06 March 2023
ROS AGRO financial results for 12M 2022 and 4Q 2022
6 March 2023 - Today ROS AGRO PLC (the "Company"), the holding company
of Rusagro Group (the "Rusagro"), a leading Russian diversified food producer with vertically integrated operations, has announced the financial results for the year ended 31 December 2022.
12M 2022 HIGHLIGHTS
- Sales amounted to RUB 240,230 million (US$ 3,504 million1), an increase of RUB 17,298 million (+8%) compared to 12M 2021;
- Adjusted EBITDA2 amounted to RUB 45,015 million (US$ 657 million), a decrease of RUB 3,044 million (-6%) compared to 12M 2021;
- Adjusted EBITDA margin decreased to 19% in 12M 2022 from 22% in 12M 2021;
- Net profit for the period amounted to RUB 6,787 million (US$ 99 million), a decrease of RUB 34,647 million (-84%);
- Net debt position3 as of 31 December 2022 amounted to RUB 99,723 million (US$ 1,418 million);
- Net Debt/Adjusted EBITDA (LTM4) as of 31 December 2022 was 2.22.
Commenting on the results, Timur Lipatov, CEO of Rusagro, said:
"In 2022 sales of the Group improved by 8%. Revenue increased in all business segments except Agriculture. Sales growth was supported by the launch of operations in Primorie, start of the wheat export trading activities and positive market dynamic on the Russian sugar and oil&fats markets. Revenue of Agriculture segment decreased as the result of lower sales prices and complex harvesting season caused by weather conditions. In terms of Adjusted EBITDA the Group showed good results in Sugar and Oil and Fats segments following the prices growth while costs of goods sold did not rise as much. Meat and Agriculture segments showed a decrease of adjusted EBITDA mostly due to lower exchange rates and unfavorable market conditions in Agriculture. Net profit decreased by 84% due to the negative influence of forex losses caused by cash blocking by European banks and revaluation of biological assets on the back of dropping market prices and rising cost of sales."
Key consolidated financial performance indicators
in RR million | Year ended | Variance | Three months ended | Variance | ||||
31 December 2022 | 31 December 2021 | Units | % | 31 December 2022 | 31 December 2021 | Units | % | |
Sales | 240,230 | 222,932 | 17,298 | 8 | 58,204 | 65,356 | (7,153) | (11) |
Gross profit | 47,252 | 57,093 | (9,842) | (17) | 7,149 | 11,491 | (4,342) | (38) |
Gross margin, % | 20% | 26% | (6) pp |
| 12% | 18% | (6) pp |
|
Adjusted EBITDA | 45,015 | 48,060 | (3,044) | (6) | 9,645 | 17,338 | (7,693) | (44) |
Adjusted EBITDA margin, % | 19% | 22% | (3) pp |
| 17% | 27% | (10) pp |
|
Net profit for the period 1 | 6,787 | 41,434 | (34,647) | (84) | 5,450 | 6,012 | (562) | (9) |
Net profit margin % | 3% | 19% | (16) pp |
| 9% | 9% | 0 pp |
|
1 Net profit for the period is affected by non-cash income/(loss) on revaluation of biological assets and agricultural produce. See details in business-sections below.
Key financial performance indicators by segments
in RR million | Year ended | Variance | Three months ended | Variance | ||||
31 December 2022 | 31 December 2021 | Units | % | 31 December 2022 | 31 December 2021 | Units | % | |
| | | | | | | | |
Sales, incl. | 240,230 | 222,932 | 17,298 | 8 | 58,204 | 65,356 | (7,153) | (11) |
Sugar | 49,584 | 36,361 | 13,223 | 36 | 11,904 | 12,248 | (344) | (3) |
Meat | 43,705 | 39,628 | 4,077 | 10 | 11,910 | 11,170 | 740 | 7 |
Agriculture | 31,993 | 41,881 | (9,888) | (24) | 14,870 | 23,170 | (8,300) | (36) |
Oil and Fat | 133,369 | 125,237 | 8,132 | 6 | 31,003 | 31,278 | (275) | (1) |
Other | 1,408 | 719 | 689 | 96 | 495 | 180 | 315 | 174 |
Eliminations | (19,829) | (20,893) | 1,064 | 5 | (11,980) | (12,691) | 711 | 6 |
| | | | | | | | |
Gross profit, incl. | 47,252 | 57,093 | (9,842) | (17) | 7,149 | 11,491 | (4,342) | (38) |
Sugar | 19,941 | 9,510 | 10,430 | 110 | 3,800 | 3,686 | 114 | 3 |
Meat | (2,539) | 5,513 | (8,051) | - | (2,519) | (826) | (1,693) | (205) |
Agriculture | 7,195 | 25,717 | (18,522) | (72) | (2,447) | 5,615 | (8,062) | - |
Oil and Fat | 23,418 | 16,381 | 7,037 | 43 | 8,720 | 3,543 | 5,178 | 146 |
Other | 447 | 348 | 99 | 29 | 250 | 162 | 87 | 54 |
Eliminations | (1,211) | (375) | (836) | (223) | (655) | (689) | 34 | 5 |
| | | | | | | | |
Adjusted EBITDA, incl. | 45,015 | 48,060 | (3,044) | (6) | 9,645 | 17,338 | (7,693) | (44) |
Sugar | 15,695 | 8,962 | 6,733 | 75 | 1,640 | 3,134 | (1,494) | (48) |
Meat | 1,622 | 5,895 | (4,273) | (72) | 612 | 860 | (248) | (29) |
Agriculture | 9,755 | 23,251 | (13,496) | (58) | 3,010 | 13,780 | (10,770) | (78) |
Oil and Fat | 15,950 | 12,786 | 3,164 | 25 | 5,239 | 2,719 | 2,520 | 93 |
Other | (1,331) | (2,092) | 761 | 36 | (255) | (337) | 82 | 24 |
Eliminations | 3,325 | (743) | 4,068 | - | (600) | (2,817) | 2,216 | 79 |
| | | | | | | | |
Adjusted EBITDA margin, % | 19% | 22% | (3) pp |
| 17% | 27% | (10) pp |
|
Sugar | 32% | 25% | 7 pp |
| 14% | 26% | (12) pp |
|
Meat | 4% | 15% | (11) pp |
| 5% | 8% | (3) pp |
|
Agriculture | 30% | 56% | (26) pp |
| 20% | 59% | (39) pp |
|
Oil and Fat | 12% | 10% | 2 pp |
| 17% | 9% | 8 pp |
|
SUGAR SEGMENT
In 12M22 Sugar segment earned RUB 15,695 million of adjusted EBITDA (+75% y-o-y) with 32% margin (+7 pp y-o-y). The financial results of the Sugar Segment of 12M22 and 4Q22 compared to 12M21 and 4Q21 respectively are presented in the table below:
Sugar segment 12M and 4Q 2022 Financial Results
in RR million | Year ended | Variance | Three months ended | Variance | ||||
31 December 2022 | 31 December 2021 | Units | % | 31 December 2022 | 31 December 2021 | Units | % | |
Sales | 49,584 | 36,361 | 13,223 | 36 | 11,904 | 12,248 | (344) | (3) |
Cost of sales | (29,643) | (26,850) | (2,793) | (10) | (8,104) | (8,562) | 458 | 5 |
Gross profit/ (loss) | 19,941 | 9,510 | 10,430 | 110 | 3,800 | 3,686 | 114 | 3 |
Gross profit margin | 40% | 26% | 14 pp |
| 32% | 30% | 2 pp |
|
Distribution and selling expenses | (4,833) | (2,476) | (2,356) | (95) | (2,151) | (1,017) | (1,135) | (112) |
General and administrative expenses | (1,757) | (1,482) | (275) | (19) | (498) | (353) | (144) | (41) |
Other operating income/ (expenses), net | (294) | 677 | (972) | - | 31 | 181 | (150) | (83) |
incl. reimbursement of operating costs (government grants) | 158 | 577 | (419) | (73) | 14 | 150 | (136) | (91) |
incl. other adjustments to EBITDA (non-recurring items) | (305) | 106 | (410) | - | 74 | 35 | 38 | 108 |
Operating profit | 13,056 | 6,229 | 6,827 | 110 | 1,182 | 2,496 | (1,315) | (53) |
|
|
| | | | | | |
Adjusted EBITDA | 15,695 | 8,962 | 6,733 | 75 | 1,640 | 3,134 | (1,494) | (48) |
Adjusted EBITDA margin | 32% | 25% | 7 pp |
| 14% | 26% | (12) pp |
|
In 12M22 in comparison to 12M21 Sales of Sugar segment improved by 36% by RUB 13,223 million. The events in the 1st half of 2022 created an increased demand, and sugar market showed positive market trend. During the first 9M21 Rusagro's sugar sales price to retail chains in Russia did not exceed 36 RUB/kg incl.VAT for white sugar in 50 kg bags at the plant.
Sales volumes increased by 11% y-o-y to 853 thousand mainly because of the higher sugar beet yield per hectare in the season 2021/2022.
In addition, Sugar segment Sales for 12M22 increased due to the growth in sales of beet pulp by RUB 490 million mainly due to the extension of sugar beet processing period to January 2022 as well as higher sugar beet harvest, which was partially offset by the shift in sales in 4Q 2022 to 1H 2023. Packing and sugar beet processing services offered to customers by sugar plants decreased by RUB 433 million. Sales of molasses, betaine, buckwheat and rice decreased by RUB 322 million.
Revenue of Sugar segment decreased in 4Q22 in comparison with 4Q21 by 3% mainly due to transfer of sugar beet pulp sales to 1H 2023 while lengthening of the logistics route for the sale of pulp due to sanctions restrictions and a change in the geography of sales.
Production and sales volume of sugar in 12M and 4Q 2022
| Year ended | Variance | Three months ended | Variance | ||||||||||
31 December 2022 | 31 December 2021 | Units | % | 31 December 2022 | 31 December 2021 | Units | % | |||||||
Sugar production volume, thousand tonnes | 770 | 791 | (20) | (3) | 492 | 583 | (91) | (16) | ||||||
Sales volume, thousand tonnes | 853 | 769 | 84 | 11 | 217 | 228 | (11) | (5) | ||||||
Cost of sales in 12M22 increased y-o-y lower than revenues because it was mainly formed out of sugar beet purchased in the 2H21, but overall sugar beet costs in 12M22 were higher than in 12M21.
Distribution and selling expenses increased because of the general rise in transportation costs as well as extension of some logistics routes.
Other operating income in 12M21 changed to other operating expense in 12M22 mainly due to the absence of one-off 2021 government support and negative dynamics in operating forex losses.
MEAT SEGMENT
In 12M22 Meat segment earned RUB 1,622 million of adjusted EBITDA (-72% y-o-y) with 4% margin (-11 pp y-o-y). The financial results of the Meat Segment of 12M22 and 4Q22 compared to 12M21 and 4Q21 respectively are presented in the table below.
Meat segment 12M and 4Q 2022 Financial Results
in RR million | Year ended | Variance | Three months ended | Variance | |||||
31 December 2022 | 31 December 2021 | Units | % | 31 December 2022 | 31 December 2021 | Units | % | ||
Sales | 43,705 | 39,628 | 4,077 | 10 | 11,910 | 11,170 | 740 | 7 | |
Net gain/ (loss) on revaluation of biological assets and agricultural produce | (2,094) | (370) | (1,724) | (465) | (1,764) | (1,704) | (60) | (4) | |
Cost of sales | (44,149) | (33,745) | (10,404) | (31) | (12,665) | (10,292) | (2,373) | (23) | |
Gross profit/ (loss) | (2,539) | 5,513 | (8,051) | - | (2,519) | (826) | (1,693) | (205) | |
Gross profit margin | -6% | 14% | (20) pp |
| (21%) | (7%) | (14) pp |
| |
Gross profit excl. effect of biological assets revaluation | (444) | 5,883 | (6,327) | - | (755) | 878 | (1,633) | - | |
Adjusted gross profit margin | -1% | 15% | (16) pp |
| -6% | 8% | (14) pp |
| |
Distribution and selling expenses | (1,716) | (1,670) | (45) | (3) | (442) | (569) | 127 | 22 | |
General and administrative expenses | (1,923) | (4,058) | 2,135 | 53 | (220) | (941) | 721 | 77 | |
Other operating income/ (expenses), net | 1,389 | 1,353 | 35 | 3 | 693 | 284 | 409 | 144 | |
incl. reimbursement of operating costs (government grants) | 418 | 517 | (99) | (19) | 403 | 58 | 345 | 599 | |
incl. other adjustments to EBITDA (non-recurring items) | 676 | 490 | 186 | 38 | 133 | 9 | 124 | 1,317 | |
Operating profit | (4,789) | 1,137 | (5,926) | - | (2,489) | (2,052) | (436) | (21) | |
|
|
| | | | | | | |
Adjusted EBITDA | 1,622 | 5,895 | (4,273) | (72) | 612 | 860 | (248) | (29) | |
Adjusted EBITDA margin | 4% | 15% | (11) pp |
| 5% | 8% | (3) pp |
| |
Sales of the Meat segment increased by 10% in 12M22 and by 7% in 4Q22 compared to the respective periods of the prior year. Sales volumes increase was caused mainly by outputs growth attributed to the launch of pork production in Primorie.
Production and sales volume of pork products in 12M and 4Q 2022
| Year ended | Variance | Three months ended | Variance | ||||||||||||
31 December 2022 | 31 December 2021 | Units | % | 31 December 2022 | 31 December 2021 | Units | % | |||||||||
Pigs production, thousand tonnes in live weight
| 336 | 309 | 28 | 9 | 91 | 82 | 9 | 11 | ||||||||
Sales volume, thousand tonnes | 281 | 249 | 32 | 13 | 77 | 67 | 10 | 15 | ||||||||
Cost of sales increased by 31% in 12M22 compared to the prior year mainly due to higher costs of feed and animals health protection.
Net loss on revaluation of biological assets and agricultural produce in 12M22 resulted from higher growth of costs than an increase in fair value for both bearer and consumable livestock pigs during the reporting period compared to the respective figures at the end of 2021.
General and administrative expenses in 12M2021 include mainly costs related to realisation of Primorie project. In 12M22 General and administrative expenses decreased compared to prior year period due to start of production in Primorie.
An increase in Other operating income in 4Q22 in comparison to 4Q21 is mainly attributed to partial reimbursement of feed purchase costs by government.
AGRICULTURAL SEGMENT
As at 31 December 2022 Rusagro's area of controlled land stands at 660 thousand hectares (31 December 2021: 688 thousand hectares). In 12M22 Agriculture segment earned RUB 9,755 million of adjusted EBITDA (-58 % y-o-y) with 30% margin (-26 pp y-o-y). The financial results of the Agricultural Segment of 12M22 and 4Q22 compared to 12M21 and 4Q21 respectively are presented below.
Agriculture segment 12M and 4Q 2022 Financial Results
in RR million | Year ended | Variance | Three months ended | Variance | ||||
31 December 2022 | 31 December 2021 | Units | % | 31 December 2022 | 31 December 2021 | Units | % | |
Sales | 31,993 | 41,881 | (9,888) | (24) | 14,870 | 23,170 | (8,300) | (36) |
Net gain/ (loss) on revaluation of biological assets and agricultural produce | (4,312) | 2,610 | (6,922) | - | (5,697) | (7,904) | 2,207 | 28 |
Cost of sales | (20,485) | (18,774) | (1,712) | (9) | (11,620) | (9,651) | (1,969) | (20) |
Gross profit/ (loss) | 7,195 | 25,717 | (18,522) | (72) | (2,447) | 5,615 | (8,062) | - |
Gross profit margin | 22% | 61% | (39) pp |
| -16% | 24% | (40) pp |
|
Gross profit excl. effect of biological assets and agricultural produce revaluation | 11,508 | 23,107 | (11,599) | (50) | 3,250 | 13,519 | (10,269) | (76) |
Adjusted gross profit margin | 36% | 55% | (19) pp |
| 22% | 58% | (36) pp |
|
Distribution and selling expenses | (2,788) | (1,935) | (853) | (44) | (1,017) | (856) | (161) | (19) |
General and administrative expenses | (1,852) | (1,461) | (391) | (27) | (693) | (439) | (254) | (58) |
Other operating income/ (expenses), net | 1,246 | 598 | 648 | 108 | 647 | 494 | 153 | 31 |
incl. reimbursement of operating costs (government grants) | 446 | 546 | (100) | (18) | 384 | 305 | 78 | 26 |
incl. other adjustments to EBITDA (non-recurring items) | 550 | (38) | 588 | - | 219 | 129 | 90 | 70 |
Operating profit | 3,801 | 22,919 | (19,118) | (83) | (3,510) | 4,814 | (8,324) | - |
|
|
| | | | | | |
Adjusted EBITDA | 9,755 | 23,251 | (13,496) | (58) | 3,010 | 13,780 | (10,770) | (78) |
Adjusted EBITDA margin | 30% | 56% | (26) pp |
| 20% | 59% | (39) pp |
|
In 12M22 in comparison to 12M21 Sales of the Agriculture segment decreased by 24% to RUB 31,993 million. Lower volume of sugar beet, soybean, sunflower and barley sold was partially compensated by higher sales volumes of wheat and corn.
Higher sales volume of wheat in 12M22 compared to 12M21 was achieved thanks to the launch of trading business.
Negative change in sugar beet sales volumes was attributable to the transfer of sales to the beginning of 2023 as the result of adverse climate conditions, which led to delays in harvest delivery from the fields.
Lower sales volumes of oil crops (soybean, sunflower) was also the result of sales transfer to 2023, following prolongation of harvesting period due to weather conditions as well as anticipation of favourable market conditions.
In 4Q22 in comparison to 4Q21 Sales of the Agriculture segment decreased by 36% to RUB 14,870 million for the same reasons as listed above for the 12M22.
Net gain/(loss) on revaluation of biological assets and agricultural produce depends on revaluation amounts in opening and closing inventory balances. Revaluation between opening and closing inventory balances fell down in 12M22 than in 12M21 due to the changes in fair value less point-of-sale costs at the point of harvest for the inventories remaining unsold at the year-end.
Net loss on revaluation of biological assets and agricultural produce in 4Q22 compared to 4Q21 is lower due to realisation of gain from current year harvest revaluation recognized in 3Q22 and 3Q21. Gain in 3Q21 was higher than in 3Q 22 which caused higher loss in 4Q21 when the sales took place.
Net gain/(loss) on revaluation of crops and its subsequent realisation do not affect the Adjusted EBITDA figure.
Distribution and selling expenses increased despite overall sales volumes decrease because of the customs duties for the export sales.
An increase in Other operating income in 12M22 in comparison to 12M21 is mainly due to the changes in the one-off gain/loss from the disposal of non-current assets.
Sales volume of crops in 12M and 4Q 2022
Thousand tonnes | Year ended | Variance | Three months ended | Variance | |||||
31 December 2022 | 31 December 2021 | Units | % | 31 December 2022 | 31 December 2021 | Units | % | ||
sugar beet | 3,247 | 3,589 | (342) | (10) | 2,458 | 2,869 | (411) | (14) | |
wheat | 817 | 768 | 49 | 6 | 524 | 184 | 340 | 184 | |
corn | 162 | 71 | 91 | 127 | 27 | 14 | 13 | 100 | |
soybean | 148 | 330 | (182) | (55) | 4 | 169 | (165) | (98) | |
sunflower seeds | 23 | 59 | (37) | (62) | 1 | 51 | (50) | (97) | |
barley | 5 | 10 | (6) | (53) | 5 | 4 | 1 | 22 | |
OIL AND FAT SEGMENT
In 12M22 Oil and Fat segment earned RUB 15,950 million of adjusted EBITDA (+25 % y-o-y) with 12% margin (+2 pp y-o-y). The financial results of the Oil and Fat Segment for 12M22 and 4Q22 compared to 12M21 and 4Q21 respectively are presented below.
Oil and Fat segment 12M and 4Q 2022 Financial Results
in RR million
| Year ended | Variance | Three months ended | Variance | |||||||||||
31 December 2022 | 31 December 2021 | Units | % | 31 December 2022 | 31 December 2021 | Units | % |
| |||||||
Sales | 133,369 | 125,237 | 8,132 | 6 | 31,003 | 31,278 | (275) | (1) | |||||||
Cost of sales | (109,951) | (108,856) | (1,095) | (1) | (22,283) | (27,735) | 5,452 | 20 | |||||||
Gross profit/ (loss) | 23,418 | 16,381 | 7,037 | 43 | 8,720 | 3,543 | 5,178 | 146 | |||||||
Gross profit margin | 18% | 13% | 5 pp |
| 28% | 11% | 17 pp |
| |||||||
Distribution and selling expenses | (9,038) | (5,488) | (3,550) | (65) | (3,033) | (2,097) | (936) | (45) | |||||||
General and administrative expenses | (3,080) | (1,975) | (1,105) | (56) | (885) | (553) | (332) | (60) | |||||||
Other operating income/ (expenses), net | (2,158) | (726) | (1,432) | (197) | 325 | (349) | 674 | - | |||||||
incl. reimbursement of operating costs (government grants) | 322 | 496 | (174) | (35) | 78 | 190 | (113) | (59) | |||||||
incl. Other adjustments to EBITDA (non-recurring items) | (2,266) | (1,368) | (898) | (66) | 147 | (756) | 903 | - | |||||||
Operating profit/ (loss) | 9,141 | 8,192 | 949 | 12 | 5,127 | 544 | 4,583 | 843 | |||||||
|
|
| | | | | | | |||||||
Adjusted EBITDA | 15,950 | 12,786 | 3,164 | 25 | 5,239 | 2,719 | 2,520 | 93 | |||||||
Adjusted EBITDA margin | 12% | 10% | 2 pp |
| 17% | 9% | 8 pp |
| |||||||
In 12M22 in comparison to 12M21 Sales of the Oil and Fat segment increased by 6% to RUB 133,369 million mainly due to the positive dynamics of the oil and fats market. Lower sales volumes of crude oil are mainly attributed to the lower crude oil production output in 2022. Sales volumes of consumer products dropped because Rusagro reduced its sales of bottled oil focusing on more profitable products.
Cost of sales in 12M22 in comparison to 12M21 increased due to higher costs of raw materials, including sunflower seeds, sunflower and tropical oil. The growth rate of cost is lower than the growth rate of revenue due to part of volume of products sold during 2022 was made out of cheap previous season's raw materials and costs of palm oil purchased during 1H 2022 were fixed.
Distribution and selling expenses increased as the result of export duties on sunflower oil imposed by Russian Government from September 2021 to October 2022 and an increase of prices for transportation and storage services.
An increase in General and administrative expenses in 12M22 in comparison to 12M21 is mainly due to higher costs of information and consulting, as well as banking services.
Other operating expenses in 12M22 changed mainly due to negative dynamics in forex losses.
Sales volumes to third parties in 12M and 4Q 2022
Thousand tonnes
| Year ended | Variance | Three months ended | Variance | |||||||
31 December 2022 | 31 December 2021 | Units | % | 31 December 2022 | 31 December 2021 | Units | % | ||||
Meal | 601 | 582 | 19 | 3 | 131 | 139 | (8) | (6) | |||
crude oil | 369 | 391 | (22) | (6) | 84 | 71 | 13 | 19 | |||
industrial fats | 298 | 337 | (39) | (12) | 84 | 96 | (12) | (13) | |||
dry whey mixes | 16 | 15 | 1 | 6 | 4 | 4 | (1) | (13) | |||
consumer oil&fat products | 301 | 325 | (24) | (7) | 94 | 91 | 3 | 3 | |||
consumer dairy products | 15 | 15 | - | - | 4 | 4 | (0) | (7) | |||
KEY CONSOLIDATED CASH FLOW INDICATORS (NOT IFRS PRESENTATION*)
The key consolidated cash flow indicators presented according to management accounts methodology
in mln Roubles | Year ended | Variance | Three months ended | Variance | ||||
31 December 2022 | 31 December 2021 | Units | % | 31 December 2022 | 31 December 2021 | Units | % | |
Net cash from operating activities, incl. | 4,423 | 30,874 | (26,451) | (86) | (3,495) | (1,381) | (2,114) | (153) |
Operating cash flow before working capital changes | 41,074 | 46,821 | (5,747) | (12) | 8,647 | 16,509 | (7,862) | (48) |
Working capital changes | (34,205) | (12,268) | (21,937) | (179) | (11,209) | (15,735) | 4,526 | 29 |
Net cash from investing activities, incl. | (11,967) | (41,417) | 29,450 | 71 | (5,214) | (4,339) | (876) | (20) |
Purchases of property plant and equipment and inventories intended for construction | (11,973) | (13,770) | 1,797 | 13 | (4,331) | (4,955) | 623 | 13 |
Acquisition of SolPro assets | - | (28,735) | 28,735 | - | - | - | - | - |
Net cash from financing activities | (6,572) | 45,387 | (51,959) | - | (35,320) | (4,721) | (30,600) | (648) |
Net effect of exchange rate changes on cash and cash equivalents | (10,873) | (248) | (10,625) | (4,276) | 6,303 | (62) | 6,365 | - |
Net increase / (decrease) in cash and cash equivalents | (24,989) | 34,595 | (59,585) | - | (37,727) | (10,502) | (27,224) | (259) |
(*) See Appendix 4
The key investments in property, plant and equipment and inventories intended for construction during 12M 2022 were made in the Meat segment in the amount of RUB 4,097 million (12M 2021: RUB 8,052 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 3,448 million (12M 2021 : RUB 2,660 million), Oil and Fat segment in the amount of RUB 3,216 million (12M 2021 : RUB 2,058 million excluding acquisition of SolPro assets), and Sugar segment in the amount of RUB 1,212 million (12M 2021 : RUB 1,000 million) mainly relate to purchases of machinery and equipment for production facilities renewal and maintenance.
Debt position and liquidity management
in RUB million | 31 December 2022 | 31 December 2021 | Variance | |
Units | % | |||
Gross debt | 233,390 | 172,724 | 60,666 | 35 |
Short-term borrowings | 172,352 | 108,749 | 63,603 | 58 |
Long-term borrowings | 61,038 | 63,975 | (2,937) | (5) |
Cash and cash equivalents, bank deposits and bonds | (133,668) | (99,315) | (34,353) | (35) |
Short-term cash, deposits and bonds | (99,697) | (65,344) | (34,353) | (53) |
Long-term cash, deposits and bonds | (33,971) | (33,971) | - | - |
Net debt | 99,723 | 73,409 | 26,314 | 36 |
Short-term borrowings, net | 72,655 | 43,405 | 29,250 | 67 |
Long-term borrowings, net | 27,067 | 30,004 | (2,937) | (10) |
Adjusted EBITDA (LTM4) | 45,015 | 48,060 | (3,045) | (6) |
Net debt/ Adjusted EBITDA (LTM) | 2.22 | 1.53 | 0.7 pp |
|
Net finance income/ (expense)
in RR million | Year ended | Variance | Three months ended | Variance | ||||
31 December 2022 | 31 December 2021 | Units | % | 31 December 2022 | 31 December 2021 | Units | % | |
Net interest expense | (7,865) | (5,499) | (2,366) | (43) | (2,090) | (1,496) | (593) | (40) |
Gross interest expense | (20,784) | (10,567) | (10,217) | (97) | (5,851) | (3,242) | (2,609) | (80) |
Reimbursement of interest expense | 12,919 | 5,068 | 7,851 | 155 | 3,762 | 1,746 | 2,016 | 115 |
Interest income | 9,398 | 8,611 | 787 | 9 | 2,848 | 2,303 | 545 | 24 |
Net gain/ (loss) from bonds held for trading | 1 | (2) | 3 | - | 1 | 1 | 0 | 39 |
Other financial income, net | (12,188) | (705) | (11,483) | (1,628) | 5,964 | (216) | 6,180 | - |
Net foreign exchange gain/ (loss) | (11,510) | (111) | (11,399) | (10,269) | 6,213 | (61) | 6,274 | - |
Other financial income / (expenses), net | (678) | (594) | (84) | (14) | (249) | (155) | (94) | (61) |
Total net finance income/ (expenses) | (10,654) | 2,405 | (13,059) | - | 6,724 | 592 | 6,132 | 1,035 |
Net debt increased at 31 December 2022 compared at 31 December 2021 as a result of an increase in short-term borrowings.
In 12M 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 12M 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 12M 2021 in the sum of RUB 2,405 million changed to net finance expense in the amount of RUB 10,654 million in 12M 2022 mainly as the result of negative dynamics in forex losses in 12M 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 660 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 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 Café and 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 №3 largest pork producer in Russia 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 12M and 4Q 2022 financial results for investors and analysts.
Details of the call:
Date: | 6 March 2023 |
Time: | 4:00 PM (Moscow) / 1:00 PM (London)
|
Subject: | ROS AGRO PLC 12M and 4Q 2022 Financial results
|
Registration: | (available up to 3:00 PM Moscow time / 12:00 AM London time on 6 March) |
| https://us06web.zoom.us/webinar/register/WN_E1--ZisNRTu_j5p8_2APFw |
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 Year and Three months ended 31 December 2022 (in RUB thousand)
| Year ended 31 December | Three months ended 31 December | ||
| 2022 | 2021 | 2022 | 2021 |
Sales | 240,230,251 | 222,932,439 | 58,203,644 | 65,356,350 |
Net gain/(loss) on revaluation of biological assets and agricultural produce | (8,542,435) | 3,409,309 | (6,455,205) | (7,160,698) |
Cost of sales | (184,436,046) | (169,248,281) | (44,599,720) | (46,704,627) |
Net gain/(loss) from trading derivatives | - | (5) | - | - |
Gross profit | 47,251,770 | 57,093,462 | 7,148,719 | 11,491,025 |
| | | | |
Distribution and selling expenses | (16,851,961) | (10,475,137) | (5,883,086) | (4,053,794) |
General and administrative expenses | (9,071,112) | (10,975,898) | (2,335,716) | (2,653,301) |
Other operating income/(expenses), net | (2,194,559) | 2,334,177 | 1,903,742 | 1,132,615 |
Reversal of provision/(provision) for impairment of loans issued | (74,356) | 4,574,481 | (74,356) | 924,914 |
Operating profit / (loss) | 19,059,782 | 42,551,085 | 759,303 | 6,841,459 |
|
|
|
|
|
Interest expense | (7,865,190) | (5,498,991) | (2,089,513) | (1,496,062) |
Interest income | 9,397,651 | 8,610,888 | 2,848,254 | 2,303,114 |
Net gain/(loss) from bonds | 1,063 | (1,630) | 1,021 | 732 |
Other financial income/ (expenses), net | (12,187,973) | (705,356) | 5,963,935 | (215,617) |
Profit before income tax | 8,405,333 | 44,955,996 | 7,483,000 | 7,433,626 |
| | | | |
Income tax expense | (1,618,793) | (3,522,144) | (2,033,181) | (1,421,872) |
Profit for the period | 6,786,540 | 41,433,852 | 5,449,819 | 6,011,754 |
|
|
|
|
|
Other comprehensive income | - | - | - | - |
Total comprehensive income for the period | 6,786,540 | 41,433,852 | 5,449,819 | 6,011,754 |
| | | | |
Profit is attributable to: |
|
|
|
|
Owners of ROS AGRO PLC | 6,763,338 | 41,477,865 | 5,466,818 | 6,036,405 |
Non-controlling interest | 23,202 | (44,013) | (16,999) | (24,651) |
Profit for the period | 6,786,540 | 41,433,852 | 5,449,819 | 6,011,754 |
| | | | |
Total comprehensive income is attributable to: | | | | |
Owners of ROS AGRO PLC | 6,763,338 | 41,477,865 | 5,466,818 | 6,036,405 |
Non-controlling interest | 23,202 | (44,013) | (16,999) | (24,651) |
Total comprehensive income for the period | 6,786,540 | 41,433,852 | 5,449,819 | 6,011,754 |
| | | | |
Earnings per ordinary share for profit attributable to the owners of ROS AGRO PLC, basic and diluted | 251.37 | 1,541.57 | 203.18 | 224.35 |
Appendix 2. Segment information for the Year ended 31 December 2022 (in RUB thousand)
12M 2022 | Sugar | Meat | Agriculture | Oil and Fat | Other | Eliminations | Total |
Sales | 49,583,897 | 43,705,021 | 31,993,259 | 133,369,020 | 1,408,265 | (19,829,211) | 240,230,251 |
Net gain/ (loss) on revaluation of biological assets and agricultural produce | - | (2,094,398) | (4,312,350) | - | - | (2,135,687) | (8,542,435) |
Cost of sales | (29,643,242) | (44,149,262) | (20,485,426) | (109,950,614) | (961,422) | 20,753,920 | (184,436,046) |
incl. Depreciation | (2,271,228) | (4,951,716) | (1,695,446) | (3,761,053) | (18,175) | (175,609) | (12,873,227) |
Gross profit | 19,940,655 | (2,538,639) | 7,195,483 | 23,418,406 | 446,843 | (1,210,978) | 47,251,770 |
Distribution and Selling, General and administrative expenses | (6,590,185) | (3,638,654) | (4,640,663) | (12,118,669) | (2,001,255) | 3,066,353 | (25,923,073) |
incl. Depreciation | (62,973) | (39,905) | (496,419) | (781,207) | (83,424) | 175,609 | (1,288,319) |
Other operating income/(expenses), net | (294,339) | 1,388,504 | 1,246,170 | (2,158,484) | 15,093,839 | (17,470,249) | (2,194,559) |
incl. Reimbursement of operating costs (government grants) | 157,532 | 417,824 | 445,978 | 322,154 | - | - | 1,343,488 |
incl. Other adjustments to EBITDA (non-recurring items) | (304,560) | 675,718 | 549,976 | (2,266,102) | 14,972,443 | (16,804,668) | (3,177,193) |
Reversal of provision/(provision) for impairment of loans issued | - | - | - | - | (74,356) | - | (74,356) |
Operating profit / (loss) | 13,056,131 | (4,788,789) | 3,800,990 | 9,141,253 | 13,465,071 | (15,614,874) | 19,059,782 |
Adjustments: |
| | | | | | |
Depreciation included in Operating Profit | 2,334,201 | 4,991,621 | 2,191,865 | 4,542,260 | 101,599 | - | 14,161,546 |
Other adjustments to EBITDA (non-recurring items) | 304,560 | (675,718) | (549,976) | 2,266,102 | (14,972,443) | 16,804,668 | 3,177,193 |
Net gain/ (loss) on revaluation of biological assets and agricultural produce | - | 2,094,398 | 4,312,350 | - | - | 2,135,687 | 8,542,435 |
Reversal of provision/(provision) for impairment of loans issued | - | - | - | - | 74,356 | - | 74,356 |
Adjusted EBITDA* | 15,694,892 | 1,621,512 | 9,755,229 | 15,949,615 | (1,331,417) | 3,325,481 | 45,015,312 |
* Non-IFRS measure
Appendix 2 (continued). Segment information for the Year ended 31 December 2021 (in RUB thousand)
12M 2021 | Sugar | Meat | Agriculture | Oil and Fat | Other | Eliminations | Total |
Sales | 36,360,566 | 39,628,064 | 41,881,010 | 125,236,601 | 719,452 | (20,893,254) | 222,932,439 |
Net gain/ (loss) on revaluation of biological assets and agricultural produce | - | (370,486) | 2,609,949 | - | - | 1,169,846 | 3,409,309 |
Cost of sales | (26,850,141) | (33,744,934) | (18,773,771) | (108,855,523) | (371,867) | 19,347,955 | (169,248,281) |
incl. Depreciation | (2,766,162) | (3,965,508) | (2,547,072) | (2,877,234) | (9,186) | (85,607) | (12,250,769) |
Net gain/ (loss) from trading derivatives | - | (5) | - | - | - | - | (5) |
Gross profit | 9,510,425 | 5,512,639 | 25,717,188 | 16,381,078 | 347,585 | (375,453) | 57,093,462 |
Distribution and Selling, General and administrative expenses | (3,958,396) | (5,728,548) | (3,396,730) | (7,463,073) | (2,646,176) | 1,741,888 | (21,451,035) |
incl. Depreciation | (72,862) | (910,976) | (357,854) | (348,591) | (90,102) | 85,607 | (1,694,778) |
Other operating income/(expenses), net | 677,174 | 1,353,391 | 598,467 | (726,058) | 27,175,376 | (26,744,173) | 2,334,177 |
incl. Reimbursement of operating costs (government grants) | 576,559 | 516,862 | 546,424 | 495,720 | - | - | 2,135,565 |
incl. Other adjustments to EBITDA (non-recurring items) | 105,924 | 489,812 | (37,563) | (1,368,049) | 27,067,942 | (25,805,013) | 453,053 |
Reversal of provision/(provision) for impairment of loans issued | - | - | - | - | 4,574,481 | - | 4,574,481 |
Operating profit / (loss) | 6,229,203 | 1,137,482 | 22,918,925 | 8,191,947 | 29,451,266 | (25,377,738) | 42,551,085 |
Adjustments: | | | | | | | |
Depreciation included in Operating Profit | 2,839,024 | 4,876,484 | 2,904,926 | 3,225,825 | 99,288 | - | 13,945,547 |
Other adjustments to EBITDA (non-recurring items) | (105,924) | (489,812) | 37,563 | 1,368,049 | (27,067,942) | 25,805,013 | (453,053) |
Net gain/ (loss) on revaluation of biological assets and agricultural produce | - | 370,486 | (2,609,949) | - | - | (1,169,846) | (3,409,309) |
Reversal of provision/(provision) for impairment of loans issued | - | - | - | - | (4,574,481) | - | (4,574,481) |
Adjusted EBITDA* | 8,962,303 | 5,894,640 | 23,251,465 | 12,785,821 | (2,091,869) | (742,571) | 48,059,789 |
Appendix 3. Consolidated statement of financial position as at 31 December 2022
(in RUB thousand)
| 31 December 2022 | 31 December 2021 |
ASSETS |
| |
Current assets |
| |
Cash and cash equivalents | 21,473,030 | 46,462,179 |
Short-term investments | 91,382,536 | 21,001,760 |
Trade and other receivables | 24,176,680 | 12,558,401 |
Prepayments | 13,435,149 | 5,414,032 |
Current income tax receivable | 832,423 | 1,532,726 |
Other taxes receivable | 8,360,935 | 8,321,193 |
Inventories and short-term biological assets | 78,580,317 | 77,509,033 |
Other current assets | 4,126,715 | 47 |
Total current assets | 242,367,785 | 172,799,371 |
| | |
Non-current assets |
| |
Property, plant and equipment | 121,165,803 | 119,159,412 |
Inventories intended for construction | 864,550 | 1,604,570 |
Right-of-use assets | 6,916,539 | 7,346,538 |
Goodwill | 2,364,942 | 2,364,942 |
Advances paid for non-current assets | 5,482,770 | 7,355,467 |
Long-term biological assets | 3,240,959 | 2,744,863 |
Long-term investments and receivables | 42,527,657 | 42,527,657 |
Investments in associates | 455,916 | 359,782 |
Deferred income tax assets | 5,964,527 | 4,835,268 |
Other intangible assets | 1,284,263 | 1,144,057 |
Other non-current assets | 190,978 | 79,125 |
Total non-current assets | 190,458,904 | 189,521,681 |
Total assets | 432,826,689 | 362,321,052 |
|
| |
LIABILITIES and EQUITY |
|
|
Current liabilities |
| |
Short-term borrowings | 172,351,514 | 108,748,840 |
Lease liabilities | 863,452 | 1,130,831 |
Trade and other payables | 17,024,472 | 15,440,635 |
Provisions | 137,542 | 494,709 |
Current income tax payable | 76,061 | 464,471 |
Other taxes payable | 8,149,780 | 7,454,558 |
Total current liabilities | 198,602,821 | 133,734,044 |
| | |
Non-current liabilities |
| |
Long-term borrowings | 61,038,393 | 63,975,025 |
Government grants | 11,153,211 | 9,325,530 |
Lease liabilities | 5,086,897 | 5,535,014 |
Deferred income tax liability | 2,283,752 | 1,876,244 |
Total non-current liabilities | 79,562,253 | 80,711,813 |
Total liabilities | 278,165,074 | 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 | 126,843,525 | 120,080,307 |
Equity attributable to owners of ROS AGRO PLC | 154,692,843 | 147,929,625 |
Non-controlling interest | (31,228) | (54,430) |
Total equity | 154,661,615 | 147,875,195 |
Total liabilities and equity | 432,826,689 | 362,321,052 |
Appendix 4. Consolidated statement of cash flows for the Year ended 31 December 2022 (in RUB thousand) - NOT IFRS PRESENTATION (*)
| Year ended | |
| 31 December 2022 | 31 December 2021 |
Cash flows from operating activities | | |
Profit before income tax | 8,405,333 | 44,955,996 |
Adjustments for: |
|
|
Depreciation and amortization | 14,161,546 | 13,945,546 |
Interest expense | 20,783,744 | 10,566,994 |
Government grants | (14,935,568) | (7,846,960) |
Interest income | (9,397,651) | (8,610,888) |
Loss/ (gain) on disposal of property, plant and equipment | (340,308) | 4,424 |
Net (gain) / loss on revaluation of biological assets and agricultural produce | 8,542,435 | (3,409,309) |
Change in provision for impairment of loans issued | 74,356 | (4,574,481) |
Interest expense on leases | 690,914 | 591,558 |
Realised deferred day-one gain | - | (552,748) |
Change in provision for net realisable value of inventory | 657,857 | 1,240,531 |
Change in provision for impairment of receivables and prepayments | 23,385 | 824,151 |
Foreign exchange (gain) / loss, net | 13,066,836 | (59,354) |
Lost / (reversal of) harvest write-off | 598,041 | 272,407 |
Net (gain) / loss from bonds held for trading | (1,063) | 1,630 |
Settlement of loans and accounts receivable previously written-off | - | (1) |
Change in provision for impairment of advances paid for property, plant and equipment | 32,076 | 26,084 |
Change in other provisions | (357,167) | 314,918 |
Dividend income | (397,362) | (754,538) |
(Gain)/loss on disposal of other assets | (21,698) | 256,144 |
Gain on SolPro loans redemption | (563,487) | (515,233) |
Other non-cash and non-operating expenses, net | 51,701 | 144,326 |
Operating cash flow before working capital changes | 41,073,920 | 46,821,197 |
Change in trade and other receivables and prepayments | (21,003,370) | (6,377,712) |
Change in other taxes receivable | (39,742) | (2,814,518) |
Change in inventories and biological assets | (9,841,732) | (6,577,388) |
Change in trade and other payables | 1,414,887 | 82,068 |
Change in other taxes payable | 993,307 | 3,278,845 |
Change in other current assets | (5,727,866) | 140,894 |
Cash generated from operations | 6,869,404 | 34,553,386 |
Income tax paid | (2,446,340) | (3,679,541) |
Net cash from operating activities | 4,423,064 | 30,873,845 |
|
|
|
Appendix 4 (continued). Consolidated statement of cash flows the Year ended 31 December 2022 (in RUB thousand) - NOT IFRS PRESENTATION (*)
| ||
| ||
| Year ended | |
| 31 December 2022 | 31 December 2021 |
Cash flows from investing activities |
|
|
Purchases of property, plant and equipment including SolPro assets acquisition | (11,718,704) | (42,029,048) |
Purchases of other intangible assets | (925,855) | (1,042,618) |
Purchases of land lease rights | (358,879) | (68,772) |
Proceeds from sales of property, plant and equipment | 486,542 | 896,286 |
Purchases of inventories intended for construction | (254,665) | (476,322) |
Purchases of associates | (96,134) | (102,000) |
Purchases of other investments | - | (19,083) |
Dividends received | 722,768 | 377,331 |
Proceeds from sales of other assets | - | 217,591 |
Proceeds from sales of other investments | - | 18,000 |
Other investing activities | 178,281 | 811,901 |
Net cash from investing activities | (11,966,646) | (41,416,734) |
Cash flows from financing activities | | |
Proceeds from borrowings | 151,465,684 | 107,856,022 |
Repayment of borrowings | (93,010,994) | (52,668,951) |
Interest paid | (7,028,058) | (4,591,935) |
Change in cash on bank deposits | (58,841,928) | (18,000,000) |
Proceeds from sales of bonds with maturity over three months* | 141,804 | 220,282 |
Loans given* | (24,866,023) | (2,256,313) |
Loans repaid* | 15,504,119 | 22,959,494 |
Interest received* | 8,692,280 | 8,786,038 |
Proceeds from government grants | 1,837,714 | 2,879,218 |
Purchases of non-controlling interest | - | (66,000) |
Dividends paid to owners Ros Agro PLC | - | (19,417,565) |
Repayment of lease liabilities | (466,795) | (335,167) |
Other financial activities | (119) | 21,631 |
Net cash from financing activities | (6,572,316) | 45,386,754 |
Net effect of exchange rate changes on cash and cash equivalents | (10,873,251) | (248,484) |
Net increase/ (decrease) in cash and cash equivalents | (24,989,149) | 34,595,381 |
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 | 21,473,030 | 46,462,179 |
(*) 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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