2 9 170 156 9 11 11 0 2 6 -8% 2021 2022 2023 2021 2022 2023 Sugar Production Agriculture Soybean Processing Sugar Production
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 2023 1Q23 1Q24 Revenues 68 88 123 128 219 304 353 327 352 314 369 459 372 448 416 491 510 619 164 166 Cost of revenues (55) (67) (96) (83) (128) (193) (286) (293) (268)
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 2023 1Q23 1Q24 Right-of-use asset (mainly land) - - - - - - - - - - - - 110 142 94 117 98 107 107 121 Biological assets 4 6 5 13 15 20 44 45 30 19 15 22 17 30 24 28 30 37 31 37 PP&E a
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 2023 1Q23 1Q24 PBIT 6 23 (11) 30 80 90 45 21 (67) 14 85 63 (16) 1 9 129 75 74 20 10 Depreciation and amortization 4 5 9 8 13 17 25 27 25 22 29 37 46 63 56 51 46 50 12 13 Gain on acquisit
Slide 20: Appendix
APPENDIX
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 2021-1Q24 4.6 3.6 231 165 109 168 2.6 1.9 2.2 1.7 2.1 1.6 0.8 109 1.0 118 1.1 125 129 0.9 0.6 27 43 39 -11 -0.4 2021 2022 2023 1Q24 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, kMWh Total emissions, kt of CO2eq* Emissions breakdown, 2023, % ∑1 286 ∑1 079 390 Biogenic Ecological 1 184 311 33% FLAG 929 Scope 3 348 273 15 16 non-FLAG Scope 2 480 531 67% Scope 1 2022 2023 2022 2023 Employees by gender Lost day rate Charitable and social
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 IT modules, which are united by an authorization server - a WEB portal. This concept of IT architecture allows the use of individual IT modules or bundles from any c
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