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Ekosem-Agrar GmbH / Key word (s): Preliminary Results
04.28.2017 / 11:06
The issuer is responsible for the content of this announcement.
Ekosem Agriculture publishes preliminary figures for 2016: Operational growth in a difficult environment
Prices for raw milk were moving in the reporting period in Russia as in the global market mainly at very low levels. While the weak compared to the reserve currencies ruble caused a positive impact on the ruble milk prices, but this effect was not compensated for the corresponding increase in expenditure on milk production, so the result was negatively affected overall. The dairy herd showed growth by 10% to 27,400 animals (previous year: 24,900), the total herd animals grew to 63,900 (previous year: 57,750; +11%). The annual milk yield increased by 22%, reaching nearly 220,000 tonnes (previous year: 180,000 tonnes). This growth was mainly achieved by the rising utilization of facilities that have been put into operation, 2015. This sales were in the milk production significantly by over 19% to approximately 74.6 million euros (previous year: 62.5 million euros) increased, the currency-adjusted growth of around 31%.
Operating revenue (revenues plus changes in inventories of finished and unfinished products and biological assets and other operating income) amounted, according to preliminary numbers to approximately EUR 148.9 million (previous year, adjusted: 144.3 million euros). Preliminary earnings before interest, taxes, depreciation and amortization (EBITDA) of 50.0 million euros (previous year, adjusted: EUR 55.9 million) in the plan. The preliminary operating result (EBIT) fell from 37.6 million euros in the previous year (adjusted) to 31.9 million euros, which is also within the target corridor of 30 to 35 million euros. This corresponds to an EBITDA margin of 34% (previous year: 39%) and an EBIT margin of 21% (previous year: 26%).
The harvest season in 2016 shows a mixed picture. The forage crops brought good returns, so that a total of 913,000 tonnes (previous year: 673,000 tonnes) was started, an increase of about 36%. The summer and winter wheat as well as sugar beet delivered quantity also good returns. In contrast, the harvest of corn and soybeans fell slightly short of expectations. Price trends in the important for the group cultures remained relatively stable at harvest time, but especially tended grain prices towards year-end weaker.
Further progress reached the company in milk processing. The product range which went into operation in June 2016 Dairy was welcomed by the customers both in taste due to the high quality of the products with a positive response. Despite good success in sales, however, the development of a strong brand in the retail needs time.
Public support in Russian agriculture is currently focused mainly on milk production. By providing low-interest loans and non-repayable grants for barn construction currently exist very good conditions here. So the group were granted state investment subsidies amounting to 30% for two finished dairy plants in the regions of Voronezh and Kaluga, which were fully paid recently. In this favorable investment environment of the construction of three other dairy plants in the regions of Voronezh, Kaluga and Novosibirsk was decided. To finance the dairy plant long-term investment loans have already been agreed with the Russian Agricultural Bank. In addition, the group is currently in the acquisition process of two farms with a total area of 16,500 hectares in the regions of Voronezh and Kaluga.
Stefan Dürr, majority shareholder and CEO of Ekosem-Agrar GmbH: "2016 was certainly not the easiest year for dairy farmers around the world, the fact that we can also complete a year of very low milk prices with a positive result, but shows that we. can operate profitably in a difficult environment. the since the fourth quarter 2016 continued rise in the milk price makes me positive for the current year. "
Ekosem-Agrar GmbH / Key word (s): Preliminary Results
04.28.2017 / 11:06
The issuer is responsible for the content of this announcement.
Ekosem Agriculture publishes preliminary figures for 2016: Operational growth in a difficult environment
- Increase in sales in EUR by 21% (in rubles + 33%)
- Increase milk production by 22% to 220,000 tonnes
- Good fodder crop of 913,000 tonnes (+ 36%)
- Increasing the herd of dairy cows to 27,400 animals (+ 10%)
- Lowest euro-milk price in seven years
Prices for raw milk were moving in the reporting period in Russia as in the global market mainly at very low levels. While the weak compared to the reserve currencies ruble caused a positive impact on the ruble milk prices, but this effect was not compensated for the corresponding increase in expenditure on milk production, so the result was negatively affected overall. The dairy herd showed growth by 10% to 27,400 animals (previous year: 24,900), the total herd animals grew to 63,900 (previous year: 57,750; +11%). The annual milk yield increased by 22%, reaching nearly 220,000 tonnes (previous year: 180,000 tonnes). This growth was mainly achieved by the rising utilization of facilities that have been put into operation, 2015. This sales were in the milk production significantly by over 19% to approximately 74.6 million euros (previous year: 62.5 million euros) increased, the currency-adjusted growth of around 31%.
Operating revenue (revenues plus changes in inventories of finished and unfinished products and biological assets and other operating income) amounted, according to preliminary numbers to approximately EUR 148.9 million (previous year, adjusted: 144.3 million euros). Preliminary earnings before interest, taxes, depreciation and amortization (EBITDA) of 50.0 million euros (previous year, adjusted: EUR 55.9 million) in the plan. The preliminary operating result (EBIT) fell from 37.6 million euros in the previous year (adjusted) to 31.9 million euros, which is also within the target corridor of 30 to 35 million euros. This corresponds to an EBITDA margin of 34% (previous year: 39%) and an EBIT margin of 21% (previous year: 26%).
The harvest season in 2016 shows a mixed picture. The forage crops brought good returns, so that a total of 913,000 tonnes (previous year: 673,000 tonnes) was started, an increase of about 36%. The summer and winter wheat as well as sugar beet delivered quantity also good returns. In contrast, the harvest of corn and soybeans fell slightly short of expectations. Price trends in the important for the group cultures remained relatively stable at harvest time, but especially tended grain prices towards year-end weaker.
Further progress reached the company in milk processing. The product range which went into operation in June 2016 Dairy was welcomed by the customers both in taste due to the high quality of the products with a positive response. Despite good success in sales, however, the development of a strong brand in the retail needs time.
Public support in Russian agriculture is currently focused mainly on milk production. By providing low-interest loans and non-repayable grants for barn construction currently exist very good conditions here. So the group were granted state investment subsidies amounting to 30% for two finished dairy plants in the regions of Voronezh and Kaluga, which were fully paid recently. In this favorable investment environment of the construction of three other dairy plants in the regions of Voronezh, Kaluga and Novosibirsk was decided. To finance the dairy plant long-term investment loans have already been agreed with the Russian Agricultural Bank. In addition, the group is currently in the acquisition process of two farms with a total area of 16,500 hectares in the regions of Voronezh and Kaluga.
Stefan Dürr, majority shareholder and CEO of Ekosem-Agrar GmbH: "2016 was certainly not the easiest year for dairy farmers around the world, the fact that we can also complete a year of very low milk prices with a positive result, but shows that we. can operate profitably in a difficult environment. the since the fourth quarter 2016 continued rise in the milk price makes me positive for the current year. "
