St Helier, Jersey, 2014-02-21 08:10 CET (GLOBE NEWSWIRE) --
Lower Prices results in significant full year loss, despite improved operational results
Late harvested crops of corn and beet yielded below expectations with higher costs due to difficult harvesting conditions.
Full year operating loss of USD* -29.8 million vs. USD* 18.5million profit in 2012
2013 crop prices on average 23% lower than 2012. Blended yields ex sugar beet & potato up 14% and total cost per ton down -11%
Q4 2013 Highlights (vs. Q4 2012)
- Sales volumes of 370.0 thousand tons (279.6) at an average price of USD* 160 per ton (191)
- Sales revenue of USD* 60.2 million (53.6)
- USD* 4.1 million (48.2) gain on revaluation of biological assets
- Operating loss of USD* -15.5 million (+6.5)
- Net result of USD* -18.2 million (+7.0)
- Net result per share of USD* -0.09 (+0.05)
- Completion of SEK 750mn refinancing of bond at 9.4% coupon rate
12M 2013 Highlights (vs. 12M 2012)
- Total revenue & gains of USD* 144.6 million (208.0)
- Operating loss of USD* -29.8 million (+18.5)
- Net result of USD* -44.7 million (+6.6)
- Net result per share of USD* -0.22 (0.05)
- Operating cash flows after working capital of USD* 12.6mn (8.6)
- Net debt of USD* 34.5mn (21.3mn)
- No dividend policy proposed for 2013
CEO Comment Highlights (p.2 in report)
- 2013 Performance
- 2013 Sales & Marketing
- FY Results
- 2014 Crop
- 2014 Plan
- Summary & Outlook
Financial Overview (p. 4 in report)
USD* million Q4 2013 Q4 2012 12M 2013 12M 2012
Total Revenues & Gains 66.0 103.7 144.6 208.0
Gross Result 0.9 21.1 6.0 51.3
EBITDA (7.1) 14.7 (11.5) 36.7
EBIT (15.5) 6.5 (29.8) 18.5
Net Income (18.2) 7.0 (44.7) 6.6
* 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 21 February 2013
Time: 09:00 CET
Hosts: Black Earth Farming CEO – Richard Warburton
CFO – Erik Danemar
IR Director – Avto Makharoblishvili
Conference Title: Black Earth Farming year-end report 2013
Conference ID: 4669575
Webcast link:
http://event.on24.com/r.htm?e=752682&s=1&k=7C685B423747CC8DA8B4569EB3EC8FBD
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:
Avto Makharoblishvili, Director of Investor Relations, Black Earth Farming Ltd., tel: +7 (916) 5981619
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 308,000 hectares of what perhaps is the world's most fertile soil. In 2013 Black Earth Farming intends to harvest approximately 224,000 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
