St Helier, Jersey, 2012-11-23 08:00 CET (GLOBE NEWSWIRE) --
Better Prices and Operational Progress Generates 9 Month Operating Profit
Spring crop yields up on average 21% y-o-y due to better conditions and improved execution. Average realised Q3 crop price up 59% y-o-y as Russia leaves grain markets open for international trade. Nine month operating profit of USD* 10.6 million and cash flow from operations of USD* 3.3 million. PepsiCo cooperation agreement signed in October triggering SEK 530 million rights issue.
Q3 2012 Highlights (vs. Q3 2011)
- Sales volumes of 199.2 thousand tons (131.4) at an average price of USD* 234 per ton (147)
- Sales revenue of USD* 46.9 million (19.7)
- USD* 14.2 million (1.1) gain on revaluation of biological assets
- Operating profit of USD* 14.9 million (-5.3)
- Net result of USD* 11.6 million (-15.8)
- Net result per share of USD* 0.09 (-0.13)
9M 2012 Highlights (vs. 9M 2011)
- Total revenue & gains of USD* 110.5 million (39.4)
- Operating profit of USD* 10.6 million (-14.0)
- Net result of USD* -2.5 million (-29.8)
- Net result per share of USD* 0.02 (-0.24)
Events after the Reporting Period
- PepsiCo cooperation agreement signed on 22 October
- SEK 530 million rights issue launched on 13 November following EGM approval
CEO Comment Highlights (p.2 in report)
- 2012 Operational Progress
- Sales & Marketing
- PepsiCo Partnership
- Rights Issue
- Financial Review
- 2013 Crop
Financial Overview (p. 4 in report)
USD* million Q3 2012 Q3 2011 9M 2012 9M 2011
Total Revenues & Gains 61.2 20.7 110.5 39.3
Gross Result 24.2 4.2 32.0 8.5
EBITDA 17.8 (8.8) 16.9 (11.9)
EBIT 14.9 (5.3) 10.6 (14.0)
Net Income 11.6 (15.8) (2.5) (29.8)
* 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 23 November 2012
Time: 10:00 CET
Hosts: Black Earth Farming CEO – Richard Warburton
CFO – Alexander Betsky
IR Director – Erik Lystedt
Dial-in details: Sweden +46 (0)8 5052 0204 or 0200 125 762
UK +44 (0)20 8515 2301 or 0800 358 5256
US +1 480 629 9835 or 1 877 941 0844
Conference Title: Black Earth Farming Q3 Report 2012
Conference ID: 457 75 88
Webcast link:
http://event.on24.com/r.htm?e=544845&s=1&k=0316E133A034B7B9FE2C5906600232AF
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 310,000 hectares of what perhaps is the world's most fertile soil. In 2012 Black Earth Farming intends to harvest approximately 222,000 hectares, effectively making it one of the world's largest public farming companies by cropped area. The Company's main products are wheat, barley, corn, sunflower, soya and rapeseeds. Corporate website: www.blackearthfarming.com
Corporate website: www.blackearthfarming.com
