Page 83 - UKRRptSept21

volumes of key crops. Meanwhile, revenue in the sugar segment increased 4% y/y to €58.9mn, as a 25% y/y decline in the volume of sugar sold was offset by much better prices.
Astarta’s 1H21 EBITDA was €124.8mn, or 87% higher y/y. The key contributor to the increase was the positive effect of the revaluation of biological assets and agriculture produce, which added net €82.5mn to EBITDA (up 4.2x y/y). Adjusted for non-cash revaluations, Astarta’s EBITDA was €42.3mn, or 9% less y/y.
The company’s bottom line was positive at €89.5mn in 1H21, which is 12x more y/y.
Its operating cash flow before working capital changes improved 2% y/y to €34.1mn, while net cash from operations was negative €8.7mn (vs. positive €46.4mn a year ago). Its net cash outflow for investment activities was €1.7mn (down 81% y/y) in 1H21.
The company’s end-June net debt was €178.6mn, which is a 25% decline y/y but a 38% increase YTD. Its net debt to LTM EBITDA ratio reached 1.04x as of end-June, compared to 3.18x a year ago and 1.14x as of end-December.
9.2.7 TMT corporate news
With migrant workers sending home to Ukraine $1 billion a month, Nova Poshta, the privately owned delivery service, has allied with Western Union to facilitate money transfers to Ukraine. By tapping into Western Union's global financial network of 550,000 service points in 200 countries and territories, “our customers have even more opportunities to receive and send money to their relatives and friends in a matter of minutes,” said Andriy Kryvoshapka, CEO of Nova Poshta’s money transfer unit, NovaPay.
Vodafone Ukraine plans to enter fixed-line market through the acquisition of two companies – Farlep-Invest (operating under the brand name Vega) and Cable TV-Finance. According to Olga Ustinova, CEO of Vodafone Ukraine, it plans “to provide converged services, as consumers want to receive all services – mobile communications, mobile and home internet, television with guaranteed quality and convenient Vodafone service.”
9.1.10 Renewables corporate news
Naftogaz and RWE agree to cooperate in the green hydrogen sphere.
They have signed a memorandum of understanding to develop beneficial cooperation along the full value chain of green hydrogen and its derivatives like ammonia produced in Ukraine. According to Naftogaz, “this includes the development of green hydrogen and ammonia production and storage in Ukraine and its export to Germany” and other European countries.
83 UKRAINE Country Report September 2021 www.intellinews.com