Ros Agro swings to 2.2 bln rubles IFRS profit in Q1
MOSCOW. May 29 (Interfax) - Ros Agro plc, the holding company of Rusagro Group, had net profit of 2.241 billion rubles to International Financial Reporting Standards (IFRS) in Q1 2014, compared with losses of 578 million rubles in the same period of last year, the company said.
Revenue grew 73% year-on-year to 11.076 billion rubles.
Adjusted EBITDA jumped more than four-fold to 2.43 billion rubles. The EBITDA margin rose to 22% in Q1 2014, from 8% a year previously.
Gross profit was 3.959 billion rubles, up from 829 million rubles a year ago, and the gross margin rose to 36% from 13%.
"The company had the best first quarter in its history, benefiting from increased production and high prices. All business units performed well. The positive dynamics will continue throughout the season," Maxim Basov, CEO, was quoted as saying.
The Sugar Division, the group's biggest, boosted revenue 62% to 4.498 billion rubles as output and prices rose. The segment's gross profit more than tripled to 1.223 billion rubles and the gross margin rose to 27%, from 14% a year previously. Operating profit was 676 million rubles, compared with loses of 85 million rubles a year ago. Adjusted EBITDA soared to 885 million rubles from 79 million rubles, and the adjusted EBITDA margin to 20% from 3%.
Meat Division revenue more than doubled to 2.39 billion rubles from 1.074 billion rubles as pork sales volumes and prices rose. Gross profit was 1.632 billion rubles, compared with losses of 120 million rubles a year previously, and the gross margin was 68%. Adjusted EBITDA rose to 683 million rubles from 49 million rubles, and the margin to 29% from 5%.
Oils segment revenue rose 96% to 3.826 billion rubles, but Agriculture revenue fell 12% to 750 million rubles.
Net operating cash flow was 2.632 billion rubles, up from 1.318 billion rubles a year previously, net cash flow used for investment purposes rose to 1.232 billion rubles, from 445 million rubles a year ago.
Net debt fell to 13.1 billion rubles at end-March 2014, from 14.576 billion rubles a year previously.
Rusagro is one of Russia's biggest producers of pork, sugar, packaged margarine and mayonnaise. The company indirectly and directly belongs to Vadim Moshkovich and members of his family. Rusagro conducted its IPO on the London Stock Exchange (LSE) in April of 2011, during which investors were offered Ros Agro GDR.