Slide 1: 9M21 operating and financial results
9M21 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: 9M21 Highlights
9M21 HIGHLIGHTS Summary P&L EURk 9M20 9M21 • ASTARTA’s consolidated revenues for the 9m2021 amounted to Revenues, including 290 548 300 939 EUR301m, or a 4% increase y-o-y. The Sugar segment was the biggest Agriculture 121 287 94 613 contributor having generated 38% of those Sugar 87 093 112 990 • T
Slide 4: 9M21 Highlights: Cash Flows and Balance Sheet
9M21 HIGHLIGHTS Summary Сash Flows Summary Balance Sheet EURk 9M20 9M21 EURk 9M20 YE20 9M21 Pre-tax income (4 739) 105 799 Right-of-use asset (mainly land) 107 227 94 178 118 367 D&A 43 497 37 097 Biological assets (non-current) 23 559 23 917 26 604 Financial interest expenses, net 6 898 3 911 PP&E
Slide 5: Agriculture
AGRICULTURE Sales volumes of key crops Financial results kt 2018 2019 2020 9M20 9M21 EURk 2018 2019 2020 9M20 9M21 Corn 358 714 630 336 151 Revenues, including 126 765 205 712 175 137 121 287 94 613 Wheat 270 266 265 258 243 Corn 52 846 109 973 94 439 50 264 24 447 Sunseeds 78 103 83 51 20 Wheat 43
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 400 Ending stocks Stock to use 35% 350 Ending stocks Stock to use 45% 350 30% 40% 300 300 25% 35% 250 30% 250 20% 200 25% 200 15% 150 20% 150 100 10% 100 15% 5% 10% 50 50 5% 0
Slide 7: Sugar Production
SUGAR PRODUCTION Production Financial results Unit 2018 2019 2020 EURk 2018 2019 2020 9M20 9M21 Sugar production kt 352 302 226 Revenues 119 436 116 893 126 973 87 093 112 990 Sugar beet processed kt 2 472 1 950 1 559 Cost of sales (103 779) (107 637) (98 728) (72 046) (77 932) Own sugar beet % 60%
Slide 8: Sugar Production
SUGAR PRODUCTION • According to “NPC Sugarbeet Production”, up to 33 sugar mills Sugar production, consumption and exports, Ukraine will be in operation during the 2021 production season, with the 2.5 2.3 2 000.0 output forecast at 1.4mt, close to the level of domestic consumption 2.2 2.1 2.1 2.1 1
Slide 9: Soybean Processing
SOYBEAN PROCESSING Production Financial results kt 2018 2019 2020 9M20 9M21 EURk 2018 2019 2020 9M20 9M21 Soybean processed 215 231 208 144 109 Revenues, including 74 290 82 718 75 157 53 555 63 040 Soybean meal 158 169 152 104 81 Soybean meal 48 082 54 025 47 872 32 974 38 145 Soybean oil 41 44 40
Slide 10: Feed SPC Project
FEED SPC PROJECT “SPC” stands for the Soybean Protein Concentrate, a product with • The project’s USD50m investment will go into the soybean processing protein content of 60-70% area at the existing soybean crusher in Globyno, the Poltava region. The project aims to widen the product portfolio of so
Slide 11: Cattle Farming
CATTLE FARMING Milk production, herd and productivity Financial results 2018 2019 2020 9M20 9M21 EURk 2018 2019 2020 9M20 9M21 Milk production, kt 106 96 93 70 72 Revenues 29 309 34 603 33 167 25 043 27 402 Herd, k heads 27 24 22 22 22 Cost of sales (24 852) (27 692) (25 015) (19 448) (19 525) Milk
Slide 12: Strategy and Outlook
STRATEGY AND OUTLOOK • Active working capital management and capex at maintenance Financial goals levels while weather poses challenges for agricultural activities • Maintaining low financial leverage • Wide ranging cost cutting measures to reduce fixed and variable costs across the board • Retain N
Slide 13: Summary Financials
SUMMARY FINANCIALS 13
Slide 14: Last Three Years Highlights
LAST THREE YEARS HIGHLIGHTS Revenues, EURm Investments, EURm ∑448 60 ∑51 16% ∑372 ∑416 8 14% 14% 35 5 50 7 23 33 12% 83 75 40 29 10% 74 30 ∑24 8% 206 175 34 127 20 2 5% 6% ∑13 1 3% 4% 127 10 21 119 117 10 10 2% 0 1 2 0% 2018 2019 2020 2018 2019 2020 Sugar Agriculture Sugar Agriculture Other СAPEX as
Slide 15: 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 9M20 9M21 Revenues 68 88 123 128 219 304 353 327 352 314 369 459 372 448 416 291 301 Cost of sales (55) (67) (96) (83) (128) (193) (286) (293) (268) (219) (257) (355) (324) (400)
Slide 16: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET EURm 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 9M20 9M21 Right-of-use asset (mainly land) - - - - - - - - - - - - 110 142 94 107 118 Biological assets 4 6 5 13 15 20 44 45 30 19 15 22 17 30 24 24 27 PP&E and other 33 79 79 111 148 231 244 3
Slide 17: Consolidated Cash Flows
CONSOLIDATED CASH FLOWS EURm 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 9M20 9M21 PBIT 6 23 (11) 30 80 90 45 21 (67) 14 85 63 (16) 1 9 (5) 106 Depreciation and amortization 4 5 9 8 13 17 25 27 25 22 29 37 46 63 56 43 37 Gain on acquisition of subsidiaries (4) (5) (9)
Slide 18: Appendix
APPENDIX 18
Slide 19: ASTARTA – Value Chain
ASTARTA – VALUE CHAIN Crop growing Storage, Handling & Logistics Processing Primary agriculture Storage & Handling Sugar • Among Ukraine’s Top 5 agriproducers by land • 7 grain and oilseeds silos with storage • 20%-25% share of the local sugar bank and production capacity – 550kt market by consumpti
Slide 20: Agriculture: Achievements
AGRICULTURE • ASTARTA is ranked among Ukraine’s Top 5 agricultural businesses with a total farmland used for grain and oilseeds growing as well as cattle farming of c. 220kha • The largest sugar beet grower with 1.5mt harvest in 2020 Large-scale row crop grower (corn, wheat, sunflower and soybeans)
Slide 21: Sugar Production: Key Achievements
SUGAR PRODUCTION • ASTARTA preserved leadership position locally with a market Key achievements share of 20% in 2020 according to Ukrsugar • The Company managed to sustain high quality of sugar despite adverse weather conditions and suboptimal sugar beet harvest: high quality sugar production at 99%
Slide 22: Valuation and Capital Structure
VALUATION AND CAPITAL STRUCTURE EV 2018-2021 7 6.7 134 6 94 5 4.8 4.7 265 104 4 3.5 143 139 3 2.4 220 2.2 2 136 98 123 31 1.1 29 0.8 1 2018 2019 2020 9M21 0 Net financial debt, EURm Lease liabilities, EURm MCAP, EURm Net debt/EBITDA EV/EBITDA Equity Coverage Top 10 Shareholders Board of Directors Na
Slide 23: Key ESG Facts
KEY ESG FACTS Energy consumption Emissions, kt of CO2 equivalent Water consumption, m³/t of s.b.** Gas, m³/t of s.b.* Disel, kg/ha Ecological 378 0.85 293 0.85 0.82 238 75 74 72 23 23 24 2018 2019 2020 2018 2019 2020* 2018 2019 2020 Employees by gender Lost day rate CSR budget, EURm Female Male 1.6
Slide 24: 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 25: FV of Biological Assets
FV OF BIOLOGICAL ASSETS Crops’ calendar Mar Apr May Jun Jul Aug Sept Oct Nov Dec Assets in agriculture Sugar beets Biological assets Agricultural produce Winter crops* Corn Agriculture Agriculture Non-current Current produce Sunflower seeds produce at Livestock unharvested subsequent the point crops