Annual Report

More documents

Recommendations

Info

ASTARTA HOLDING N.V. Annual Report 2011Consolidated balance sheet as at 31 December (in thousands of Euro)2011 2010 2009 2008 2007Total non-current assets 251 627 162 680 123 843 83 663 85 527Total current assets 318 598 189 959 107 571 92 516 87 168Total assets 570 225 352 639 231 414 176 179 172 695Total equity 306 813 209 054 118 508 60 098 99 074Total non-current liabilities 128 157 68 160 64 276 18 674 15 901Total current liabilities 135 255 75 425 48 630 97 407 57 720Total equity and liabilities 570 225 352 639 231 414 176 179 172 695Consolidated statement of operations for the year ended 31 December (in thousands of USD)2011 2010 2009 2008 2007Revenues 423 572 292 742 183 364 182 127 121 839Cost of revenues including remeasurement gains (254 926) (171 565) (120 460) (134 525) (87 720)Gross profit 168 646 121 176 62 904 47 602 34 118Operating income (expenses), net (38 394) (6 537) (5 747) (19 310) 1 297Profit from operations (EBIT) 130 252 114 639 57 157 28 292 35 415Net financing expenses and other non-operatingincome (expense)(4 688) (9 766) (15 631) (50 141) (6 033)Profit (loss) before tax 125 564 104 243 41 526 (21 849) 29 382Income tax (expense) benefit (3 440) 721 (671) 5 105 128Net profit (loss) 122 123 104 964 40 855 (16 744) 29 510Net profit (loss) attributable to: minority interests (39) (16) (17) 121 (135)Equity holders of parent company 122 162 104 980 40 871 (16 866) 29 646Consolidated balance sheet as at 31 December (in thousands of USD)2011 2010 2009 2008 2007Total non-current assets 325 862 216 023 177 953 119 141 125 655Total current assets 412 294 252 250 154 573 131 745 128 068Total assets 738 156 468 273 332 526 250 885 253 723Total equity 397 797 277 608 170 291 85 581 145 560Total non-current liabilities 165 328 90 510 92 360 26 592 23 362Total current liabilities 175 031 100 155 69 874 138 712 84 802Total equity and liabilities 738 156 468 273 332 526 250 885 253 7234
ASTARTA HOLDING N.V. Annual Report 2011ASTARTA HOLDING N.V. CEO AND CHAIRMAN’S STATEMENTDear Shareholders,For ASTARTA, 2011 was another successful year to deliver a robust growth. Westrengthened market positions in all key business segments, demonstrated strong financialand production results, and continued operational expansion.Outperforming guidance, ASTARTA redoubled production of grains and oilseeds to 660thousand tonnes, harvested over 2.1 million tonnes of sugar beet, or 58% more than a yearago. Production of white sugar from sugar beet grew 88% to over 370 thousand tonnes, andmilk output increased 35% to 70 thousand tonnes. The cultivated land area expanded by17% to 245 thousand ha, and processing capacity of sugar plants by 21% to 33 thousandtonnes of beet per day. The cattle farming segment demonstrated 17% headcount increaseto 28 thousand heads. Such an inspiring performance strengthened ASTARTA’s top-rankingposition in Ukrainian sugar, milk and crop markets.Along with delivering growth we continued to work hard on operational efficiency. ASTARTAcontinued to introduce modern technologies into agriculture to provide for significantlyhigher yields; carried on implementation of high quality production standards at cattlefarms; went on with modernization of sugar plants achieving further 10% reduction innatural gas consumption. Aiming at faster development of energy efficiency we started apioneering bio-energy project at one of our sugar plants. As we achieved significant progressin implementation of energy saving program, we were able to profit by selling CarbonEmission Reduction Units under Kyoto protocol.Growth and successful operational performance favored strong financial results of 2011.Advance in all segments contributed to dynamic increase in revenues, EBITDA and net profit.ASTARTA was pursuing higher environmental safety and social responsibility standards. TheGroup promoted introduction of corporate integrated environmental management systemand has passed several independent evaluations of working conditions and occupationalsafety.We also continue to believe that ASTARTA’s main value is our management andprofessionals. Therefore we stepped up investments in staff’s professional growth andeducation, supporting it with employees performance assessment and loyalty programs.The last year was a successful one for ASTARTA, and impressive progress has been made tosecure a solid foundation for its further development. We set ambitious targets for 2012and years to come, and feel inspired to evolve ASTARTA’s successful growth story.Sincerely yours,Viktor Ivanchyk, CEOValery Korotkov, Chairman5
Page 2 and 3: ASTARTA HOLDING N.V. Annual Report
Page 6 and 7: Report of the Board of Directorson
Page 54 and 55:
ASTARTA HOLDING N.V. Annual Report
Page 56 and 57:
СonsolidatedFinancial Statements
Page 58 and 59:
Astarta Holding N.V.Consolidated fi
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
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?