St Helier, Jersey, 2015-05-22 08:00 CEST (GLOBE NEWSWIRE) -- 1Q15 gross profit of USD 2.3mn (1.3) as weaker ruble y-o-y supported gross margin on sales of prior year inventory. Revenue down -45% y-o-y on lower volume sales (-35%) and lower average price (-16%) on softer market and FX. Forex gain of USD 2.8mn (-8.2) as the Russian ruble appreciated against the SEK on the close of the quarter. 4.5k Ha of winter kill estimated. Generally positive spring seeding conditions.
Q1 2015 Highlights (vs. Q1 2014)
· Total revenue and gains of USD 13.5mn (26.2)
· Sales volume of 85kt (129)
· Average sales price of USD 162 per ton (193)
· Sales revenue of USD 14.1mn (25.4)
· EBITDA of USD -2.4mn (-5.7)
· Operating loss of USD -3.9mn (-9.3)
· Net loss of USD -2.1mn (-19.6)
· Net loss per share of USD -0.01 (-0.09)
· Net operating cash flow of USD 5.4 (-3.5)
Significant and subsequent events
· On 17 March 2015, the Company announced plans to swap 36.6k Ha of controlled land in Lipetsk and Tambov for 24.9k Ha of land in Tambov.
· The swap also sees the Company swap 20kt of grain storage for a 30kt elevator facility in Tambov.
· The Company expects to recognize result from this swap in 2Q15.
· 2015 crop: Spring seeding completed as at end of 21 May 2015. Total 2015 crop area expected at approximately 150k Ha
CEO Comment Highlights (p.2 in report)
|
· Market Development · Q1 Sales and 2015 Financials · Transactions · Spring Seeding and 2015 Crop Area · 2015 Revenue Risk Management · Summary |
Financial Overview (p. 4 in report)
| USD million | Q1 ‘15 | Q1 ‘14 | |
| Crop Volumes Sold (k tons) | 84.8 | 129.4 | |
| Av. Sales Price | 162 | 193 | |
| Total Revenue & Gains | 13,548 | 26,242 | |
| Gross Profit | 2,257 | 1,264 | |
| EBITDA | (2,398) | (5,678) | |
| EBIT | (3,881) | (9,300) | |
| Net loss | (2,068) | (19,576) |
Please see attachment for complete report.
Webcasted Telephone Conference Details:
Date: Friday, 22 May 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 12 or +7495 705 9450
Sweden +46 (0)8 5065 3937 or 0200 883 440
UK +44 (0)20 3427 1907 or 0800 279 4977
US +1646 254 3365 or 1 877 280 2296
Conference title: Black Earth Farming, 1st Quarter 2015 results
Conference ID: 7153187
Webcast link:
http://event.on24.com/r.htm?e=997268&s=1&k=A0E0CA459AD258AE147D628958F22C1C
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 2763, +7(910)246 7800
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 2015 Black Earth Farming plans to harvest approximately 150,000 hectares, effectively making it one of the world’s largest public farming companies by cropped area. The Company’s main products are wheat, corn, barley, sunflower, rapeseed and potatoes.
Corporate website: www.blackearthfarming.com
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