ASTARTA published interim report for the first quarter of 2017

Key Highlights

  • Consolidated revenues grew by 111% to EUR 148 million
  • Exports advanced to 73% of revenues
  • EBITDA comprised EUR 44 million (+2% y-o-y)
  • Net profit increased by 64% to EUR 31 million
  • Cash flow from operations advanced by 122% to EUR 84 million
  • Net debt reduced by 46% to EUR 73 million

Performance in Key Segments

Sugar production

Sugar segment remained the largest contributor with 46% share. It generated EUR 69 million of sales that is almost 136% higher y-o-y. The growth is primarily attributable to the expanded sugar sales volume (141 thousand tonnes, 115% up y-o-y) and positive price performance (466 EUR/t, 9% up y-o-y). Exports in the segment were 72% in volume terms.

Agriculture

Revenues of the Farming segment increased 2.6х times to EUR 49 million due to advanced sales volumes (294 thousand tonnes, 141% up y-o-y). Over 90% of produce was exported. By the date of publication of this report a sowing campaign for the forthcoming 2017 season is close to finish. Before the planting, ASTARTA completed its two-year investment program into precision seeders for corn, soy, and sugar beet, which improved sowing quality and contributed to higher yield potential.

Soybean processing

The Soybean processing segment recorded strong revenues of EUR 21 million (+45%). The growth was mainly driven by the increased sales volumes of soybean products (52 thousand tonnes, 12% up y-o-y) and improved pricing performance. Segment’s export share was 87%. During the reporting period, the Globyno soybean processing plant crushed over 60 thousand tonnes of soybeans (+2% y-o-y).

Dairy Farming

The segment’s revenues increased by 32% to EUR 8 million on improved realized price. In the first quarter of 2017 ASTARTA’s milk production remained flat comparing with the same time of a previous year (26 thousand tonnes).

Comments of CEO Viktor Ivanchyk

“Our financial results for the quarter are strong based on advanced export sales of sugar and grains. With well performed sowing campaign and ongoing investment program in the main business segments we set high production targets for 2017“.