14 November 2022
ROS AGRO financial results for 9M 2022 and 3Q 2022
14 November 2022 - Today ROS AGRO PLC (the Company), the holding company of Rusagro Group (Rusagro), a leading Russian diversified food producer with vertically integrated operations, has announced the financial results for the nine months ended 30 September 2022.
9M 2022 HIGHLIGHTS
- Sales amounted to RUB 182,027 million (US$ 2,535 million1), an increase of RUB 24,451 million (+16%) compared to 9M 2021;
- Adjusted EBITDA2 amounted to RUB 35,371 million (US$ 493 million), an increase of RUB 4,649 million (+15%) compared to 9M 2021;
- Adjusted EBITDA margin remained on the same level of 19% in 9M 2022 and 9M 2021;
- Net profit for the period amounted to RUB 1,337 million (US$ 19 million), a decrease of RUB 34,085 million;
- Net debt position3 as of 30 September 2022 amounted to RUB 104,501 million (US$ 1,820 million);
- Net Debt/Adjusted EBITDA (LTM4) as of 30 September 2022 was 1.98.
Commenting on the results, Timur Lipatov, CEO of Rusagro, said:
"During the time of unstable economic environment Rusagro demonstrated its resilience. Its net revenue and adjusted EBITDA for 9M 2022 increased by 16% (+RUB 24,451 million) and 15% (+RUB 4,649 million) respectively with adjusted EBITDA margin remaining flat in time of increasing pressure from cost of sales growth. These results were driven by higher sales volumes of sugar, pork products, as well as sugar beet, corn, sunflower seeds and meal. Sales growth was possible due to the launch of vertically integrated pork production cluster in Primorsky Krai, start of the wheat export trading operations and positive market dynamics on the Russian sugar market. In comparison to 9M 2021 net profit decreased, as it was negatively influenced by forex losses and revaluation of biological assets on the back of dropping market prices and rising costs of sales.''
Key consolidated financial performance indicators
in RUB million | Nine months ended | Variance | Three months ended | Variance | ||||
30 September 2022 | 30 September 2021 | Units | % | 30 September 2022 | 30 September 2021 | Units | % | |
Sales | 182,027 | 157,576 | 24,451 | 16 | 54,796 | 53,204 | 1,592 | 3 |
Gross profit | 40,103 | 44,885 | (4,782) | (11) | 7,517 | 20,506 | (12,989) | (63) |
Gross margin, % | 22% | 28% | (6) pp |
| 14% | 39% | (25) pp |
|
Adjusted EBITDA | 35,371 | 30,722 | 4,649 | 15 | 5,211 | 8,603 | (3,392) | (39) |
Adjusted EBITDA margin, % | 19% | 19% | 0 pp |
| 10% | 16% | (6) pp |
|
Net profit for the period 1 | 1,337 | 35,422 | (34,085) | (96) | 1,170 | 17,822 | (16,652) | (93) |
Net profit margin % | 0% | 22% | (21) pp |
| 2% | 33% | (31) pp |
|
Sales volume of Rusagro products in 9М and 3Q 2022
in thousand tonnes | Nine months ended | Variance | Three months ended | Variance | ||||
30 September 2022 | 30 September 2021 | Units | % | 30 September 2022 | 30 September 2021 | Units | % | |
Sugar | 636 | 541 | 95 | 18 | 199 | 179 | 19 | 11 |
Pork products | 205 | 182 | 22 | 12 | 72 | 61 | 10 | 17 |
Agriculture crops, incl. | 1,382 | 1,537 | (155) | (10) | 881 | 964 | (83) | (9) |
Sugar beet | 788 | 720 | 68 | 9 | 730 | 720 | 10 | 1 |
wheat | 292 | 583 | (291) | (50) | 98 | 223 | (125) | (56) |
soybean | 145 | 161 | (17) | (10) | 28 | 19 | 9 | 50 |
corn | 135 | 58 | 77 | 134 | 25 | - | 25 | 0 |
sunflower seeds | 21 | 8 | 13 | 169 | 1 | 0 | 0 | 0 |
barley | 0 | 7 | (6) | (95) | 0 | 2 | (2) | (92) |
Oil and fat products, incl. | 1,199 | 1,257 | (58) | (5) | 407 | 423 | (15) | (4) |
meal | 470 | 443 | 27 | 6 | 171 | 138 | 33 | 24 |
crude oil | 284 | 319 | (35) | (11) | 84 | 121 | (37) | (30) |
industrial fats | 213 | 239 | (26) | (11) | 72 | 83 | (11) | (14) |
dry whey mixes | 13 | 11 | 2 | 14 | 4 | 4 | 0 | 7 |
consumer oil & fat products | 207 | 234 | (27) | (11) | 71 | 72 | (1) | (1) |
consumer dairy products | 11 | 10 | 1 | 10 | 4 | 4 | 0 | 6 |
KEY CONSOLIDATED CASH FLOW INDICATORS (NOT IFRS PRESENTATION*)
The key consolidated cash flow indicators presented according to management accounts methodology
in RUB million | Nine months ended | Variance | Three months ended | Variance | ||||
30 September 2022 | 30 September 2021 | Units | % | 30 September 2022 | 30 September 2021 | Units | % | |
Net cash from operating activities, incl. | 7,918 | 32,255 | (24,337) | (75) | 8,625 | 10,907 | (2,282) | (21) |
Operating cash flow before working capital changes | 32,427 | 30,312 | 2,115 | 7 | 3,656 | 7,570 | (3,914) | (52) |
Working capital changes | (22,995) | 3,467 | (26,463) | - | 5,256 | 4,225 | 1,031 | 24 |
Net cash from investing activities, incl. | (6,752) | (37,078) | 30,326 | 82 | (2,790) | (19,667) | 16,877 | 86 |
Purchases of property plant and equipment and inventories intended for construction | (7,642) | (8,816) | 1,174 | 13 | (3,015) | (2,594) | (422) | (16) |
Acquisition of SolPro assets | - | (28,735) | 28,735 | - | - | (17,046) | 17,046 | - |
Net cash from financing activities | 28,748 | 50,108 | (21,359) | (43) | (10,392) | 13,735 | (24,127) | - |
Net effect of exchange rate changes on cash and cash equivalents | (17,177) | (187) | (16,990) | (9,103) | 1,819 | (85) | 1,903 | - |
Net increase / (decrease) in cash and cash equivalents | 12,738 | 45,098 | (32,360) | (72) | (2,738) | 4,890 | (7,628) | - |
(*) See Appendix 3
The key investments in property, plant and equipment and inventories intended for construction during 9M 2022 were made in the Meat segment in the amount of RUB 2,802 million (9M 2021: RUB 4,916 million) mainly due to the purchases related to the construction project in the Russian Far East. Investments in the Agriculture segment in the amount of RUB 2,255 million (9M 2021 : RUB 1,885 million), Oil and Fat segment in the amount of RUB 1,934 million (9M 2021 : RUB 1,266 million excluding acquisition of SolPro assets), and Sugar segment in the amount of RUB 651 million (9M 2021 : RUB 749 million) mainly relate to purchases of machinery and equipment for production facilities renewal and maintenance.
Debt position and liquidity management
in RUB million | 30 September 2022 | 31 December 2021 | Variance | |
Units | % | |||
Gross debt | 246,256 | 172,724 | 73,532 | 43 |
Short-term borrowings | 183,260 | 108,749 | 74,511 | 69 |
Long-term borrowings | 62,996 | 63,975 | (979) | (2) |
Cash and cash equivalents, bank deposits and bonds | (141,755) | (99,315) | (42,440) | (43) |
Short-term cash, deposits and bonds | (107,334) | (65,344) | (41,990) | (64) |
Long-term cash, deposits and bonds | (34,421) | (33,971) | (450) | (1) |
Net debt | 104,501 | 73,409 | 31,092 | 42 |
Short-term borrowings, net | 75,926 | 43,405 | 32,521 | 75 |
Long-term borrowings, net | 28,575 | 30,004 | (1,429) | (5) |
Adjusted EBITDA (LTM4) | 52,709 | 48,060 | 4,649 | 10 |
Net debt/ Adjusted EBITDA (LTM) | 1.98 | 1.53 | 0.5 pp |
|
Net finance income/ (expense)
in RUB million | Nine months ended | Variance | Three months ended | Variance | ||||
30 September 2022 | 30 September 2021 | Units | % | 30 September 2022 | 30 September 2021 | Units | % | |
Net interest expense | (3,317) | (2,507) | (810) | (32) | (1,803) | (1,213) | (590) | (49) |
Gross interest expense | (8,428) | (3,774) | (4,654) | (123) | (3,873) | (1,989) | (1,884) | (95) |
Reimbursement of interest expense | 5,111 | 1,267 | 3,844 | 303 | 2,070 | 776 | 1,294 | 167 |
Interest income | 4,348 | 3,723 | 625 | 17 | 2,040 | 1,903 | 136 | 7 |
Net gain/ (loss) from bonds held for trading | - | (1) | 1 | - | - | (1) | 1 | - |
Other financial expenses, net | (19,682) | (163) | (19,519) | (11,945) | (11,797) | (143) | (11,654) | (8,139) |
Net foreign exchange gain/ (loss) | (19,551) | 28 | (19,579) | - | (11,723) | 60 | (11,783) | - |
Other financial income / (expenses), net | (131) | (192) | 60 | 32 | (74) | (203) | 129 | 63 |
Total net finance income/ (expenses) | (18,651) | 1,051 | (19,702) | - | (11,560) | 546 | (12,106) | - |
Net debt increased at 30 September 2022 compared at 31 December 2021 as a result of an increase in short-term borrowings.
In 9M 2022 Rusagro continued to enjoy benefits from the state agriculture subsidies programme. Rusagro continued to receive bank loans with decreased preferential interest rates under the programme of government support. Under this programme, the government provides subsidies to the banks to compensate the loss of income on borrowings with decreased interest rates, given by the banks to agricultural producers. In 9M 2022 IFRS accounts these borrowings are accounted according to its face value with no adjustments to prevailing market rates. The differences between nominal and market interest rate is recognized as either government grants in a statement of financial position for borrowings received with the purpose to finance investment projects or interest expenses in a statement of comprehensive income for general purpose borrowings.
Net finance income of 9M 2021 in the sum of RUB 1,813 million changed to net finance expense in the amount of RUB 17,379 million in 9M 2022 mainly as the result of negative dynamics in forex losses in 9M 2022.
________________________________
(1) The exchange rates used for translation of RUB amounts into USD represent average Central Bank official exchange rate for the respective reporting period for income, expenses and profits and the Central Bank official exchange rate as at the reporting date for balance figures.
(2) Adjusted EBITDA is defined as operating profit before taking into account (i) depreciation included in operating profit, (ii) net gain/ (loss) on revaluation of biological assets and agricultural produce, (iii) non-recurring components of other operating income/ (expenses), net, (iv) share-based remuneration, (v) provision for impairment of loans issued (see Appendix 2 for the detailed calculation of Adjusted EBITDA). Adjusted EBITDA is not a measure of financial performance under IFRS. It should not be considered as an alternative to profit for the period as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and therefore comparability may be limited. We believe that Adjusted EBITDA provides useful information to investors because it is an indicator of the strength and performance of our ongoing business operations, including our ability to fund discretionary spending such as capital expenditures, acquisitions of subsidiaries and other investments and our ability to incur and service debt.
(3) The Rusagro determines the net debt as short-term borrowings and long-term borrowings less cash and cash equivalents, bank deposits, bank promissory notes and bonds held for trading.
(4) LTM - The abbreviation for the "Last twelve months".
NOTE
ROS AGRO PLC (LSE, MOEX: AGRO) - a holding company of Rusagro Group, a leading Russian diversified food producer with vertically integrated operations in the following branches:
Agricultural:
Rusagro currently controls one of the largest land banks among Russian agriculture producers, with 659 thousand hectares of land under control located in the highly fertile Black Earth region of Russia (in the Belgorod, Tambov, Voronezh, Kursk, Orel regions) and in the Far East Primorye Region. Land and production sites are strategically located within
the same regions to optimize efficiency and minimize logistical costs. Rusagro is one
of the major sugar beet producers in Russia, but it also produces wheat and corn, sunflower seeds and soybeans. These products are partially consumed by the Sugar, Meat and Oil and Fat segments, supporting a synergistic effect and lowering price change risk.
Oil and Fat:
Rusagro is the leading crude sunflower oil and consumer margarine producer, second largest industrial fats and mayonnaise producer in Russia with products sold under eleven key brands, such as EZhK, Schedroye Leto, Mechta Khozyaiki, umbrella brand Ya Lublu Gotovit (includes Moskovskiy Provansal, Novosibirskiy Provansal and Saratovskiy Provansal), Rossiyanka and Saratovskiy Slivochniy, Benefitto, Maslava and Leto Krasno (), which is sold on the Chinese market. Rusagro also produces dry industrial mixes, cheeses, butter and cream sold under three brands: Milie, Syrnaya Kultura and Ya Lublu Gotovit. Rusagro owns four crushing and two oil & fats plants and leases two milk processing plants. Owning its sunflower and soy oil production allows Rusagro to control the source of the sunflower and soybean oil required to produce oil and fats products.
Sugar:
Rusagro is one of the leading Russian sugar producers (№3 in Russia and №1 on cube white sugar market), producing sugar from sugar beet at nine production sites in four regions. Group produces white and brown sugar sold under the brands Russkii Sakhar, Chaikofsky, Mon Cafeand Brauni. The Sugar segment is vertically integrated and sugar beets are supplied by Rusagro's Agriculture segment, which ensures a consistent supply. The sugar segment also operates a cereal plant and sells buckwheat and rice under the brand Tyoplye Traditsii.
Meat:
Rusagro is №4 largest pork producer in Russia. It operates large commercial pig breeding complexes adhering to best practices regarding biosecurity standards, nucleus farms, compound feed plants, slaughterhouses and meat processing plants in Tambov and Belgorod Regions and in the Russian Far East. Since 2016, Rusagro sells retail products under its own brand Slovo Myasnika (Butcher's word).
CONFERENCE CALL
Rusagro management is organizing a conference call on Company's 9M and 3Q 2022 financial results for investors and analysts.
Details of the call:
Date: | 14 November 2022 |
Time: | 4:00 PM (Moscow) / 1:00 PM (London) |
Subject: | ROS AGRO PLC 3Q and 9M 2022 Financial results
|
Registration | (available up to 3:00 PM Moscow time / 12:00 AM London time on 14 November): |
https://us06web.zoom.us/webinar/register/WN_zoIP53dySEWNfkBZS2golw |
FORWARD-LOOKING STATEMENTS
This announcement includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking statements do not relate to historical or current events,
or to any future financial or operational activity of the Group.
By their nature, forward-looking statements involve risk and uncertainty because they relate
to future events and circumstances, a number of which are beyond the Rusagro Group's control. As a result, actual future results may differ materially from the plans and expectations set out
in these forward-looking statements.
The Group undertakes no obligation to release the results of any revisions to any forward-looking statements that may occur due to any change in its expectations or to reflect events
or circumstances after the date of this document.
CONTACTS
Svetlana Shakaryan (Kuznetsova) IR & ESG Director Phone: +7 495 363 1661 E-mail: ir@rusagrogroup.ru |
Appendix 1. Consolidated statement of comprehensive income for the Nine and Three months ended 30 September 2022 (in RUB thousand)
| Nine months ended | Three months ended | ||
| 2022 | 2021 | 2022 | 2021 |
| | | | |
Sales | 182,026,606 | 157,576,090 | 54,796,326 | 53,204,321 |
Net gain / (loss) on revaluation of biological assets and agricultural produce | (2,087,230) | 10,570,007 | (239,057) | 11,004,819 |
Cost of sales | (139,836,326) | (123,260,634) | (47,040,326) | (43,702,667) |
Net gain / (loss) from trading derivatives | - | (5) | - | - |
Gross profit | 40,103,050 | 44,885,458 | 7,516,943 | 20,506,473 |
| | | | |
Distribution and selling expenses | (10,968,875) | (5,704,363) | (3,608,134) | (1,386,012) |
General and administrative expenses | (6,735,396) | (8,322,598) | (2,465,036) | (3,681,761) |
Other operating income/(expenses), net | (4,098,301) | 1,201,562 | (594,972) | 168,752 |
Reversal of provision/(provision) for impairment of loans issued | - | 3,649,567 | - | 1,797,273 |
Operating profit | 18,300,478 | 35,709,626 | 848,801 | 17,404,725 |
| | | | |
Interest expense | (5,775,676) | (4,002,929) | (2,458,290) | (1,495,908) |
Interest income | 6,549,397 | 6,307,773 | 2,201,212 | 2,585,169 |
Net gain / (loss) from bonds held for trading | 42 | (2,362) | - | (1,000) |
Other financial income/ (expenses), net | (18,151,908) | (489,739) | 1,530,584 | (326,330) |
Profit / (loss) before taxation | 922,333 | 37,522,369 | 2,122,307 | 18,166,656 |
| | | | |
Income tax expense | 414,389 | (2,100,271) | (951,986) | (345,043) |
Profit for the period | 1,336,722 | 35,422,098 | 1,170,321 | 17,821,613 |
| | | | |
Other comprehensive income: |
| | | |
Total comprehensive income/ (loss) for the period | 1,336,722 | 35,422,098 | 1,170,321 | 17,821,613 |
| | | | |
Profit / (loss) is attributable to: |
| | | |
Owners of ROS AGRO PLC | 1,296,521 | 35,441,460 | 1,129,402 | 17,819,894 |
Non-controlling interest | 40,201 | (19,362) | 40,919 | 1,719 |
Profit / (loss) for the period | 1,336,722 | 35,422,098 | 1,170,321 | 17,821,613 |
| | | | |
Total comprehensive income/ (loss) is attributable to: |
| | | |
Owners of ROS AGRO PLC | 1,296,521 | 35,441,460 | 1,129,402 | 17,819,894 |
Non-controlling interest | 40,201 | (19,362) | 40,919 | 1,719 |
Total comprehensive income/ (loss) for the period | 1,336,722 | 35,422,098 | 1,170,321 | 17,821,613 |
| | | | |
Earnings per ordinary share for profit attributable to the equity holders of ROS AGRO PLC, basic and diluted (in RR per share) | 48.19 | 1,317.22 | 41.98 | 662.30 |
Appendix 2. Consolidated statement of financial position as at 30 September 2022
(in RUB thousand)
| 30 September 2022 | 31 December 2021 |
ASSETS |
| |
Current assets |
| |
Cash and cash equivalents | 59,199,907 | 46,462,179 |
Restricted cash | 32 | 47 |
Short-term investments | 64,890,345 | 21,001,760 |
Trade and other receivables | 22,053,359 | 12,558,401 |
Prepayments | 11,141,171 | 5,414,032 |
Current income tax receivable | 995,192 | 1,532,726 |
Other taxes receivable | 12,916,554 | 8,321,193 |
Inventories and short-term biological assets | 79,028,575 | 77,509,033 |
Total current assets | 250,225,135 | 172,799,371 |
| | |
Non-current assets |
| |
Property, plant and equipment | 120,828,896 | 119,159,412 |
Inventories intended for construction | 956,361 | 1,604,570 |
Right-of-use assets | 6,981,451 | 7,346,538 |
Goodwill | 2,364,942 | 2,364,942 |
Advances paid for non-current assets | 5,474,064 | 7,355,467 |
Long-term biological assets | 4,389,147 | 2,744,863 |
Long-term investments and receivables | 42,970,649 | 42,527,657 |
Investments in associates | 455,916 | 359,782 |
Deferred income tax assets | 7,545,290 | 4,835,268 |
Other intangible assets | 1,526,228 | 1,144,057 |
Other non-current assets | 75,451 | 79,125 |
Total non-current assets | 193,568,395 | 189,521,681 |
Total assets | 443,793,530 | 362,321,052 |
|
| |
LIABILITIES and EQUITY |
|
|
Current liabilities |
| |
Short-term borrowings | 183,260,279 | 108,748,840 |
Lease liabilities | 1,162,772 | 1,130,831 |
Trade and other payables | 15,836,612 | 15,440,635 |
Provisions | 245,462 | 494,709 |
Current income tax payable | 197,104 | 464,471 |
Other taxes payable | 12,644,731 | 7,454,558 |
Total current liabilities | 213,346,960 | 133,734,044 |
| | |
Non-current liabilities |
| |
Long-term borrowings | 62,995,825 | 63,975,025 |
Government grants | 10,627,190 | 9,325,530 |
Lease liabilities | 5,222,242 | 5,535,014 |
Deferred income tax liability | 2,388,371 | 1,876,244 |
Total non-current liabilities | 81,233,628 | 80,711,813 |
Total liabilities | 294,580,588 | 214,445,857 |
| | |
Equity |
| |
Share capital | 12,269 | 12,269 |
Treasury shares | (490,607) | (490,607) |
Additional paid-in capital | 26,964,479 | 26,964,479 |
Other reserves | 1,363,177 | 1,363,177 |
Retained earnings | 121,377,853 | 120,080,307 |
Equity attributable to owners of ROS AGRO PLC | 149,227,171 | 147,929,625 |
Non-controlling interest | (14,229) | (54,430) |
Total equity | 149,212,942 | 147,875,195 |
Total liabilities and equity | 443,793,530 | 362,321,052 |
Appendix 3. Consolidated statement of cash flows the Nine months ended 30 September 2022 (in RUB thousand) - NOT IFRS PRESENTATION (*)
| Nine months ended | |
| 30 September 2022 | 30 September 2021 |
Cash flows from operating activities |
| |
Profit/(loss) before income tax | 922,333 | 37,522,370 |
Adjustments for: |
| |
Depreciation and amortization | 10,844,824 | 9,434,299 |
Interest expense | 14,932,317 | 7,324,543 |
Government grants | (10,131,758) | (5,238,990) |
Interest income | (6,549,396) | (6,307,773) |
Loss/ (gain) on disposal of property, plant and equipment | (467,203) | (66,677) |
Net (gain) / loss on revaluation of biological assets and agricultural produce | 2,087,230 | (10,570,007) |
Change in provision for impairment of loans issued | (3,385) | (3,649,739) |
Interest expense on leases | 420,998 | 370,436 |
Realised deferred day-one gain | - | (529,893) |
Change in provision for net realisable value of inventory | 646,480 | 1,017,409 |
Change in provision for impairment of receivables and prepayments | 52,771 | 577,580 |
Foreign exchange (gain) / loss, net | 20,856,051 | (36,965) |
Lost / (reversal of) harvest write-off | 24,797 | 237,476 |
Net (gain) / loss from bonds held for trading | (42) | 2,362 |
Change in provision for impairment of advances paid for property, plant and equipment | (14,205) | (38,260) |
Change in other provisions | (249,247) | 622,072 |
Dividend income | (397,125) | (377,269) |
Loss on disposal of other assets | (21,698) | - |
Gain on SolPro loans redemption | (466,330) | - |
Other non-cash and non-operating expenses, net | (60,661) | 19,269 |
Operating cash flow before working capital changes | 32,426,754 | 30,312,242 |
Change in trade and other receivables and prepayments | (19,210,644) | (7,824,401) |
Change in other taxes receivable | (4,595,361) | (4,048,993) |
Change in inventories and short-term biological assets | (5,424,747) | 7,983,147 |
Change in trade and other payables | 737,498 | 2,264,641 |
Change in other taxes payable | 5,497,786 | 5,092,643 |
Cash generated from operations | 9,431,285 | 33,779,279 |
Income tax paid | (1,512,818) | (1,524,306) |
Net cash from operating activities | 7,918,467 | 32,254,973 |
Appendix 3 (continued). Consolidated statement of cash flows the Nine months ended 30 September 2022 (in RUB thousand) - NOT IFRS PRESENTATION (*)
| Nine months ended | |
| 30 September 2022 | 30 September 2021 |
Cash flows from investing activities |
| |
Purchases of property, plant and equipment including SolPro assets acquisition | (7,433,806) | (37,151,209) |
Purchases of other intangible assets | (690,318) | (448,233) |
Purchases of land lease rights | (24,968) | (36,933) |
Proceeds from sales of property, plant and equipment | 479,519 | 260,298 |
Purchases of inventories intended for construction | (208,440) | (399,645) |
Purchases of associates | (96,134) | (102,000) |
Movement in restricted cash | - | 140,895 |
Dividends received | 722,768 | 377,331 |
Other investing activities | 499,129 | 281,501 |
Net cash from investing activities | (6,752,250) | (37,077,995) |
Cash flows from financing activities |
| |
Proceeds from borrowings | 99,630,403 | 96,623,976 |
Repayment of borrowings | (28,134,987) | (23,593,441) |
Interest paid | (4,842,909) | (3,098,985) |
Change in cash on bank deposits | (29,691,928) | (28,000,000) |
Proceeds from sales of bonds with maturity over three months* | 140,783 | 220,282 |
Loans given* | (15,445,102) | (728,269) |
Loans repaid* | 1,377,321 | 20,698,888 |
Interest received* | 5,512,854 | 5,570,976 |
Proceeds from government grants | 636,607 | 1,935,018 |
Dividends paid to owners Ros Agro PLC | (410) | (19,417,565) |
Repayment of lease libilities - principal | (435,240) | (58,706) |
Other financial activities | 722 | (44,645) |
Net cash from financing activities | 28,748,114 | 50,107,529 |
Net effect of exchange rate changes on cash and cash equivalents | (17,176,603) | (186,644) |
Net increase/ (decrease) in cash and cash equivalents | 12,737,728 | 45,097,863 |
Cash and cash equivalents at the beginning of the period | 46,462,179 | 11,866,798 |
Cash and cash equivalents at the end of the period | 59,199,907 | 56,964,661 |
(*) For the purpose of conformity with the methodology of the Group's net debt calculation investments in financial assets related to financial activities are presented in Cash flows from financing activities in the Group's management accounts.
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