Astarta Holding Plc · GPW:AST
Astarta — FY2023 Earnings Presentation
25 slides from Astarta's earnings presentation, Apr 15, 2024
Slide 1: 2023 Operating and Financial Results
2023 Operating and Financial Results IR webpage 15th April, 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: 2023 Highlights: Summary P&L
2023 HIGHLIGHTS Summary P&L EURk 2022 2023 • The Company’s consolidated revenues rose by 21% y-o-y to EUR619m during the Revenues, incl. 510 070 618 931 reporting period Agriculture 180 292 239 890* • Agricultural segment was the main contributor with 39% of the consolidated Sugar Production 155 529
Slide 4: 2023 Highlights: Cash Flows and Balance Sheet
2023 HIGHLIGHTS Summary Сash Flows Summary Balance Sheet EURk 2022 2023 EURk YE22 YE23 Pre-tax income 75 323 73 793 Right-of-use asset (mainly land) 97 539 107 142 Depreciation and amortisation 45 702 49 591 Biological assets (non-current) 29 962 36 614 Financial interest expenses, net 6 126 3 265 P
Slide 5: Agriculture
AGRICULTURE Sales volumes of key crops Financial results kt 2021 2022 2023 EURk 2021 2022 2023 Corn 483 366 493 Revenues, incl. 185 049 180 292 239 890* Wheat 290 201 354 Corn 85 125 86 316 105 978 Sunseeds 45 56 118 Wheat 59 763 52 955 74 076 Rapeseeds 28 15 38 Sunseeds 21 324 28 137 41 225 Rapesee
Slide 6: Agriculture: Yields and Operating Highlights
AGRICULTURE Gross yields and output of key crops Key operating highlights 2021 2022 2023 • The high cost of export logistics undermined profitability of grain t/ha production in 2023 leading to higher acreage under oilseeds and sugar t/ha kt t/ha kt t/ha kt Corn 8.6 508 8.9 342 10.3 201 beets and lo
Slide 7: Agricultural Market Fundamentals
AGRICULTURAL MARKET FUNDAMENTALS Ukrainian Grain and Oilseeds export destinations, 2023 Ukrainian agri exports by means of transport, mt, 2023 ∑7.5 ∑7.2 11% ∑6.3 1.1 0.8 9% ∑5.5 ∑5.5 ∑5.5 1.3 EU 1.0 Trucks 2.0 0.6 ∑4.4 ∑4.9 0.9 Total Africa 1.1 ∑4.3 Railway 1.5 0.7 ∑3.7 11% cargo China 1.6 0.6 ∑3.4
Slide 8: Sugar Production
SUGAR PRODUCTION Production Financial results Unit 2021 2022 2023 EURk 2021 2022 2023 Total sugar production kt 340 282 377 Revenues 170 197 155 529 199 452 Sugar from beets, kt kt 266 282 377 Cost of revenues (123 711) (113 510) (144 408) Sugar beet processed kt 1 844 1 970 2 701 Gross profit 46 48
Slide 9: Sugar Market Fundamentals
SUGAR MARKET FUNDAMENTALS Sugar production, consumption and exports, Ukraine 2.5 2.2 2.1 2 000.0 • In the 2023/24 production season, sugar mills processed 12mt of 2.1 2.1 sugar beet into 1.8mt of white sugar, compared to 1.2mt in 2022. 1 800.0 2.0 1.8 1.8 1.7 1.7 1 600.0 1.6 1.6 1.5 1.6 Thirty mills
Slide 10: Soybean Processing
SOYBEAN PROCESSING Production Financial results kt 2021 2022 EURk 2023 2021 2022 2023 Soybean processed 172 211 Revenues, incl. 232 89 814 121 886 121 539 Soybean meal 128 155 172 Soybean meal 57 006 64 094 84 555 Soybean oil 32 40 45 Soybean oil 31 598 56 195 35 468 Sales volumes Cost of revenues (
Slide 11: Cattle Farming
CATTLE FARMING Milk production volume, herd and productivity* Financial results 2021 2022 2023 EURk 2021 2022 2023 Milk production, kt 97 102 115 Revenues 38 474 38 610 42 598 Herd, k heads 22 23 26 Cost of revenues (26 721) (26 889) (29 891) Unit milk yield, kg/day 22.6 23.6 25.8 BA revaluation (1
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 Revenues 68 88 123 128 219 304 353 327 352 314 369 459 372 448 416 491 510 619 Cost of revenues (55) (67) (96) (83) (128) (193) (286) (293) (268) (219) (257) (355)
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 Right-of-use asset (mainly land) - - - - - - - - - - - - 110 142 94 117 98 107 Biological assets 4 6 5 13 15 20 44 45 30 19 15 22 17 30 24 28 30 37 PP&E and other 33 79 79 111 14
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 PBIT 6 23 (11) 30 80 90 45 21 (67) 14 85 63 (16) 1 9 129 75 74 Depreciation and amortization 4 5 9 8 13 17 25 27 25 22 29 37 46 63 56 51 46 50 Gain on acquisition of subsidiaries (4
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 2021-2023 4.6 3.6 231 165 2.6 109 2.2 1.9 1.7 1.6 0.8 1.0 1.1 125 109 118 0.6 27 43 39 -0.4 2021 2022 2023 Net financial debt Lease liabilities MCAP Net debt*/EBITDA EV/EBITDA *Net debt incl. lease Equity Coverage Top 10 shareholders* Board of Directors Name Share
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