Astarta reports higher revenues in key segments in 9M22

The agri-industrial holding Astarta-Kyiv generated EUR 341 mln of revenue in 9M22, 13% higher YoY.

The Sugar Production segment was the biggest contributor, having generated 32% of those, the company's report reads.

The Agriculture segment revenue (30% of the total) is up by 10% YoY to EUR 104 mln. Sugar Production registered a 5% YoY decline to EUR 108 mln. The Soybean Processing revenue came in at EUR 92 mln, at robust growth of 46% compared to the previous year (EUR 63 mln in 9M21). The Cattle Farming segment generated EUR 29 mln of revenues vs. EUR 27 mln in the 9M21.

Gross profit declined by 6% YoY to EUR 150 mln, and the Gross margin from 53% to 44% as the changes in biological assets per IAS41 recognised at EUR 69 mln vs. EUR 105 mln on lower expected commodity prices and higher costs.

9M22 EBITDA totalled EUR 131 mln (down by 17% YoY), corresponding to the EBITDA margin change from 53% to 38% and reflecting higher S&D expenses.

Astarta reported lower Operating Cash Flows of EUR 3 mln in 9M22 vs. EUR 41 mln in 9M21 on a higher increase in inventories. Operating Cash Flows before Working Capital changes were 29% YoY higher at EUR 111 mln in the 9M22.

CAPEX remained at maintenance levels.