30 August 2022, Tuesday, 10:40 141

Astarta reduces profit 3.2 times in H1

Редактор: Roman Vaniyan

In the first half of 2022, Kyiv-based Astarta agri-industrial holding, one of the largest sugar producers in Ukraine, reduced the Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) by 45.4% or EUR 56.669 million year over year to EUR 68.143 million.

The company has said this in a statement, Ukrainian News Agency reports.

At the same time, during the specified period, company’s revenue increased by 44.7% or EUR 67.469 million year over year to EUR 218.347 million.

At the same time, the holding reported a net profit of EUR 27.727 million for the first half of 2022, down 3.2 times or EUR 61.772 million year over year.

As of the end of the first half of 2022, the company's net debt increased by 8% year over year to EUR 193 million, thanks to the increase in working capital (net financial debt decreased by 30% compared to the same period last year to EUR 53 million, due to higher cash balances as of the end of the first half of 2022).

According to the report, the revenues of the agricultural production segment increased almost three times compared to the same period last year to EUR 77 million in the first half of 2022.

The growth was driven by high pre-war sales volumes and rising prices, with exports generating 79% of revenue in the first half of 2022 versus 89% in the first half of 2021.

As of August 29, Astarta completed the harvesting of winter crops - 265,000 tons of wheat and 19,000 tons of rapeseed.

According to the report, the revenue of the sugar production segment for the first half of 2022 increased by 5% compared to the same period last year to EUR 62 million, with a 16% decrease in sugar sales volumes offset by a 23% increase in prices compared to the same period last year.

Export volumes amounted to 4 thousand tons, which is 4% of the total sales volume.

The revenue of the soybean processing segment for the first half of 2022 reached EUR 53 million, which is 17% more compared to the same period last year, against the background of an increase in the prices of soybean meal and oil by 7% and 38%, respectively.

Exports accounted for 79% of the segment's revenue or 7pp growth compared to the same period last year.

Livestock segment revenue for the first half of 2022 increased by 9% year over year to EUR 20 million due to rising prices. The volume of milk sales amounted to 48,000 tons, unchanged compared to 2021. The average selling price was EUR 384 per ton, which is 10% more than in the same period last year, thanks to the price premium for Extra milk, which accounted for 93% of total sales.

As Ukrainian News reported, in August, Kyiv-based Oschadbank (Savings Bank) state-run bank granted Astarta a loan of UAH 500 million.

In 2021, Astarta increased its EBITDA by 77.6% or EUR 88 million year over year to EUR 201.459 million, increasing turnover by 18.2% or EUR 75.7 million year over year to EUR 491.355 million.

In 2021, the company increased its net profit 14 times or EUR 113.9 million year over year to EUR 122.491 million.

The company cultivates about 220,000 hectares in seven regions, has six sugar factories, dairy farms for 22,000 cows and a bioenergy complex in Hlobyne, Poltava region, which forms an industrial cycle with a sugar factory and a soybean processing plant.

40% of the holding company Astarta Holding N.V. controlled by Viktor Ivanchyk through Cypriot Albacon Ventures Limited and 29.9% by Canadian Fairfax Financial Holdings Ltd.

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