The net profit of Astarta agricultural holding, the largest sugar producer in Ukraine, in January-September 2019 totaled EUR 4.3 million, which is almost 71% less than a year ago.
According to a company reported on the Warsaw Stock Exchange (WSE), its consolidated revenue grew by 31.6%, to EUR 333.6 million mainly driven by strong sales of agricultural produce. Export sales were up contributing 58% of the company’s revenues. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 33.1%, to EUR 45.5 million, EBITDA margin from 27% to 14%. Gross profit fell by 34.4%, to EUR 57.1 million.
Revenues of the sugar segment stood at EUR 86.8 million (down by 10% year-over-year) on lower sales volumes and flat prices. Export sales share was 6% (16,000 tonnes).
The agricultural segment contributed 47% to the total revenues, or EUR 155 million, on 2.6-fold growth of corn sales volumes. Grain exports sales totaled 85% of segment revenue.
The soybean processing segment generated EUR 61.5 million of revenues (up by 15% year-over-year) on stronger sales volumes of key products. Some 89% sales were export sales.
Astarta said that the dairy revenues increased by 17% year-over-year to EUR 24.9 million as a result of better pricing environment. All revenue were received in Ukraine.
“Capex was reduced to maintenance levels across the segments apart from finalizing the EUR 61 million five-year investment project of completing 550,000 silo storage facilities in 2019,” the company said.
Astarta is a vertically integrated agribusiness holding operating in eight regions of Ukraine. The holding includes eight sugar factories, agricultural enterprises with a land bank of 243,000 hectares and dairy farms, a biogas plant and a soybean processing complex in Poltava region.
IMC agricultural holding in January-September 2019 saw $18.35 million in net profit, which is 43% less than a year ago.
According to a company report on the Warsaw Stock Exchange (WSE), revenue over the period grew by 46%, to $118.77 million.
Gross profit fell by 19%, to $48.54 million, and operating profit – by 42%, to $22.81 million.
Earnings before interest, taxes, depreciation and amortization (EBITDA) over the period fell by 21%, to $39.96 million.
As of September 30, 2019 noncurrent liabilities of the company totaled $108.95 million compared with $24.93 million as of late September 2018. Current liabilities reached $89.03 million ($81.39 million).
After the reporting period, IMC repaid loans and interest in the amount of $4.72 million and received loans in the amount of $2.85 million.
According to the document, revenue from the sale of corn for the reporting period increased 54%, to $93.34 million, wheat 2.2 times, to $12.77 million, soybeans 22%, to $2.22 million, milk 12%, to $1.13 million. At the same time, revenue from the sale of sunflower decreased 14%, to $7.52 million.
IMC specializes in growing grains, oilseeds and milk production in Ukraine. The agricultural holding processes about 130,000 hectares of land in Poltava, Chernihiv, and Sumy regions. It owns storage capacities of 554,000 tonnes of grains and oilseeds.
Ovostar Union, one of the leading producers of eggs in Ukraine, saw its net profit fall by 81.1% in January-September 2019 compared to the same period in 2018, to $2.6 million.
According to the company’s report on the Warsaw Stock Exchange’s website, its revenue decreased by 18%, to $77.63 million, which was due to lower egg sales and negative price dynamics in the reporting period.
Gross profit of Ovostar in January-September 2019 decreased by 2.6 times, to $9.18 million, operating by 4.7 times, to $3.22 million. EBITDA in the reporting period showed a decrease of 3 times, to $5.9 million, EBITDA margin from 18% to 8%.
As of September 30, 2019, total debt amounted to $12 million, net debt to $6.1 million.
As reported, Ovostar in Ukraine in January-September 2019 reduced egg sales by 15.9% compared to the same period in 2018, to 888 million pieces. Egg production during this period decreased by 0.9%, to 1.191 billion pieces.
Ovostar Union is a vertically integrated public holding company, one of the leading producers of eggs in Europe. The manufacturer is a certified exporter to the EU since 2015.
KSG Agro in January-September 2019 saw $10 million of net profit, which is almost 4.5 times more than a year ago.
According to unaudited interim condensed consolidated financial statements of the holding posted on the Warsaw Stock Exchange (WSE), its revenue over the period fell by 11.3%, to $17.76 million.
KSG in January-September of this year reduced gross profit by 58.3% compared to the same period in 2018, to $ 1.86 million, operating – by 41.2%, to $2.54 million.
KSG’s revenue in the crop production segment for the reporting period decreased 32.2%, to $7.8 million. In particular, from the sale of sunflower oil the company saw $4.9 million, wheat $1.6 million, rapeseed $0.5 million, barley $0.5 million and sorghum $0.2 million
Over the first nine months of 2019, KSG’s revenue in the livestock segment decreased 1.7%, to $5.8 million (last year, sales of cows were included in the segment’s revenue, later KSG sold cattle and focused on pig breeding), pig sales remained at the January-September 2018 level and amounted to 72,000 heads.
The total assets of the agricultural holding as of September 30, 2019 amounted to $75.7 million compared with $53.2 million as of December 31, 2018.
In 2019, the group completed the restructuring of its core loans. In particular, In February 2019, the Group has restructured its debt under the loan from Big Dutchman Pig Equipment. The remaining balance was repaid in full. In July 2019, the group has finalized restructuring terms for an overdue loan from Landesbank Baden-Wuerttemberg (LBBW) in the total amount as at December 31, 2018, including interest, of $9.9 million. As a result, the group’s debt under the loan was reduced to EUR 3.2 million. At the date these financial statements are being issued, the remaining balance is $3.3 million
The group’s long-term liabilities as of September 30, 2019 amounted to $19.1 million compared with $20.5 million as of December 31, 2018, current liabilities as of September 30, 2019 amounted to $52.5 million compared with $49.1 million as of December 31, 2018.
As of the reporting date, KSG has completed its 2019 harvesting campaign and is sowing winter crops. As of September 30, 2019, the group harvested 14,500 tonnes of wheat, 12,200 tonnes of sunflower, 3,900 tonnes of barley, 2,800 tonnes of corn and 1,100 tonnes of rapeseed.
The net profit of Citibank (Kyiv) in January-September 2019 totaled UAH 1.55 billion, which is 1.6 times more than a year ago (UAH 994.33 million), according to quarterly financial statements of the bank.
According to the statements posted on the website of the bank, net profit in Q3 2019 totaled UAH 565.15 million, which is 1.5 times more than a year ago.
Net interest income in January-September 2019 increased 38.2% compared to the same period in 2018, to UAH 1.44 billion.
Bank assets since the beginning of the year grew by 15.7%, to UAH 28.74 billion, including cash and trading assets increased 1.6 times, to UAH 11.81 billion and to UAH 2.24 billion, respectively, and investments in government bonds – 5.1 times, to UAH 3.46 billion. At the same time, loans to customers decreased 46.7%, to UAH 3.810 billion.
According to the results of January-September, the bank’s liabilities grew by 15.9%, to UAH 26.12 billion.
The bank’s net worth for this period increased 14%, to UAH 2.62 billion, while the charter capital remained at UAH 200 million.
Citibank was founded in 1998. It is a subsidiary of the American Citibank NA.
The largest shareholders of the financial institution as of January 1, 2019 were Citibank Overseas Investment Corporation (67%) and Citicorp Leasing International LLC (33%).
According to the National Bank of Ukraine, as of July 1, 2019, Citibank ranked 15th among 76 banks in terms of total assets.
The net profit of ING Bank Ukraine (Kyiv) in January-September 2019 totaled UAH 581.984 million, which is 70.7% more than a year ago (UAH 311.638 million), according to quarterly financial statements of the bank posted on its website last week.
The net profit in Q3 2019 totaled UAH 165.506 million, which is 69.3% more than a year ago.
Net interest income for in January-September this year increased 5.7% compared to the corresponding period of 2018, to UAH 756.340 million.
According to the results of January-September 2019, the bank’s assets increased 11.0%, to UAH 12.159 billion, including loans issued to customers, which decreased 29.9%, to UAH 5.977 billion.
Bank liabilities from the beginning of the year grew by 17.3%, to UAH 8.051 billion.
The bank’s net worth for this period increased 0.5%, to UAH 4.108 billion. The charter capital remained at the level of UAH 731.298 million.
ING Bank Ukraine was founded in 1997. By January 1, 2019, its sole shareholder was ING Bank N.V.
According to the National Bank of Ukraine (NBU), on July 1, 2019, ING BankUkraine ranked 22nd in terms of net assets (UAH 11.413 billion) among 76 operating Ukrainian banks.
