9M20 operating and financial results
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9M20 HIGHLIGHTS
Summary P&L
EURk | 9M19 | 9M20 |
Revenues, including | 325 711 | 290 548 |
Agriculture | 147 522 | 121 287 |
Sugar production | 86 809 | 87 093 |
Soybean processing | 61 545 | 53 555 |
Cattle farming | 24 947 | 25 043 |
Cost of sales, including | (293 024) | (241 709) |
Effect of FV remeasurement of AP | (46 276) | (26 056) |
Changes in FV of BA and AP* | 27 056 | 33 533 |
Gross profit | 59 743 | 82 372 |
Gross profit margin | 18% | 28% |
EBIT | 7 909 | 38 326 |
Depreciation & Amortisation | 45 678 | 43 497 |
EBITDA, including | 53 587 | 81 823 |
Agriculture | 36 956 | 59 565 |
Sugar production | 3 626 | 13 278 |
Soybean processing | 5 896 | 4 875 |
Cattle farming | 7 255 | 5 029 |
EBITDA margin | 16% | 28% |
Interest expense on lease liability | (17 935) | (17 933) |
Other finance costs | (14 083) | (7 221) |
Forex gain/loss | 22 728 | (18 577) |
Net profit (loss) | 1 927 | (4 719) |
Net profit (loss) margin | 1% | (2%) |
*FV - Fair Value, BA - Biological Assets, AP - Agricultural Produce
- ASTARTA's consolidated revenues amounted to EUR291m in 9M20, 11% down y-o-y, on lower sales volumes of grains and soybean products
- Revenues in the Agricultural segment stood at EUR 121m (18% lower y-o-y), or 42% of the total. Revenues in the Sugar segment were flat at EUR87m
- The Soybean Processing and the Cattle Farming segments generated EUR54m and EUR25m of revenues, correspondingly, vis- à-vis EUR62m and EUR25m in 9M19
- Exports contributed EUR146m, or half of the total revenues
- Gross profit increased by 38% y-o-y to EUR82m as Cost of sales reduction by 18% y-o-y to EUR242m offset the revenue decline
- Accordingly, EBITDA grew by 53% y-o-y to EUR82m
- Excluding the impact of IAS41, Gross Margin improved from 24% to 26% and EBITDA Margin - from 22% to 26%
EURk | 9M19 | 9M20 |
Gross Profit, ex BA & AP remeasurement | 78 963 | 74 895 |
Gross Margin, ex BA & AP remeasurement | 24% | 26% |
EBITDA, ex BA & AP remeasurement | 72 807 | 74 346 |
EBITDA margin, ex BA & AP remeasurement | 22% | 26% |
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9M20 HIGHLIGHTS
Summary Сash Flows
EURk | 9M19 | 9M20 | |
Pre-tax income | (608) | (4 739) | |
D&A | 45 678 | 43 497 | |
Financial interest expenses, net | 13 217 | 6 898 | |
Interest on lease liability | 17 935 | 17 933 | |
Changes in FV of BA and AP | (27 056) | (33 533) | |
Forex gain/loss | (22 728) | 18 577 | |
Income taxes paid | (1 455) | (2 156) | |
Working Capital changes | 108 902 | 56 483 | |
Other | 534 | 2 741 | |
Operating Cash Flows | 134 419 | 105 701 | |
Investing Cash Flows | (19 758) | (9 737) | |
Debt proceeds | 60 331 | 74 010 | |
Debt repayment | (136 889) | (120 966) | |
Finance interest paid | (14 389) | (7 278) | |
Land lease repayment | (30 260) | (29 760) | |
Financing Cash Flows | (121 207) | (83 994) |
- ASTARTA reported Operating Cash Flows of EUR106m versus EUR134m in 9M19. Operating Cash Flows before Working Capital changes increased from EUR26m to EUR49m (excluding IAS41 - EUR83m versus EUR53m)
- Capex tightly controlled at EUR10m in 9M20
- These measures allowed the Company to pay down a further EUR47m of bank debt on a Cash Flow Basis
- As a result Net Debt reduced to EUR175m corresponding to Net debt/EBITDA (LTM) of 1.6x at the end of 9M20
- As at the end of 9M20 ASTARTA complied with financial covenants
Summary Balance Sheet
EURk | 9M19 | YE19 | 9M20 |
Right-of-use asset (mainly land) | 140 894 | 142 035 | 107 227 |
Biological assets (non-current) | 23 026 | 30 011 | 23 559 |
PP&E and other | 317 595 | 300 193 | 220 512 |
Inventories, including RMI* | 162 831 | 193 681 | 76 307 |
Biological assets (current) | 79 103 | 16 109 | 67 681 |
AR and other | 69 944 | 64 206 | 50 789 |
Cash and equivalents | 8 219 | 13 033 | 19 631 |
Total Assets | 801 612 | 759 268 | 565 706 |
Equity | 441 113 | 438 755 | 344 334 |
Long-term loans | 126 | 591 | 56 520 |
Land lease liability (mainly land) | 101 561 | 103 391 | 80 370 |
Other | 12 527 | 10 930 | 7 088 |
Non-current liabilities | 114 214 | 114 912 | 143 978 |
ST debt and similar | 172 350 | 148 811 | 31 024 |
Current lease liability (mainly land) | 33 454 | 36 073 | 26 535 |
Other | 40 481 | 20 717 | 19 835 |
Current liabilities | 246 285 | 205 601 | 77 394 |
Total equity and liabilities | 801 612 | 759 268 | 565 706 |
EBITDA LTM | 53 544 | 77 923 | 106 159 |
Lease liability (mainly land) | 135 015 | 139 464 | 106 905 |
RMI* | 90 921 | 142 500 | 33 295 |
Net debt total | 299 272 | 275 833 | 174 818 |
ND total/EBITDA (х) | 5.6 | 3.5 | 1.6 |
Adjusted net debt = (ND-RMI) | 208 351 | 133 333 | 141 523 |
Adj ND/EBITDA (х) | 3.9 | 1.7 | 1.3 |
*RMI = Finished Goods | 4 |
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Astarta Holding NV published this content on 10 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2020 15:06:01 UTC