Rusagro Group · RUS:RAGR
Rusagro — Ros Agro — FY2022 Earnings Presentation
29 slides from Rusagro's earnings presentation, Mar 6, 2023
Slide 1: Ros Agro PLC Investors Presentation 4Q 2022 and 12M 2022
MARCH 6TH, 2022 ROS AGRO PLC INVESTORS PRESENTATION 4Q 2022 AND 12M 2022
Slide 2: Ros Agro PLC at a Glance 2022
ROS AGRO PLC AT A GLANCE 2022 2 Diversified Financial Results Business Leading Market Positions Sustainable Long-Term Growth 2022 Adj. EBITDA, RUB bn Net Profit, RUB bn Sugar 1 2 240 2017-2022 adj. EBITDA CAGR Business № № Consumer Industrial fats and +26% 48.1 margarine producer sunflower oil 41.4
Slide 3: Table of Contents
TABLE OF CONTENTS 3 1 Summary Key Indicators (IFRS) 4Q and 12M 2022 vs 4Q and 12M 2021 4 2 Business Overview by division (IFRS) 13 3 Additional information 22
Slide 4: Section 1: Summary Key Indicators (IFRS)
SECTION 1 SUMMARY KEY INDICATORS (IFRS) 4Q AND 12M 2022 VS 4Q AND 12M 2021
Slide 5: 4Q 2022 Highlights
4Q 2022 HIGHLIGHTS 5 -11% -44% -10 pp -9% 58.2 9.6 17% 5.4 2.22 RUB bn RUB bn adj. EBITDA RUB bn Net Debt / Adj. Net Revenue adj. EBITDA margin EBITDA (LTM) Net profit -5% +15% -1% -8% 217 77 400 3,019 4.3 ths tn ths tn ths tn ths tn RUB bn Sugar Sales Oil&Fat and Dairy Agriculture products CAPEX Po
Slide 6: 12M 2022 Highlights
12M 2022 HIGHLIGHTS 6 +8% -6% -3 pp -84% 240.2 45.0 19% 6.8 2.22 RUB bn RUB bn adj. EBITDA RUB bn Net Debt / Adj. Net Revenue adj. EBITDA margin EBITDA (LTM) Net profit +11% +13% -4% -9% 853 281 1,599 4,401 12.0 ths tn ths tn ths tn ths tn RUB bn Sugar Sales Oil&Fat and Dairy Agriculture products CA
Slide 7: Net Revenue, Adjusted EBITDA: 4Q 2022 vs 4Q 2021
NET REVENUE, ADJUSTED EBITDA: 7 4Q 2022 vs 4Q 2021 Net revenue (IFRS) 4Q 2022 vs 4Q 2021 Comments 75,000 Net Revenue decreased by RUB 7,153 million (-11%): -11% (RUB -7,153 million) 70,000 • Revenue of Sugar segment decrease by RUB 344 million (-3%) mainly due to transfer of sales of sugar and beet
Slide 8: Net Revenue, Adjusted EBITDA: 12M 2022 vs 12M 2021
NET REVENUE, ADJUSTED EBITDA: 8 12M 2022 vs 12M 2021 Net revenue (IFRS) 12M 2022 vs 12M 2021 Comments 275,000 Net Revenue increased by RUB 17,298 million (+8%): +8% (RUB + 17,298 million) • Revenue of Sugar segment increased by RUB 13,223 million (+36%) mainly due to positive 250,000 marker dynamics
Slide 9: Debt profile as of 31 December 2022
Debt profile as of 31 December 2022 9 Comments Debt position and liquidity management Variance • Gross debt increased by RUB 60,666 million in RUB million 31 December 31 December 2022 2021 Units % (+35%) up to RUB 233,390 million Gross debt 233,390 172,724 60,666 35 • Net debt / Adjusted EBITDA (LTM
Slide 10: Finance income / expense
Finance income / expense 10 Comments Net finance income/ (expense) Net finance income in 12M 2021 in the 12M 12M Variance 4Q 4Q Variance amount of RUB 2,405 million decreased in RR million 2022 2021 Units % 2022 2021 Units % to net finance expense of RUB (10,654) Net interest expense (7,865) (5,499)
Slide 11: Statement of Financial Position: Key changes
Statement of Financial Position: 11 Key changes 31 December 2022 vs 31 December 2021 Comments Assets ASSETS Million roubles 19,639 469 140 432,827 • Cash & Investments** increased by RUB 45,600 million. For cash flow and investments details please refer to the (430) next slide; 4,127 1,071 45,600 •
Slide 12: Cash Flows: 12M 2022 vs 12M 2021
Cash Flows: 12M 2022 vs 12M 2021 12 Cash Flows according to Management view Comments (Not IFRS presentation)* RR million Main variances in cash flow statement line items between 12M 2022 vs 12M 2021: Variance 12M 2022 12M 2021 Net cash from operating activities: Units % Cash flows from operating act
Slide 13: Section 2: Business Overview by Division (IFRS)
SECTION 2 BUSINESS OVERVIEW BY DIVISION (IFRS) 4Q AND 12M 2022 VS 4Q AND 12M 2021
Slide 14: Sugar: Key indicators 4Q 2022 vs 4Q 2021
Sugar 14 Key indicators 4Q 2022 vs 4Q 2021 (IFRS) Sugar: Sales, Adjusted EBITDA Comments and Adjusted EBITDA margin 30,000 30% Sales (RUB -344 million, -3%): • The lengthening of the logistics route for the sale of pulp due to sanctions restrictions and a 25,000 26% 25% change in the geography of sa
Slide 15: Sugar: Key indicators 12M 2022 vs 12M 2021
Sugar 15 Key indicators 12M 2022 vs 12M 2021 (IFRS) Sugar: Sales, Adjusted EBITDA Comments and Adjusted EBITDA margin 70,000 35% Sales (RUB +13,223 million, +36%): 32% • Sugar sales increased due to positive market dynamics and the sales volume increase +11%: 60,000 30% 25% • Sales volumes increased
Slide 16: Oil & Fats: Key indicators 4Q 2022 vs 4Q 2021
Oil & Fats 16 Key indicators 4Q 2022 vs 4Q 2021 (IFRS) Oil & Fats: Sales, Adjusted EBITDA Comments and Adjusted EBITDA margin 80,000 17% 18% Sales (RUB -275 million, -1%): 70,000 16% • Revenue decreased mainly due to a decrease in sales volume of meal, which was partially compensated by an increase
Slide 17: Oil & Fats: Key indicators 12M 2022 vs 12M 2021
Oil & Fats 17 Key indicators 12M 2022 vs 12M 2021 (IFRS) Comments Oil & Fats: Sales, Adjusted EBITDA and Adjusted EBITDA margin Sales (RUB +8,132 million, +6%): 200,000 14% • Revenue increased mainly due to the positive dynamics of the oil and fats market. 12% 12% • The growth was partially offset b
Slide 18: Meat: Key indicators 4Q 2022 vs 4Q 2021
Meat 18 Key indicators 4Q 2022 vs 4Q 2021 (IFRS) Meat: Sales, Adjusted EBITDA Comments and Adjusted EBITDA margin 14,000 25% Sales (RUB +740 million, +7%): 11,910 • Sales volume of pork products increased by 15% (+10 thousand tonnes). Positive results were 12,000 11,170 achieved thanks to successful
Slide 19: Meat: Key indicators 12M 2022 vs 12M 2021
Meat 19 Key indicators 12M 2022 vs 12M 2021 (IFRS) Meat: Sales, Adjusted EBITDA Comments and Adjusted EBITDA margin 15% 50,000 15% Sales (RUB +4,077 million, +10%): 43,705 • Sales volume of pork products increased by 13% (+32 thousand tonnes). Positive results 39,628 40,000 were achieved thanks to s
Slide 20: Agriculture: Key indicators 4Q 2022 vs 4Q 2021
Agriculture 20 Key indicators 4Q 2022 vs 4Q 2021 (IFRS) Comments Agriculture: Sales, Adjusted EBITDA and Adjusted EBITDA margin Sales (RUB -8,300 million, -36%) 30,000 59% 60% Sales decrease impacted mainly by change in sales volumes: • Decrease in sales volume of sugar beet attributable to sales vo
Slide 21: Agriculture: Key indicators 12M 2022 vs 12M 2021
Agriculture 21 Key indicators 12M 2022 vs 12M 2021 (IFRS) Agriculture: Sales, Adjusted EBITDA Comments and Adjusted EBITDA margin 60,000 60% Sales (RUB -9,888 million, -24%): 56% Sales decrease impacted by the following volumes change: 50,000 50% • Decrease in sales volume of soybean and sunflower w
Slide 22: Section 3: Additional Information
SECTION 3 ADDITIONAL INFORMATION
Slide 23: Statement of Comprehensive Income (IFRS)
Statement of Comprehensive Income (IFRS) 23 ROS AGRO PLC RUB m illion Varianсes Varianсes Description 12M 2022 12M 2021 4Q 2022 4Q 2021 Units % Units % Sales 240,230 222,932 17,298 8 58,204 65,356 (7,152) (11) Net gain / (loss) on revaluation of biological assets and (8,542) 3,409 (11,952) (351) (6,
Slide 24: Adjusted EBITDA 12M 2022 (IFRS) Breakdown by division
Adjusted EBITDA 12M 2022 (IFRS) 24 Breakdown by division ROS AGRO PLC RUB million Twelve months ended 31 December 2022 Sugar Meat Agriculture Oil and Fat Other Elimination Total Sales 49,584 43,705 31,993 133,369 1,408 (19,829) 240,230 Net gain / (loss) on revaluation of biological assets and - (2,0
Slide 25: Adjusted EBITDA 12M 2021 (IFRS) Breakdown by division
Adjusted EBITDA 12M 2021 (IFRS) 25 Breakdown by division ROS AGRO PLC RUB million Twelve months ended 31 December 2021 Sugar Meat Agriculture Oil and Fat Other Elimination Total Sales 36,361 39,628 41,881 125,237 719 (20,893) 222,932 Net gain/ (loss) on revaluation of biological assets and - (370) 2
Slide 26: Statement of Cash Flows According to Management view
Statement of Сash Flows According to Management view 26 (Not IFRS presentation) ROS AGRO PLC RUB million Variance 12M 2022 12M 2021 Units % Cash flows from operating activities Profit before income tax 8,405 44,956 (36,551) (81) Adjustments for non-cash and non-operating (income)/expenses, net: Depr
Slide 27: Statement of Cash Flows According to Management view (continuance)
Statement of Cash Flows According to Management view (Not 27 IFRS presentation) - continuance ROS AGRO PLC RUB million (*) Including in net Variance 12M 2022 12M 2021 cash flows on financial Units % Cash flows from investing activities - assets related to (11,719) (13,294) 1,575 12 financial activit
Slide 28: Statement of Financial Position (IFRS)
Statement of Financial Position (IFRS) 28 ROS AGRO PLC RUB million 31 December 31 December Variances 2022 2021 Units % ASSETS 432,827 362,321 70,506 19 Current assets Cash and cash equivalents 21,473 46,462 (24,989) (54) Restricted cash - - - - Short-term investments 91,383 21,002 70,381 335 Trade a
Slide 29: Statement of Financial Position (IFRS) - continuance
Statement of Financial Position (IFRS) 29 - continuance ROS AGRO PLC RUB million 31 December 31 December Variances 2022 2021 Units % Liabilities and EQUITY 432,827 362,321 70,506 19 Current liabilities Short-term borrowings 172,352 108,749 63,603 58 Lease liabilities 863 1,131 (267) (24) Trade and o