St Helier, Jersey, 2015-02-27 08:00 CET (GLOBE NEWSWIRE) --
Black Earth Farming Ltd.
Quarterly report Black Earth Farming Ltd Q4 Report 2014
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Operating profit on higher yields and lower costs per ton 2014 operating profit up USD 36.8mn y-o-y from USD -30.6mn to USD 6.2mn despite low price environment. Blended yield (excl. sugar beet and potatoes) up 6% y-o-y and 38% over 3 years. Costs per ton estimated down by 16% on cost control, harvesting conditions and weaker ruble. A 72% devaluation of the Russian ruble negatively affects balance sheet and causes USD 16.5mn forex loss. 2014 net loss of USD -17.4mn. |
Q4 2014 Highlights (vs. Q4 2013)
· Total revenue and gains of USD 80.7mn (67.1)
· Sales volume of 310kt (370) at an average sales price of USD 194 per ton (164)
· Sales revenue of USD 60.4mn (61.2)
· USD 11.9mn (4.2) gain on revaluation of biological assets
· Operating profit/(loss) of USD 1.3mn (-15.8)
· Net loss of USD -8.5mn (-18.5)
· Net loss per share of USD -0.04 (-0.09)
· USD 5.2mn bonds repurchased in 4Q14
12M 2014 Highlights (vs. 12M 2013)
· Total revenue and gains of USD 144mn (148)
· Operating profit/ (loss) of USD 6.2mn (-30.6)
· Forex loss of -16.5mn (-3.9)
· Net loss of USD -17.4mn (-45.9)
· Net loss per share of USD -0.08 (-0.22)
· Operating cash flows after change in working capital of USD 10.4mn (12.9)
· Net debt of USD 27.3mn (34.5)
· No dividend proposed for 2014
CEO Comment Highlights (p.2 in report)
· 2014 Performance
· 2014 Sales & marketing
· FY Results
· 2015 Crop
· 2015 Plan
· Summary & Outlook
Financial Overview (p.5 in report)
| USD million | Q4 ‘14 | Q4 ‘13 | 12M ‘14 | 12M ‘13 |
| Crop Volumes Sold (k tons) | 310.4 | 370.4 | 555.4 | 715.4 |
| Av. Sales Price | 194 | 164 | 198 | 186 |
| Total Revenue & Gains | 80,689 | 67,131 | 144,417 | 148,289 |
| Gross Profit | 18,069 | 889 | 37,811 | 6,129 |
| EBITDA | 6,796 | (7,119) | 20,766 | (11,416) |
| EBIT | 1,275 | (15,813) | 6,213 | (30,551) |
| Net loss | (8,451) | (18,459) | (17,437) | (45,862) |
Please see attachment for complete report.
Webcast details:
Date: Friday, 27 February 2015
Time: 09:00 CET
Hosts:
Black Earth Farming CEO — Richard Warburton
Black Earth Farming CFO — Erik Danemar
Dial-in details:
Russia 8 800 500 93 11 or +7495 705 9451
Sweden +46 (0)8 5033 6538 or 0200 883 440
UK +44 (0)20 3427 1901 or 0800 279 4992
US +1646 254 3362 or 1 877 280 1254
Conference title: Black Earth Farming, Q4 and FY 2014 report
Conference ID: 2951126
Webcast link:
http://event.on24.com/r.htm?e=946958&s=1&k=4516265180EF6F261A61B0087CA8BB8C
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 Danemar, Chief Financial Officer, Black Earth Farming Ltd., tel: +7(495) 664 27 63
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 271,000 hectares of what is perhaps the world's most fertile soil. In 2014, Black Earth Farming harvested approximately 184,000 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, rapeseed and potatoes.
Corporate website: www.blackearthfarming.com
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