30 Aug 2013 07:00
30 August 2013
AVANGARDCO INVESTMENTS PUBLIC LIMITED
FINANCIAL RESULTS FOR THE SECOND QUARTER AND THE FIRST HALF OF 2013
Кyiv, Ukraine - AVANGARDCO INVESTMENTS PUBLIC LIMITED (LSE: AVGR) (the «Company» or «AVANGARDCO IPL»), the largest producer of shell eggs and egg products in Ukraine and number one producer in Eurasia, announces its financial results for the second quarter and the first half ended June 30, 2013.
Financial highlights
Q2 2013
§ Revenue increased by 8.4% year-on-year to US$148.5 mln (Q2 2012: US$137.0 mln)
§ EBITDA was up by 62.7% year-on-year to US$61.6 mln (Q2 2012: US$37.8 mln) with EBITDA margin of 41.5%
§ Net profit grew by 76.9% year-on-year to US$44.9 mln (Q2 2012: US$25.4 mln)
H1 2013
§ Revenue increased by 7.3% year-on-year to US$304.3 mln (H1 2012: US$283.6 mln)
§ EBITDA was up by 10.3% year-on-year to US$134.7 mln (H1 2012: US$122.1 mln) with EBITDA margin of 44.3%
§ Net profit rose 8.2% year-on-year to US$105.6 mln (H1 2012: US$97.6 mln)
Operational Highlights
Q2 2013
§ Production of shell eggs was up by 10.9% year-on-year to 1.724 bln units (Q2 2012: 1.555 bln units)
§ Sales of shell eggs to external clients decreased by 1.7% year-on-year to 1.188 bln units (Q2 2012: 1.209 bln units)
§ The average selling price of eggs was down by 1.7% year-on-year and amounted to UAH 0.59 per unit, excluding VAT (Q2 2012: UAH 0.60 per unit, excluding VAT)
§ The volume of processed eggs increased by 66.1% year-on-year to 450 mln units (Q2 2012: 271 mln units)
§ The production of dry egg products increased by 63.2% year-on-year to 5.494 thousand tonnes (Q2 2012: 3.367 thousand tonnes)
§ The average sale price of dry egg products increased by 1.2% year-on-year to US$ 7.60/kg (Q2 2012: US$ 7.51/kg)
H1 2013
§ Total poultry flock increased by 17,0% year-on-year to 30.3 mln (H1 2012: 25.9 mln). The number of laying hens grew by 10.7% year-on-year to 22.8 mln (H1 2012: 20.6 mln)
§ Production of shell eggs was up by 8.8% year-on-year to 3.378 bln units (H1 2012: 3.106 bln units)
§ Sales of shell eggs to external clients was upby 3.8% year-on-year and amounted to 2.503 bln units (H1 2012: 2.412 bln units)
§ The average selling price of shell eggs decreased by 6.0% year-on-year to UAH 0.63 per unit, excluding VAT (H1 2012: UAH 0.67 per unit, excluding VAT)
§ The volume of eggs processed for the production of dry egg products was up by 33.3% to 721 mln units (H1 2012: 541 mln units)
§ The production of dry egg products increased by 25.0% year-on-year and amounted to 8.893 thousand tonnes (H1 2012: 7.114 thousand tonnes)
§ The average sale price of dry egg products increased by 1.5% year-on-year to US$ 7.65/kg (H1 2012: US$ 7.54/kg).
Irina Marchenko, Chief Executive Officer of AVANGARDCO IPL, commented:
"In the first half of 2013, AVANGARDCO IPL demonstrated stable growth in its financial and operational results with growth in revenues by 7.3% year-on-year, net profit by 8.2%, whilst EBITDA margin remained at 44%. These results were achieved due to the increase in sales of dry egg products to external clients, as well as a significant growth in export volumes of shell eggs and egg products.
During the first half of 2013, the average selling price of shell eggs decreased by 6% year-on-year. However, in order to mitigate the effect of softer pricing, we utilised our vertically integrated operations and egg processing facilities enabling us to redistribute eggs for processing in a higher-margin segment.
During the reporting period, the Company significantly increased its exports of shell eggs and egg products with export revenues up 117% year-on-year. Export sales accounted for 25% of the Company's total revenue. Export sales growth at AVANGARDCO IPL was a result of the consistent implementation of its export strategy and growing reputation as a reliable long-term partner and supplier of high quality egg products.
As a result, the increase in egg processing and the developments to our export operations minimized the impact of the weaker pricing and supported the growth of key financial indicators.
In the second half of 2013, we expect a higher average selling price of eggs, compared to the first half. Currently, the market shows an upward trend, which traditionally continues in the second half of the year.
The Company continues to pursue its stated strategy and expand production capacities. In the first half of 2013, we completed the first stage of the capacity upgrade from 3 mln to 6 mln shell eggs processing per day at the egg processing plant "Imperovo Foods" and finished the construction of the rearing sites at "Avis" and "Chornobaivske" poultry farms.
In June 2013, AVANGARDCO IPL celebrated its 10-year anniversary. Over this period, the Company has grown into the largest producer of shell eggs and egg products in Ukraine and number one producer in Eurasia. We are proud of our achievements and remain confident in our chosen strategy and long-term growth outlook."
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There will be a conference call and webcast for analysts and investors today at 8.00 am US Eastern time, 13.00 pm UK time, 15.00 pm Kiev time and 16.00 pm Moscow time.
NAME: AVANGARD Q2 RESULTS CONFERENCE CALL
ID: 44313033
UK Free call | 08006 940 257
|
Russia Free call | 8108 002 097 2044 |
USA | 1866 966 9439 |
UK Standard International | +44 (0) 1452 555 566 |
Financial results for the first half, ended June 30, 2013 are available on the Company's site at http://avangard.co.ua/eng/for-investors/financial-overview/financial-reports/interim-reports/.
A live webcast of the presentation will be available at
http://wcc.webeventservices.com/r.htm?e=678880&s=1&k=5114081845DE38B739872E75969A1D5D&cb=blank
Please register approximately 15 minutes prior to the start of the call.
###
For investor relations enquiries:
Valeriya Myagkohod
AVANGARDCO IPL
Investor Relations Manager
Phone: +38 044 393 40 50
Mobile phone: +38 067 223 46 88
e-mail: ir@avangardco.ua
FTI Consulting London Larisa Kogut-Millings +44 20 72 69 71 53
|
FTI Consulting Moscow Oleg Leonov +7 495 795 06 23
|
# # #
Information for editors
AVANGARDCO IPL is one of the largest agro-industrial companies in Ukraine, specializing in the production of shell eggs and egg products. As of 30 June 2013, the Company holds a 55% share of the industrial egg market and a 90% share of the Ukrainian dry egg products market. The Company has the largest population of laying hens in Ukraine. As of 30 June 2013, the population of laying hens was 22.8 mln heads.
AVANGARDCO IPL's production is vertically integrated. The Company's facilities are located in 14 regions of Ukraine and the Autonomous Republic of Crimea. The Company exports its products to 33 countries, mostly to the Middle East, Africa, Asia and the CIS.
As of June 30, 2013, the Company's revenues amounted to US$ 304.3 mln (H1 2012: US$ 283.6 mln) and EBITDA was US$ 134.7 mln (H1 2012: US$ 122.1 mln).
The Company's shares, in the form of Global Depositary Receipts, have been trading on the London Stock Exchange since May 2010. The Eurobond issue for approximately $200 million with a maturity on 29 October 2015 was included in the official list of the UK Listing Authority (UKLA) and admitted to trading on a regulated market of the London Stock Exchange on November 1, 2010.
# # #
Financial Summary
Units | Q2 2013 | Q2 2012 | Change | H1 2013 | H1 2012 | Change | |
Revenue | US$ '000 | 148,465 | 137,004 | 8.4% | 304,288 | 283,562 | 7.3% |
Gross Profit | US$ '000 | 56,407 | 40,380 | 39.7% | 118,605 | 113,938 | 4.1% |
Gross Profit Margin | % | 38.0% | 29.5% | 8.5 pp | 39.0% | 40.2% | -1.2 pp |
EBITDA | US$ '000 | 61,551 | 37,841 | 62.7% | 134,654 | 122,127 | 10.3% |
EBITDA Margin | % | 41.5% | 27.6% | 13.9 pp | 44.3% | 43.1% | 1.2 pp |
Operating Profit | US$ '000 | 52,519 | 34,027 | 54.3% | 121,957 | 114,483 | 6.5% |
Operating Margin | % | 35.4% | 24.8% | 10.6 pp | 40.1% | 40.4% | -0.3 pp |
Net Profit | US$ '000 | 44,862 | 25,354 | 76.9% | 105,561 | 97,600 | 8.2% |
Net Profit Margin | % | 30.2% | 18.5% | 11.7 pp | 34.7% | 34.4% | 0.3 pp |
Q2 2013
In the second quarter of 2013, the Company's total revenue was up by 8.4% year-on-year to US$148.5 mln (Q2 2012: US$137.0 mln) due to the increase in export volumes of shell eggs and egg products.
The Company's export revenues from shell eggs and egg products increased by 156% year-on-year to US$41 mln (Q2 2012: US$16 mln) and amounted to 27.7% of the Company's total revenues (Q2 2012: 11.7%).
In the reporting period, EBITDA was up by 62.7% year-on-year to US$61.6 mln (Q2 2012: US$37.8 mln) due to the high growth in export sales. EBITDA margin stood at 41.5% year-on-year (Q2 2012: 27.6%).
Net profit for the second quarter of 2013 increased by 76.9% year-on-year to US$44.9 mln (Q2 2012: US$25.4 mln).
H1 2013
In the first half of 2013, the Company's total revenue increased by 7.3% year-on-year and amounted to US$304.3 mln (H1 2012: US$283.6 mln) due to the increase in sales of dry egg products to external clients, as well as the growth in exports volumes of shell eggs and egg products. The Company's revenue was negatively impacted by a 6% decrease year-on-year in the average selling price of eggs which was due to uncharacteristically high prices in the Ukrainian and European egg markets in 2012.
The Company's revenues from the export grew 116.7% year-on-year to US$77.4 mln (H1 2012: US$35.7 mln) and amounted to 25.4% of the Company's total revenue (H1 2012: 12.6%).
The Company's gross profit was up by 4.1% year-on-year to US$118.6 mln (H1 2012: US$113.9 mln) with gross profit margin of 39.0% (H1 2012: 40.2%).
In the first half of 2013, EBITDA was up by 10.3% year-on-year to US$ 134.7 mln (H1 2012: US$122.1 mln) with EBITDA margin rising to 44.3% (H1 2012: 43.1%) as a result of presence of grain inventories for the production of poultry feed and vertical integration of operations thus allowing the Company to control its costs at each stage of the production process.
During the reporting period, net profit increased by 8.2% year-on-year to US$105.6 mln (H1 2012: US$97.6 mln) with profit margin of 34.7% (H1 2012: 34.4%).
During the first half of 2013, cost of sales grew 9% year-on-year and amounted to US$ 206.4 mln (H1 2012: US$189.3 mln) as a result of the increase in costs of raw materials.
The Company's general administrative expenses decreased by 29.7% year-on-year to US$8.6 mln (1H 2012: US$12.3 mln) due to reduction of third-party services.
Distribution expenses increased by 32.1% year-on-year to US$10.5 mln (H1 2012: US$8.0 mln) following the growth in services provided by third parties to the Company due to intensive promotion of its products in the market.
Cash flow
In the first half of 2013, net cash flow from operating activities was down to US$79.3 mln (H1 2012: US$147.2 mln) due to the increase in advance payments and trade receivables, as well as the decrease in trade payables.
Net cash used in investing activities was up to US$75.9 mln (H1 2012: US$50.6 mln) reflecting the implementation of the Company's investment programme.
Net cash used in financing activities was significantly up to US$47.9 mln (H1 2012: US$0.6 mln) due to the repayment of loans and short-term bonds of the Company.
Debt Structure
As at June 30, 2013, the Company's total debt decreased to US$314.8 mln (December 31, 2012: US$ 352.2 mln) due to planned repayment of loans and short-term bonds of the Company.
The Company's net debt amounted to US$155.6 mln as at the end of reporting period (December 31, 2012: US$147.9 mln).
The Eurobond issue with a maturity on 29 October 2015 amounts to 62% of the Company's total debt.
The Company's total debt/LTM EBITDA ratio equals to 1.1 which is in line with the covenants on Eurobonds.
Segment review
Shell Egg Segment
Q2 2013
Units | Q2 2013 | Q2 2012 | Change,% | |
Total Production | Pieces (mln) | 1,724 | 1,555 | 10.9 |
Total Sales to Third Parties |
Pieces (mln) | 1,188 | 1,209 | -1.7 |
Export | Pieces (mln) | 138.2 | 43.4 | 218.4 |
Average Sales Price | UAH (excl. VAT) | 0.59 | 0.60 | -1.7 |
In the second quarter of 2013, the production of shell eggs increased by 10.9% year-on-year to 1,724 mln units (Q2 2012: 1,555 mln units) due to the increase in the population of laying hens. During the second quarter of 2013, the Company's sales to third parties decreased by 1.7% year-on-year to 1,188 mln units (Q2 2012: 1,209 mln units) due to the increase in the volume of processed eggs.
In the second quarter of 2013, the average selling price of shell eggs decreased by 1.7% year-on-year to UAH 0.59 per unit, excluding VAT (Q2 2012: UAH 0.60 per unit, excluding VAT).
In the second quarter of 2013, the Company's revenue from sales of shell eggs was slightly down by 2.9% year-on-year and amounted to US$87.6 mln (Q2 2012: US$90.2 mln) due to the decrease in sales of shell eggs to third parties and theaverage selling price of shell eggs. The Company's revenue from sales of shell eggs decreased and amounted to 59.0% of the Company's total revenue (Q2 2012: 65.8%) following the increase in sales of dry egg products.
H1 2013
Pieces (mln) | H1 2013 | H1 2012 | Change, % | |
Total Production |
Pieces (mln) | 3,378 | 3,106 | 8.8 |
Total Sales to Third Parties | Pieces (mln) | 2,503 | 2,412 | 3.8 |
Export | UAH (excl. VAT) | 241 | 154.2 | 56.3 |
Average Sales Price | Pieces (mln) | 0.63 | 0.67 | -6.0 |
In the first half of 2013, the production of shell eggs grew by 8.8% year-on-year to 3,378 mln units (H1 2012: 3,106 mln units) as a result of the increase in the population of laying hens.
The Company's sales to third parties were up by 3.8% year-on-year to 2,503 mln units (H1 2012: 2,412 mln units) as it continued to actively develop existing sales markets and expand both in domestic and export markets.
During the first half of2013, theshare of shell eggs sales through retail chains (supermarkets) grew to 35%of total sales to third parties (H1 2012: 31%).
In the first half of 2013, the Company increased its export volumes of shell eggs by 56.3% year-on-year to 241 mln units (H1 2012: 154.2 mln units). The Company's export revenues from shell eggs were up by 44.8% year-on-year to US$28.8 mln (H1 2012: US$19.9 mln).
As at June 30, 2013, the average selling price of shell eggs decreased by 6% year-on-year to UAH 0.63 per unit, excluding VAT (H1 2012: UAH 0.67 per unit, excluding VAT), due to uncharacteristically high prices in the Ukrainian and European egg markets in 2012.
In the first half of2013, the Company's revenue from sales of shell eggs decreased by 1.4% year-on-yeartoUS$198.8 mln (H1 2012: US$201.5 mln) due to the decline in average selling price of shell eggs. The Company's revenue from sales of shell eggs decreased to 65.3% of the Company's total revenue (H1 2012: 71.0%) following the increase in sales of dry egg products.
Egg Products Segment
Q2 2013
Units | Q2 2013 | Q2 2012 | Change,% | |
Processed Shell Eggs | Pieces (mln) | 450 | 271 | 66.1 |
Average Sales Price | US$/kg | 7.60 | 7.51 | 1.2 |
In the second quarter of 2013, the volume of processed eggs increased by 66.1% year-on-year to 450 mln units (Q2 2012: 271 mln units). The Company's volume of dry egg products was up to 5.494 thousand tonnes (Q2 2012:3.367 thousand tonnes).
In the second quarter of 2013, the average sales price for dry egg products increased by 1.2% year-on-year and amounted to US$7.60 per kg (Q2 2012: US$7.51 per kg).
The Company's revenue from sales of dry egg products increased by 36.8% year-on-year to US$32.0 mln (Q2 2012: US$23.4 mln) and amounted to 21.6% of the Company's total revenue (Q2 2012: 17.1%).
H1 2013
Units | H1 2013 | H1 2012 | Change,% | |
Processed Shell Eggs | Pieces (mln) | 721 | 541 | 33.3 |
Average Sales Price | US$/kg | 7.65 | 7.54 | 1.5 |
As at June 30, 2013, the volume of eggs processed was significantly up 33.3% year-on-year to 721 mln units (H1 2012: 541 mln units) following the increase in the processing capacity of "Imperovo Foods" plant. The production of dry egg products amounted to 8.893 thousand tonnes (H1 2012: 7.114 thousand tonnes).
As at June 30, 2013, the average sales price for dry egg products increased by 1.5% year-on-year to US$7.65 per kg (H1 2012: US$7.54 per kg).
The Company's revenue from sales of dry egg products was US$57.6 mln (H1 2012: US$35.8 mln) and amounted to 18.9% of the Company's total revenue (H1 2012: 12.6%).
In the first half of 2013, the Company's revenue from exports of dry egg products grew by 207% year-on-year to US$48.5 mln (H1 2012: US$15.8 mln).
Investment Projects
The Company continues to make progress with the construction of its two poultry complexes for egg production, "Avis" and "Chornobaivske" in Khmelnytsky and Kherson regions; and the capacity expansion project at the egg processing plant "Imperovo Foods".
§ As of June 30, 2013, the capacity of new rearing sites at "Avis" and "Chornobaivske" was 5.045 mln heads;
§ The capacity of new sitesfor laying hens at "Avis" and "Chornobaivske" was 7.715 mln heads and will amount to 11.184 mln heads after the construction is completed;
§ The Company is close to the completion of the assembly works at the feed milling plant of 500 thousand tons a year capacity including a soybean extrusion section and a 56 thousand tons grain elevator at "Avis" complex. The set-up works will be completed before the end of the year. The construction of a 56 thousand tons grain elevator has been completed in October 2012.
§ The Company is in the process of the construction of the feed milling plant of 500 thousand tonnes a year capacity including 30 tons per hour full fat soybean meal production line and a 56 thousand tons grain elevator at "Chornobaivske" complex.
§ The Company completed the first stage of the capacity upgrade from 3 mln to 6 mln shell eggs processing per day at the egg processing plant "Imperovo Foods".
§ Currently, the Company is implementing the second stage of the egg processing plant's capacity upgrade to10 mln shell eggs processing per day.
To view the progress of the construction at "Avis" and "Chornobaivske" egg production complexes please visit: http://avangard.co.ua/rus/about/projects/
Outlook for the second half of 2013
In the second half of the year, the demand for the Company's products traditionally increases, thus, the Company expects further rise in sales of shell eggs and egg products. The Company expects further growth in the average selling price as it plans to increase sales of shell eggs through supermarkets and to grow export volumes of shell eggs and egg products.
The Company's export strategy is focused on further expansion of export markets and the consolidation of the Company's position in existing markets. The Company plans to develop the African export markets and expects that it will receive the permission by the end of the year to export its products to the EU market.
The Company plans to gradually launch its two poultry complexes "Avis" and "Chornobaivske" before the end of the year, as well as increase the production to 10 mln shell eggs processing per day at "Imperovo Foods" plant.
The Company continues to pursue its growth strategy and plans to achieve strong operating and financial results for 2013.
Corporate Update
Annual General Meeting of shareholders ("AGM") will be held on September 12, 2013, where the Board of Directors of the Company will seek the approval of shareholders to consider and vote upon the Company's dividend policy and other items.
# # #
Interim consolidated statement of financial position
AS AT 30 JUNE 2013
(in USD thousands, unless otherwise stated)
30 June 2013 | 31 December 2012 | |
ASSETS | ||
Property, plant and equipment | 983,556 | 920,072 |
Non-current biological assets | 43,746 | 46,724 |
Deferred tax assets | 2,466 | 1,966 |
Other non-current assets | 367 | 391 |
Total non-current assets | 1,030,135 | 969,153 |
Inventories | 146,774 | 177,886 |
Current biological assets | 59,922 | 56,889 |
Trade accounts receivable, net | 61,019 | 55,551 |
Prepaid income tax | 39 | 18 |
Prepayments and other current assets, net | 82,272 | 11,966 |
Taxes recoverable and prepaid | 89,247 | 102,567 |
Cash and cash equivalents | 159,160 | 204,298 |
Total current assets | 598,433 | 609,175 |
TOTAL ASSETS | 1,628,568 | 1,578,328 |
EQUITY | ||
Share capital | 836 | 836 |
Share premium | 201,164 | 201,164 |
Reserve capital | 115,858 | 115,858 |
Retained earnings | 1,003,324 | 899,357 |
Effect of translation into presentation currency | (68,194) | (68,135) |
Equity attributable to the owners of the Company | 1,252,988 | 1,149,080 |
Non-controlling interest | 19,707 | 18,115 |
Total equity | 1,272,695 | 1,167,195 |
LIABILITIES | ||
Long-term loans | 52,953 | 3,969 |
Long-term bond liabilities | 196,434 | 195,779 |
Deferred tax liabilities | 48 | 72 |
Deferred income | 4,894 | 5,047 |
Long-term finance lease | 5 | 1,283 |
Total non-current liabilities | 254,334 | 206,150 |
Short-term bond liabilities | - | 25,023 |
Current portion of non-current liabilities | 15,666 | 32,114 |
Short-term loans | 50,000 | 94,368 |
Trade payables | 14,528 | 24,435 |
Other accounts payable | 21,345 | 29 043 |
Total current liabilities | 101,539 | 204,983 |
TOTAL LIABILITIES | 355,873 | 411,133 |
TOTAL EQUITY AND LIABILITIES | 1,628,568 | 1,578,328 |
Interim consolidated statement of comprehensive income
FOR THE 6 MONTHS ENDED 30 JUNE 2013
(in USD thousands, unless otherwise stated)
6 months ended | ||
30 June 2013 | 30 June 2012 | |
Revenue | 304,288 | 283,562 |
Profit from revaluation of biological assets at fair value | 20,717 | 19,684 |
Cost of sales | (206,400) | (189,308) |
GROSS PROFIT | 118,605 | 113,938 |
General administrative expenses | (8,614) | (12,258) |
Distribution expenses | (10,510) | (7,958) |
Income from government grants and incentives | 157 | 153 |
Income from special VAT treatment | 21,099 | 18 935 |
Other operating income, net | 1, 220 | 1,673 |
PROFIT FROM OPERATING ACTIVITIES | 121,957 | 114,483 |
Finance income | 67 | 420 |
Finance costs | (16,962) | (17,298) |
PROFIT BEFORE TAX | 105,062 | 97,605 |
Income tax credit/(expense) | 499 | (5) |
PROFIT FOR THE PERIOD | 105,561 | 97,600 |
OTHER COMPREHENSIVE INCOME FOR THE PERIOD: | ||
Effect of translation into presentation currency | (61) | (359) |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 105,500 | 97,241 |
PROFIT FOR THE PERIOD ATTRIBUTABLE TO: | ||
Owners of the Company | 103,967 | 95 518 |
Non-controlling interests | 1,594 | 2,082 |
PROFIT FOR THE PERIOD | 105,561 | 97,600 |
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO: | ||
Owners of the Company | 103,908 | 95,165 |
Non-controlling interests | 1,592 | 2,076 |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 105,500 | 97,241 |
Earnings per share, USD (basic and diluted) | 16 | 15 |
Interim consolidated statement of cash flows
FOR THE 6 MONTHS ENDED 30 JUNE 2013
(in USD thousands, unless otherwise stated)
6 months ended | ||
30 June 2013 | 30 June 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Profit before income tax | 105,062 | 97,605 |
Adjustments for: | ||
Depreciation of property, plant and equipment | 12,697 | 7,644 |
Change in allowance for irrecoverable amounts | 283 | 894 |
Other provisions | (143) | 299 |
Loss on disposal of current assets | 55 | 367 |
Loss on disposal of property, plant and equipment | 281 | 4 |
Impairment of current assets | 468 | 658 |
Other income | - | (2,824) |
Effect of fair value adjustments on biological assets | (20,717) | (19,684) |
Gains realised from accounts payable written-off | (165) | (136) |
Amortization of deferred income on government grants | (157) | (153) |
Discount on long-term bonds amortization | 655 | 589 |
Interest income | (67) | (420) |
Interest payable on loans | 16,327 | 15,691 |
Operating profit before working capital changes | 114,579 | 100,534 |
(Increase)/decrease in trade receivables | (5,471) | 21,131 |
Increase in prepayments and other current assets | (70,586) | (52,489) |
Decrease in taxes recoverable and prepaid | 13,320 | 8, 422 |
Decrease in inventories | 30,990 | 36,026 |
Decrease in deferred income | 4 | 7 |
Decrease in other non-current assets | 24 | - |
(Decrease)/increase in trade payables | (9,742) | 2,051 |
Decrease in biological assets | 20,261 | 30,757 |
Decrease in finance leases | (1,278) | (1,279) |
(Decrease)/increase in other accounts payable | (7, 731) | 7,195 |
Cash generated from operations | 84,370 | 152,355 |
Interest paid | (4,998) | (5,099) |
Income tax paid | (46) | (37) |
Net cash generated from operating activities | 79,326 | 147,219 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments and receipts - property, plant and equipment | (75,978) | (50,994) |
Interest received | 67 | 420 |
Net cash used in investing activities | (75,911) | (50,574) |
Interim consolidated statement of cash flows (cont.)
FOR THE 6 MONTHS ENDED 30 JUNE 2013
(in USD thousands, unless otherwise stated)
6 months ended | ||
30 June 2013 | 30 June 2012 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
New loans received | 61,198 | 30,742 |
Repayment of loans | (73,030) | (19,941) |
Interest paid for bonds issued | (11,686) | (12,648) |
Repayment of short-term bonds | (25,023) | - |
Blocked deposit | 602 | 1,200 |
Net cash generated from financing activities | (47,939) | (647) |
Net (decrease)/increase in cash | (44,524) | 95,998 |
Cash and cash equivalents at 1 January | 203,504 | 230,640 |
Effect from translation into presentation currency | (12) | 5 |
Cash and cash equivalents at 30 June | 158,968 | 326,643 |