19 October 2016

The company is in the middle of its sugar beets and corn harvesting campaign, reported yields are 52t/ha for sugar beets (close to average during last five years) and 8.3t/ha for corn, which is the highest figure for the last five years. Earlier we estimated profitability of Astarta sugar operations as not lower than 40%, basing on current corn price of USD 145-150/t (on CPT basis), we estimate that profitability of corn growing at 35-40% (EBITDA per 1 ha at USD 350-400), which is definitely higher than average in Ukraine (bearing in mind that Astarta is not related to high-cost producers).

In addition the company reported that it fully harvested oilseeds. In current season total soybeans production made 91k tons (yield – 2.2t/ha), sunflower seeds – 73k tons (yield - 2.6k/ha).

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