Rusagro Group · RUS:RAGR
Rusagro — ROS Agro — FY2018 Earnings Presentation
26 slides from Rusagro's earnings presentation, Mar 13, 2019
Slide 1: ROS AGRO PLC Investors Presentation 12M2018 and Q4 2018
ROS AGRO PLC Investors Presentation 12M2018 and Q4 2018 13 March 2019
Slide 2: Table of Contents
Table of Contents 1 Summary Key Indicators (IFRS) 12M 2018 and Q4 2018 vs 12M 2017 and Q4 2017 4 2 Business Overview by division (IFRS) 11 3 Additional information 20 2
Slide 3: Key events of Q4 2018
Key events of Q4 2018 M&A deals СapitalAgro acquisition (Meat Business) 3 Land acquisition in Tambov 1 Rusagro Group invested RR 1.8 billion in acquisition of CJSC Rusagro Group purchased of 100% stake in OOO Vozrozhdenie, СapitalAgro and LLC TD СapitalAgro. Net debt of acquired which controls 11 th
Slide 4: Summary Key Indicators (IFRS)
Section 1 Summary Key Indicators (IFRS) 12M 2018 and Q4 2018 vs 12M 2017 and Q4 2017
Slide 5: Net revenue, Adjusted EBITDA Q4 2018
Net revenue, Adjusted EBITDA: Actual Q4 2018 vs Actual Q4 2017 Net revenue (IFRS) Actual Q4 2018 vs Actual Q4 2017 Comments 37,000 6,406 (1,852) 30,777 3,092 Net Revenue increased by RR 6,548 million (+27%): 27,000 24,229 (2,744) 1,645 RR million • Sugar sales decreased by RR 2,744 million (-29%) as
Slide 6: Net revenue, Adjusted EBITDA 12M 2018
Net revenue, Adjusted EBITDA: Actual 12M 2018 vs Actual 12M 2017 Net revenue (IFRS) Actual 12M 2018 vs Actual 12M 2017 92,000 (531) Comments 79,058 6,855 82,978 82,000 (6,303) 2,060 1,838 72,000 Net Revenue increased by RR 3,920 million (+5%): 62,000 RR million • Sugar sales decreased by RR 6,303 mi
Slide 7: Statement of Comprehensive income (IFRS)
Statement of Comprehensive income (IFRS) ROS AGRO PLC RR million Varianсes Varianсes Description Actual 12M 2018 Actual 12M 2017 Actual 3Q 2018 Actual 3Q 2017 Units % Units % Sales 82,978 79,058 3,920 5 30,777 24,229 6,548 27 Net gain/ (loss) on revaluation of biological assets and 2,851 (2,976) 5,8
Slide 8: Debt profile (as of 31 December 2018)
Debt profile (as of 31 December 2018) Comments Debt position and liquidity management Variance • Gross debt increased by RR 48,450 million (+104%) up to RR 95,101 million (mainly due to the in RR million 31 December 2018 31 December 2017 M&A activity during 2018Y). Units % • Net debt increased by RR
Slide 9: Statement of financial position: key changes
Statement of financial position: Key changes 31 December 2018 vs 31 December 2017 Assets as of 31 December 2018 vs 31 December 2017 230,000 455 216 821 223,778 4,023 1,263 Comments 220,000 23,401 210,000 23,861 200,000 ASSETS 190,000 RR million • PPE & LT biological assets* increased by RR 12,328 mi
Slide 10: Cash Flows: Actual 12M 2018 vs Actual 12M 2017
Cash Flows: Actual 12M 2018 vs Actual 12M 2017 Cash Flows according to Management view (Not IFRS presentation)* RR million Actual Actual Variances Comments 12M 2018 12M 2017 Units % Cash flows from ope rating activ itie s Profit / (loss) be fore income tax 13,532 5,981 7,551 126 In 12M 2018 cash and
Slide 11: Business Overview by division (IFRS)
Section 2 Business Overview by division (IFRS) 12M 2018 and Q4 2018 vs 12M 2017 and Q4 2017
Slide 12: Meat: Q4 2018 key indicators
Meat Key indicators Actual Q4 2018 vs Actual Q4 2017 (IFRS) Meat: sales, Adjusted EBITDA and Adjusted EBITDA Comments 8,000 margin 40% 6,966 Sales (RR +1,645 million, +31%): 33% • a decrease in sales volume of livestock pigs by 3 ths tn or 25%, that was compensated by an 6,000 5,321 increase in sale
Slide 13: Meat: 12M 2018 key indicators
Meat Key indicators Actual 12M 2018 vs Actual 12M 2017 (IFRS) Meat: sales, Adjusted EBITDA and Adjusted EBITDA 25,000 margin 60% Comments 22,350 20,512 Sales (RR +1,838 million, +9%): 20,000 • a decrease in sales volume of livestock pigs by 30 ths tn or 53%, that was partly compensated by 40% EBITDA
Slide 14: Sugar: Q4 2018 key indicators
Sugar Key indicators Actual Q4 2018 vs Actual Q4 2017 (IFRS) Comments Sales (RR -2,744 million, -29%): Sugar: sales, Adjusted EBITDA and Adjusted EBITDA • Sugar sales revenue decreased by RR 2,744 million as sales volume of sugar decreased due to margin 10,000 9,393 the transfer of the sales on spri
Slide 15: Sugar: 12M 2018 key indicators
Sugar Key indicators Actual 12M 2018 vs Actual 12M 2017 (IFRS) Comments Sugar: sales, Adjusted EBITDA and Adjusted EBITDA margin Sales (RR - 6,303 million, -21%): 35,000 40% • Sugar sales revenue decreased by RR 6,303 million due to sales volume decrease as sales 30,386 volume of sugar decreased due
Slide 16: Agriculture: Q4 2018 key indicators
Agriculture Key indicators Actual Q4 2018 vs Actual Q4 2017 (IFRS) Comments Agriculture: sales, Adjusted EBITDA and Adjusted EBITDA margin Sales (RR +3,091 million, +29%): 15,000 40% 13,800 • Sales increased thanks to an increase in sales price of almost all crops and higher sales volume of 13,500 s
Slide 17: Agriculture: 12M 2018 key indicators
Agriculture Key indicators Actual 12M 2018 vs Actual 12M 2017 (IFRS) Agriculture: sales, Adjusted EBITDA and Adjusted EBITDA margin 50% Comments 22,500 20,828 20,000 18,768 Sales (RR +2,060 million, +11%): 40% 17,500 • the major positive factor is the significant increase in sales prices of crops in
Slide 18: Oil & Fats: Q4 2018 key indicators
Oil & Fats Key indicators Actual Q4 2018 vs Actual Q4 2017 (IFRS) Oil & Fats: sales, Adjusted EBITDA and Adjusted EBITDA margin 11,619 Comments 11,000 12% 15% Sales (RR +6,406 million, +123%: EZHK RR +2,966 million, +121%; SAPP RR +7,328 million, +360%; 9,500 Far East RR -165 million, -15% and Elimi
Slide 19: Oil & Fats: 12M 2018 key indicators
Oil & Fats Key indicators Actual 12M 2018 vs Actual 12M 2017 (IFRS) Oil & Fats: sales, Adjusted EBITDA and Adjusted EBITDA margin 15% Comments 29,000 26,286 26,000 11% Sales (RR +6,855 million, +35%: EZHK RR +3,963 million, +48%; SAPP RR +7,706 million, +80%; Far 23,000 19,430 10% East RR -12 millio
Slide 20: Additional information
Section 3 Additional information
Slide 21: Adjusted EBITDA 12M 2018 (IFRS) Breakdown by divisions
Adjusted EBITDA 12M 2018 (IFRS) Breakdown by divisions ROS AGRO PLC RR million 12M 2018 Sugar Meat Agriculture Oil and Fat Other Elimination Total Sales 24,083 22,350 20,828 26,286 1,187 (11,757) 82,978 Net gain / (loss) on revaluation of biological assets and agricultural produce - (542) 2,313 - -
Slide 22: Adjusted EBITDA 12M 2017 (IFRS) Breakdown by divisions
Adjusted EBITDA 12M 2017 (IFRS) Breakdown by divisions ROS AGRO PLC RR million 12M 2017 Sugar Meat Agriculture Oil and Fat Other Elimination Total Sales 30,386 20,512 18,768 19,430 118 (10,156) 79,058 Net gain/ (loss) on revaluation of biological assets and agricultural produce - (319) (862) - - (1,
Slide 23: Statement of cash flows according to Management view
Statement of cash flows according to Management view (Not IFRS presentation) ROS AGRO PLC RR million Actual Actual Variances 12M 2018 12M 2017 Units % Cash flows from operating activities Profit before income tax 13,532 5,981 7,551 126 Adjustments for non-cash and non-operating (income)/expenses, ne
Slide 24: Statement of cash flows (Not IFRS presentation) – continuance
Statement of cash flows according to Management view (Not IFRS presentation) – continuance ROS AGRO PLC RR million Actual Actual Variances 12M 2018 12M 2017 Units % Cash flows from investing activities - - Purchases of property, plant and equipment (14,056) (16,685) 2,629 16 Purchases of other intan
Slide 25: Statement of financial position (IFRS)
Statement of financial position (IFRS) ROS AGRO PLC RR million 31 December 31 December Variances 2018 2017 Units % ASSETS Current assets Cash and cash equivalents 1,728 4,860 (3,132) (64) Restricted cash 0 0 0 17 Short-term investments 8,551 18,458 (9,907) (54) Trade and other receivables 6,226 3,19
Slide 26: Statement of financial position (IFRS) - continuance
Statement of financial position (IFRS) - continuance ROS AGRO PLC RR million 31 December 31 December Variances 2018 2017 Units % Liabilities and EQUITY Current liabilities Short-term borrowings 32,514 8,864 23,650 267 Trade and other payables 12,190 6,773 5,417 80 Current income tax payable 61 64 (3