Page 71 - UKRRptJun21

Astarta’s the first quarter of 2021 EBITDA was EUR 19.4mn, or 30% smaller y/y. The decline was also driven by a smaller result in the farming segment, where EBITDA fell 65% y/y to EUR 7.2mn. Meanwhile, sugar EBITDA advanced 2.9x y/y to EUR 9.7mn. Adjusted for non-cash revaluations, Astarta’s EBITDA was EUR 25.8mn, or 3% less y/y.
The company’s bottom line was positive at EUR 3.6mn in the first quarter of 2021, vs. negative EUR 13.3mn a year ago (which was a result of heavy foreign currency revaluation losses).
● MHP
Ukraine's top poultry producer MHP reported its EBITDA dropped 34% y/y to $63mn in the first quarter of 2021, according to its financial statements published on May 19.
The company’s key segment, poultry meat, generated $32mn in the first quarter of 2021 EBITDA, or 53% less y/y. Its EBITDA per kg of poultry meat decreased 44% y/y to $0.2.
The company’s grain growing operations EBITDA rose 27% y/y to $19mn (or 30% y/y increase to $13mn net of IFRS 16) in the first quarter of 2021, while its meat processing segment EBITDA dropped 33% y/y to $4mn.
“The company’s EBITDA decrease was driven mostly by its poultry production costs increase due to the significant growth of grain prices, while poultry selling prices showed a moderate growth in the first quarter of 2021. We expect the company’s grain growing segment will be a key driver of the company's EBITDA in 2021 due to favourable weather conditions in spring 2021. However, the poultry segment results could put pressure on the company’s total EBITDA in 2021,” Andriy Perederey of Concorde Capital said in a note. “Nevertheless, we see the company will be able to decrease its net debt to EBITDA ratio this year below 4.0x (more precisely 3.4 – 3.8x) which will allow the company to preserve its current credit ratings.”
The company’s EU-based facilities generated $12mn of EBITDA in the first quarter of 2021, flat y/y, Concorde Capital reports.
MHP’s net revenue rose 0.9% y/y to $447mn in the first quarter of 2021. Its bottom line turned to positive $1mn (vs. negative $174mn a year ago), which was the result of a $20mn in non-cash forex gain in the quarter (vs. a $182mn loss in the first quarter of 2021).
MHP’s the first quarter of 2021 operating cash flow before working capital changes was $65mn, or 16% lower y/y and cash outflow for working capital was $101mn vs. $116mn a year ago.
The company’s CapEx rose 9.5% y/y to $23mn in the first quarter of 2021. Net debt increased 8% y/y to $1,315mn as of end-March, while net-debt-to-LTM EBITDA worsened to 4.28x as of end-March, from 3.17x a year ago.
71 UKRAINE Country Report XXXX 2018 www.intellinews.com