Annual Report

More documents

Recommendations

Info

ASTARTA HOLDING N.V. Annual Report 2011Revenues from sales of cattle farming produce grew 57% to UAH 288.4 million, and in theEuro equivalent by 49% to EUR 26 million. Volumes of sales of milk were up by 29%. Formore details on cattle farming segment, refer to sections Cattle Farming Segment andSegments Performance.Gross profit and cost of revenuesCost of revenues grew by 59% to UAH 2,158 million or by 51% to EUR 193.5 million in theEuro equivalent. Gross profit grew 40% to UAH 1,348 million (33% in the Euro equivalent toEUR 120.9 million). Gross margin constituted 40%.Cost of revenues grew faster than revenues themselves due to several reasons. Cost ofsales in the first half of the 2011 was formed by 2010 production season, influenced byadverse weather impact. In the second half of the year the Group was selling produce of2011 harvest, when the cost of one tonne was lower due to improvement in yields of keycrops. Revenues dynamics in the second half of 2011 was limited by drop in sugar price.Through the year volumes of sales grew significantly influencing the cost of sales as well.Profit from operationsIn 2011, profit from operations (EBIT) increased 14% to UAH 1,041 million, and by 7% in theEuro equivalent to EUR 93.4 million. EBIT margin constituted 31% compared with 39% ayear before.Following growth of the Group’s assets, General and administrative expense grew 25% y-o-yto UAH 122 million or 18% to EUR 11 million in the Euro equivalent, still representing 3.6%of the revenues compared to 4.2% in 2010. Due to an increase in volumes of sales in allbusiness segments, especially crop segment, selling and distribution expenses grew 94% toUAH 147.8 million and 82% to EUR 13.3 million in the Euro equivalent, and represented4.4% of the revenues compared to 3.3% in 2010. Other operating income decreased both inthe Hryvnia (UAH 8.7 million) and Euro equivalent (EUR 0.8 million) reflecting reduction inGovernment subsidies.Positive change in fair value of biological assets constituted UAH 20.4 million (UAH 113.4million in 2010) and in the Euro equivalent - EUR 2 million (EUR 12 million in 2010) implyingfor significantly lower influence on the profitability compared to previous year. For moredetails refer to Note 26 to the Consolidated Financial Statements.Financial expensesFinancial costs increased by 76% to UAH 225.1 million, in the Euro equivalent by 65% toEUR 20,2 million following increase in total volume of bank loans.Profit before tax and net profitProfit before tax grew by 21% to UAH 1,004 million. In the Euro equivalent, profit before taxincreased by 13% to EUR 90 million. Net profit was UAH 976.1 million (EUR 87.5 million)compared to UAH 834.8 million (EUR 80.0 million) in 2010. Net margin constituted 29%against 36% a year before.20
ASTARTA HOLDING N.V. Annual Report 2011Financial PositionAssetsTotal assets grew 59% y-o-y from UAH 3,735 million to UAH 5,942 million. In the Euroequivalent total assets increased by 62% y-o-y from EUR 353 million to EUR 570 million.Non-current assets increased by 52% y-o-y to UAH 2,622 million compared to 1,723 a yearbefore. In the Euro equivalent non-current assets grew by 55% to EUR 252 million from EUR163 million a year before.Current assets increased by 65% to UAH 3,320 million compared to UAH 2,012 million ayear before. In the Euro equivalent current assets grew by 68% to EUR 318.6 million. Theincrease in non-current assets was mainly due to a rise in PPE.The increase in current assets was mainly due to increase in inventories, accountsreceivable, and prepayments. Current assets represented 56%, and non-current assets 44%of total assets (54% and 46% in 2010).Equity and liabilitiesEquity grew by 44% to UAH 3,197 million and by 47% to EUR 306.8 million in the Euroequivalent, mainly because of the increase in retained earnings by 73%.Due to growth of long-term loans and borrowings by 90%, long-term liabilities increased by85% from UAH 722 million to UAH 1,335 million. In the Euro equivalent long-term liabilitiesgrew by 88% from EUR 68.2 million to EUR 128.2 million.Short-term liabilities increased 76% from UAH 798.7 million to UAH 1,409 million. In theEuro equivalent short-term liabilities grew by 79% from EUR 75.4 million to EUR 135.3million. At the same time, short-term loans grew by 141% to UAH 875.8 million (in the Euroequivalent by 145% to EUR 84.1 million), the current portion of long-term borrowingsdecreased by 21% to UAH 189.4 million (in the Euro equivalent by 19% to EUR 18.2 million).Total equity and liabilities consisted of 54% equity, 22% non-current liabilities, and 24%current liabilities (59%, 19%, and 22% at 31 December 2010, respectively).21
Page 2 and 3: ASTARTA HOLDING N.V. Annual Report
Page 6 and 7: Report of the Board of Directorson
Page 56 and 57: СonsolidatedFinancial Statements
Page 58 and 59: Astarta Holding N.V.Consolidated fi
Page 70 and 71:
Astarta Holding N.V.Consolidated fi
Page 72 and 73:
Page 74 and 75:
Astarta Holding N.V.Astarta Holding
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
(l)Astarta Holding N.V.Astarta Hold
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
Page 104 and 105:
Page 106 and 107:
Page 108 and 109:
9 INVENTORIESInventories as at 31 D
Page 110 and 111:
Page 112 and 113:
Page 114 and 115:
The terms and repayment schedule fo
Page 116 and 117:
Page 118 and 119:
20 COST OF REVENUESAstarta Holding
Page 120 and 121:
24 SELLING AND DISTRIBUTION EXPENSE
Page 122 and 123:
28 OTHER INCOMEOther income for the
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Page 144 and 145:
Page 146 and 147:
Astarta Holding N.V.Company financi
Page 148 and 149:
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Page 160 and 161:
ASTARTA HOLDING N.V. Annual Report
Page 162:
Viktor Ivanchyk, ASTARTA Holding N.
show all

Annual Report

Create successful ePaper yourself

Delete template?

Save as template?