DGAP-News: Ekosem-Agrar significantly enhances profitability in H1 2013
(firmenpresse) - DGAP-News: Ekosem-Agrar GmbH / Key word(s): Bond/Half Year Results
Ekosem-Agrar significantly enhances profitability in H1 2013
13.09.2013 / 08:43
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- Milksales rises by 41% to EUR 22.8 million
- Earnings before interest and taxes climb by 54% to EUR 13.8 million
- Overall conditions on the Russian Agricultural market remain very
positive
Walldorf, 13. September 2013 - Ekosem-Agrar GmbH, the German holding
company of Russian milk producer Ekoniva Group, increased its profitability
significantly in the first six months of 2013. Adjusted for special income
from the acquisition of two agricultural businesses, earnings before
interest, taxes, depreciation and amortisation (EBITDA) increased by 47% to
EUR 23.6 million. The adjusted operating result (EBIT) increased by 54% to
EUR 13.8 million. The operating performance, which is an important
indicator for an agricultural company and includes sales revenues as well
as changes in inventories, biological assets and other operating income,
reached EUR 74.8 million (+42%). Including special income, the operating
performance amounted to EUR 78.8 million, while EBITDA and EBIT including
special income totalled EUR 27.6 million and EUR 17.8 million,
respectively. After interest and taxes the remaining net income for the
period came in at EUR 7.1 million (EUR 3.1 million in adjusted terms). The
solid business performance is also reflected in the latest rating
assessment by Creditreform Rating AG, which has maintained its BB rating of
the company and removed its previous qualification from the rating.
The positive performance is primarily attributable to the strong expansion
of the milk business. Vegetable agricultural products generate significant
revenues only in the second half of the year (H1 2013: EUR 6.5 million).
Revenues from the sale of milk increased by 41% to EUR 22.8 million in the
first half of the year. The growth in milk production is due not only to
the larger dairy cow herd but also to the increased milk output per day as
well as to higher prices. The first half of the year saw the milk output
grow by 42% to approx. 59 litres, for which approx. 41 euro cents per litre
were received. The milk output per day increased to an average 324 tons in
the first six months, compared to 227 tons in the prior year period. On the
half-year reporting date, the milk output stood at 345 tons. The strong
growth is the result of the high investments in heifers, sheds and animal
fodder made over the past years. The dairy cow herd has increased from
15,500 to 16,900 animals since 31 December 2012 alone. The Group's total
farmland was expanded by 10,000 hectares to 186,000 hectares in the first
half of the year, of which 101,000 hectares were owned by the company as of
the interim reporting date.
Good overall conditions for the expansion of the milk cow herd
'Russia's agricultural sector and the undersupplied milk market, in
particular, continue to offer excellent opportunities, which we are
exploiting consistently,' said Stefan Dürr, Managing Director and majority
shareholder of the Group. 'We are the country's largest milk producer and
still hold only 1% of the market. This shows that the market is extremely
fragmented and offers huge potential for growth. In the first half of the
year, we acquired two more farming businesses, expanded our farmland and
ourlivestock and continued to increase our efficiency. This is a strategy
we want to continue.'
On the basis of the harvest to date, the company is satisfied with the 2013
season. Animal feed stocks have been increased in response to the expansion
of the livestock. The grain harvest in the Czernochem region has again
shown that land that has been managed by the company for several years
generates continuously higher yields. 'This efficiency potential shows that
our profitability is set to improve steadily over the coming years,' said
Wolfgang Bläsi, CFO of Ekosem-Agrar GmbH.
As far as livestock growth is concerned, the company aims to increase the
number of cattle to over 43,000 and of dairy cows to approx. 19,000 by the
end of 2013.
The full report on the six-month period of the Ekosem-Agrar Group is
available for downloading at www.ekosem-agrar.de.
Key operating figures:
31 Dec. 2011 31 Dec. 2012 30 June 2013About Ekosem-Agrar
Total farmland 159,000 ha 176,000 ha 186,000 ha
thereof owned 72,900 ha 94,000 ha 101,000 ha
Number of dairy cows 11,700 15,500 16,900
Milk output per day (reporting date) 186 tons 269 tons 345 tons
Ekosem-Agrar GmbH Walldorf, Germany is the German holding company in the
Ekoniva Group, the largest Russian agricultural companies. With over 41,000
head of cattle and a targeted milk production of over 120,000 tons in 2013
day, the company is the largest milk producer in the country. The group has
more than 186,000 hectares of land and is also one of the leading producers
of seed in Russia. A third area of business is currently being established
with premium beef. The founder and managing director of the company is
Stefan Duerr. He has been active in Russian agriculture since the 1980s and
has played a decisive role in its modernization over the past two decades.
In 2009, he was awarded the German Federal Cross of Merit for his
contributions to the agricultural policy dialog between Germany and Russia.
The corporate group has about 3,300 employees at six locations in Russia
and achieved a total output of EUR 108.2 million and an EBIT of EUR 17.2 in
fiscal year 2012. For further information visit: www.ekosem-agrar.de
Kontakt
Irina Schwachhofer
Ekosem-Agrar GmbH
Johann-Jakob-Astor-Str. 49
69190 Walldorf
T: +49 (0) 6227 8890 300
E:irina.schwachhofer(at)ekosem-agrar.de
Presse / Investor Relations
Fabian Lorenz
IR.on AG
T: +49 (0) 221 9140 974
E: fabian.lorenz(at)ir-on.com
End of Corporate News
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Language: English
Company: Ekosem-Agrar GmbH
Johann-Jakob-Astor-Str. 49
69190 Walldorf
Germany
Phone: +49 (0)6227 358 59 33
Fax: +49 (0)6227 358 59 18
E-mail: info(at)ekosem-agrar.de
Internet: www.ekosem-agrar.de
ISIN: DE000A1MLSJ1, DE000A1R0RZ5
WKN: A1MLSJ, A1R0RZ
Listed: Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
Stuttgart (bondm); Frankfurt in Open Market
End of News DGAP News-Service
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Datum: 13.09.2013 - 08:43 Uhr
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