February 26, 2016

Black Earth Farming Ltd 4Q Report 2015

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St Helier, Jersey, 2016-02-26 08:00 CET (GLOBE NEWSWIRE) --

2015 net profit of USD 14.3mn (-17.4mn) on higher yields and lower costs    

2015 operating profit up USD 23.1mn y-o-y to USD 29.4mn (6.2) despite low price environment. Blended yield (excl root crops) up 36% y-o-y and 90% over 4 years. Production costs per ton down by 37%  y-o-y on yield improvement, operational efficiencies and weaker RUB. The devaluation of the RUB on closing vs opening rates caused a USD 7.9mn forex loss (16.5). Net profit up USD 31.7mn y-o-y  to USD 14.3mn (-17.4).     

2015 Highlights (vs. 2014)

·         Revenue and  gains of USD 130.4mn (144.4)

·         Sales revenue of USD 81.1mn (112.8) on  volume of 474kt (555) at an average price of USD 169 per ton (198)

·         USD 44.9mn (22.6) gain on revaluation of biological assets

·         Operating profit of USD 29.4mn (6.2)

·         Net profit of USD 14.3mn (loss -17.4)

·         Net profit per share of USD 0.07 (loss -0.08)

·         SEK 33mn (USD 3.9mn) bonds repurchased in 2015 and SEK 29mn (USD 3.4mn) in 2016

 

Q4 2015 Highlights (vs. Q4 2014)

·         Revenue and gains of USD 75.1mn (80.7)

·         Sales revenue of USD 49.5mn (60.4) on sales volume of 293kt (310) at an average price of USD 171 per ton (194)

·         USD 21.6mn (11.9) gain on revaluation of biological assets

·         Year-end crop inventory of 227k tons (144)

·         Operating profit of USD 10.5mn (1.3)

·         Net profit of USD 7.4mn (loss -8.5)

·         Net profit per share of USD 0.04 (loss -0.04)

 

CEO Comment Highlights (p.2)

  • 2015 Performance
  • 2015 Sales & marketing
  • 2015 Results
  • 2016 Crop
  • 2016 Plan
  • Summary & Outlook
  • Summary

Financial Overview (p.4)

USD million Q4 ‘15 Q4 ‘14 12M ‘15 12M ‘14
Crop Volumes Sold (k tons) 292.5 310.4 474.1 555.4
Av. Sales Price 171 194 169 198
Total Revenue & Gains 75.1 80.7 130.4 144.4
Gross Profit 22.3 18.1 50.9 37.8
EBITDA 14.1 6.8 37.2 20.8
EBIT 10.5 1.3 29.4 6.2
FX loss (1.3) (9.2) (7.9) (16.5)
Net profit 7.4 (8.5) 14.3 (17.4)
 

Please see attachment for complete report.

 

Webcast details:

Date: Friday, 26 February 2016

Time: 09:00 CET

Hosts:

Black Earth Farming CEO — Richard Warburton

Black Earth Farming CFO — Rostislav Samotsvetov

Black Earth Farming outgoing CFO — Erik Danemar

Dial-in details:

Russia 8 800 500 93 12 or +7495 705 9450

Sweden +46 (0)8 5033 6539 or 0200 883 440

UK +44 (0)20 3427 1912 or 0800 279 5004

US +1646 254 3362 or 1877 280 1254

Switzerland +41(0)22 592 7953

 

Conference title: Black Earth Farming, 4th Quarter 2015 results

Conference ID: 4206603

 

Webcast link:

https://pgi.webcasts.com/viewer/event.jsp?ei=1093624

Please quote the conference ID or conference title to access the call.

Please call in 5 minutes before the conference starts.

 

For additional information, please contact:

Rostislav Samotsvetov, Chief Financial Officer, Black Earth Farming Ltd., tel.: +7(473)206 56 30, +7(910)246 7800

Notes to Editor:

Black Earth Farming Ltd. (Jersey) is a farming company operating in Russia. Its shares are listed as depository receipts on Nasdaq OMX Stockholm. The Company develops and farms agricultural land assets primarily in the fertile Black Earth region in southwest Russia. Black Earth Farming has gained a strong market position in the Kursk, Tambov, Lipetsk and Voronezh areas, controlling some 256,000 hectares of what is possibly some of the world's most fertile soil. In 2015, Black Earth Farming harvested approximately 150,000 hectares, effectively making it one of the world's largest public farming companies by cropped area. The Company's main products are wheat, corn, barley, sunflower and potatoes.

 

Corporate website: www.blackearthfarming.com

For subscription to Company Announcements, please contact us at: svetlana.abakumova@blackearthfarming.com 
If you do not want to receive Black Earth Farming Ltd announcements, please send an e-mail to the same address: svetlana.abakumova@blackearthfarming.com

 


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