Ekosem-Agrar announces preliminary operating figures for FY 2021 and current business performance
DGAP-News: Ekosem-Agrar AG
/ Key word(s): Preliminary Results
Ekosem-Agrar announces preliminary operating figures for FY 2021 and current business performance
Walldorf, 6 May 2022 – According to preliminary figures, Ekosem-Agrar AG, the German holding company of Russian milk producer Ekoniva Group, generated sales revenues of EUR 583 million in the financial year 2021, up 26% on the previous year (previous year preliminary: EUR 464 million). Total output (revenue plus changes in the balances of fall-ploughed land and of agricultural produce and biological assets as well as other operating income) amounted to EUR 653 million (previous year preliminary: EUR 616 million). The greatly reduced share of these changes in the increased total output shows that cash flow generation has increased noticeably due to the growing number of operating dairy farms. Earnings before interest, taxes, depreciation and amortization (EBITDA) reached approx. EUR 190 million (previous year preliminary: EUR 195 million). Preliminary cash EBITDA (EBITDA minus non-cash effective change in fair value) more than doubled from EUR 74 million to approx. EUR 160 million. As published at the beginning of March, the company’s auditor, Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, has announced that the audit of the 2020 financial statements cannot be completed for the time being due to the current political and economic uncertainty. The same therefore also applies to the consolidated financial statements for 2021. Consequently, all figures communicated for 2020 and 2021 are still preliminary and unaudited. The operating figures will not change materially from today’s perspective. With regard to any valuation adjustments that may become necessary due to external circumstances, the completion of the respective audit must be awaited; the company is in close dialog with the auditor in this respect. Stable operating performance in Q1 2022 In the company’s largest business area, dairy farming, further dairy cow facilities are being completed following the general agreement reached with the Russian RSHB Bank. Milk output in the first quarter of 2022 increased by just under 6% to 287,113 tons. Average annual raw milk output rose from 3,016 tons in the first quarter of 2021 to 3,190 tons in the first quarter of 2022. The average number of dairy cows amounted to 112,406 animals in the first quarter (year-end 2021: 112,807; Q1/2021: 106,789), while the total herd increased to approx. 220,126 animals (year-end 2021: 219,325; Q1/2021: 205,340). In the crop farming segment, spring sowing has been largely satisfactory to date in spite of the considerable challenges in terms of logistics and a partial lack of input materials. In the youngest business area, milk processing, the volume of dairy products sold was up by 29% on the prior year period to 36,498 tons in the first quarter. The loss of customers in the hospitality sector has so far been offset by stronger demand from the retail sector. Stefan Dürr, Chairman of the Management Board and main shareholder of Ekosem-Agrar AG: "The operating performance in the first quarter of 2022 is largely stable. The whole team has done a fantastic job over the past weeks in coping with the constantly changing conditions. Due to the importance of our company, we have received extensive support from the government." Wolfgang Bläsi, CFO of Ekosem-Agrar AG: "In spite of the currently stable operating performance, there are considerable uncertainties with regard to further economic developments in the next 24 months. In our opinion, the economic framework data do not adequately reflect the existing risks. Under the current circumstances, the range and reliability of forecasts are extremely limited and we do not expect this to change much in the foreseeable future. Against this background, we consider the steps proposed in the invitations to the noteholders’ meetings to be indispensable. The numerous talks we have had with a large number of noteholders show that most of them understand and approve these steps."
About Ekosem-Agrar
06.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | Ekosem-Agrar AG |
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@ekosem-agrar.de |
Internet: | www.ekosem-agrar.de |
ISIN: | DE000A1MLSJ1, DE000A1R0RZ5 |
WKN: | A1MLSJ, A1R0RZ |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1346261 |
End of News | DGAP News Service |
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1346261 06.05.2022