Agro-industrial holding Astarta, the largest sugar producer in Ukraine, received EUR 27.7 million in net profit in January-June 2022, which is 3.2 times less compared to the same period last year, according to the company’s report on the Warsaw Stock Exchange on Tuesday .
According to it, the company’s EBITDA decreased by 1.8 times – to EUR68.14 million, while revenue increased by 44%, to EUR218.3 million. The agricultural holding’s gross profit for this period decreased by 37.4% and amounted to EUR77.46 million , the gross margin and return on sales (EBITDA margin) fell 2.3 times – to 35% from 82%.
According to the report, as of June 30, 2022, the total assets of the agricultural holding increased by 21.4% compared to the data as of December 31, 2021 – up to EUR787.2 million, current liabilities – by 37.8% – up to EUR136.7 million, long-term liabilities – by 17.6%, up to EUR125.3 million.
“As of the end of the first half of 2022, net debt increased by 8% year-on-year to EUR193 million driven by an increase in working capital, while net financial debt decreased by 30% year-on-year to EUR53 million with higher balances cash at the end of the first half of 2022,” the agro-industrial holding said in a statement.
According to Astarta, 28% of the total revenue was generated by the sugar production segment, 35% by growing crops, 24% by the production of soybean meal and soybean oil, and 10% by dairy cattle breeding.
The sugar segment of the group in January-June 2022 showed an increase in revenue by 5% – up to EUR61.85 million due to an increase in prices for it by 23% – up to EUR613 per ton. During the reporting period, 121 thousand tons of sugar and sugar-containing products were produced, which is 6.2% less than in the first half of last year.
At the same time, the vast majority of sugar produced by Astarta (96%) was sold on the domestic market, and 4 thousand tons were exported (4%), while in the first half of last year all sugar was sold in Ukraine.
“Since Ukraine has removed export restrictions, and the EU has canceled import duties (for one year – IF-U), the total export of sugar from Ukraine reached 14 thousand tons in the first half of 2022. The share of Astarta in total sugar exports amounted to 30% The key buyers were the EU countries neighboring Ukraine and Moldova,” the manufacturer said in an exchange message.
Revenue generated by the agricultural segment of Astarta in January-June 2022 jumped 2.8 times compared to the same period in 2021, to EUR 76.9 million due to significant sales volumes and high prices for crops before the Russian military invasion of Ukraine. During this period, exports accounted for 79% of crop production segment revenue.
In January-June 2022, Agropromholding sold corn for EUR54.5 million (an increase of 2.3 times compared to the first half of 2021), wheat for EUR3.2 million (an increase of 2 times), sunflower for EUR18.1 million (an increase of 14 times) and rapeseed by EUR0.39 mln.
As of the date of this report, Astarta has completed the harvesting of winter crops; in total, 265 thousand tons of wheat and 19 thousand tons of rapeseed have been harvested. Due to less favorable weather conditions compared to the previous year, winter crop yields were lower: wheat – 4.8 tons/ha (17% less), rapeseed – 3.1 tons/ha (4% less).
The agro-industrial holding’s revenue in the soybean processing segment for the six months of this year increased by 18% to EUR52.7 million due to an increase in average prices for soybean meal to EUR480/ton (+7% compared to January-June 2021) and soybean oil to EUR1300/ ton (+38%). In total, Astarta produced 113 thousand tons of soybean meal (+18% compared to January-June 2021), 83 thousand tons of soybean meal (+17%) and 21 thousand tons of soybean oil (+17%).
The mobile operator “Vodafone Ukraine”, which is part of NEQSOL Holding (Azerbaijan), in January-June 2022 reached a revenue figure of UAH 9.916 billion, which is 3% more than in the same period of 2021 (9 .64 billion UAH) .
According to the operator’s financial report, its net profit for the specified period amounted to UAH 663 million (UAH 2.1 billion for the same period last year).
OIBDA exceeded UAH 5.76 billion. OIBDA margin increased by 2.1 p.p. up to 58.1%.
As emphasized in the message of the operator, emergency work on the network and its restoration, assistance to the country and customers, and mass migration of customers abroad have significantly affected the dynamics of key financial indicators.
The growth of part of the financial indicators in the first half of 2022 was achieved due to the successful results of the first two months of the year.
The operator’s capital investments in the first half of the year amounted to UAH 1.276 billion, which is 14% less compared to the same period last year.
“As of today, all elements of the core network are operating normally, Vodafone Ukraine has taken all the necessary steps to quickly switch to a backup scenario. The Vodafone Ukraine team is actively working to restore damage: about 87% of the network is working and this figure is growing “All critical elements of the technical and IT infrastructure have already been diversified. The approximate amount of asset losses is about UAH 806 million,” the company stressed.
Mass migration due to the war also significantly affected the size of the subscriber base – as of the end of July, the operator’s subscriber base amounted to 16.6 million customers, of which 1.76 million were forced to stay outside the country.
In addition, as of the end of July 2022, the company connected free services in the amount of UAH 270 million for 13 million customers in Ukraine. And abroad – in the amount of UAH 596 million for 1.5 million subscribers in 32 countries.
The operator also purchased 10 ambulances for the amount of UAH 23 million.
The volume of humanitarian and direct financial assistance of the company to the country is currently estimated at UAH 250 million.
In 2019, NEQSOL Holding, through Telco Solutions and Investments LLC, controlled by Bakcell, signed an agreement with MTS PJSC on the purchase of its telecommunications business in Ukraine. The deal for the purchase of Vodafone Ukraine was closed at the end of December 2019 with funding from J.P. Morgan and RBI, the price was $734 million, including a deferred payment of about $84 million.
The NEQSOL Holding group of companies, according to the release, has more than 25 years of experience in various industries and countries. Its activities cover oil and gas, telecommunications, construction and other high-tech industries in the UK, USA, Turkey, Azerbaijan, Kazakhstan, UAE, Bangladesh. The group entered the telecommunications industry in the early 2000s. The companies included in it provide mobile communication services, international transit and wholesale Internet sales, leased line services, data center services, etc.
Businessman Nasib Hasanov is the official founder and 100% owner of the NEQSOL Holding group, including Nobel Oil Services (UK) Limited, Nobel Oil E&P (UK) Limited (trade name Nobel Upstream), Bakcell LLC and Norm OJSC.
Based on the results of work in the first half of 2022, IMC Agricultural Holding received $11.34 million in net profit, which is 6.8 times less than in the same period last year, according to the company’s report on the Warsaw Stock Exchange on Thursday.
According to him, the loss from exchange rate differences for the agrarian group in the first half of this year amounted to $2.55 million, while in January-June last year it received $2.11 million from changes in the exchange rate.
At the same time, the company’s EBITDA fell 3.2 times, to $28.98 million, with a 47% reduction in revenue, to $44.53 million. , up to $18 million.
According to the report, the total volume of IMC assets as of June 30, 2022 decreased by 9.1% compared to December 31, 2021 – to $214, short-term debt increased by 5.9%, to $66.8 million, while long-term debt increased by 2.8%, to $155.2 million.
The report also clarifies that 97.5% of all sales in the first half of this year came from corn, compared with 98.2% in the first half of last year, and the price of its sale rose marginally to $208 per ton from $205 per ton last year. year
In total, during the specified period, IMC sold 213 thousand tons of crops for a total of $43.83 million, including 208.8 thousand tons of corn for $43.35 thousand tons of corn (-48% compared to the first half of 2021 ), 645 tons of wheat for $201 thousand (an increase of 2 times), and 93 tons of sunflower for $40 thousand (-66%). In addition, the proceeds from the sale of milk and cattle meat brought the agricultural holding a total of $572,000.
The agricultural holding indicated that until August the Black Sea ports in Ukraine remained blocked for export activities. Although the IMC has developed alternative logistics chains for exporting grain through the seaports of other neighboring countries, such logistics are very complex, have numerous bottlenecks and are associated with high capital costs to create an efficient logistics infrastructure on new export routes, which explains the low volumes of grain exports since 24 February.
At the same time, the IMC noted that none of its critically important facilities received significant damage as a result of the war, all inventories are in good condition and in safe custody, and today all the group’s assets are located in de-occupied territories.
In addition, the IMC declares that there is no shortage of labor and the preservation of its personnel, including key and top managers, although 86 employees defend Ukraine in the ranks of the Armed Forces of Ukraine.
The agricultural holding specified that this year 73% of the company’s land bank was sown: 19.2 thousand hectares of sunflower, 50.2 thousand hectares of corn and 18.4 thousand hectares of winter wheat. Land in the Chernihiv region, where active hostilities were fought, is scheduled to return to production this fall.
As of August 21, IMC completed harvesting winter wheat, harvesting from 18.3 thousand hectares with an average yield of 6.7 t/ha, which is a record result for all the years of the company’s economic activity, and 18% higher than in 2021 year.
IMC specializes in the cultivation of cereals, oilseeds and milk production in Ukraine. It processes about 123.3 thousand hectares of land in the Poltava, Chernihiv and Sumy regions. It owns storage facilities for 554 thousand tons of grain and oilseeds.
At the end of 2021, IMC increased its net profit by 2.5 times compared to 2020 – up to $78.71 million, EBITDA – by 53%, up to $110.35 million, revenue – by 12.6%, up to $181.69 million
In 2021, IMC sold 536.10 thousand tons of corn (-12.2% compared to 2020), wheat – 117.97 thousand tons (-0.1%), sunflower – 85.82 thousand tons ( -1.2%).
The profit of Ukrainian banks in January-July 2022 decreased by 10.8 times – to UAH 3.4 billion, the press service of the National Bank of Ukraine (NBU) reported on Tuesday.
According to the regulator, the income of banks for 7 months of this year increased by 26% against the figure for the same period last year – up to UAH 189.082 billion. Including commission income increased by 20.5% to UAH 112.374 billion.
At the same time, the result from the revaluation and from purchase and sale operations was positive and amounted to UAH 27.214 billion, while for the same period last year it was negative and amounted to UAH 409 billion.
At the same time, the expenses of the banking system in January-July 2022 increased by 1.68 times compared to this indicator in 2021 – up to UAH 185.675 billion, including deductions to reserves – by 12.3 times, up to UAH 73.56 billion . At the same time, fee and commission expenses increased by 1.87% to UAH 18.8 billion,
As reported, Ukrainian banks doubled their net profit in 2021 to UAH 77.5 billion compared to UAH 41.3 billion in 2020.
The Agroliga group of companies (Kharkiv region) in January-June 2022 reduced its net profit by 3.2 times compared to the first half of 2021 – to EUR 0.81 million, revenue decreased by 25% – to EUR 27.2 million.
According to the condensed report of its holding company Agroliga Group PLC (Cyprus) on the Warsaw Stock Exchange, Agroliga’s gross profit for the specified period decreased by 6% – to EUR3.32 million, operating profit – by 17.7%, to EUR1.74 million .
As of June 30, 2022, the assets of Agroliga increased by 10% compared to the same date in 2021 – up to EUR74.6 million, current debt obligations – by 38.5%, up to EUR30.55 million, long-term liabilities – by 4 .8%, up to EUR6.5 million
At the same time, the report does not contain any information about the activities of the agricultural holding in the conditions of the military invasion of the Russian Federation in the Kharkiv region. Earlier, in March, “Agroliga” reported that part of its assets were occupied by Russian troops, because of which economic activity in the places of hostilities was paralyzed.
In April, the agricultural holding clarified that it had not started sowing work on the fields occupied by Russia. At the same time, in the territory controlled by Ukraine, the sowing campaign is carried out in accordance with a previously drawn up plan. The oil extraction plant of Agroliga and the power plant remained in the controlled territory and are operating normally.
Before the war, the Agroliga Group included the following agricultural producers in the Kharkiv region: Agroliga LLC (Kamenka village), Mechnikovo LLC (Novoegorovka village), Vostokagrokontrakt LLC (Nikolaevka village), Mayak LLC (village Berezovka), Agrokom Novaya Vodolaga LLC (Novaya Vodolaga township), AGL Enerdgy LTD. (town Novaya Vodolaga) with a total land bank of 10 thousand hectares.
In addition, it included Liga-A LLC (Kharkiv), acting as a trading house, Agroliga Polska – a trading company registered in Poland, Agroliga Group PLC holding company (Cyprus), Agroliga Group of Companies PLC holding company (Kharkiv) and specializing in sales and trade services for other companies of the Agroliga-Trade LLC group.
GC “Agroliga” has been working on the Ukrainian market of agricultural products since 1992. He is engaged in the cultivation of grain crops, processing of sunflower seeds and dairy farming.
The capacity of the oil plant, which operates according to the pressing technology, is 42 thousand tons per year, the oil plant, which operates according to the extraction technology, is 110 thousand tons of sunflower per year.
The majority shareholders of the group are Alexander Berdnik with a share of 41.66%, Irina Poplavskaya – 41.66%.
Agricultural holding KSG Agro in January-June 2022 increased its normalized profit by 43% compared to the first half of 2021 – up to $1.21 million from $0.85 million.
According to the holding’s report on the Warsaw Stock Exchange website on Wednesday, its net profit over this period decreased 16 times, to $0.86 million from $13.7 million in the first half of 2021. This change is due to the fact that in the first half of last year, the agricultural group received $12.86 million in profit from the sale of subsidiaries, while in the first half of 2022 it spent $0.35 million on the purchase of assets.
In addition, KSG Agro’s EBITDA decreased in January-June 2022 by 17% to $2.22 million compared to the same period last year, while its revenue decreased by 12% to $6.02 million.
The agricultural holding also reduced gross profit by 17% to $2.05 million, operating profit by 22% to $1.48 million.
According to the report, in the first half of 2022, the group of companies received a net loss of $2.1 million due to the difference in exchange rates, while in January-June 2021 this factor generated $0.49 million in net profit.
KSG Agro emphasizes that under the conditions of the Russian military invasion of Ukraine, the agrarian group has successfully completed the spring sowing campaign, finished harvesting the winter crops and does not expect significant interruptions in the production cycle in the near future.
The report indicates that the total capital of the agricultural producer by June 30, 2022 decreased by 3.8% compared to December 31, 2021, to $22.44 million, while its net debt increased by 14.6%, to $30.89 million Thus, in the first half of the year the ratio of net debt to capital increased by 15.9% – up to 1.38.
The total assets of the agricultural holding for the specified period decreased by 4.1%, to $68.52 million, while long-term debt obligations increased by 10.3%, to $28.43 million, and current liabilities decreased by 21.1%, to $17, 65 million
“The Board of Directors is developing a new development strategy to expand the group’s activities in the EU with the clear goal of having the majority of assets and revenues there over the next 3-5 years. This goal can be achieved through a series of mergers and acquisitions and is financed by a combination of equity and debt funds, including additional issues of shares,” the agricultural holding announced its plans in the report.
At the same time, KSG Agro does not plan to sell its assets in Ukraine. Its development strategy is to expand and invest only in Ukraine to hedge potential risks, as well as mitigate the negative impact on the group’s activities in the current macroeconomic situation in the country.
The number of sows of the agricultural group by June 30, 2022 increased by 9.5% compared to December 31, 2021 – up to 6.09 thousand. At the same time, the total number of animals (pigs and piglets) increased by 30%, up to 52.9 thousand. heads.
In the crop-growing segment, the agricultural holding in January-June of the current year reduced its net profit by 16.4% compared to the same period last year, to $1.22 million, in the livestock segment it increased by 9.2%, to $0.77 million. “other operations” (production of fuel pellets and thermal energy) net profit decreased by 4.7 times, to $0.07 million.
Thus, the total profit of the agricultural group in the operating segment in the first quarter of this year amounted to $2.05 million (-17% compared to the same period last year.
The vertically integrated holding KSG Agro is engaged in pig breeding, as well as the production, storage, processing and sale of grains and oilseeds. Its land bank is about 21 thousand hectares in the Dnepropetrovsk and Kherson regions.
According to the agricultural holding, he is in the top 5 pork producers in Ukraine.
KSG Agro in 2021 increased its net profit by 16 times compared to 2020 – up to $20.27 million, revenue – by 44%, up to $30.75 million, while doubling EBITDA – up to $12.28 million.
The owner and chairman of the board of directors of KSG Agro is Sergey Kasyanov.
