St Helier, Jersey, 2012-02-24 08:00 CET (GLOBE NEWSWIRE) --
Disappointing 2011 Result - Crop Yield and Quality
Initial 2011 dry spell damaged wheat, barley & rape yields followed by wet autumn conditions affecting crop quality negatively.
Infrastructure bottlenecks hampered export program with knock-on effects due to lack of storage turnover.
High moisture crop quality issues amplified by inefficiencies concerning harvest & storage logistics.
4Q 2011 Highlights (vs. 4Q 2010)
- Sales volumes of 208.7 thousand tons (56.4) but at lower y-o-y average price per ton of USD* 162 (326) due to effects of poor crop quality
- Sales revenue of USD* 34.3 million (18.7)
- Operating loss of USD* -11.8 million (-14.2)
- Net loss of USD* -13.1 million (-15.1)
- Net loss per share of USD* -0.11 (-0.12)
12M 2011 Highlights (vs. 12M 2010)
- Sales revenue of USD* 64.2 million (44.4)
- Operating loss of USD* -25.3 million (-25.7)
- Net loss of USD* -41.7 million (-36.4)
- Net loss per share of USD* -0.33 (-0.29)
- Proposal of no dividend for 2011
Events after the Reporting Period
- 2012 Crop; 82 thousand hectares of winter wheat well established with decent snow cover so far. Total 2012 crop area planned at approximately 230 thousand hectares.
CEO Comment Highlights (p.2 in report)
- Dissapointing Results
- 2011 Performance Analysis
- FY 2011 Results
- 2012 Crop
- Strategy Going Forward
Financial Overview (p. 5 in report)
USD* million 4Q 2011 4Q 2010 12M 2011 12M 2010
Total Revenues & Gains 39.8 25.6 77.6 59.9
Gross Result (3.5) (0.5) 5.2 8.8
EBITDA (6.4) (2.7) (12.3) (6.9)
EBIT (11.8) (14.2) (25.3) (25.7)
Net Income (13.1) (15.1) (41.7) (36.4)
* The USD equivalent figures are provided for information purposes only and do not form part of the interim consolidated financial statements – refer to note 2 (d).
Please see attachment for complete report.
Webcasted Telephone Conference Details:
Date: Friday 24 February 2012
Time: 10:00 CET
Hosts: Black Earth Farming CEO – Richard Warburton
CFO – Alexander Betsky
IR Director – Erik Lystedt
Dial-in details: Russia 810 8002 198 40 11
Sweden +46 (0)8 5052 0204 or 0200 125 762
UK +44 (0)20 8515 2301 or 0800 358 5271
US +1 480 629 9645 or 1 877 941 9205
Conference Title: Black Earth Farming 2011 Year End Report
Conference ID: 451 66 10
Webcast link:
http://event.on24.com/r.htm?e=407083&s=1&k=8377CA3A7008F8AEA44DF699BA3A15D0
Please quote the Conference ID or Conference title to access the call.
Please call in 5 minutes before the conference starts
For additional information, please contact:
Erik Lystedt, Director of Investor Relations, Black Earth Farming Ltd., tel: +44 (0) 2071 178 100
Notes to Editor:
Black Earth Farming Ltd. is a leading farming company, publicly listed on Nasdaq OMX Stockholm and operating in Russia. It acquires, develops and farms agricultural land assets primarily in the fertile Black Earth region in southwest Russia. Black Earth Farming has gained a strong market position in the Kursk, Tambov, Lipetsk and Voronezh areas, controlling some 326,000 hectares of what perhaps is the world’s most fertile soil.
In 2011 Black Earth Farming harvested approximately 230,000 hectares, effectively making it one of the world’s largest farming companies by cropped area. The Company’s main products are wheat, barley, sunflower and rape seeds which account for 90% of production volumes.
Corporate website: www.blackearthfarming.com
