28 Feb 2022 08:20
28 February 2022
ROS AGRO financial results for 12M 2021 and 4Q 2021
28 February 2022 - Today ROS AGRO PLC (the "Company"), the holding companyof Rusagro Group (the "Rusagro"), a leading Russian diversified food producer with vertically integrated operations, has announced the financial results for the year ended 31 December 2021.
12M 2021 HIGHLIGHTS
- Sales amounted to RUB 222,932 million (US$ 3,027 million1), an increase of RUB 63,961 million (+40%) compared to 12M 2020;
- Adjusted EBITDA2 amounted to RUB 48,060 million (US$ 653 million), an increase of RUB 16,076 million (+50%) compared to 12M 2020;
- Adjusted EBITDA margin rose from 20% in 12M 2020 to 22% in 12M 2021;
- Net profit for the period amounted to RUB 41,434 million (US$ 563 million), an increase of RUB 17,137 million (+71%);
- Net debt position3 as of 31 December 2021 amounted to RUB 73,409 million (US$ 988 million);
- Net Debt/Adjusted EBITDA (LTM4) as of 31 December 2021 was 1.53.
Commenting on the results, Timur Lipatov, CEO of Rusagro, said:
"In 2021 Rusagro achieved impressive results and managed to earn the highest adjusted EBITDA in the Company's history. In 4Q 2021 Rusagro Sales increased across all business segments. Revenue growth was supported by positive trend in sales volume of Sugar segment as well as sugar beet and soybean in Agriculture segment.
In 4Q 2021 Rusagro showed growth of adjusted EBITDA in all business segments except Meat. Rusagro improved adjusted EBITDA margin of Agriculture segment (+7 p.p.) and Sugar segment (+7 p.p.) as Revenue grew higher than corresponding increase in costs. Adjusted EBITDA of Oil & Fats segment remained relatively flat (+1 p.p.). Adjusted EBITDA of Meat segment decreased by 8 p.p. following negative influence of higher costs of feed and animal health protection as well as additional expenses relating to the start of operations in Primorye."
Key consolidated financial performance indicators
in RR million | Year ended | Variance | Three months ended | Variance | ||||
31 December 2021 | 31 December 2020 | Units | % | 31 December 2021 | 31 December 2020 | Units | % | |
Sales | 222,932 | 158,971 | 63,961 | 40 | 65,356 | 50,209 | 15,147 | 30 |
Gross profit 1 | 57,093 | 43,739 | 13,354 | 31 | 11,491 | 13,296 | (1,805) | (14) |
Gross margin, % | 26% | 28% | (2) pp | 18% | 26% | (8) pp | ||
Adjusted EBITDA | 48,060 | 31,984 | 16,076 | 50 | 17,338 | 11,789 | 5,549 | 47 |
Adjusted EBITDA margin, % | 22% | 20% | 2 pp | 27% | 23% | 4 pp | ||
Net profit for the period 2,3 | 41,434 | 24,297 | 17,137 | 71 | 6,012 | 8,618 | (2,606) | (30) |
Net profit margin % | 19% | 15% | 4 pp | 9% | 17% | (8) pp |
1 Adjustment was made to published 9M and 3Q 2021: Gross profit increased by RUB 718 million due to reclassification of income from recognition of sunflower surplus on elevators.
2 Net profit for the period is affected by non-cash income/(loss) on revaluation of biological assets and agricultural produce. See details in business-sections below.
3 Adjustment for valuation of SolPro loans made in 4Q20 caused Net profit to increase by RUB 2,846 compared to the published earlier amount, 12M20 remained unchanged
Key financial performance indicators by segments
in RR million | Year ended | Variance | Three months ended | Variance | ||||
31 December 2021 | 31 December 2020 | Units | % | 31 December 2021 | 31 December 2020 | Units | % | |
Sales, incl. | 222,932 | 158,971 | 63,961 | 40 | 65,356 | 50,209 | 15,147 | 30 |
Sugar | 36,361 | 28,113 | 8,248 | 29 | 12,248 | 7,034 | 5,214 | 74 |
Meat | 39,628 | 32,434 | 7,194 | 22 | 11,170 | 9,588 | 1,583 | 16 |
Agriculture | 41,881 | 34,348 | 7,534 | 22 | 23,170 | 19,596 | 3,574 | 18 |
Oil and Fat | 125,237 | 79,726 | 45,510 | 57 | 31,278 | 25,173 | 6,105 | 24 |
Other | 719 | 631 | 88 | 14 | 180 | 234 | (53) | (23) |
Eliminations | (20,894) | (16,281) | (4,613) | (28) | (12,690) | (11,416) | (1,276) | (11) |
Gross profit, incl. | 57,093 | 43,739 | 13,354 | 31 | 11,491 | 13,296 | (1,805) | (14) |
Sugar | 9,510 | 6,885 | 2,625 | 38 | 3,686 | 1,512 | 2,174 | 144 |
Meat | 5,513 | 4,377 | 1,135 | 26 | (826) | (372) | (454) | (122) |
Agriculture | 25,717 | 18,870 | 6,847 | 36 | 5,615 | 9,614 | (3,999) | (42) |
Oil and Fat | 16,381 | 15,179 | 1,202 | 8 | 3,543 | 3,809 | (267) | (7) |
Other | 348 | 153 | 195 | 127 | 162 | 77 | 85 | 110 |
Eliminations | (376) | (1,725) | 1,349 | 78 | (689) | (1,344) | 655 | 49 |
Adjusted EBITDA, incl. | 48,060 | 31,984 | 16,076 | 50 | 17,338 | 11,789 | 5,549 | 47 |
Sugar | 8,962 | 6,352 | 2,610 | 41 | 3,134 | 1,347 | 1,787 | 133 |
Meat | 5,895 | 6,473 | (579) | (9) | 860 | 1,539 | (679) | (44) |
Agriculture | 23,251 | 15,191 | 8,060 | 53 | 13,780 | 10,176 | 3,604 | 35 |
Oil and Fat | 12,786 | 9,375 | 3,411 | 36 | 2,719 | 2,008 | 712 | 35 |
Other | (2,092) | (1,300) | (792) | (61) | (337) | (206) | (131) | (64) |
Eliminations | (742) | (4,107) | 3,365 | 82 | (2,818) | (3,075) | 256 | 8 |
Adjusted EBITDA margin, % | 22% | 20% | 2 pp | 27% | 23% | 4 pp | ||
Sugar | 25% | 23% | 2 pp | 26% | 19% | 7 pp | ||
Meat | 15% | 20% | (5) pp | 8% | 16% | (8) pp | ||
Agriculture | 56% | 44% | 12 pp | 59% | 52% | 7 pp | ||
Oil and Fat | 10% | 12% | (2) pp | 9% | 8% | 1 pp |
SUGAR SEGMENT
In 12M21 Sugar segment earned RUB 8,962 million of adjusted EBITDA (+41% y-o-y) with 25% margin (+2 pp y-o-y). The financial results of the Sugar Segment of 12M21 and 4Q21 compared to 12M20 and 4Q20 respectively are presented in the table below:
Sugar segment 12M and 4Q 2021 Financial Results
in RR million | Year ended | Variance | Three months ended | Variance | ||||
31 December 2021 | 31 December 2020 | Units | % | 31 December 2021 | 31 December 2020 | Units | % | |
Sales | 36,361 | 28,113 | 8,248 | 29 | 12,248 | 7,034 | 5,214 | 74 |
Cost of sales | (26,850) | (21,238) | (5,612) | (26) | (8,562) | (5,522) | (3,040) | (55) |
Net gain/ (loss) from trading derivatives | - | 11 | (11) | - | - | - | - | - |
Gross profit/ (loss) | 9,510 | 6,885 | 2,626 | 38 | 3,686 | 1,512 | 2,174 | 144 |
Gross profit margin | 26% | 24% | 2 pp | 30% | 21% | 9 pp | ||
Distribution and selling expenses | (2,476) | (1,964) | (512) | (26) | (1,017) | (479) | (538) | (112) |
General and administrative expenses | (1,482) | (1,436) | (46) | (3) | (353) | (389) | 35 | 9 |
Other operating income/ (expenses), net | 677 | 602 | 75 | 12 | 181 | (17) | 197 | - |
incl. reimbursement of operating costs (government grants) | 577 | 180 | 397 | 221 | 150 | 107 | 42 | 39 |
incl. other adjustments to EBITDA (non-recurring items) | 106 | 425 | (319) | (75) | 35 | (51) | 86 | - |
Operating profit | 6,229 | 4,088 | 2,142 | 52 | 2,496 | 628 | 1,868 | 297 |
Adjusted EBITDA | 8,962 | 6,352 | 2,610 | 41 | 3,134 | 1,347 | 1,787 | 133 |
Adjusted EBITDA margin | 25% | 23% | 2 pp | 26% | 19% | 7 pp |
In 12M21 in comparison to 12M20 Sales of Sugar segment improved by 29% - RUB 8,248 million. Sugar market showed positive trend in comparison to 12M20. During the first 9M21 Rusagro's sugar sales price to retail chains in Russia did not exceed 36 RUB/kg incl. VAT for white sugar in 50 kg bags at the plant. Sales volumes decreased by 5% y-o-y to 769 thousand mainly due to reduction of opening sugar balance in 2021 compare to 2020. In 4Q21 sales volumes increased due to the growth of sugar production (as the result of higher sugar beet harvest) and limited storage capacity.
In addition, Sugar segment Sales for 12M21 increased due to the growth in sales of packing and sugar beet processing services offered to customers by sugar plants of RUB 526 million together with the increase in sales of beet pulp, molasses and betaine by RUB 216 million. Revenue from sales of buckwheat and rice decreased by RUB 171 million.
Cost of sales in 12M21 increased y-o-y due to higher sugar beet costs.
Production and sales volume of sugar in 12M and 4Q 2021
Year ended | Variance | Three months ended | Variance | |||||||||||
31 December 2021 | 31 December 2020 | Units | % | 31 December 2021 | 31 December 2020 | Units | % | |||||||
Sugar production volume, thousand tonnes | 791 | 764 | 27 | 4 | 583 | 484 | 99 | 20 | ||||||
Sales volume, thousand tonnes | 769 | 812 | (43) | (5) | 228 | 142 | 86 | 61 | ||||||
MEAT SEGMENT
In 12M21 Meat segment earned RUB 5,895 million of adjusted EBITDA (-9% y-o-y) with 15% margin (-5 pp y-o-y). The financial results of the Meat Segment of 12M21 and 4Q21 compared to 12M20 and 4Q20 respectively are presented in the table below.
Meat segment 12M and 4Q 2021 Financial Results
in RR million | Year ended | Variance | Three months ended | Variance | |||||
31 December 2021 | 31 December 2020 | Units | % | 31 December 2021 | 31 December 2020 | Units | % | ||
Sales | 39,628 | 32,434 | 7,194 | 22 | 11,170 | 9,588 | 1,583 | 17 | |
Net gain/ (loss) on revaluation of biological assets and agricultural produce | (370) | (681) | 311 | 46 | (1,704) | (1,504) | (199) | (13) | |
Cost of sales | (33,745) | (27,376) | (6,369) | (23) | (10,292) | (8,455) | (1,837) | (22) | |
Gross profit/ (loss) | 5,513 | 4,377 | 1,135 | 26 | (826) | (372) | (454) | (122) | |
Gross profit margin | 14% | 13% | 1 pp | (7)% | (4) % | (3)pp | |||
Gross profit excl. effect of biological assets revaluation | 5,883 | 5,059 | 825 | 16 | 878 | 1,132 | (254) | (22) | |
Adjusted gross profit margin | 15% | 16% | (1) pp | 8% | 12% | (4)pp | |||
Distribution and selling expenses | (1,670) | (1,204) | (466) | (39) | (569) | (342) | (227) | (66) | |
General and administrative expenses | (4,058) | (1,509) | (2,549) | (169) | (941) | (549) | (392) | (71) | |
Other operating income/ (expenses), net | 1,353 | 654 | 699 | 107 | 284 | 258 | 26 | 10 | |
incl. reimbursement of operating costs (government grants) | 517 | 105 | 412 | 393 | 58 | 42 | 16 | 38 | |
incl. other adjustments to EBITDA (non-recurring items) | 490 | 460 | 30 | 6 | 9 | 181 | (172) | (95) | |
Operating profit | 1,137 | 2,318 | (1,180) | (51) | (2,052) | (1,005) | (1,047) | (104) | |
Adjusted EBITDA | 5,895 | 6,473 | (579) | (9) | 860 | 1,539 | (679) | (44) | |
Adjusted EBITDA margin | 15% | 20% | (5) pp | 8% | 16% | (8) pp | |||
Sales of the Meat segment increased by 22% in 12M21 and by 17% in 4Q21 compared to the respective periods of the prior year mainly due to positive market dynamics of all meat products except for livestock during 4Q21. The growth of total sales volume by 1% in 12M21 compared to 12M20 triggered by 1% pigs production increase achieved as new pig farms in Tambov Region reached full capacity and start of production in Primorye.
Production and sales volume of pork products in 12M and 4Q 2021
Year ended | Variance | Three months ended | Variance | |||||||||||||
31 December 2021 | 31 December 2020 | Units | % | 31 December 2021 | 31 December 2020 | Units | % | |||||||||
Pigs production, thousand tonnes in live weight
| 309 | 308 | 1 | 0 | 82 | 85 | (3) | (4) | ||||||||
Sales volume, thousand tonnes | 249 | 248 | 1 | 0 | 67 | 71 | (5) | (6) | ||||||||
Cost of sales increased by 23% in 12M21 and by 22% in 4Q21 compared to the respective periods of the prior year mainly due to higher costs of feed and animals health protection.
Net loss on revaluation of biological assets and agricultural produce in 12M21 resulted mainly from higher growth of costs than an increase in fair value for both bearer and consumable livestock pigs during the reporting period compared to the respective figures at the end of 2020.
An increase in Distribution and selling expenses in 12M21 in comparison to 12M20 is mainly due to the rise in the costs of advertising and marketing activities.
General and administrative expenses in 12M21 compared to prior year period increased mainly due realization of pork production cluster project in the Primorie Territory.
An increase in Other operating income in 12M21 in comparison to 12M20 is mainly due to partial reimbursement of feed purchase costs and insurance costs.
AGRICULTURAL SEGMENT
As at 31 December 2021 Rusagro's area of controlled land stands at 688 thousand hectares (31 December 2020: 641 thousand hectares). In 12M21 Agriculture segment earned RUB 23,251 million of adjusted EBITDA (+53 % y-o-y) with 56% margin (+12 pp y-o-y). The financial results of the Agricultural Segment of 12M21 and 4Q21 compared to 12M20 and 4Q20 respectively are presented below.
Agriculture segment 12M and 4Q 2021 Financial Results
in RR million | Year ended | Variance | Three months ended | Variance | ||||
31 December 2021 | 31 December 2020 | Units | % | 31 December 2021 | 31 December 2020 | Units | % | |
Sales | 41,881 | 34,348 | 7,534 | 22 | 23,170 | 19,596 | 3,574 | 18 |
Net gain/ (loss) on revaluation of biological assets and agricultural produce | 2,610 | 3,583 | (973) | (27) | (7,904) | (56) | (7,848) | (14,028) |
Cost of sales | (18,774) | (19,060) | 286 | 2 | (9,651) | (9,926) | 275 | 3 |
Gross profit/ (loss) | 25,717 | 18,870 | 6,847 | 36 | 5,615 | 9,614 | (3,999) | (42) |
Gross profit margin | 61% | 55% | 6 pp | 24% | 49% | (25) pp | ||
Gross profit excl. effect of biological assets and agricultural produce revaluation | 23,107 | 15,288 | 7,820 | 51 | 13,519 | 9,670 | 3,850 | 40 |
Adjusted gross profit margin | 55% | 45% | 10 pp | 58% | 49% | 9 pp | ||
Distribution and selling expenses | (1,935) | (2,370) | 435 | 18 | (856) | (918) | 62 | 7 |
General and administrative expenses | (1,461) | (1,363) | (98) | (7) | (439) | (414) | (25) | (6) |
Other operating income/ (expenses), net | 598 | 460 | 139 | 30 | 494 | 458 | 36 | 8 |
incl. reimbursement of operating costs (government grants) | 546 | 299 | 247 | 83 | 305 | 188 | 117 | 62 |
incl. other adjustments to EBITDA (non-recurring items) | (38) | 71 | (109) | - | 129 | 109 | 20 | 18 |
Operating profit | 22,919 | 15,597 | 7,322 | 47 | 4,814 | 8,740 | (3,925) | (45) |
Adjusted EBITDA | 23,251 | 15,191 | 8,060 | 53 | 13,780 | 10,176 | 3,604 | 35 |
Adjusted EBITDA margin | 56% | 44% | 12 pp | 59% | 52% | 7 pp |
In 12M21 in comparison to 12M20 Sales of the Agriculture segment increased by 22% to RUB 41,881 million. Higher volume of sugar beet and wheat sold was partially compensated by lower sales volumes of barley, corn and sunflower. Meanwhile, Cost of sales, General and administrative expenses remained relatively stable.
Higher sales volume of wheat in 12M21 compared to 12M20 was affected by management decision in 2020 to push sales timing towards 2021, whereas 2019 wheat harvest was mainly sold in 2019. 2021 wheat harvest was mainly sold in 2021.
Sugar beet sales volume increase in 12M21 compared to 12M20 was caused by higher yield of sugar beet in 2021.
In 4Q21 in comparison to 4Q20 Sales of the Agriculture segment increased by 18% to RUB 23,170 million. Higher volume of sugar beet and soybean was partially compensated by lower sales volumes of wheat, barley, corn and sunflower.
Lower sales volume of wheat in 4Q21 compared to 4Q20 was affected by management decision in 2021 to make sales earlier in the season - in 3Q21.
Higher sales volume of soybean in 4Q21 compared to 4Q20 was affected by management decision in 2021 to make sales earlier in the 2021 due to favourable market conditions.
Sales volume of crops in 12M and 4Q 2021
Thousand tonnes | Year ended | Variance | Three months ended | Variance | |||||
31 December 2021 | 31 December 2020 | Units | % | 31 December 2021 | 31 December 2020 | Units | % | ||
sugar beet | 3,589 | 2,952 | 637 | 22 | 2,869 | 2,120 | 749 | 35 | |
wheat | 768 | 653 | 115 | 17 | 184 | 386 | (202) | (52) | |
soybean | 330 | 331 | (1) | (0) | 169 | 97 | 72 | 73 | |
corn | 71 | 149 | (78) | (52) | 14 | 57 | (43) | (76) | |
sunflower seeds | 59 | 78 | (19) | (24) | 51 | 59 | (1) | (13) | |
barley | 10 | 122 | (112) | (91) | 4 | 30 | (26) | (88) | |
Net gain/(loss) on revaluation of biological assets and agricultural produce depends on revaluation amounts in opening and closing inventory balances. Revaluation between opening and closing inventory balances grew higher in 12M20 than in 12M21.
Net loss on revaluation of biological assets and agricultural produce in 4Q21 compared to 4Q20 is higher due to realisation of gain from current year harvest revaluation recognized in 3Q21. In 4Q20 realisation of gain from 2020 year harvest revaluation was neutralised by recognition of additional gain from revaluation of harvested crops to fair value less estimated point-of-sale costs.
Net gain/(loss) on revaluation of crops and its subsequent realisation do not affect the Adjusted EBITDA figure.
Distribution and selling expenses decreased despite overall sales volumes remaining at the same level, which is caused mainly by changes in sales channels of soybean, export in 12M2020 vs. domestic in 12M2021.
An increase in Other operating income in 12M21 in comparison to 12M20 is mainly due to higher government reimbursement of operating costs.
OIL AND FAT SEGMENT
In 12M21 Oil and Fat segment earned RUB 12,786 million of adjusted EBITDA (+36 % y-o-y) with 10% margin (-2 pp y-o-y). The financial results of the Oil and Fat Segment for 12M21 and 4Q21 compared to 12M20 and 4Q20 respectively are presented below.
Oil and Fat segment 12M and 4Q 2021 Financial Results
in RR million
| Year ended | Variance | Three months ended | Variance | |||||||||||
31 December 2021 | 31 December 2020 | Units | % | 31 December 2021 | 31 December 2020 | Units | % |
| |||||||
Sales | 125,237 | 79,726 | 45,510 | 57 | 31,278 | 25,173 | 6,105 | 24 | |||||||
Cost of sales | (108,856) | (64,547) | (44,308) | (69) | (27,735) | (21,363) | (6,372) | (30) | |||||||
Gross profit/ (loss) | 16,381 | 15,179 | 1,202 | 8 | 3,543 | 3,809 | (267) | (7) | |||||||
Gross profit margin | 13% | 19% | (6) pp | 11% | 15% | (4) pp | |||||||||
Distribution and selling expenses | (5,488) | (4,915) | (573) | (12) | (2,097) | (1,836) | (261) | (14) | |||||||
General and administrative expenses | (1,975) | (1,816) | (159) | (9) | (553) | (321) | (231) | (72) | |||||||
Other operating income/ (expenses), net | (726) | (533) | (193) | (36) | (349) | (334) | (15) | (5) | |||||||
incl. reimbursement of operating costs (government grants) | 496 | 347 | 149 | 43 | 190 | 107 | 83 | 78 | |||||||
incl. Other adjustments to EBITDA (non-recurring items) | (1,368) | (732) | (636) | (87) | (756) | (445) | (311) | (70) | |||||||
Operating profit/ (loss) | 8,192 | 7,915 | 277 | 3 | 544 | 1,318 | (774) | (59) | |||||||
Adjusted EBITDA | 12,786 | 9,375 | 3,411 | 36 | 2,719 | 2,008 | 712 | 35 | |||||||
Adjusted EBITDA margin | 10% | 12% | (2) pp | 9% | 8% | 1 pp | |||||||||
In 2021 results of Dairy Products segment are included in Oil and Fat segment due to consolidation of these two businesses. For comparison purpose financial results of the previous years were corrected accordingly.
Sales volumes to third parties in 12M and 4Q 2021
Thousand tonnes
| Year ended | Variance | Three months ended | Variance | |||||||
31 December 2021 | 31 December 2020 | Units | % | 31 December 2021 | 31 December 2020 | Units | % | ||||
Meal | 582 | 589 | (7) | (1) | 139 | 146 | (7) | (5) | |||
crude oil | 391 | 384 | 7 | 2 | 71 | 98 | (27) | (27) | |||
industrial fats | 335 | 310 | 25 | 8 | 96 | 91 | 5 | 6 | |||
dry whey mixes | 15 | 15 | - | 6 | 4 | 4 | - | 14 | |||
consumer oil&fat products | 325 | 341 | (16) | (5) | 91 | 94 | (3) | (4) | |||
consumer dairy products | 14 | 13 | 1 | 9 | 4 | 3 | - | 11 | |||
In 12M21 in comparison to 12M20 Sales of the Oil and Fat segment increased by 57% to RUB 125,237 million partially due to rise of sales volume of industrial fats, crude oil and consumer dairy products.
Sales price of bottled sunflower oil to retail in Russia did not exceed established by Russian Government limit of 95 RUB/l incl. VAT at the plant during the first 9M21.
Cost of sales in 12M21 in comparison to 12M20 increased due to higher costs of raw materials, including sunflower seeds, sunflower and tropical oil.
Distribution and selling expenses increased as the result of export duties on sunflower oil imposed by Russian Government starting from September 2021.
Other adjustments to EBITDA (non-recurring items) in 12M21 changed mainly due to negative dynamics in forex losses in 12M20 and higher provisions for bad debts in 12M21.
KEY CONSOLIDATED CASH FLOW INDICATORS (NOT IFRS PRESENTATION*)
The key consolidated cash flow indicators presented according to management accounts methodology
in mln Roubles | Year ended | Variance | Three months ended | Variance | ||||
31 December 2021 | 31 December 2020 | Units | % | 31 December 2021 | 31 December 2020 | Units | % | |
Net cash from operating activities, incl. | 30,733 | 12,117 | 18,616 | 154 | (1,522) | (12,560) | 11,037 | 88 |
Operating cash flow before working capital changes | 46,821 | 31,899 | 14,923 | 47 | 16,509 | 11,528 | 4,981 | 43 |
Working capital changes | (12,409) | (17,748) | 5,340 | 30 | (15,876) | (23,041) | 7,165 | 31 |
Net cash from investing activities, incl. | (41,276) | (13,494) | (27,782) | (206) | (4,198) | (3,627) | (570) | (16) |
Purchases of property plant and equipment and inventories intended for construction | (13,770) | (14,066) | 296 | 2 | (4,955) | (3,976) | (979) | (25) |
Acquisition of SolPro assets | (28,735) | 0 | (28,735) | - | - | - | - | - |
Net cash from financing activities | 45,387 | 10,892 | 34,494 | 317 | (4,721) | 18,512 | (23,233) | - |
Net effect of exchange rate changes on cash and cash equivalents | (248) | 180 | (429) | - | (62) | (111) | 49 | 44 |
Net increase / (decrease) in cash and cash equivalents | 34,595 | 9,696 | 24,899 | 257 | (10,502) | 2,214 | (12,717) | - |
(*) See Appendix 4
Сash inflow corresponding to loans and interest repaid as the result of SolPro assets acquisition is included in line Net cash from financing activities.
The key investments in property, plant and equipment and inventories intended for construction during 12M21 were made in the Meat segment in the amount of RUB 8,052 million (12M20: RUB 8,750 million) due to the purchases related to the construction project in the Russian Far East. Investments in the Oil and Fat segment in the amount of RUB 2,058 million (12M20: RUB 1,784 million), Agriculture segment in the amount of RUB 2,660 million (12M20: RUB 2,038 million) and Sugar segment in the amount of RUB 1,000 million (12M20: RUB 1,494 million) mainly relate to purchases of machinery and equipment for production facilities renewal and maintenance.
Debt position and liquidity management
in RUB million | 31 December 2021 | 31 December 2020 | Variance | |
Units | % | |||
Gross debt | 172,724 | 114,929 | 57,795 | 50 |
Short-term borrowings | 108,749 | 51,753 | 56,996 | 110 |
Long-term borrowings | 63,975 | 63,176 | 799 | 1 |
Cash and cash equivalents, bank deposits and bonds | (99,315) | (46,029) | (53,286) | (116) |
Short-term cash, deposits and bonds | (65,344) | (12,064) | (53,280) | (442) |
Long-term cash, deposits and bonds | (33,971) | (33,965) | (6) | (0) |
Net debt | 73,409 | 68,900 | 4,509 | 7 |
Short-term borrowings, net | 43,405 | 39,689 | 3,716 | 9 |
Long-term borrowings, net | 30,004 | 29,211 | 793 | 3 |
Adjusted EBITDA (LTM4) | 48,060 | 31,984 | 16,076 | 50 |
Net debt/ Adjusted EBITDA (LTM) | 1.53 | 2.15 | (0.6) pp | |
Adjusted EBITDA (LTM)5 without other operating income/expenses | 48,314 | 32,435 | 15,879 | 49 |
Net debt/ Adjusted EBITDA (LTM)5 without other operating income/expenses | 1.52 | 2.12 | (0.6) pp |
Net finance income/ (expense)
in RR million | Year ended | Variance | Three months ended | Variance | ||||
31 December 2021 | 31 December 2020 | Units | % | 31 December 2021 | 31 December 2020 | Units | % | |
Net interest expense | (5,499) | (4,805) | (694) | (14) | (1,496) | (1,085) | (411) | (38) |
Gross interest expense | (10,567) | (6,448) | (4,119) | (64) | (3,242) | (1,558) | (1,685) | (108) |
Reimbursement of interest expense | 5,068 | 1,643 | 3,425 | 208 | 1,746 | 473 | 1,274 | 269 |
Interest income | 8,611 | 7,165 | 1,446 | 20 | 2,303 | 2,535 | (232) | (9) |
Net gain/ (loss) from bonds held for trading | (2) | (16) | 14 | 87 | 1 | 0 | 0 | 162 |
Other financial income, net | (705) | (1,844) | 1,139 | 62 | (216) | (353) | 137 | 39 |
Net foreign exchange gain/ (loss) | (111) | (1,234) | 1,123 | 91 | (61) | (116) | 55 | 47 |
Other financial income / (expenses), net | (594) | (610) | 16 | 3 | (155) | (237) | 82 | 35 |
Total net finance income/ (expenses) | 2,405 | 500 | 1,905 | 381 | 592 | 1,098 | (506) | (46) |
Net debt increased at 31 December 2021 compared at 31 December 2020 as a result of an increase in short-term borrowings.
In 12M21 Rusagro continued to enjoy benefits from the state agriculture subsidies programme. The Rusagro continued to receive bank loans with decreased preferential interest rates under the programme of government support. Under this programme, the government provides subsidies to the banks to compensate the loss of income on credits with decreased interest rates, given by the banks to agricultural producers. In 12M21 IFRS accounts these credits are accounted according to its face value with no adjustments to prevailing market rates. The differences between nominal and market interest rate is recognized as either government grants in a statement of financial position for borrowings received with the purpose to finance investment projects or interest expenses in a statement of comprehensive income for general purpose borrowings.
Net finance income of 12M20 in the sum of RUB 500 million increased to RUB 2,405 million in 12M21 as the result of negative dynamics in forex losses in 12M20 and increase in interest income on bank deposits in 12M21, partially compensated by lower interest income of SolPro loans.
________________________________
(1) The exchange rates used for translation of RUB amounts into USD represent average Central Bank official exchange rate for the respective reporting period for income, expenses and profits and the Central Bank official exchange rate as at the reporting date for balance figures.
(2) Adjusted EBITDA is defined as operating profit before taking into account (i) depreciation included in operating profit, (ii) net gain/ (loss) on revaluation of biological assets and agricultural produce, (iii) non-recurring components of other operating income/ (expenses), net, (iv) share-based remuneration, (v) provision for impairment of loans issued (see Appendix 2 for the detailed calculation of Adjusted EBITDA). Adjusted EBITDA is not a measure of financial performance under IFRS. It should not be considered as an alternative to profit for the period as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and therefore comparability may be limited. We believe that Adjusted EBITDA provides useful information to investors because it is an indicator of the strength and performance of our ongoing business operations, including our ability to fund discretionary spending such as capital expenditures, acquisitions of subsidiaries and other investments and our ability to incur and service debt.
(3) The Rusagro determines the net debt as short-term borrowings and long-term borrowings less cash and cash equivalents, bank deposits, bank promissory notes and bonds held for trading.
(4) LTM - The abbreviation for the "Last twelve months".
(5) Starting from the beginning of 2020 part of other operating income and expensed (recurring items) was included in Adjusted EBITDA calculation. Figures of 2021 and 2020 calculated using prior periods' logic (excluding other operating income/expenses) are shown in table Debt position and liquidity management above and in the diagram with Net debt/ LTM EBITDA trend analysis for comparative purposes
NOTE
ROS AGRO PLC (LSE, MOEX: AGRO) - a holding company of Rusagro Group, a leading Russian diversified food producer with vertically integrated operations in the following branches:
Agricultural:
Rusagro currently controls one of the largest land banks among Russian agriculture producers, with 688 thousand hectares of land under control located in the highly fertile Black Earth region of Russia (in the Belgorod, Tambov, Voronezh, Kursk, Orel regions), in Saratov region and in the Far East Primorye Region. Land and production sites are strategically located withinthe same regions to optimize efficiency and minimize logistical costs. Rusagro is oneof the major sugar beet producers in Russia, but it also produces wheat and corn, sunflower seeds and soybeans. These products are partially consumed by the Meat and Oil and Fat segments, supporting a synergistic effect and lowering price change risk.
Oil and Fat:
Rusagro is the leading crude sunflower oil and consumer margarine producer, second largest industrial fats and mayonnaise producer in Russia with products sold under eleven key brands, such as EZhK, Schedroye Leto, Mechta Khozyaiki, umbrella brand Ya Lublu Gotovit (includes Moskovskiy Provansal, Novosibirskiy Provansal and Saratovskiy Provansal), Rossiyanka and Saratovskiy Slivochniy, Benefitto, Maslava and Leto Krasno (红色夏日), which is sold on the Chinese market. Rusagro also produces dry industrial mixes, cheeses, butter and cream sold under three brands: Milie, Syrnaya Kultura and Ya Lublu Gotovit. Rusagro owns four crushing and two oil & fats plants and leases two milk processing plants. Owning its sunflower and soy oil production allows Rusagro to control the source of the sunflower and soybean oil required to produce oil and fats products.
Sugar:
Rusagro is one of the leading Russian sugar producers (№2 in Russia and №1 on cube white sugar market), producing sugar from sugar beet at nine production sites in four regions. Group produces white and brown sugar sold under the brands Russkii Sakhar, Chaikofsky, Mon Cafeand Brauni. The Sugar segment is vertically integrated and sugar beets are supplied by Rusagro's Agriculture segment, which ensures a consistent supply. The sugar segment also operates a cereal plant and sells buckwheat and rice under the brand Tyoplye Traditsii.
Meat:
Rusagro is №3 largest pork producer in Russia in Russia. It operates large commercial pig breeding complexes adhering to best practices regarding biosecurity standards, nucleus farms, compound feed plants, slaughterhouses and meat processing plants in Tambov and Belgorod Regions and in the Russian Far East. Since 2016, Rusagro sells retail products under its own brand Slovo Myasnika (Butcher's word).
CONFERENCE CALL
Rusagro management is organizing a conference call on Company's 12M and 4Q 2021 financial results for investors and analysts.
Details of the call:
Date: | 28 February 2022 |
Time: | 10:00 AM (Moscow) / 07:00 AM (London) |
Subject: | ROS AGRO PLC 12M and 4Q 2021 Financial results
|
Password: | 043773 |
Link: | https://ib-translations.zoom.us/j/88086186455?pwd=YUtyTlcxREtoSitwSWpCK2ZSWDlVUT09 |
FORWARD-LOOKING STATEMENTS
This announcement includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking statements do not relate to historical or current events,or to any future financial or operational activity of the Group.
By their nature, forward-looking statements involve risk and uncertainty because they relateto future events and circumstances, a number of which are beyond the Rusagro Group's control. As a result, actual future results may differ materially from the plans and expectations set outin these forward-looking statements.
The Group undertakes no obligation to release the results of any revisions to any forward-looking statements that may occur due to any change in its expectations or to reflect eventsor circumstances after the date of this document.
CONTACTS
Svetlana Kuznetsova IR & ESG Director Phone: +7 495 363 1661, E-mail: ir@rusagrogroup.ru |
Appendix 1. Consolidated statement of comprehensive income for the Year and Three months ended 31 December 2021 (in RUB thousand)
Year ended 31 December | Three months ended 31 December | |||
2021 | 2020 | 2021 | 2020 | |
Sales | 222,932,439 | 158,971,035 | 65,356,350 | 50,208,835 |
Net gain/(loss) on revaluation of biological assets and agricultural produce | 3,409,309 | 5,890,447 | (7,160,698) | 461,484 |
Cost of sales | (169,248,281) | (121,132,658) | (46,704,627) | (37,374,419) |
Net gain/(loss) from trading derivatives | (5) | 10,552 | - | - |
Gross profit | 57,093,462 | 43,739,376 | 11,491,025 | 13,295,900 |
Distribution and selling expenses | (10,475,137) | (9,760,841) | (4,053,794) | (3,252,990) |
General and administrative expenses | (10,975,898) | (7,377,449) | (2,653,301) | (1,891,956) |
Reversal of provision/(provision) for impairment of loans issued | 4,574,481 | (5,070,598) | 924,914 | (1,813,877) |
Other operating income/(expenses), net | 2,334,177 | 2,293,017 | 1,132,615 | 1,110,454 |
Operating profit / (loss) | 42,551,085 | 23,823,505 | 6,841,459 | 7,447,531 |
Interest expense | (5,498,991) | (4,804,995) | (1,496,062) | (1,084,823) |
Interest income | 8,610,888 | 7,164,816 | 2,303,114 | 2,585,844 |
Net (loss)/gain from bonds | (1,630) | (15,698) | 732 | 279 |
Other financial income/ (expenses), net | (705,356) | (1,844,130) | (215,617) | (352,567) |
Profit before income tax | 44,955,996 | 24,323,498 | 7,433,626 | 8,596,264 |
Income tax expense | (3,522,144) | (26,771) | (1,421,872) | 22,142 |
Profit for the period | 41,433,852 | 24,296,727 | 6,011,754 | 8,618,406 |
Other comprehensive income | ||||
Items that will not be reclassified to profit or loss: | ||||
Gains less losses on investments in equity securities at fair value through other comprehensive income | - | 56,556 | - | 56,556 |
Income tax relating to other comprehensive income | - | (7,070) | - | (7,070) |
Total comprehensive income for the period | 41,433,852 | 24,346,213 | 6,011,754 | 8,667,892 |
Profit is attributable to: | ||||
Owners of ROS AGRO PLC | 41,477,865 | 24,359,786 | 6,036,405 | 8,641,489 |
Non-controlling interest | (44,013) | (63,059) | (24,651) | (23,083) |
Profit for the period | 41,433,852 | 24,296,727 | 6,011,754 | 8,618,406 |
Total comprehensive income is attributable to: | ||||
Owners of ROS AGRO PLC | 41,477,865 | 24,409,272 | 6,036,405 | 8,690,975 |
Non-controlling interest | (44,013) | (63,059) | (24,651) | (23,083) |
Total comprehensive income for the period | 41,433,852 | 24,346,213 | 6,011,754 | 8,667,892 |
Earnings per ordinary share for profit attributable to the owners of ROS AGRO PLC, basic and diluted(in RR per share) | 1,541.57 | 905.39 | 224.35 | 321.17 |
Appendix 2. Segment information for the Year ended 31 December 2021 (in RUB thousand)
12M 2021 | Sugar | Meat | Agriculture | Oil and Fat | Other | Eliminations | Total |
Sales | 36,360,566 | 39,628,064 | 41,881,010 | 125,236,601 | 719,452 | (20,893,254) | 222,932,439 |
Net gain/ (loss) on revaluation of biological assets and agricultural produce | - | (370,486) | 2,609,949 | - | - | 1,169,846 | 3,409,309 |
Cost of sales | (26,850,141) | (33,744,934) | (18,773,771) | (108,855,523) | (371,867) | 19,347,955 | (169,248,281) |
incl. Depreciation | (2,766,162) | (3,965,508) | (2,547,072) | (2,877,234) | (9,186) | (85,607) | (12,250,769) |
Net gain/ (loss) from trading derivatives | - | (5) | - | - | - | - | (5) |
Gross profit | 9,510,425 | 5,512,639 | 25,717,188 | 16,381,078 | 347,585 | (375,453) | 57,093,462 |
Distribution and Selling, General and administrative expenses | (3,958,396) | (5,728,548) | (3,396,730) | (7,463,073) | (2,646,176) | 1,741,888 | (21,451,035) |
incl. Depreciation | (72,862) | (910,976) | (357,854) | (348,591) | (90,102) | 85,607 | (1,694,778) |
Other operating income/(expenses), net | 677,174 | 1,353,391 | 598,467 | (726,058) | 27,175,376 | (26,744,173) | 2,334,177 |
incl. Reimbursement of operating costs (government grants) | 576,559 | 516,862 | 546,424 | 495,720 | - | - | 2,135,565 |
incl. Other adjustments to EBITDA (non-recurring items) | 105,924 | 489,812 | (37,563) | (1,368,049) | 27,067,942 | (25,805,013) | 453,053 |
Reversal of provision/(provision) for impairment of loans issued | - | - | - | - | 4,574,481 | - | 4,574,481 |
Operating profit / (loss) | 6,229,203 | 1,137,482 | 22,918,925 | 8,191,947 | 29,451,266 | (25,377,738) | 42,551,085 |
Adjustments: | |||||||
Depreciation included in Operating Profit | 2,839,024 | 4,876,484 | 2,904,926 | 3,225,825 | 99,288 | - | 13,945,547 |
Other adjustments to EBITDA (non-recurring items) | (105,924) | (489,812) | 37,563 | 1,368,049 | (27,067,942) | 25,805,013 | (453,053) |
Net gain/ (loss) on revaluation of biological assets and agricultural produce | - | 370,486 | (2,609,949) | - | - | (1,169,846) | (3,409,309) |
Reversal of provision/(provision) for impairment of loans issued | - | - | - | - | (4,574,481) | - | (4,574,481) |
Adjusted EBITDA* | 8,962,303 | 5,894,640 | 23,251,465 | 12,785,821 | (2,091,869) | (742,571) | 48,059,789 |
* Non-IFRS measure
Appendix 2 (continued). Segment information for the Year ended 31 December 2020 (in RUB thousand)
12M 2020 | Sugar | Meat | Agriculture | Oil and Fat | Other | Eliminations | Total |
Sales | 28,112,519 | 32,434,214 | 34,347,506 | 79,726,251 | 631,108 | (16,280,563) | 158,971,035 |
Net gain/ (loss) on revaluation of biological assets and agricultural produce |
- |
(681,302) |
3,582,520 |
- |
- |
2,989,229 |
5,890,447 |
Cost of sales | (21,238,160) | (27,375,635) | (19,059,850) | (64,547,430) | (477,625) | 11,566,042 | (121,132,658) |
incl. Depreciation | (2,605,853) | (3,716,132) | (2,861,216) | (542,826) | (10,639) | (75,387) | (9,812,053) |
Net gain/ (loss) from trading derivatives | 10,552 | - | - | - | - | - | 10,552 |
Gross profit | 6,884,911 | 4,377,277 | 18,870,176 | 15,178,821 | 153,483 | (1,725,292) | 43,739,376 |
Distribution and Selling, General and administrative expenses | (3,399,788) | (2,713,324) | (3,732,770) | (6,730,675) | (1,704,354) | 1,142,621 | (17,138,290) |
incl. Depreciation | (83,738) | (218,146) | (386,864) | (184,327) | (184,305) | 75,387 | (981,993) |
Other operating income/(expenses), net | 602,466 | 653,934 | 459,868 | (533,103) | 15,582,175 | (14,472,323) | 2,293,017 |
incl. Reimbursement of operating costs (government grants) | 179,564 | 104,836 | 299,020 | 347,210 | - | - | 930,630 |
incl. Other adjustments to EBITDA (non-recurring items) | 425,102 | 459,983 | 71,372 | (732,371) | 15,526,199 | (13,936,656) | 1,813,629 |
Reversal of provision/(provision) for impairment of loans issued | - | - | - | - | (5,070,598) | - | (5,070,598) |
Operating profit / (loss) | 4,087,589 | 2,317,887 | 15,597,274 | 7,915,043 | 8,960,706 | (15,054,994) | 23,823,505 |
Adjustments: | |||||||
Depreciation included in Operating Profit | 2,689,591 | 3,934,278 | 3,248,080 | 727,153 | 194,944 | - | 10,794,046 |
Other adjustments to EBITDA (non-recurring items) | (425,102) | (459,983) | (71,372) | 732,371 | (15,526,199) | 13,936,656 | (1,813,629) |
Net gain/ (loss) on revaluation of biological assets and agricultural produce | - | 681,302 | (3,582,520) | - | - | (2,989,229) | (5,890,447) |
Reversal of provision/(provision) for impairment of loans issued | - | - | - | - | 5,070,598 | - | 5,070,598 |
Adjusted EBITDA* | 6,352,078 | 6,473,484 | 15,191,462 | 9,374,567 | (1,299,951) | (4,107,567) | 31,984,073 |
Appendix 3. Consolidated statement of financial position as at 31 December 2021(in RUB thousand)
31 December 2021 | 31 December 2020 | |
ASSETS | ||
Current assets | ||
Cash and cash equivalents | 46,462,179 | 11,866,798 |
Restricted cash | 47 | 143,637 |
Short-term investments | 21,001,760 | 19,583,523 |
Trade and other receivables | 12,558,401 | 9,512,286 |
Prepayments | 5,414,032 | 2,941,224 |
Current income tax receivable | 1,532,726 | 646,162 |
Other taxes receivable | 8,321,193 | 5,506,675 |
Inventories and short-term biological assets | 77,509,033 | 69,001,368 |
Total current assets | 172,799,371 | 119,201,673 |
Non-current assets | ||
Property, plant and equipment | 119,159,412 | 87,519,088 |
Inventories intended for construction | 1,604,570 | 3,353,330 |
Right-of-use assets | 7,346,538 | 6,934,567 |
Goodwill | 2,364,942 | 2,364,942 |
Advances paid for non-current assets | 7,355,467 | 6,905,003 |
Long-term biological assets | 2,744,863 | 2,528,128 |
Long-term investments and receivables | 42,527,657 | 42,692,320 |
Investments in associates | 359,782 | 257,782 |
Deferred income tax assets | 4,835,268 | 3,566,168 |
Other intangible assets | 1,144,057 | 619,793 |
Other non-current assets | 79,125 | 205,793 |
Total non-current assets | 189,521,681 | 156,946,914 |
Total assets | 362,321,052 | 276,148,587 |
LIABILITIES and EQUITY | ||
Current liabilities | ||
Short-term borrowings | 108,748,840 | 51,753,475 |
Lease liabilities | 1,130,831 | 943,859 |
Trade and other payables | 15,440,635 | 16,016,138 |
Provisions | 494,709 | 179,796 |
Current income tax payable | 464,471 | 69,546 |
Other taxes payable | 7,454,558 | 4,096,199 |
Total current liabilities | 133,734,044 | 73,059,013 |
Non-current liabilities | ||
Long-term borrowings | 63,975,025 | 63,175,720 |
Government grants | 9,325,530 | 8,536,899 |
Lease liabilities | 5,535,014 | 4,855,508 |
Deferred income tax liability | 1,876,244 | 487,049 |
Total non-current liabilities | 80,711,813 | 77,055,176 |
Total liabilities | 214,445,857 | 150,114,189 |
Equity | ||
Share capital | 12,269 | 12,269 |
Treasury shares | (490,607) | (490,607) |
Additional paid-in capital | 26,964,479 | 26,964,479 |
Other reserves | 1,363,177 | 1,363,177 |
Retained earnings | 120,080,307 | 98,185,038 |
Equity attributable to owners of ROS AGRO PLC | 147,929,625 | 126,034,356 |
Non-controlling interest | (54,430) | 42 |
Total equity | 147,875,195 | 126,034,398 |
Total liabilities and equity | 362,321,052 | 276,148,587 |
Appendix 4. Consolidated statement of cash flows for the Year ended 31 December 2021 (in RUB thousand) - NOT IFRS PRESENTATION (*)
Year ended | ||
31 December 2021 | 31 December 2020 | |
Cash flows from operating activities | ||
Profit before income tax | 44,955,996 | 24,323,498 |
Adjustments for: | ||
Depreciation and amortization | 13,945,546 | 10,794,046 |
Interest expense | 10,566,994 | 6,448,154 |
Government grants | (7,846,960) | (3,216,290) |
Interest income | (8,610,888) | (7,164,816) |
Loss/ (gain) on disposal of property, plant and equipment | 4,424 | (335,640) |
Net (gain) / loss on revaluation of biological assets and agricultural produce | (3,409,309) | (5,890,447) |
Change in provision for impairment of loans issued | (4,574,481) | 5,070,598 |
Interest expense on leases | 591,558 | 580,276 |
The result from early repayment of the loan | - | 131,363 |
Realised deferred day-one gain | (552,748) | (993,558) |
Change in provision for net realisable value of inventory | 1,240,531 | 732,238 |
Change in provision for impairment of receivables and prepayments | 824,151 | 13,592 |
Foreign exchange (gain) / loss, net | (59,354) | 1,698,846 |
Lost / (reversal of) harvest write-off | 272,407 | 188,536 |
Net (gain) / loss from bonds held for trading | 1,630 | 15,698 |
Settlement of loans and accounts receivable previously written-off | (1) | - |
Change in provision for impairment of advances paid for property, plant and equipment | 26,084 | (29,620) |
Change in other provisions | 314,918 | 179,796 |
Dividend income | (754,538) | (560,568) |
Loss on disposal of other assets | 256,144 | - |
Gain on SolPro loans redemption | (515,233) | - |
Other non-cash and non-operating expenses, net | 144,326 | (87,031) |
Operating cash flow before working capital changes | 46,821,197 | 31,898,671 |
Change in trade and other receivables and prepayments |
(6,377,712) | (1,920,133) |
Change in other taxes receivable | (2,814,518) | (1,157,275) |
Change in inventories and biological assets | (6,577,388) | (15,169,512) |
Change in trade and other payables | 82,068 | (209,572) |
Change in other taxes payable | 3,278,845 | 708,164 |
Cash generated from operations | 34,412,492 | 14,150,343 |
Income tax paid | (3,679,541) | (2,033,327) |
Net cash from operating activities | 30,732,951 | 12,117,016 |
Appendix 4 (continued). Consolidated statement of cash flows the Year ended 31 December 2021 (in RUB thousand) - NOT IFRS PRESENTATION (*)
| ||
Year ended | ||
31 December 2021 | 31 December 2020 | |
Cash flows from investing activities | ||
Purchases of property, plant and equipment including SolPro assets acquisition |
(42,029,048) | (12,405,295) |
Purchases of other intangible assets | (1,042,618) | (418,808) |
Purchases of land lease rights | (68,772) | (86,729) |
Proceeds from sales of property, plant and equipment | 896,286 | 687,757 |
Purchases of inventories intended for construction | (476,322) | (1,660,923) |
Purchases of associates | (102,000) | (92,712) |
Purchases of other investments | (19,083) | - |
Movement in restricted cash | 140,894 | (143,454) |
Dividends received | 754,600 | 560,568 |
Proceeds from sales of other assets | 217,591 | - |
Proceeds from sales of other investments | 18,000 | - |
Other investing activities | 434,632 | 65,938 |
Net cash from investing activities | (41,275,840) | (13,493,658) |
Cash flows from financing activities | ||
Proceeds from borrowings | 107,856,022 | 77,932,773 |
Repayment of borrowings | (52,668,951) | (65,389,365) |
Interest paid | (4,591,935) | (4,196,451) |
Change in cash on bank deposits | (18,000,000) | - |
Purchases of bonds with maturity over three months* | - | (197,523) |
Proceeds from sales of bonds with maturity over three months* | 220,282 | - |
Purchases of loans issued* | (2,256,313) | (13,829) |
Loans repaid* | 22,959,494 | 1,012,854 |
Interest received* | 8,786,038 | 4,808,803 |
Proceeds from government grants | 2,879,218 | 2,192,483 |
Purchases of non-controlling interest | (66,000) | - |
Dividends paid to owners Ros Agro PLC | (19,417,565) | (5,134,426) |
Repayment of lease liabilities | (335,167) | (123,044) |
Other financial activities | 21,631 | - |
Net cash from financing activities | 45,386,754 | 10,892,275 |
Net effect of exchange rate changes on cash and cash equivalents | (248,484) | 180,386 |
Net increase/ (decrease) in cash and cash equivalents | 34,595,381 | 9,696,019 |
Cash and cash equivalents at the beginning of the period | 11,866,798 | 2,170,779 |
Cash and cash equivalents at the end of the period | 46,462,179 | 11,866,798 |
(*) For the purpose of conformity with the methodology of the Group's net debt calculation investments in financial assets related to financial activities are presented in Cash flows from financing activities in the Group's management accounts.