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.
In the second quarter of 2022, the net profit of the German automaker Bayerische Motoren Werke AG decreased by 1.7 times to 3.05 billion euros against 4.79 billion euros a year earlier. The company warned about the deterioration of the situation on world markets.
According to a press release, net profit in April-June decreased by 1.7 times and amounted to 3.05 billion euros against 4.79 billion euros in the same period a year earlier.
Earnings before taxes and interest (EBIT) decreased by 31.5% to 3.43 billion euros, compared to 5.01 billion euros.
BMW’s revenue in the last quarter increased by 22% to 34.77 billion euros.
The company’s automotive division in the second quarter reduced EBIT by 1.7 times compared to last year, to 2.46 billion euros. The margin of the indicator at the end of June was 8.5%.
Vehicle deliveries in the second quarter fell 19.8% to 563,190 from 702,440 a year earlier.
The company reaffirmed its guidance for the current year, which calls for an EBIT margin of 7-9% for the automotive division. Meanwhile, BMW cut its 2022 car shipment forecast and now expects the figure to be slightly below last year’s level, while previously forecasting deliveries to be at last year’s level.
Since the beginning of 2022, the capitalization of BMW has fallen by 12.7% and is about 52.5 billion euros.
The profit of state-owned PrivatBank (Kyiv) amounted to UAH 6.3 billion in January-June 2022, which is 44.5% less than in the same period last year (UAH 11.6 billion), the bank’s press service reported on Thursday.
“We ended the first half of the year with a profit, but we are aware that a difficult period lies ahead. Today, it is impossible to foresee all the risks, but PrivatBank entered the war in excellent financial shape and is doing everything to ensure stability under martial law,” the press service quoted first deputy head of the board Anna Samarina.
According to the report, the amount of lost income during the war period is estimated by the bank at more than UAH 5.5 billion.
It is indicated that in the first six months of 2022, the bank formed UAH 6.9 billion in reserves to cover credit risks.
Also among the main expenses of the bank is the transfer of information systems to cloud architecture, despite the fact that the savings in the total budget of expenses amounted to 11%.
According to the press service, since the beginning of the year, the bank’s loan portfolio (excluding loans related to previous owners) has increased by 16%: individuals received UAH 3.5 billion, and legal entities UAH 9.1 billion.
Funds on deposits increased by UAH 61 billion, or 19% since the beginning of the year, while term deposits decreased by 12.6%, and current account balances of customers increased by 34%, or by UAH 73.8 billion.
In addition, in the first half of the year, the bank transferred more than UAH 70 million to charity for targeted assistance to the defenders of Ukraine.
