Astarta revenue rises 11%, profit drops 2% in 9M13

Astarta revenue rises 11%, profit drops 2% in 9M13



15 листопада 2013 года
Конкорд Капитал

Астарта (AST)


Leading Ukrainian sugar producer Astarta (AST PW) reported an 11% yoy increase in 9M13 revenue to EUR 260 mln, driven by its crop segment (+19% yoy in revenue increase) and dairy segment (+29% yoy). Revenue in its flagship segment, sugar, grew 4% yoy. The company’s 9M13 EBITDA decreased 11% yoy to EUR 103 mln, and its cash-EBITDA (operating cash flow before working capital changes) worsened 21% yoy to EUR 50 mln. The company’s net profit fell 2% yoy to EUR 82 mln.



Astarta’s 3Q13 results were even weaker: net revenue increased 4% yoy (to EUR 96 mln), while revenue in its sugar segment decreased 17% yoy; EBITDA declined 40% yoy (to EUR 26 mln) and its bottom line worsened 4% yoy to EUR 30 mln.



In its operating update, Astarta highlighted that this quarter the company will start production at its Globyno soy processing plant. To load the plant with a total 220 kt p.a. soybean processing capacity, the company will mostly rely on its own-planted soy, but it also contracted 55 kt of soybeans from third parties. Astarta also commissioned last month its bio-energy complex near its sugar plant at the new soy processing plant.



Alexander Paraschiy: We attribute Astarta’s weaker 3Q13 sales growth to delays in the start of the sugar production season (which usually starts in late August or early September, but this year it was delayed due to heavy rains). Therefore, the company’s 3Q13 results are not indicative of its full-year performance.



We expect sugar prices will be slightly better qoq in 4Q13 and Astarta will be able to supply more sugar to the market this quarter. As the company commissioned two new industrial facilities in 4Q13, its revenue should improve on soybean oil sales and its sugar production costs should slightly decrease yoy on less use of natural gas.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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