Half-year Report
5 August 2024
ROS AGRO PLC financial results for 6M and 2Q 2024
5 August 2024 - Today ROS AGRO PLC (the "Company"), the holding company
of Rusagro Group (the "Rusagro"), a leading Russian diversified food producer with vertically integrated operations, has announced the financial results for the second quarter and the six months ended 30 June 2024.
6M 2024 HIGHLIGHTS:
- Sales amounted to RUB 139,043 million (US$ 1,533 million1), an increase of RUB 32,494 million (+30%) compared to 6M 2023;
- Adjusted EBITDA2 amounted to RUB 13,802 million (US$ 152 million), a decrease of RUB 1,804 million (-12%) compared to 6M 2023;
- Adjusted EBITDA margin decreased to 10% in 6M 2024 from 15% in 6M 2023;
- Net profit for the period amounted to RUB 3,485 million (US$ 38 million), a decrease of RUB 9,70 million (-74%) compared to 6M 2023;
- Net debt position3 as of 30 June 2024 amounted to RUB 61,23 million (US$ 719 million);
- Net Debt/Adjusted EBITDA (LTM4) as of 30 June 2024 was 1.13x.
Commenting on the results, Timur Lipatov, CEO of Rusagro, said:
"In 6M 2024 Rusagro's revenue increased mainly following the growth in production of crude oil and meal in Oil and Fat business and due to consolidation of NMGK Group results starting from the second half of 2023. The dynamics of pork market prices positively impacted the revenue. The decrease in Sugar segment revenue was the result of lower sales volumes due to lower carryover stocks and reserving volumes of sugar for future deliveries under long-term and high margin contracts. The decrease in Agriculture segment revenue was due to a prolonged harvest in 2022 caused by adverse weather conditions, which shifted sales to the first half of 2023.
Oil and Fat and Meat business demonstrated cumulative increase of adjusted EBITDA by 92% following market conditions and growth in overall business efficiency. In Sugar business we saw the decrease in adjusted EBITDA in the period due to the sales of sugar produced in the winter months at a higher cost of sales (due to high sugar prices in the autumn of 2023 as per accounting policy). Agricultural business demonstrated the decrease of adjusted EBITDA following the differences of carryover stocks in 2023 due to prolonged harvesting.
Rusagro continues to demonstrate positive dynamics in net debt which decreased by 7%. The ratio of net debt to adjusted EBITDA has also improved. Net profit decrease is mainly due to the dynamics of exchange differences."
|
Key consolidated financial performance indicators |
||||||||
|
in RUB million |
Six months ended |
Variance |
Three months ended |
Variance |
||||
|
30 June 2024 |
30 June 2023 |
Units |
% |
30 June 2024 |
30 June 2023 |
Units |
% |
|
|
Sales |
139,043 |
106,549 |
32,494 |
30 |
70,734 |
59,154 |
11,580 |
20 |
|
Gross profit |
28,752 |
20,948 |
7,804 |
37 |
14,928 |
12,317 |
2,611 |
21 |
|
Gross margin, % |
21% |
20% |
1 pp |
|
21% |
21% |
0 pp |
|
|
Adjusted EBITDA |
13,802 |
15,606 |
(1,804) |
(12) |
6,499 |
8,466 |
(1,968) |
(23) |
|
Adjusted EBITDA margin, % |
10% |
15% |
(5) pp |
|
9% |
14% |
(5) pp |
|
|
Net profit for the |
3,485 |
13,191 |
(9,706) |
(74) |
1,745 |
7,774 |
(6,029) |
(78) |
|
Net profit margin % |
3% |
12% |
(9) pp |
|
2% |
13% |
(11) pp |
|
1 Net profit for the period is affected by non-cash income/(loss) on revaluation of biological assets and agricultural produce. See details in business sections below.
Note: since some indicators and percentages in the press release were rounded to the nearest whole number, the sum of the rounded values may not fully match the totals.
|
Key financial performance indicators by segments |
||||||||
|
in RUB million |
Six months ended |
Variance |
Three months ended |
Variance |
||||
|
30 June 2024 |
30 June 2023 |
Units |
% |
30 June 2024 |
30 June 2023 |
Units |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Sales, incl. |
139,043 |
106,549 |
32,494 |
30 |
70,734 |
59,154 |
11,580 |
20 |
|
Sugar |
21,378 |
23,974 |
(2,595) |
(11) |
8,949 |
14,563 |
(5,613) |
(39) |
|
Meat |
22,615 |
22,649 |
(33) |
(0) |
12,009 |
11,923 |
86 |
1 |
|
Agriculture |
8,616 |
11,559 |
(2,943) |
(25) |
4,310 |
5,663 |
(1,353) |
(24) |
|
Oil and Fat |
90,107 |
51,399 |
38,708 |
75 |
46,995 |
28,042 |
18,953 |
68 |
|
Other |
1,205 |
1,005 |
201 |
20 |
701 |
541 |
160 |
30 |
|
Eliminations |
(4,879) |
(4,036) |
(843) |
(21) |
(2,230) |
(1,578) |
(651) |
(41) |
|
|
|
|
|
|
|
|
|
|
|
Gross profit, incl. |
28,752 |
20,948 |
7,804 |
37 |
14,928 |
12,317 |
2,611 |
21 |
|
Sugar |
3,081 |
8,114 |
(5,033) |
(62) |
1,490 |
5,298 |
(3,808) |
(72) |
|
Meat |
3,096 |
2,547 |
549 |
22 |
1,084 |
1,403 |
(319) |
(23) |
|
Agriculture |
3,866 |
218 |
3,648 |
1,673 |
3,948 |
992 |
2,957 |
298 |
|
Oil and Fat |
19,572 |
11,043 |
8,529 |
77 |
10,121 |
5,402 |
4,719 |
87 |
|
Other |
146 |
435 |
(289) |
(66) |
86 |
269 |
(183) |
(68) |
|
Eliminations |
(1,010) |
(1,409) |
399 |
28 |
(1,801) |
(1,047) |
(755) |
(72) |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA, incl. |
13,802 |
15,606 |
(1,804) |
(12) |
6,499 |
8,466 |
(1,968) |
(23) |
|
Sugar |
1,126 |
6,714 |
(5,588) |
(83) |
342 |
4,704 |
(4,362) |
(93) |
|
Meat |
2,565 |
734 |
1,831 |
250 |
1,412 |
287 |
1,125 |
392 |
|
Agriculture |
(2,192) |
1,116 |
(3,308) |
- |
(401) |
1,233 |
(1,633) |
- |
|
Oil and Fat |
10,719 |
6,192 |
4,528 |
73 |
5,817 |
2,030 |
3,787 |
186 |
|
Other |
(1,383) |
(655) |
(727) |
(111) |
(783) |
(358) |
(426) |
(119) |
|
Eliminations |
2,966 |
1,504 |
1,462 |
97 |
112 |
570 |
(458) |
(80) |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin, % |
10% |
15% |
(5) pp |
|
9% |
14% |
(5) pp |
|
|
Sugar |
5% |
28% |
(23) pp |
|
4% |
32% |
(28) pp |
|
|
Meat |
11% |
3% |
8 pp |
|
12% |
2% |
9 pp |
|
|
Agriculture |
(25%) |
10% |
(35) pp |
|
(9%) |
22% |
(31) pp |
|
|
Oil and Fat |
12% |
12% |
(0) pp |
|
12% |
7% |
5 pp |
|
SUGAR SEGMENT
In 6M 2024 Sugar segment adjusted EBITDA comprised RUB 1,126 million (-83% y-o-y) with 5% margin (-23 pp y-o-y).
The financial results of the Sugar segment of 6M 2024 and 2Q 2024 compared to the respective periods of 2023 are presented in the table below:
|
Sugar segment 6M and 2Q 2024 Financial Results |
|
|
|
|
|
|||
|
in RUB million |
Six months ended |
Variance |
Three months ended |
Variance |
||||
|
30 June 2024 |
30 June 2023 |
Units |
% |
30 June 2024 |
30 June 2023 |
Units |
% |
|
|
Sales |
21,378 |
23,974 |
(2,595) |
(11) |
8,949 |
14,563 |
(5,613) |
(39) |
|
Cost of sales |
(18,298) |
(15,860) |
(2,438) |
(15) |
(7,459) |
(9,265) |
1,805 |
19 |
|
Gross profit |
3,081 |
8,114 |
(5,033) |
(62) |
1,490 |
5,298 |
(3,808) |
(72) |
|
Gross profit margin |
14% |
34% |
(20) pp |
|
17% |
36% |
(19) pp |
|
|
Distribution and selling expenses |
(2,232) |
(1,876) |
(356) |
(19) |
(1,271) |
(931) |
(340) |
(36) |
|
General and administrative expenses |
(951) |
(768) |
(183) |
(24) |
(446) |
(373) |
(72) |
(19) |
|
Other operating income/ (expenses), net |
(8) |
221 |
(230) |
- |
39 |
224 |
(185) |
(83) |
|
incl. other adjustments to EBITDA (non-recurring items) |
(9) |
62 |
(72) |
- |
(30) |
41 |
(71) |
- |
|
Operating profit |
(111) |
5,691 |
(5,802) |
- |
(188) |
4,218 |
(4,405) |
- |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
1,126 |
6,714 |
(5,588) |
(83) |
342 |
4,704 |
(4,362) |
(93) |
|
Adjusted EBITDA margin |
5% |
28% |
(23) pp |
|
4% |
32% |
(28) pp |
|
In 2Q 2024 compared to the respective period of 2023 Sales of Sugar segment decreased by 39% mainly due to the decrease of sugar sales volume by 50% to 117 thousand tonnes. Sales volumes reduced in 2Q 2024 due to lower carryover stocks and reserving volumes of sugar for future deliveries under long-term and high margin contracts.
In 6M 2024 compared to the respective period of 2023 Sales of Sugar segment decreased by 11% mainly due to the decrease of sugar sales volume by 20%.
|
Production and sales volume of sugar in 6M and 2Q 2024 |
|
|
|
|
||||
|
|
Six months ended |
Variance |
Three months ended |
Variance |
||||
|
|
30 June 2024 |
30 June 2023 |
Units |
% |
30 June 2024 |
30 June 2023 |
Units |
% |
|
Sugar production volume, |
183 |
104 |
79 |
76 |
54 |
35 |
19 |
54 |
|
Sales volume, |
304 |
381 |
(77) |
(20) |
117 |
233 |
(116) |
(50) |
The Сost of sales in 6M 2024 increased compared to the respective period in 2023 following an increase in prices for sugar beet and increase in processing and delivery costs.
The Cost of sales in 2Q 2024 compared to the respective period in 2023 decreased mainly due to the decrease of sugar sales volumes.
MEAT SEGMENT
In 6M 2024 Meat segment earned RUB 2,565 million of adjusted EBITDA (+250% y-o-y) with 11% margin (+8 pp y-o-y).
The financial results of the Meat segment of 6M 2024 and 2Q 2024 compared to 6M 2023 and 2Q 2023 are presented in the table below:
|
Meat segment 6M and 2Q 2024 Financial Results |
|
|
|
|
|
|||
|
in RUB million |
Six months ended |
Variance |
Three months ended |
Variance |
||||
|
30 June 2024 |
30 June 2023 |
Units |
% |
30 June 2024 |
30 June 2023 |
Units |
% |
|
|
Sales |
22,615 |
22,649 |
(33) |
(0) |
12,009 |
11,923 |
86 |
1 |
|
Net gain/ (loss) on revaluation of biological assets and agricultural produce |
17 |
2,272 |
(2,255) |
(99) |
(939) |
945 |
(1,884) |
- |
|
Cost of sales |
(19,536) |
(22,375) |
2,839 |
13 |
(9,986) |
(11,465) |
1,479 |
13 |
|
Gross profit |
3,096 |
2,547 |
549 |
22 |
1,084 |
1,403 |
(319) |
(23) |
|
Gross profit margin |
14% |
11% |
3 pp |
|
9% |
12% |
(3) pp |
|
|
Gross profit excl. effect of biological assets and agricultural produce revaluation |
3,079 |
273 |
2,806 |
1,027 |
2,023 |
458 |
1,565 |
342 |
|
Adjusted gross profit margin |
14% |
1% |
13 pp |
|
17% |
4% |
13 pp |
|
|
Distribution and selling expenses |
(1,019) |
(766) |
(253) |
(33) |
(587) |
(451) |
(136) |
(30) |
|
General and administrative expenses |
(1,146) |
(1,216) |
70 |
6 |
(576) |
(616) |
40 |
7 |
|
Other operating income/ (expenses), net |
124 |
182 |
(57) |
(32) |
6 |
(133) |
138 |
- |
|
incl. Reimbursement of operating costs (government grants) |
3 |
23 |
(20) |
(86) |
3 |
4 |
(1) |
(16) |
|
incl. Other adjustments to EBITDA (non-recurring items) |
83 |
215 |
(132) |
(61) |
89 |
117 |
(28) |
(24) |
|
Operating profit |
1,055 |
746 |
309 |
41 |
(73) |
204 |
(277) |
- |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
2,565 |
734 |
1,831 |
250 |
1,412 |
287 |
1,125 |
392 |
|
Adjusted EBITDA margin |
11% |
3% |
8 pp |
|
12% |
2% |
9 pp |
|
Sales of the Meat segment in 6M 2024 and 2Q 2024 stay at the same level as in 6M 2023 and 2Q 2023. The increase in prices for both meat products and livestock pigs was offset by a decrease in sales volumes following lower production volumes.
|
Production and sales volume of pork products in 6M and 2Q 2024 |
|
|
||||||
|
|
Six months ended |
Variance |
Three months ended |
Variance |
||||
|
|
30 June 2024 |
30 June 2023 |
Units |
% |
30 June 2024 |
30 June 2023 |
Units |
% |
|
Pigs production, |
153 |
175 |
(22) |
(13) |
79 |
86 |
(7) |
(8) |
|
Sales volume, |
121 |
146 |
(25) |
(17) |
63 |
74 |
(11) |
(15) |
Cost of sales in 2Q 2024 and 6M 2024 decreased by 13% compared to the respective periods of 2023 following lower sales volumes.
Net loss on revaluation of biological assets and agricultural produce in 2Q 2024 resulted from the decrease in fair value of consumable livestock pigs and at the same time the increase of costs for consumable livestock pigs increased by the reporting date compared to the respective figures at the beginning of 2Q 2024. The increase of the fair value in 1Q 2024 was partly compensated by its decrease in 2Q 2024 which affected Net gain on revaluation of biological assets and agricultural produce in 6M 2024.
AGRICULTURAL SEGMENT
As at 30 June 2024 Rusagro's area of controlled land stands at 696 thousand hectares
(31 December 2023: 685 thousand hectares).
In 6M 2024 Agriculture segment amounted to RUB -2,192 million of adjusted EBITDA (in comparison with RUB 1,116 million in 6M 2023) with -25% margin (in comparison with 10% in 6M 2023).
The financial results of the Agricultural segment of 6M and 2Q 2024 compared to 6M and 2Q 2023 respectively are presented below.
|
Agriculture segment 6M and 2Q 2024 Financial Results |
|
|
|
|
|
||||||
|
in RUB million |
Six months ended |
Variance |
Three months ended |
Variance |
|||||||
|
30 June 2024 |
30 June 2023 |
Units |
% |
30 June 2024 |
30 June 2023 |
Units |
% |
||||
|
Sales |
8,616 |
11,559 |
(2,943) |
(25) |
4,310 |
5,663 |
(1,353) |
(24) |
|||
|
Net gain/ (loss) on revaluation of biological assets and agricultural produce |
2,964 |
(2,092) |
5,056 |
- |
3,643 |
(677) |
4,320 |
- |
|||
|
Cost of sales |
(7,714) |
(9,249) |
1,535 |
17 |
(4,005) |
(3,994) |
(11) |
(0) |
|||
|
Gross profit |
3,866 |
218 |
3,648 |
1,673 |
3,948 |
992 |
2,957 |
298 |
|||
|
Gross profit margin |
45% |
2% |
43 pp |
|
92% |
18% |
74 pp |
|
|||
|
Gross profit excl. effect of biological assets and agricultural produce revaluation |
902 |
2,310 |
(1,408) |
(61) |
305 |
1,669 |
(1,364) |
(82) |
|||
|
Adjusted gross profit margin |
10% |
20% |
(10) pp |
|
7% |
29% |
(22) pp |
|
|||
|
Distribution and selling expenses |
(2,373) |
(2,068) |
(305) |
(15) |
(890) |
(1,019) |
130 |
13 |
|||
|
General and administrative expenses |
(889) |
(780) |
(109) |
(14) |
(409) |
(428) |
19 |
4 |
|||
|
Other operating income/ (expenses), net |
(203) |
457 |
(659) |
- |
268 |
361 |
(92) |
(26) |
|||
|
incl. Reimbursement of operating costs (government grants) |
434 |
457 |
(23) |
(5) |
210 |
425 |
(216) |
(51) |
|||
|
incl. Other adjustments to EBITDA (non-recurring items) |
(102) |
(125) |
23 |
18 |
(155) |
(145) |
(10) |
(7) |
|||
|
Operating profit |
401 |
(2,174) |
2,575 |
- |
2,918 |
(95) |
3,013 |
- |
|||
|
|
|
|
|
|
|
|
|
|
|||
|
Adjusted EBITDA |
(2,192) |
1,116 |
(3,308) |
- |
(401) |
1,233 |
(1,633) |
- |
|||
|
Adjusted EBITDA margin |
-25% |
10% |
(35) pp |
|
(9%) |
22% |
(31) pp |
|
|||
In 6M and 2Q 2024 compared to 6M and 2Q 2023 Sales of the Agriculture segment decreased by 25% and 24% correspondingly mainly due to a decrease in sales volumes for all crops except for wheat (for 2Q 2024) and barley (for 2Q and 6M 2024).
The decrease in sales of soybean and sunflower in 6M 2024 compared to 6M 2023 is due to the difference in stocks at the beginning of the reporting periods caused by adverse weather conditions in 4Q 2022 and prolonged harvesting in 1Q 2023.
There were no sales of sugar beet during 6M 2024. Sugar beet sales in 6M 2023 were the result of the shift of harvesting to 1Q 2023 due to adverse weather conditions in 4Q 2022.
The dynamics of wheat sales in 6M 2024 compared to the same period in 2023 is due to higher sales in 1Q 2024 in order to release the storage for the new year's harvest.
|
Sales volumes of crops in 6M and 2Q 2024 |
|
|
|
|
|
|||||||||
|
Thousand tonnes |
Six months ended |
Variance |
Three months ended |
Variance |
|
|||||||||
|
30 June 2024 |
30 June 2023 |
Units |
% |
30 June 2024 |
30 June 2023 |
Units |
% |
|
||||||
|
wheat |
278 |
194 |
84 |
43 |
123 |
135 |
(12) |
(9) |
|
|||||
|
soybean |
85 |
180 |
(96) |
(53) |
39 |
94 |
(55) |
(59) |
|
|||||
|
corn |
72 |
92 |
(20) |
(22) |
53 |
63 |
(10) |
(16) |
|
|||||
|
barley |
28 |
- |
28 |
100 |
15 |
- |
15 |
100 |
|
|||||
|
sunflower seeds |
19 |
56 |
(37) |
(66) |
14 |
16 |
(2) |
(11) |
|
|||||
|
sugar beet |
- |
494 |
(494) |
(100) |
- |
- |
- |
- |
|
|||||
The main reason for the decrease in Cost of sales is the decrease in sales volumes.
Net gain/(loss) on revaluation of biological assets and agricultural produce depends on revaluation amounts in opening and closing inventory balances. As agricultural produce matures and at the point of harvest, a gain on revaluation of agricultural produce to fair value less costs to sell is recognized. During subsequent sale, a loss from the revaluation of agricultural products sold in the reporting period is recognized in the amount of the previously recognized gain.
Net gain in 6M 2024 and 2Q 2024 was caused by the revaluation of growing crops during the positive dynamics of market prices. Net loss in 6M 2023 and 2Q 2023 resulted from the realization of gain on revaluation of agricultural produce to fair value less costs to sell recognized in 2022.
Net gain/ (loss) on revaluation of biological assets and agricultural produce and its subsequent realisation do not affect the Adjusted EBITDA figure.
OIL AND FAT SEGMENT
In 1H 2024 Oil and Fat segment earned RUB 10,719 million of adjusted EBITDA (+73 %
y-o-y) with 12% margin (+0% y-o-y).
The financial results of the Oil and Fat segment of 6M 2024 and 2Q 2024 compared to 6M 2023 and 2Q 2023 are presented below.
|
Oil and Fat segment 6M and 2Q 2024 Financial Results |
|
|
|
|||||
|
in RUB million |
Six months ended |
Variance |
Three months ended |
Variance |
||||
|
30 June 2024 |
30 June 2023 |
Units |
% |
30 June 2024 |
30 June 2023 |
Units |
% |
|
|
Sales |
90,107 |
51,399 |
38,708 |
75 |
46,995 |
28,042 |
18,953 |
68 |
|
Cost of sales |
(70,535) |
(40,356) |
(30,179) |
(75) |
(36,874) |
(22,640) |
(14,234) |
(63) |
|
Gross profit |
19,572 |
11,043 |
8,529 |
77 |
10,121 |
5,402 |
4,719 |
87 |
|
Gross profit margin |
22% |
21% |
1 pp |
|
22% |
19% |
3 pp |
|
|
Distribution and selling expenses |
(9,622) |
(4,078) |
(5,544) |
(136) |
(4,885) |
(2.172) |
(2,713) |
(125) |
|
General and administrative expenses |
(2,309) |
(1,917) |
(393) |
(20) |
(1,055) |
(1,096) |
42 |
4 |
|
Other operating income/ (expenses), net |
(1,051) |
(1,950) |
899 |
46 |
(1,147) |
(1,372) |
225 |
16 |
|
incl. Reimbursement of operating costs (government grants) |
97 |
126 |
(29) |
(23) |
97 |
125 |
(27) |
(22) |
|
incl. Other adjustments to EBITDA (non-recurring items) |
(935) |
(805) |
(130) |
(16) |
(1,150) |
(103) |
(1,048) |
(1,020) |
|
Operating profit |
6,589 |
3,098 |
3,491 |
113 |
3,034 |
762 |
2,272 |
298 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
10,719 |
6,192 |
4,528 |
73 |
5,817 |
2,030 |
3,787 |
186 |
|
Adjusted EBITDA margin |
12% |
12% |
(0) pp |
|
12% |
7% |
5 pp |
|
In 6M 2024 and 2Q 2024 Sales of Oil and Fat segment increased in comparison to 6M 2023 and 2Q 2023 mainly due to the consolidation of NMGK and also the increase in sales volumes of bulk oil and meal after the completion of modernization of oil extraction plant in Balakovo, which led to growth in production capacity and volumes, and increase in accident free operation time at other production sites.
|
Sales volumes of oil and fat and dairy products in 6M and 2Q 2024 |
|
|
||||||
|
Thousand tonnes |
Six months ended |
Variance |
Three months ended |
Variance |
||||
|
30 June 2024 |
30 June 2023 |
Units |
% |
30 June 2024 |
30 June 2023 |
Units |
% |
|
|
meal |
483 |
257 |
225 |
88 |
219 |
124 |
95 |
76 |
|
crude oil |
368 |
156 |
211 |
135 |
208 |
102 |
106 |
103 |
|
industrial fats |
172 |
151 |
21 |
14 |
78 |
75 |
3 |
4 |
|
dry whey mixes |
7 |
6 |
2 |
27 |
4 |
3 |
1 |
24 |
|
consumer oil&fat products |
235 |
138 |
97 |
70 |
118 |
73 |
45 |
62 |
|
consumer dairy products |
7 |
8 |
(0) |
(6) |
5 |
4 |
0 |
3 |
The growth of Cost of sales and Distribution and selling expenses in 6M 2024 and 2Q 2024 compared to the same periods of the previous year is mainly due to the consolidation of NMGK and the increase in sales volumes.
KEY CONSOLIDATED CASH FLOW INDICATORS (NOT IFRS PRESENTATION*)
The key consolidated cash flow indicators presented according to management accounts methodology
|
in RUB million |
Six months ended |
Variance |
Three months ended |
Variance |
||||
|
30 June 2024 |
30 June 2023 |
Units |
% |
30 June 2024 |
30 June 2023 |
Units |
% |
|
|
Net cash from operating activities, incl. |
16,890 |
32,576 |
(15,686) |
(48) |
6,642 |
16,572 |
(9,930) |
(60) |
|
Operating cash flow before working capital changes |
14,721 |
15,678 |
(957) |
(6) |
6,315 |
8,686 |
(2,371) |
(27) |
|
Working capital changes |
4,823 |
17,509 |
(12,686) |
(72) |
1,400 |
8,206 |
(6,805) |
(83) |
|
Net cash from investing activities, incl. |
(11,038) |
(11,974) |
935 |
8 |
(4,717) |
(9,684) |
4,967 |
51 |
|
Purchases of property, plant and equipment and inventories intended for construction |
(10,892) |
(5,193) |
(5,699) |
(110) |
(4,621) |
(3,103) |
(1,518) |
(49) |
|
Net cash from financing activities |
(24,067) |
5,341 |
(29,408) |
- |
(10,448) |
12,070 |
(22,517) |
- |
|
Net effect of exchange rate changes on cash and cash equivalents |
(245) |
4,228 |
(4,473) |
- |
(146) |
2,295 |
(2,441) |
- |
|
Net (decrease) / increase in cash and cash equivalents |
(18,460) |
30,172 |
(48,632) |
- |
(8,668) |
21,253 |
(29,921) |
- |
(*) See Appendix 4
|
Debt position and liquidity management |
|
|
|
|
|
in RUB million |
30 June 2024 |
31 December 2023 |
Variance |
|
|
Units |
% |
|||
|
Gross debt |
111,043 |
127,533 |
(16,490) |
(13) |
|
Short-term borrowings |
45,510 |
68,035 |
(22,525) |
(33) |
|
Long-term borrowings |
65,533 |
59,498 |
6,035 |
10 |
|
Cash and cash equivalents, bank deposits and bonds |
(49,420) |
(61,057) |
11,637 |
19 |
|
Short-term cash, deposits and bonds |
(15,449) |
(27,086) |
11,637 |
43 |
|
Long-term cash, deposits and bonds |
(33,971) |
(33,971) |
(0) |
(0) |
|
Net debt |
61,623 |
66,477 |
(4,854) |
(7) |
|
Short-term borrowings, net |
30,061 |
40,949 |
(10,888) |
(27) |
|
Long-term borrowings, net |
31,562 |
25,527 |
6,035 |
24 |
|
Adjusted EBITDA (LTM4) |
54,756 |
56,560 |
(1,804) |
(3) |
|
Net debt/ Adjusted EBITDA (LTM) |
1.13 |
1.18 |
(0.05) |
- |
|
Net finance income / (expense): |
|
|
|
|
|
|
||
|
in RUB million |
Six months ended |
Variance |
Three months ended |
Variance |
||||
|
30 June 2024 |
30 June 2023 |
Units |
% |
30 June 2024 |
30 June 2023 |
Units |
% |
|
|
Net interest expense |
(3,310) |
(3,693) |
383 |
10 |
(1,890) |
(1,768) |
(122) |
(7) |
|
Gross interest expense |
(9,119) |
(9,263) |
145 |
2 |
(5,723) |
(4,620) |
(1,102) |
(24) |
|
Reimbursement of interest expense |
5,808 |
5,570 |
238 |
4 |
3,833 |
2,852 |
981 |
34 |
|
Interest income |
4,337 |
4,954 |
(617) |
(12) |
2,067 |
2,512 |
(445) |
(18) |
|
Other financial expenses, net |
(1,450) |
6,179 |
(7,629) |
- |
(1,417) |
3,197 |
(4,614) |
- |
|
Net foreign exchange gains / (losses) |
(995) |
6,484 |
(7,479) |
- |
(984) |
3,385 |
(4,370) |
- |
|
Other financial income/ (expenses), net |
(455) |
(305) |
(150) |
(49) |
(433) |
(188) |
(244) |
(130) |
|
Total net finance income / (expense) |
(423) |
7,439 |
(7,862) |
- |
(1,239) |
3,941 |
(5,181) |
- |
Net debt decreased at 30 June 2024 compared at 31 December 2023 by 7%.
In 6M 2024 Rusagro continued to enjoy benefits from the state agriculture subsidies programme. Rusagro continued to receive bank loans with decreased preferential interest rates under the programme of government support. Under this programme, the government provides subsidies to the banks to compensate the loss of income on borrowings with decreased interest rates, given by the banks to agricultural producers. In 6M 2024 IFRS accounts these borrowings are accounted according to its face value with no adjustments to prevailing market rates. The differences between nominal and market interest rate is recognized as either government grants in a statement of financial position for borrowings received with the purpose to finance investment projects or interest expenses in a statement of comprehensive income for general purpose borrowings.
Net finance income of 6M 2023 in the sum of RUB 7,439 million changed to net finance expense in the amount of RUB 423 million mainly as the result of negative dynamics in forex differences.
________________________________
(1) The exchange rates used for translation of RUB amounts into USD represent average Central Bank official exchange rate for the respective reporting period for income, expenses and profits and the Central Bank official exchange rate as at the reporting date for balance figures.
(2) Adjusted EBITDA is defined as operating profit before taking into account (i) depreciation included in operating profit, (ii) net gain/ (loss) on revaluation of biological assets and agricultural produce, (iii) non-recurring components of other operating income/ (expenses), net, (iv) share-based remuneration, (v) provision for impairment of loans issued (see Appendix 2 for the detailed calculation of Adjusted EBITDA). Adjusted EBITDA is not a measure of financial performance under IFRS. It should not be considered as an alternative to profit for the period as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and therefore comparability may be limited. We believe that Adjusted EBITDA provides useful information to investors because it is an indicator of the strength and performance of our ongoing business operations, including our ability to fund discretionary spending such as capital expenditures, acquisitions of subsidiaries and other investments and our ability to incur and service debt.
(3) Rusagro determines the net debt as short-term borrowings and long-term borrowings less cash and cash equivalents, bank deposits, bank promissory notes and bonds held for trading.
(4) LTM - The abbreviation for the "Last twelve months".
NOTE
ROS AGRO PLC (LSE, MOEX: AGRO) - a holding company of Rusagro Group, a leading Russian diversified food producer with vertically integrated operations in the following branches:
Agricultural:
Rusagro currently controls one of the largest land banks among Russian agriculture producers, with 689 thousand hectares of land under control located in the highly fertile Black Earth regions of Russia (in the Belgorod, Tambov, Voronezh, Kursk, Saratov, Tula and Orel regions) and in the Far East Primorye Region. Land and production sites are strategically located within the same regions to optimize efficiency and minimize logistical costs. Rusagro is one of the major sugar beet producers in Russia, but it also produces wheat, barley and corn, sunflower seeds and soybeans. These products are partially consumed by the Sugar, Meat and Oil and Fat segments, supporting a synergistic effect and lowering price change risk.
Oil and Fat:
Rusagro is the leading crude sunflower oil and consumer margarine and mayonnaise producer, second largest industrial fats and mayonnaise producer in Russia with products sold under eleven key brands, such as EZhK, Schedroye Leto, Mechta Khozyaiki, umbrella brand Ya Lublu Gotovit (includes Moskovskiy Provansal, Novosibirskiy Provansal and Saratovskiy Provansal), Rossiyanka and Saratovskiy Slivochniy, Benefitto, Maslava and Leto Krasno (红色夏日), which is sold on the Chinese market. Rusagro also produces dry industrial mixes, cheeses, butter and cream sold under three brands: Milie, Syrnaya Kultura and Ya Lublu Gotovit. Rusagro owns four crushing and two oil & fats plants and leases two milk processing plants. Owning its sunflower and soy oil production allows Rusagro to control the source of the sunflower and soybean oil required to produce oil and fats products.
Rusagro finalized the acquisition of 50% and control over NMGK Group in 2023. NMGK Group owns an oil and fat plant in Nizhny Novgorod, a fat plant in Samara, oil extraction factories in Uryupinsk and Sorochinsk, as well as elevators in the Volgograd, Orenburg, Samara, Saratov regions and the Republic of Bashkortostan. The company produces mayonnaise and sauces "Ryaba", "Sdobri", sauces and ketchups "Astoria", margarine "Khozyayushka", Slivochnik, spread "Kremlevskoe", coconut oil "Delicato", soap "Moy malysh" and "Retsepty chistoty".
Sugar:
Rusagro is one of the leading Russian sugar producers (№2 in Russia and №1 on cube white sugar market), producing sugar from sugar beet at nine production sites in four regions. Group produces white and brown sugar sold under the brands Russkii Sakhar, Chaikofsky, Mon Café and Brauni. The Sugar segment is vertically integrated and sugar beets are supplied by Rusagro's Agriculture segment, which ensures a consistent supply. The sugar segment also operates a cereal plant and sells buckwheat and rice under the brand Tyoplye Traditsii.
Meat:
Rusagro is №2 largest pork producer in Russia. It operates large commercial pig breeding complexes adhering to best practices regarding biosecurity standards, nucleus farms, compound feed plants, slaughterhouses and meat processing plants in Tambov and Belgorod Regions and in the Russian Far East. Since 2016, Rusagro sells retail products under its own brand Slovo Myasnika (Butcher's word).
LIVE BROADCAST
Rusagro management is organizing a live broadcast on Company's 6M and 2Q 2024 financial results for investors and analysts.
Details:
Date: 5 August 2024
Time: 4:00 PM (Moscow) / 2:00 PM (London)
Subject: ROS AGRO PLC 6M and 2Q 2024 IFRS Financial results
https://www.youtube.com/live/hrhZnbhVFzU
Simultaneous translation for English-speaking participants will be available at the link below:
https://us06web.zoom.us/j/87521084078?pwd=mrX8au9Z2V9PKJPaCJxea6bpSoP7VE.1
FORWARD-LOOKING STATEMENTS
This announcement includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking statements do not relate to historical or current events,
or to any future financial or operational activity of the Group.
By their nature, forward-looking statements involve risk and uncertainty because they relate
to future events and circumstances, a number of which are beyond the Rusagro Group's control. As a result, actual future results may differ materially from the plans and expectations set out
in these forward-looking statements.
The Group undertakes no obligation to release the results of any revisions to any forward-looking statements that may occur due to any change in its expectations or to reflect events
or circumstances after the date of this document.
CONTACTS
|
Alexey Kulchitskiy Director M&A, IR, ESG Phone: +7 495 363 1661 E-mail: ir@rusagrogroup.ru |
Appendix 1. Consolidated statement of comprehensive income for the Six and Three months ended 30 June 2024 (in RUB thousand)
|
|
Six months ended |
Three months ended |
||
|
|
30 June |
30 June |
||
|
|
2024 |
2023 |
2024 |
2023 |
|
|
|
|
|
|
|
Sales |
139,042,969 |
106,549,362 |
70,734,043 |
59,153,906 |
|
Net gain / (loss) on revaluation of biological assets and agricultural produce |
(335,965) |
(965,675) |
1,633,517 |
(419,128) |
|
Cost of sales |
(109,955,503) |
(84,635,964) |
(57,439,265) |
(46,417,378) |
|
Gross profit |
28,751,501 |
20,947,723 |
14,928,295 |
12,317,400 |
|
|
|
|
|
|
|
Distribution and selling expenses |
(14,123,413) |
(7,354,540) |
(6,716,674) |
(3,774,048) |
|
General and administrative expenses |
(5,822,658) |
(4,862,514) |
(2,923,363) |
(2,682,800) |
|
Other operating income/(expenses), net |
(3,169,761) |
278,489 |
(1,947,430) |
(512,774) |
|
Operating profit |
5,635,669 |
9,009,158 |
3,340,828 |
5,347,778 |
|
|
|
|
|
|
|
Interest expense |
(3,310,064) |
(3,693,364) |
(1,889,884) |
(1,768,118) |
|
Interest income |
4,337,267 |
4,953,569 |
2,067,458 |
2,512,334 |
|
Other financial income/ (expenses), net |
(1,450,405) |
6,178,811 |
(1,417,018) |
3,196,917 |
|
Profit / (loss) before taxation |
5,212,467 |
16,448,174 |
2,101,384 |
9,288,911 |
|
|
|
|
|
|
|
Income tax expense |
(1,726,970) |
(3,256,873) |
(355,915) |
(1,514,559) |
|
Profit for the period |
3,485,497 |
13,191,301 |
1,745,469 |
7,774,352 |
|
|
|
|
|
|
|
Other comprehensive income: |
|
|
|
|
|
Total comprehensive income/ (loss) for the period |
3,485,497 |
13,191,301 |
1,745,469 |
7,774,352 |
|
|
|
|
|
|
|
Profit / (loss) is attributable to: |
|
|
|
|
|
Owners of ROS AGRO PLC |
1,222,407 |
13,194,400 |
696,416 |
7,770,659 |
|
Non-controlling interest |
2,263,090 |
(3,099) |
1,049,053 |
3,693 |
|
Profit / (loss) for the period |
3,485,497 |
13,191,301 |
1,745,469 |
7,774,352 |
|
|
|
|
|
|
|
Total comprehensive income/ (loss) is attributable to: |
|
|
|
|
|
Owners of ROS AGRO PLC |
1,222,407 |
13,194,400 |
696,416 |
7,770,659 |
|
Non-controlling interest |
2,263,090 |
(3,099) |
1,049,053 |
3,693 |
|
Total comprehensive income/ (loss) for the period |
3,485,497 |
13,191,301 |
1,745,469 |
7,774,352 |
|
|
|
|
|
|
|
Earnings per ordinary share for profit attributable to the equity holders of ROS AGRO PLC, basic and diluted (in RR per share) |
45.43 |
490.38 |
25.88 |
288.80 |
Appendix 2. Segment information for the Six months ended 30 June 2024 (in RUB thousand)
|
6М 2024 |
Sugar |
Meat |
Agriculture |
Oil and Fat |
Other |
Eliminations |
Total |
|
Sales |
21,378,288 |
22,615,448 |
8,615,958 |
90,107,175 |
1,205,311 |
(4,879,211) |
139,042,969 |
|
Net gain/ (loss) on revaluation of biological assets and agricultural produce |
- |
16,992 |
2,964,029 |
- |
- |
(3,316,986) |
(335,965) |
|
Cost of sales |
(18,297,653) |
(19,536,327) |
(7,713,792) |
(70,535,188) |
(1,059,125) |
7,186,582 |
(109,955,503) |
|
incl. Depreciation |
(1,196,354) |
(1,574,565) |
(189,421) |
(2,557,605) |
(12,141) |
(20,439) |
(5,550,525) |
|
Gross profit / (loss) |
3,080,635 |
3,096,113 |
3,866,195 |
19,571,987 |
146,186 |
(1,009,615) |
28,751,501 |
|
Distribution and Selling, General and administrative expenses |
(3,183,154) |
(2,164,851) |
(3,262,725) |
(11,931,411) |
(1,344,427) |
1,940,497 |
(19,946,071) |
|
incl. Depreciation |
(31,558) |
(35,066) |
(79,238) |
(637,249) |
(31,279) |
20,439 |
(793,951) |
|
Other operating income/(expenses), net |
(8,393) |
124,136 |
(202,556) |
(1,051,455) |
26,404,115 |
(28,435,608) |
(3,169,761) |
|
incl. Reimbursement of operating costs (government grants) |
792 |
3,340 |
434,032 |
97,412 |
- |
- |
535,576 |
|
incl. Other adjustments to EBITDA (non-recurring items) |
(9,187) |
82,814 |
(102,288) |
(935,434) |
26,632,416 |
(27,153,868) |
(1,485,547) |
|
Operating profit / (loss) |
(110,912) |
1,055,398 |
400,914 |
6,589,121 |
25,205,874 |
(27,504,726) |
5,635,669 |
|
Adjustments: |
|
|
|
|
0 |
0 |
0 |
|
Depreciation included in Operating profit |
1,227,912 |
1,609,631 |
268,659 |
3,194,854 |
43,420 |
- |
6,344,476 |
|
Other adjustments to EBITDA (non-recurring items) |
9,187 |
(82,814) |
102,288 |
935,434 |
(26,632,416) |
27,153,868 |
1,485,547 |
|
Net gain/ (loss) on revaluation of biological assets and agricultural produce |
- |
(16,992) |
(2,964,029) |
- |
- |
3,316,986 |
335,965 |
|
Adjusted EBITDA* |
1,126,187 |
2,565,223 |
(2,192,168) |
10,719,409 |
(1,383,122) |
2,966,128 |
13,801,657 |
Appendix 2 (continued). Segment information for the Six months ended 30 June 2023 (in RUB thousand)
|
6М 2023 |
Sugar |
Meat |
Agriculture |
Oil and Fat |
Other |
Eliminations |
Total |
|
Sales |
23,973,640 |
22,648,603 |
11,559,185 |
51,399,022 |
1,004,700 |
(4,035,788) |
106,549,362 |
|
Net gain/ (loss) on revaluation of biological assets and agricultural produce |
- |
2,272,491 |
(2,092,419) |
- |
- |
(1,145,747) |
(965,675) |
|
Cost of sales |
(15,860,003) |
(22,374,393) |
(9,248,748) |
(40,356,197) |
(569,399) |
3,772,776 |
(84,635,964) |
|
incl. Depreciation |
(1,052,138) |
(2,413,367) |
(959,561) |
(1,851,417) |
(8,811) |
(19,050) |
(6,304,344) |
|
Gross profit / (loss) |
8,113,637 |
2,546,701 |
218,018 |
11,042,825 |
435,301 |
(1,408,759) |
20,947,723 |
|
Distribution and Selling, General and administrative expenses |
(2,643,930) |
(1,982,738) |
(2,848,308) |
(5,995,076) |
(1,050,411) |
2,303,409 |
(12,217,054) |
|
incl. Depreciation |
(33,778) |
(62,539) |
(112,643) |
(437,660) |
(71,487) |
19,050 |
(699,057) |
|
Other operating income/(expenses), net |
221,266 |
181,526 |
456,648 |
(1,950,089) |
1,841,712 |
(472,574) |
278,489 |
|
incl. Reimbursement of operating costs (government grants) |
87,768 |
23,413 |
456,578 |
126,345 |
- |
- |
694,104 |
|
incl. Other adjustments to EBITDA (non-recurring items) |
62,433 |
214,983 |
(125,300) |
(804,995) |
1,961,579 |
63,722 |
1,372,422 |
|
Operating profit / (loss) |
5,690,973 |
745,489 |
(2,173,642) |
3,097,660 |
1,226,602 |
422,076 |
9,009,158 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Depreciation included in Operating Profit |
1,085,916 |
2,475,906 |
1,072,204 |
2,289,077 |
80,298 |
- |
7,003,401 |
|
Other adjustments to EBITDA (non-recurring items) |
(62,433) |
(214,983) |
125,300 |
804,995 |
(1,961,579) |
(63,722) |
(1,372,422) |
|
Net gain/ (loss) on revaluation of biological assets and agricultural produce |
- |
(2,272,491) |
2,092,419 |
- |
- |
1,145,747 |
965,675 |
|
Adjusted EBITDA* |
6,714,456 |
733,921 |
1,116,281 |
6,191,732 |
(654,679) |
1,504,101 |
15,605,812 |
* Non-IFRS measure
Appendix 3. Consolidated statement of financial position as at 30 June 2024
(in RUB thousand)
|
|
30 June 2024 |
31 December 2023 |
|
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
7,476,436 |
25,936,781 |
|
Short-term investments |
9,460,016 |
2,288,852 |
|
Trade and other receivables |
49,671,467 |
47,861,374 |
|
Prepayments |
10,116,502 |
10,814,811 |
|
Current income tax receivable |
124,322 |
132,186 |
|
Other taxes receivable |
7,712,845 |
9,006,784 |
|
Inventories and short-term biological assets |
95,882,065 |
100,617,833 |
|
Other current assets |
876,076 |
2,718,720 |
|
Total current assets |
181,319,729 |
199,377,341 |
|
Non-current assets |
|
|
|
Property, plant and equipment |
145,486,196 |
141,897,092 |
|
Inventories intended for construction |
501,337 |
465,830 |
|
Right-of-use assets |
6,663,396 |
6,392,885 |
|
Goodwill |
3,840,150 |
3,840,150 |
|
Advances paid for non-current assets |
3,872,657 |
2,867,735 |
|
Long-term biological assets |
3,083,232 |
2,736,644 |
|
Long-term investments and receivables |
42,527,215 |
42,527,657 |
|
Investments in associates |
562,323 |
562,323 |
|
Deferred income tax assets |
3,871,162 |
2,532,975 |
|
Other intangible assets |
7,547,262 |
7,765,853 |
|
Total non-current assets |
217,954,930 |
211,589,144 |
|
Total assets |
399,274,659 |
410,966,485 |
Appendix 3 (continued). Consolidated statement of financial position as at 30 June 2024
(in RUB thousand)
|
|
30 June 2024 |
31 December 2023 |
|
LIABILITIES and EQUITY |
|
|
|
Current liabilities |
|
|
|
Short-term borrowings |
45,509,578 |
68,034,977 |
|
Lease liabilities |
1,089,553 |
1,098,135 |
|
Trade and other payables |
34,705,537 |
39,452,813 |
|
Provisions |
153,354 |
123,212 |
|
Current income tax payable |
235,210 |
555,913 |
|
Other taxes payable |
3,021,856 |
5,458,529 |
|
Total current liabilities |
84,715,088 |
114,723,579 |
|
Non-current liabilities |
|
|
|
Long-term borrowings |
65,532,545 |
59,498,119 |
|
Government grants |
14,033,969 |
12,860,211 |
|
Lease liabilities |
5,102,632 |
4,325,136 |
|
Deferred income tax liability |
3,547,799 |
2,502,074 |
|
Total non-current liabilities |
88,216,945 |
79,185,540 |
|
Total liabilities |
172,932,033 |
193,909,119 |
|
Equity |
|
|
|
Share capital |
12,269 |
12,269 |
|
Treasury shares |
(490,607) |
(490,607) |
|
Additional paid-in capital |
26,964,479 |
26,964,479 |
|
Other reserves |
1,363,177 |
1,363,177 |
|
Retained earnings |
174,598,911 |
173,344,692 |
|
Equity attributable to owners of ROS AGRO PLC |
202,448,229 |
201,194,010 |
|
Non-controlling interest |
23,894,397 |
15,863,356 |
|
Total equity |
226,342,626 |
217,057,366 |
|
Total liabilities and equity |
399,274,659 |
410,966,485 |
Appendix 4. Consolidated statement of cash flows for the Six months ended 30 June 2024 (in RUB thousand) - NOT IFRS PRESENTATION (*)
|
|
Six months ended |
|
|
|
30 June 2024 |
30 June 2023 |
|
Cash flows from operating activities |
|
|
|
Profit/(loss) before income tax |
5,212,467 |
16,448,174 |
|
Adjustments for: |
|
|
|
Depreciation and amortization |
6,344,476 |
7,003,399 |
|
Interest expense |
9,118,509 |
9,264,000 |
|
Government grants |
(5,999,828) |
(6,536,472) |
|
Interest income |
(4,337,267) |
(4,954,001) |
|
Loss/ (gain) on disposal of property, plant and equipment |
23,000 |
(116,880) |
|
Net (gain) / loss on revaluation of biological assets and agricultural produce |
335,965 |
965,675 |
|
Change in provision for impairment of loans issued |
(69) |
(123) |
|
Interest expense on leases |
355,458 |
133,630 |
|
Change in provision for net realisable value of inventory |
955,630 |
591,994 |
|
Change in provision for impairment of receivables and prepayments |
(70,294) |
1,605,292 |
|
Foreign exchange (gain) / loss, net |
2,123,761 |
(8,171,930) |
|
Lost / (reversal of) harvest write-off |
454,543 |
- |
|
Settlement of loans and accounts receivable previously written-off |
(1) |
(31,379) |
|
Change in provision for impairment of advances paid for property, plant and equipment |
8,630 |
29,613 |
|
Change in other provisions |
30,142 |
59,549 |
|
Dividend income |
- |
(345,499) |
|
Loss on disposal of other assets |
- |
456 |
|
Loss on disposal of other assets |
27,007 |
- |
|
Gain on SolPro loans redemption |
- |
(260,587) |
|
Other non-cash and non-operating expenses, net |
138,421 |
(7,275) |
|
Operating cash flow before working capital changes |
14,720,550 |
15,677,636 |
|
Change in trade and other receivables and prepayments |
(2,590,982) |
2,727,560 |
|
Change in other taxes receivable |
732,233 |
739,260 |
|
Change in inventories and short-term biological assets |
4,414,931 |
(364,691) |
|
Change in trade and other payables |
2,016,660 |
15,358,946 |
|
Change in other taxes payable |
(1,676,353) |
(951,606) |
|
Change on other current assets |
1,926,698 |
- |
|
Cash generated from operations |
19,543,737 |
33,187,105 |
|
Income tax paid |
(2,653,290) |
(610,788) |
|
Net cash from operating activities |
16,890,447 |
32,576,317 |
Appendix 4. Consolidated statement of cash flows for the Six months ended 30 June 2024 (in RUB thousand) - NOT IFRS PRESENTATION (*)
|
|
Six months ended |
|
|
|
30 June 2024 |
30 June 2023 |
|
Cash flows from investing activities |
|
|
|
Purchases of property, plant and equipment |
(10,794,669) |
(5,058,367) |
|
Purchases of other intangible assets |
(282,795) |
(451,098) |
|
Purchases of land lease rights |
(7,560) |
(15,486) |
|
Proceeds from sales of property, plant and equipment |
71,822 |
12,165 |
|
Purchases of inventories intended for construction |
(97,110) |
(134,198) |
|
Purchases of associates |
- |
(33,000) |
|
Investments in subsidiaries, net of cash acquired |
- |
(6,625,625) |
|
Dividends received |
- |
345,499 |
|
Proceeds from sales of other investments |
- |
13,205 |
|
Other investing activities |
72,024 |
(26,672) |
|
Net cash from investing activities |
(11,038,288) |
(11,973,577) |
|
Cash flows from financing activities |
|
|
|
Proceeds from borrowings |
44,737,549 |
79,094,106 |
|
Repayment of borrowings |
(62,343,855) |
(111,419,218) |
|
Interest paid |
(3,053,452) |
(3,238,680) |
|
Change in cash on bank deposits |
(7,750,908) |
33,286,758 |
|
Loans given* |
(9) |
(3,500) |
|
Loans repaid* |
166 |
527,164 |
|
Interest received* |
4,240,819 |
6,454,099 |
|
Proceeds from government grants |
783,933 |
690,780 |
|
Purchases of non-controlling interest |
(5) |
- |
|
Repayment of lease libilities - principal |
(681,353) |
(50,492) |
|
Net cash from financing activities |
(24,067,115) |
5,341,017 |
|
Net effect of exchange rate changes on cash and cash equivalents |
(245,389) |
4,227,780 |
|
Net increase/ (decrease) in cash and cash equivalents |
(18,460,345) |
30,171,537 |
|
Cash and cash equivalents at the beginning of the period |
25,936,781 |
21,473,029 |
|
Cash and cash equivalents at the end of the period |
7,476,436 |
51,644,566 |
(*) For the purpose of conformity with the methodology of the Group's net debt calculation investments in financial assets related to financial activities are presented in Cash flows from financing activities in the Group's management accounts.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 21 hours ago NCC Group
- 22 hours ago Mitie Group
- 22 hours ago MJ Gleeson
- 22 hours ago MJ Gleeson
- 22 hours ago Tesco