26 February 2017

The largest Ukrainian sugar producer and soybeans processor disclosed main preliminary unaudited financial figures for Y2016.

According to the statement on web-site of the company, preliminary revenues figure for Y2016 is EUR 369M, by 17.5% higher vs. previous year (in Q4 alone Astarta sales grew y-o-y by 34%).

By our estimations main reasons of such revenues dynamics were 1) increase of realization in sugar segment, both in natural and money terms (for example due to booming export Astarta sugar realization in Q4 increased vs. Q4 2015 by almost 60% up to 153k tons), and 2) growth of soybeans processing products sales.

On the other side proceeds in Farming division were most likely below expectations in a view of severe problems with grains export logistics in Ukraine in Q4. It means that one can expect improvement of Farming segment results in H1 2017, when significant part of current season close to record-high crop will be sold.

Reported preliminary EBITDA of Astarta in Y2016 made EUR 150M, which is somewhat below our expectations, taking into account good results of sugar business direction and good crops yields. We note rather low EBITDA for Q4 – at about EUR 21M (slightly lower y-o-y), despite good estimated results of sugar business. Exact reasons of lower than expected EBITDA in Q4 could be estimated after final annual report for Y2016 will be published in April 2017.

We expect that total EBITDA of Astarta in new season to make at least EUR 170-180M (vs. EUR 150M in last season during October’15 – September’16).

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