Financials
Income statement*, usd mln
|
2010 |
2011 |
2012E |
2013E |
2014E |
2015E |
2016E |
2017E |
2018E |
2019E |
2020E |
2021E |
Net Revenues |
35 |
29 |
64 |
91 |
100 |
115 |
116 |
119 |
123 |
128 |
133 |
139 |
Change y-o-y |
72% |
-16% |
119% |
43% |
10.1% |
15.3% |
0.6% |
2.7% |
3.5% |
3.9% |
4.0% |
4.1% |
Cost Of Sales |
(17) |
(16) |
(27) |
(46) |
(53) |
(61) |
(62) |
(63) |
(65) |
(67) |
(70) |
(72) |
Gross Profit |
17 |
13 |
36 |
45 |
47 |
54 |
54 |
56 |
58 |
61 |
64 |
67 |
SG&A |
(3) |
(3) |
(6) |
(9) |
(10) |
(12) |
(12) |
(12) |
(12) |
(13) |
(13) |
(14) |
Other Operating Income, net |
1 |
(5) |
2 |
4 |
4 |
5 |
5 |
5 |
5 |
5 |
5 |
6 |
EBITDA |
16 |
6 |
32 |
39 |
41 |
47 |
48 |
49 |
51 |
53 |
56 |
58 |
EBITDA margin. % |
45% |
20% |
50% |
43% |
41.0% |
40.8% |
40.9% |
41.2% |
41.4% |
41.6% |
41.9% |
42.1% |
Depreciation |
(4) |
(5) |
(6) |
(6) |
(7) |
(7) |
(7) |
(7) |
(7) |
(7) |
(7) |
(7) |
EBIT |
12 |
1 |
26 |
33 |
34 |
40 |
41 |
42 |
44 |
46 |
49 |
51 |
EBIT margin. % |
35% |
2% |
41% |
36% |
34% |
35% |
35% |
35% |
36% |
36% |
37% |
37% |
Finance Expense |
(2) |
(2) |
(6) |
(8) |
(7) |
(5) |
(5) |
(5) |
(5) |
(5) |
(5) |
(6) |
Other income/(expense) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
PBT |
10 |
(1) |
20 |
24 |
28 |
35 |
36 |
37 |
39 |
41 |
43 |
46 |
Tax |
2 |
(0) |
(0) |
(0) |
(1) |
(1) |
(1) |
(1) |
(1) |
(1) |
(1) |
(1) |
Effective tax rate |
-21% |
-6% |
2% |
2% |
2% |
2% |
2% |
2% |
2% |
2% |
2% |
2% |
Extraordinary Income/(Loss) |
4 |
(0) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Net Income |
17 |
(2) |
20 |
24 |
27 |
35 |
35 |
36 |
38 |
40 |
42 |
45 |
Net Margin. % |
48% |
-5% |
31% |
26% |
27% |
30% |
30% |
31% |
31% |
31% |
32% |
32% |
Dividend Declared |
- |
- |
- |
- |
- |
33 |
34 |
35 |
35 |
37 |
38 |
42 |
*All figures are net of remeasurement of agricultural produce and revaluation of biological assets
Balance sheet, USD mln
|
2010 |
2011 |
2012E |
2013E |
2014E |
2015E |
2016E |
2017E |
2018E |
2019E |
2020E |
2021E |
Current Assets |
28 |
64 |
99 |
108 |
119 |
119 |
119 |
122 |
126 |
131 |
135 |
140 |
Cash & Equivalents |
2 |
5 |
13 |
5 |
5 |
6 |
6 |
6 |
6 |
6 |
7 |
7 |
Trade Receivables |
4 |
1 |
3 |
5 |
5 |
6 |
6 |
6 |
6 |
6 |
7 |
7 |
Inventories and biological assets |
19 |
52 |
75 |
88 |
97 |
93 |
94 |
96 |
99 |
102 |
106 |
110 |
Other current assets |
3 |
6 |
8 |
11 |
12 |
14 |
14 |
14 |
15 |
15 |
16 |
17 |
Fixed Assets |
59 |
75 |
95 |
107 |
110 |
112 |
112 |
112 |
113 |
113 |
113 |
113 |
PP&E. net |
54 |
62 |
82 |
94 |
96 |
99 |
99 |
99 |
99 |
100 |
100 |
100 |
Other Fixed Assets |
5 |
13 |
13 |
13 |
13 |
13 |
13 |
13 |
13 |
13 |
13 |
13 |
Total Assets |
87 |
139 |
194 |
216 |
229 |
231 |
232 |
235 |
239 |
244 |
248 |
253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
67 |
109 |
129 |
153 |
180 |
182 |
183 |
184 |
188 |
191 |
195 |
198 |
Share Capital |
0 |
24 |
24 |
24 |
24 |
24 |
24 |
24 |
24 |
24 |
24 |
24 |
Reserves and Other |
67 |
85 |
104 |
128 |
156 |
158 |
158 |
160 |
163 |
166 |
171 |
174 |
Current Liabilities |
8 |
13 |
37 |
35 |
21 |
21 |
21 |
22 |
23 |
25 |
25 |
27 |
ST Interest Bearing Debt |
4 |
8 |
31 |
27 |
12 |
11 |
11 |
12 |
13 |
14 |
14 |
15 |
Trade Payables |
1 |
1 |
1 |
2 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
4 |
Other Current Liabilities |
4 |
3 |
4 |
5 |
6 |
7 |
7 |
7 |
7 |
8 |
8 |
8 |
LT Liabilities |
12 |
17 |
28 |
28 |
28 |
28 |
28 |
28 |
28 |
28 |
28 |
28 |
LT Interest Bearing Debt |
9 |
14 |
25 |
25 |
25 |
25 |
25 |
25 |
25 |
25 |
25 |
25 |
Other LT |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
3 |
Total Liabilities & Equity |
87 |
139 |
194 |
216 |
229 |
231 |
232 |
235 |
239 |
244 |
248 |
253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt |
10 |
17 |
44 |
47 |
32 |
30 |
30 |
31 |
31 |
32 |
32 |
33 |
*For forecasted periods, does not include the effect of remeasurement of agricultural produce and revaluation of biological assets
Cash flow statement, USD mln
|
2010 |
2011 |
2012E |
2013E |
2014E |
2015E |
2016E |
2017E |
2018E |
2019E |
2020E |
2021E |
Net Income |
17 |
(2) |
20 |
24 |
27 |
35 |
35 |
36 |
38 |
40 |
42 |
45 |
Depreciation |
4 |
5 |
6 |
6 |
7 |
7 |
7 |
7 |
7 |
7 |
7 |
7 |
Non-operating & non-cash items |
8 |
18 |
0 |
- |
0 |
(0) |
0 |
0 |
0 |
(0) |
(0) |
0 |
Changes in working capital |
(16) |
(32) |
(26) |
(15) |
(9) |
2 |
(1) |
(2) |
(3) |
(4) |
(4) |
(4) |
Operating Cash Flow |
12 |
(10) |
(0) |
15 |
25 |
44 |
41 |
41 |
42 |
43 |
45 |
48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures. net |
(3) |
(8) |
(26) |
(19) |
(9) |
(9) |
(7) |
(7) |
(7) |
(7) |
(7) |
(7) |
Other Investments. net |
5 |
(9) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Investing Cash Flow |
2 |
(17) |
(26) |
(19) |
(9) |
(9) |
(7) |
(7) |
(7) |
(7) |
(7) |
(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Borrowings/(repayments) |
(12) |
6 |
34 |
(4) |
(15) |
(1) |
0 |
1 |
1 |
1 |
0 |
1 |
Dividends Paid |
|
|
- |
- |
- |
(33) |
(34) |
(35) |
(35) |
(37) |
(38) |
(42) |
Other |
(0) |
(0) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Financing Cash Flow |
(12) |
6 |
34 |
(4) |
(15) |
(34) |
(34) |
(34) |
(34) |
(36) |
(38) |
(40) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Cash Balance |
0 |
2 |
5 |
13 |
5 |
5 |
6 |
6 |
6 |
6 |
6 |
7 |
Ending Cash Balance |
2 |
5 |
13 |
5 |
5 |
6 |
6 |
6 |
6 |
6 |
7 |
7 |
Net Cash Inflows/Outflows |
2 |
(21) |
8 |
(8) |
0 |
1 |
0 |
0 |
0 |
0 |
0 |
0 |
Source: Company data, Concorde Capital projections
Charts
Landbank dynamics, ths ha |
|
Crop structure, by ha |
|
|
|
Source: Company data, State Statistics Committee of Ukraine |
|
Source: Company data, State Statistics Committee of Ukraine |
Crop yields, 2010 |
|
Crop yields, 2011 |
|
|
|
Source: Company data, State Statistics Committee of Ukraine |
|
Source: Company data, State Statistics Committee of Ukraine |
Corn production costs, USD/ha, 2011 |
|
Sunflower production costs, USD/ha, 2011 |
|
|
|
Source: Company data |
|
Source: Company data |
