Rusagro sugar business revenue up 14% in H1
MOSCOW. July 26 (Interfax) - The Rusagro group's sugar business generated 6.99 billion rubles in sales revenue in the first half, up 14% year-on-year from 6.12 billion rubles.
A company press release says that sugar beet sugar sales were down 26% at 182,000 tonnes for the period. The company sold 108,000 tonnes of raw sugar, which it had not done in H1 2012.
H1 sugar beet sugar production was down 45% at 34,000 tonnes, but cane sugar output was up from 49,000 tonnes a year earlier at 108,000 tonnes (all production was done in Q2).
H1 sugar prices slipped 4% to 24,100 rubles per tonne from 25,000 rubles in H1 2012.
Rusagro's sugar business generated 4.37 billion rubles in sales revenues in Q2, up 28% year-on-year. Sales of beet sugar were down 47% at 70,000 tonnes. Prices decreased 5% to 24,400 rubles/tonne from 25,600 rubles in Q2 2012.
The group's meat business produced 7% less sales revenue in H1, 2.47 billion rubles in all. Pork prices were down 30% at 58.2 rubles per kilogram from 83.5 rubles the year before. Q2 meat business revenue was 1.41 billion rubles versus 1.43 billion rubles. The sales price was 60.3 rubles/kg, 29% down from 84.8 rubles a year prior.
H1 pork sales increased 52% to 44,000 tonnes, Q2 sales 60% to 24,000 tonnes. The company produced 54,000 tonnes of pork during the half, 71% more year-on-year, and 30,000 tonnes in Q2, 85% more.
The production of animal feed increased 6% to 129,000 tonnes in H1 and 11% to 68,000 tonnes in Q2.
Rusagro's oils and fats division generated 4.31 billion rubles in sales revenues in H1, down 17%, and 1.98 billion rubles in Q2, down 35%.
Mayonnaise production increased 3% to 26,000 tonnes in H1 and that of margarine 15% to 17,000 tonnes. Vegetable oil output dropped 53% to 39,000 tonnes.
Mayonnaise sales rose 15% to 17,000 tonnes in H1 and margarine sales 3% to 26,000 tonnes. Oil sales fell 48% to 41,000 tonnes.
H1 mayonnaise prices grew 3% to 55,900 rubles per tonne, margarine prices 1% to 50,500 rubles, and oil prices 4% to 33,400 rubles.
Rusagro's agricultural division generated sales revenues of 1.19 billion rubles in H1, up 11%, and 0.33 billion rubles in Q2, up 25%. Barley sales increased 11% to 61,000 tonnes, winter wheat sales 31% to 43,000 tonnes, and soy sales 27% to 1,000 tonnes. Sales of other crops were down: peas 54% to 3,000 tonnes, sunflower seed 97%, and sugar beet 54% to 76,000 tonnes.
H1 barley prices rose 57% to 7,400 rubles per tonne and wheat prices 79% to 8,200 rubles. The price for sugar beet decreased 8% to 1,300 rubles/tonne.
Rusagro is one of Russia's biggest producers of pork, sugar, packaged margarine and mayonnaise. It has more than thirty-five agricultural enterprises, six sugar plants, an oils and fats outfit in Yekaterinburg, and a number of sales outlets. It controls more than four hundred thousand hectares of land.
The agricultural holding's main owner, with 75% of shares, is the family of Vadim Moshkovich. Its management owns 4.6% of shares, 1.7% are treasury shares, and free float on the London Stock Exchange is 18.8%.
Company net profits to International Financial Reporting Standards (IFRS) for last year were up 78% at 4.3 billion rubles and EBITDA 70% at 8.8 billion rubles. The EBITDA margin climbed to 26% from 13% in 2011. Sales revenues contracted 14% to 34 billion rubles last year due to slumping income from the company's sugar division.
Sugar division, 1,000 tonnes (price 1,000 rubles/tonne):
| Q2 2013 | Q2 2012 | H1 2013 | H1 2012 | |
| Sugar beet sugar production | 0 | 0 | 34 | 62 |
| Cane sugar production | 108 | 49 | 108 | 49 |
| Sugar beet sugar sales | 70 | 133 | 182 | 245 |
| Cane sugar sales | 108 | 0 | 108 | 0 |
| Price | 24.4 | 25.6 | 24.1 | 25 |
Meat division:
| Q2 2013 | Q2 2012 | H1 2013 | H1 2012 | |
| Pork production | 30 | 16 | 54 | 32 |
| Feed production | 68 | 62 | 129 | 122 |
| Pork sales | 24 | 15 | 44 | 29 |
| Pork price | 60.3 | 84.8 | 58.2 | 83.5 |
Oils and fats division:
| Q2 2013 | Q2 2012 | H1 2013 | H1 2012 | |
| Mayonnaise production | 14 | 14 | 26 | 25 |
| Margarine production | 8 | 6 | 17 | 15 |
| Oil production | 9 | 43 | 39 | 83 |
| Mayonnaise sales | 8 | 7 | 17 | 15 |
| Margarine sales | 8 | 7 | 26 | 25 |
| Oil sales | 14 | 49 | 41 | 79 |
| Mayonnaise price | 56.1 | 54 | 55.9 | 54 |
| Margarine price | 51.1 | 50.2 | 50.5 | 49.8 |
| Oil price | 33.3 | 32.7 | 33.4 | 32 |
Crop-growing division:
| Q2 2013 | Q2 2012 | H1 2013 | H1 2012 | |
| Barley sales | 18 | 20 | 61 | 55 |
| Sugar beet | 0 | 0 | 76 | 163 |
| Winter wheat | 9 | 1 | 43 | 33 |
| Peas | 3 | 6 | 3 | 6 |
| Sunflower | 0 | 0 | 0 | 4 |
| Soy | 1 | 1 | 1 | 1 |
| Barley price | 7.3 | 4.7 | 7.4 | 4.7 |
| Sugar beet | 0 | 0 | 1.3 | 1.4 |
| Winter wheat | 8.2 | 5.6 | 8.2 | 4.6 |
| peas | 8.3 | 6.2 | 8.3 | 6.2 |
| Sunflower | 14.3 | 13.2 | 14.7 | 9 |
| Soy | 15.3 | 13.1 | 15.3 | 13.1 |