ROS AGRO PLC ROS AGRO PLC trading update 4Q and 12M 2022 | ||||||
TRADING RESULTS 4Q AND 12M 2022 | ||||||
Sales structure by segment FY 2022* | ||||||
million roubles | ||||||
+6% | Sugar segment | Meat segment | ||||
49,511 | ||||||
258,578 | +36% y-o-y | 19% | 17% | 43,705 | ||
243,107 | +10% y-o-y | |||||
12% Agriculture segment | ||||||
Oil & Fat segment | 31,993 | |||||
133,369 | -24%y-o-y | |||||
+6% y-o-y | ||||||
52% | ||||||
FY 2021 | FY 2022 |
In 2022 Rusagro's consolidated sales before intersegment eliminations
reached 258,578 million roubles. In
comparison to 2021 sales increased by 6% (+ 15,472 million roubles). Positive results were attributable to the revenue growth in all business segments, excluding Agriculture business, which faced with significant sales price reduction and sales volume transfer to the first half of 2023 due to the expectations of stronger market, as well as harvest delays on the back of adverse climate conditions.
MEAT SEGMENT
Production of pigs
thousand tonnes, in live weight for slaughtering
SUGAR SEGMENT
Production of sugar
thousand tonnes
+9% | |
309 | 336 |
FY 2021 | FY 2022 |
In 2022 Rusagro produced 336 thousand tonnes of pork in live weight for slaughtering, which is 9% (+27 thousand tonnes) more than in 2021. Output growth was attributed to the launch of pork production in Primorsky Krai, which was gradually reaching its full capacity.
-3% | |
791 | 770 |
FY 2021 | FY 2022 |
In 2022 Rusagro produced 770 thousand tonnes of sugar, which is 3% (-21thousand tonnes) less than in 2021. Drop in volumes was the result of the prolongation of the season of sugar beet harvest and sugar production, which was partially compensated by higher sugar production at desugarization facilities on the back of higher load and increased production efficiency.
Sales volume of pork products
Sales volume of sugar
thousand tonnes
+13% | |
249 | 281 |
FY 2021 | FY 2022 |
In 2022 in comparison to 2021 sales volume of pork products increased by 13% (+32 thousand tonnes) - to up to 281 thousand tonnes. Cuts grew the most among all product categories. Positive results were achieved thanks to successful pork production launch in Primorsky Krai
thousand tonnes
+11% | |
769 | 850 |
FY 2021 | FY 2022 |
In 2022 in comparison to 2021 Rusagro's sales volume of sugar jumped by 11% (+81 thousand tonnes) - to up to 850 thousand tonnes. Positive change was attributable to higher carry over stocks from 2021 and higher pace of sugar sales in 2022. Sugar beet gross yield in the season- 2021/2022 grew in comparison to the season-2020/2021 due to increased yields per hectare.
* Sales before intersegment eliminations and account for other sales. | 1 |
.
ROS AGRO PLC trading update 4Q and 12M 2022
OIL & FAT SEGMENT
Production of crude vegetable oil
AGRICULTURE SEGMENT
Sales volume of grain crops
thousand tonnes
-4% | |
670 | 640 |
FY 2021 | FY 2022 |
In 2022 Rusagro produced 640 thousand tonnes of crude vegetable oil, which is 4% (-30thousand tonnes) less than in 2021. Negative change is attributed to the late start of the season and increased moisture of the seeds coupled by lower oil content.
thousand tonnes
+16%
849 | 984 | |||||
162 | 5 | |||||
10 | ||||||
71 | ||||||
817 | ||||||
768 | ||||||
FY 2021 | FY 2022 |
Sales volume of grain crops in 2022 jumped up by 16% (+135 thousand tonnes) and reached 984 thousand tonnes. Surge of wheat sales by 6% (+49 thousand tonnes) was achieved thanks to the trading operations, launched in 2022, which though was partially compensated by transfer of sales to 2023 in expectations of better market conditions. Corn sales rose by 127% (+91 thousand tonnes) due to higher carry over stocks. This positive change was also influenced by wheat's yields surge by 20% on the back of the higher yields per hectare (+21%).
Barley Corn Wheat
Sales volume of industrial products
Sales volume of oil crops
thousand tonnes
-3%
1 325 | 1 283 | ||||
15 | 16 | ||||
337 | 298 | ||||
391 | 369 | ||||
582 | 601 | ||||
FY 2021 | FY 2022 |
Sales volume of industrial oil & fat and dairy products in 2022 reached 1,283 thousand tonnes, which is 3% (-42thousand tonnes) less than in 2021. This change was attributed to the lower crude oil production output in 2022, interruptions in supply chains and limitations imposed by the government of Indonesia in the middle of the year. These negative factors were compensated by higher sales margin of industrial fats. Meanwhile, due to the sales of stocks from 2021 Rusagro increased its sales of meal (+3%, or +19 thousand tonnes).
thousand tonnes
-56%
390
59
171
330 23
148
FY 2021 | FY 2022 |
Sales of oil crops were transferred to 2023, when better market conditions are expected, which resulted in sales volume drop in 2022 by 56% (-219thousand tonnes) reaching 171 thousand tonnes. This negative change was also influenced by adverse climate conditions, leading to prolongation of harvesting period of oil crops.
.
Dry mixes | Industrial fats | Bulk oil | Meal |
Sales volume of consumer products
Sunflower seeds | Soybeans |
Sales volume of sugar beet
thousand tonnes
-7%
340 316
15 15
325 301
FY 2021 | FY 2022 |
In 2022 sales of all key consumer products categories of Rusagro's Oil & Fat segment reached 316 thousand tonnes, which is 7% (-24thousand tonnes) less than in 2021. Due to the focus on more profitable products the Company reduced its sales of bottled oil, while thanks to the development of brands and export operations it increased its sales of mayonnaise and consumer margarines.
thousand tonnes
-10% | |
3 589 | 3 247 |
FY 2021 | FY 2022 |
In 2022 harvest of sugar beet increased by 8% thanks to yield per hectare growth of 8%. However, as the result of adverse climate conditions, which led to the delays in harvesting and harvest delivery from the fields, its sales were transferred to the beginning of 2023. Hence, in 2020 sales volumes of sugar beet were reduced by 10% (-342thousand tonnes) - to up to
3,247 thousand tonnes.
Consumer Dairy products Consumer Oil and Fat products
2
ROS AGRO PLC trading update 4Q and 12M 2022
Production of crude vegetable oil
thousand tonnes
Quarterly sales*
million roubles
-11% | |||||||||||||
77,867 69,615 | 57,255 | 77,867 | 66,956 | 69,615 | |||||||||
57,216 | 63,888 | 58,120 | |||||||||||
50,769 | |||||||||||||
4Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q |
2021 | 2022 | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2022 |
In 4Q 2022 Rusagro's consolidated sales before intersegment eliminations reached 69,615 million roubles. In comparison to 4Q 2021 sales decreased by 11% (-8,252million roubles). This change was mostly attributable to the sales drop of Agriculture business, which faced with significant sales price reduction and sales volume transfer to the first half of 2023 due to expectations of better market condition, as well as harvest delays on the back of adverse climate conditions.
OIL & FAT SEGMENT | ||||||||||||||||
Sales volume of industrial products | ||||||||||||||||
thousand tonnes | In 3Q 2022 Rusagro produced 124 thousand | |||||||||||||||
-4% | tonnes of crude vegetable oil, which is 10% (- | |||||||||||||||
188 | 14 thousand tonnes) less than in the same | |||||||||||||||
165 | 159 | 180 | 165 | 176 | 181 | 159 | quarter of the previous year. Negative change | |||||||||
138 | 124 | is attributed to elevated oil content in | ||||||||||||||
sunflower seeds in the previous season and | ||||||||||||||||
shift of the harvest timeline due to the | ||||||||||||||||
weather conditions. | ||||||||||||||||
4Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | |||||||
2021 | 2022 | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2022 |
Sales volume of consumer products
thousand tonnes | Dry mixes | Industrial fats | Bulk oil | Meal | ||||||||||||||||||||||||||||
-2% | 359 | 347 | 325 | 324 | 332 | |||||||||||||||||||||||||||
311 | 303 | 307 | 311 | 303 | ||||||||||||||||||||||||||||
73 | 4 | 4 | 4 | 4 | 4 | |||||||||||||||||||||||||||
4 | 4 | 3 | 4 | 4 | ||||||||||||||||||||||||||||
83 | 79 | 62 | 72 | |||||||||||||||||||||||||||||
96 | 84 | 83 | 95 | 96 | 84 | |||||||||||||||||||||||||||
84 | ||||||||||||||||||||||||||||||||
121 | 92 | 108 | ||||||||||||||||||||||||||||||
71 | 84 | 103 | 71 | 84 | ||||||||||||||||||||||||||||
139 | 131 | 118 | 188 | 138 | 139 | 149 | 149 | 171 | 131 | |||||||||||||||||||||||
4Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | |||||||||||||||||||||||
2021 | 2022 | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2022 |
Sales volume of industrial oil & fat and dairy products in 4Q 2022 reached 303 thousand tonnes, which is 2% (-8thousand tonnes) less than in 4Q 2021. Due to interruptions in palm oil supply to Russia, industrial fats sales reduced by 13% (-12thousand tonnes), which though was compensated by its higher sales margin. Decrease in meal sales volume by 6% (-8thousand tonnes) resulted from the sales transfer to the next year in the attempt to increase sales margin. Meanwhile, sales of vegetable oil jumped by 19% (+13 thousand tonnes) due to the sales volume transfer from 3Q to 4Q.
Sales volume of consumer products
thousand tonnes | Consumer Dairy products | ||||||||||||||||||||||||||||||||
+3% | Consumer Oil and Fat products | ||||||||||||||||||||||||||||||||
97 | 97 | ||||||||||||||||||||||||||||||||
94 | 90 | 94 | |||||||||||||||||||||||||||||||
4 | 79 | 4 | |||||||||||||||||||||||||||||||
4 | 76 | 4 | 75 | 76 | |||||||||||||||||||||||||||||
3 | 68 | ||||||||||||||||||||||||||||||||
3 | |||||||||||||||||||||||||||||||||
4 | 3 | 4 | |||||||||||||||||||||||||||||||
91 | 94 | 87 | 91 | 4 | 94 | ||||||||||||||||||||||||||||
75 | 72 | 72 | 71 | ||||||||||||||||||||||||||||||
64 | |||||||||||||||||||||||||||||||||
4Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | ||||||||||||||||||||||||
2021 | 2022 | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2022 |
In 4Q 2022 sales of all key consumer products categories of Rusagro's Oil & Fat segment (bottled oil, consumer margarines, mayonnaise and mayonnaise based sauces, cheeses, spreads, butter and cream) reached 97 thousand tonnes, which is 3% (+3 thousand tonnes) more than in 4Q 2021. Positive change was achieved thanks to higher sales volume of mayonnaise on the back of the development of distribution of brand "Ya lubli gotovit'" (I love cooking), launching new products, as well as increasing sales of brand "Mechta khozyaki" (Housewive's dream) in federal chains and development of sales in Russian HoReCa.
* Sales before intersegment eliminations and account for other sales. | 3 |
ROS AGRO PLC trading update 4Q and 12M 2022
MEAT SEGMENT
Production of pigs
thousand tonnes, in live weight for slaughtering
+11% | 91 | 83 | 85 | 91 | |||||||
82 | 75 | 76 | 75 | 82 | 77 | ||||||
4Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q |
2021 | 2022 | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2022 |
In 4Q 2022 Rusagro produced 91 thousand tonnes of pork in live weight for slaughtering, which is 11% (+9 thousand tonnes) more than in 4Q 2021. Output growth was attributed to the launch of pork production in Primorsky Krai, which was gradually reaching its full capacity.
Sales volume of pork products
thousand tonnes
+15% | In 4Q 2022 in comparison to 4Q 2021 sales | |||||||||
volume of pork products increased by 15% (+10 | ||||||||||
77 | 77 | thousand tonnes) - to up to 77 thousand | ||||||||
73 | 72 | tonnes. Cuts grew the most among all product | ||||||||
67 | 62 | 61 | 67 | categories. Positive results were achieved | ||||||
60 | ||||||||||
58 | thanks to successful pork production launch in | |||||||||
Primorsky Krai
4Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q |
2021 | 2022 | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2022 |
SUGAR SEGMENT
Production of sugar
thousand tonnes | In 4Q 2022 Rusagro produced 492 thousand | |||
-16% | tonnes of sugar, which is 16% (-91 thousand | |||
tonnes) less than in 4Q 2021. Drop in volumes | ||||
583 | 583 | |||
was the result of the prolongation of the season | ||||
492 | 492 | of sugar beet harvest and sugar production due to | ||
excess precipitation on the fields preventing | ||||
timely harvesting and harvest transportation. |
169 | 174 | ||||||||
9 | 29 | 56 | 49 | ||||||
4Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q |
2021 | 2022 | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2022 |
Sales volume of sugar thousand tonnes
In 4Q 2022 in comparison to 4Q 2021 Rusagro's | ||||||||||
-6% | sales volume of sugar reduced by 6% (-14 | |||||||||
260 | thousand tonnes) - to up to 214 thousand | |||||||||
228 214 | 228 | tonnes. This change was attributable to the | ||||||||
199 214 | ||||||||||
202 | transfer of sales volumes to the first half of 2023 | |||||||||
160 | 179 | 177 | for ensuring consistent sales across quarters. | |||||||
4Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q |
2021 | 2022 | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2022 |
4
ROS AGRO PLC trading update 4Q and 12M 2022
AGRICULTURE SEGMENT
Sales volume of grain crops
thousand tonnes | Barley | Corn | Wheat | |||||||||||||||||||||||||||||||
+176% | ||||||||||||||||||||||||||||||||||
556 | 556 | |||||||||||||||||||||||||||||||||
0,1 | 27 | 27 | 5 | |||||||||||||||||||||||||||||||
230 | 225 | |||||||||||||||||||||||||||||||||
202 | 524 | 193 | 202 | 180 | 524 | |||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||||||||
8 | 2 | 125 | 123 | |||||||||||||||||||||||||||||||
4 | 0,5 | 4 | ||||||||||||||||||||||||||||||||
50 | 14 | |||||||||||||||||||||||||||||||||
101 10 | ||||||||||||||||||||||||||||||||||
0,2 | ||||||||||||||||||||||||||||||||||
223 | 25 | 0,1 | ||||||||||||||||||||||||||||||||
184 | 143 | 218 | 184 | |||||||||||||||||||||||||||||||
79 | 115 | 98 | ||||||||||||||||||||||||||||||||
4Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | |||||||||||||||||||||||||
2021 | 2022 | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2022 |
Sales volume of grain crops in 4Q 2022 showed record high jump by 176% (+354 thousand
tonnes) and reached 556 thousand tonnes.
Wheat became the largest contributor to the sales growth - its sales reached 524 thousand tonnes. The increase by 184% (+340 thousand tonnes) was achieved due to the transfer of sales volume from the previous periods and thanks to the launch of trading business, which sold 95 thousand tonnes of wheat.
Sales volume of oil crops
thousand tonnes | Sunflower | Soy | |||||||||||||||||||||||||||||
-98% | |||||||||||||||||||||||||||||||
220 | 220 | ||||||||||||||||||||||||||||||
51 | 51 | ||||||||||||||||||||||||||||||
117 | |||||||||||||||||||||||||||||||
169 | 79 | 71 | 169 | 16 | |||||||||||||||||||||||||||
8 | 29 | ||||||||||||||||||||||||||||||
19 | 102 | 20 | |||||||||||||||||||||||||||||
5 | 72 | 71 | 1 | 5 | |||||||||||||||||||||||||||
1 | 0,1 | 5 | 28 | ||||||||||||||||||||||||||||
4 | 19 | 15 | 4 | 1 | |||||||||||||||||||||||||||
4Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | ||||||||||||||||||||||
2021 | 2022 | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2022 |
Sales of oil crops in 4Q 2022 in comparison to 4Q 2021 dropped by 98% (-215thousand tonnes) - to up to 5 thousand tonnes. Sales volumes of soybeans and sunflower seeds reduced by 98% and 97% respectively (-165thousand and -50thousand tonnes). This negative change was the result of sales volume transfer to 2023, which should improve sales margins. It was also influenced by adverse climate conditions, leading to prolongation of harvesting period of oil crops.
Sales volume of sugar beet
thousand tonnes
-14% | |||||||||
2,869 | 2,869 | ||||||||
2,458 | 2,458 | ||||||||
720 | 730 | ||||||||
0 | 0 | 59 | 0 | ||||||
In 2022 harvest of sugar beet increased by 8% thanks to yield per hectare growth of 8%. In 4Q 2022 in comparison to 4Q 2021 sales of sugar beet reduced by 14% (-411thousand tonnes) - to up to 2,458 thousand tonnes. Negative change was attributable to the transfer of sales volume to the beginning of 2023 as the result of adverse climate conditions, which led to the delays in harvest delivery from the fields.
4Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q |
2021 | 2022 | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 | 2022 |
5
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Rusagro plc published this content on 30 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2023 10:53:08 UTC.
