OREANDA-NEWS. Consolidated revenues reached EUR 369 million, up 5% y-o-y. Gross profit and EBITDA totaled EUR 93 million and EUR 69 million respectively. Operating cash flow more than doubled to reach EUR 38 million.

Performance in Key Segments

Sugar

Sugar production remains ASTARTA's core business. Segment's sales increased 10% y-o-y to EUR 223 million (61% of total consolidated revenues). This growth was mainly driven by 18% increase of sugar sales volumes to 387 thousand tonnes, of which 6% was exported.

Agricultural Operations

ASTARTA sold a record high volume of grains and oilseeds of 527 thousand tonnes. Export accounted for 60% of total segment's sales. Following material correction of prices for grain crops (both domestically and internationally), the segment's revenues were down 8% y-o-y to EUR 98 million (27% of total consolidated revenues). In additional to lower prices, the decline is explained by a decrease in soybean sales volumes as ASTARTA formed the necessary inventory for its new soybean crushing plant.

Cattle Farming

The cattle farming segment once again delivered strong results. Segment's revenues surged 21% y-o-y to EUR 39 million (11% of total consolidated revenues), driven by favourable pricing and a further increase in milk sales volumes by 7% y-o-y to 87 thousand tonnes. In the reported period the Group produced over 91 thousand tonnes of milk, up 8% y-o-y. This was mainly driven by further improvement in average annual yields, which reached 5.8 tonnes per cow.

Comments of CEO, Victor Ivanchyk

"In 2013 ASTARTA laid the groundwork for its further long-term development. We commissioned two greenfield industrial facilities - a soybean crushing plant and a biogas production unit, made strategic value creative acquisitions, and managed to further improve operating efficiency. Looking forward, ASTARTA will continue to strengthen its position as a leading sugar producer in Ukraine, concentrate on efficiency of crop production, and develop in adjacent segments like crop processing and bioenergy to ensure sustained growth and sound diversification".