Annual Report

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ASTARTA HOLDING N.V. Annual Report 2011It is worth mentioning that ASTARTA’s operating assets are located in areas where landquality is good and climate conditions for crop growing are favorable, thus providing for costefficientproduction.Performance in key segmentsThe main products, which ASTARTA supplies to its customers, are sugar and sugar byproducts(molasses and pulp); grains and oilseeds; cattle farming produce (mostly raw milk).Figure 3. Structure of the external revenues in 2010 and 20112011 2010A structure of revenues reflects diversified nature of the Group’s business. Following 67%increase in volumes of crop sales, revenues in the segment recorded an almost double y-o-ygrowth and totaled to EUR 79 million, implying for 26% share in the total. Volumes of sugarsales grew c. 10%. An increase in revenues in the segment by 22% to EUR 194 million waswell supported by booming sales of sugar by-products and secured it a 64% share. Theshare of cattle farming segment grew to 9%, as revenues in the segment was up by 49% toEUR 26 million.Revenues from export sales grew almost by 150%, following over 90% increase in volumesof exported products. The share of exports in total revenues constituted 13% in 2011compared to 6% in 2010.Agriculture segmentFollowing its growth strategy, ASTARTA increased cultivated land bank y-o-y by 17% to 245thousand ha. One of the priorities was to build-up two new business units in Kharkiv region,therefore the land bank there was increased by more than six times providing for better selfsufficiencyin beet production.The Group implements a scientifically-based approach to crop rotation and applies modernagri-technologies. It seeks rather a long-term increase in productivity per hectare and costefficiency than a short-term opportunistic benefit. As a result, quality of land under ASTARTAmanagement appreciates incrementally, and fields that are cultivated by the Group for morethan four-five years could normally produce more crops per hectare, compared to those justtaken under control.8
ASTARTA HOLDING N.V. Annual Report 2011Figure 4. Area of operated land, thousand hectares, as of 31 DecemberThe mentioned factors in combination with relatively good weather conditions provided forsubstantial increase in crop yields in 2011. The average yield of key crop – sugar beet grewy-o-y by almost 43% and reached the level of 50 tonnes per ha outstripping the averageUkrainian level by 39%. Growth of yields together with increase in area under sugar beetresulted in considerable 58% increase in in-house beet production, which reached 2,1million tonnes.Figure 5. Sugar beet production, ASTARTA (thousand tonnes)Other key crops have also significantly outperformed the last year’s results, and yields wereconsiderably higher than Ukrainian average. Total harvest of grains and oilseeds was 660thousand tonnes, which is two times more than in 2010. The top ranking crops in terms ofyields growth were corn (+46% y-o-y) and soybeans (+44% y-o-y), as shown in Figure 6.9
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Viktor Ivanchyk, ASTARTA Holding N.
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