28 April 2017

In Q1 2017 total sugar realization by the largest Ukrainian sugar producer made 141.5k tons, which has been much higher y-o-y and is just slightly below record-high level reached in previous quarter.

Taking into account active Ukrainian sugar export in current season (in Q1 2017 alone it made almost 270k tons), according to our estimations, export made not less than 50% of total Astarta sugar sales in Q1.

As a reminder, as of 31.12.16 Astarta formed on its balance sheet significant stock of sugar (EUR 84M, which has been much higher vs. 31.12.15), so, taking into account favorable global sugar market conditions in the beginning of Y2017, increase of sugar sales volume in Q1 2017 was expected. Quarterly sales dynamics of the company during last period of time looked as follows:

We also note that in line with our expectations in reporting quarter Astarta significantly increased volume of its grains sales. Taking into account logistics problems in the last months of Y2016, in Q4 2016 sales of grains of the company have been much lower vs. planned, which resulted in large grains stocks as of 31.12.16 (EUR 90.7M, two times higher vs. 31.12.15). As a result, total Astarta grains sales volume in Q1 2017 grew y-o-y by more than two times and made 270k tons.

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