Black Earth Farming Ltd Q4 Report 2013 St Helier, Jersey,

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News Desk 2018
Black Earth Farming Ltd Q4 Report 2013

St Helier, Jersey, 2014-02-21 08:10 CET (GLOBE NEWSWIRE) --  

Lower Prices results in significant full year loss, despite improved operational results

Late harvested crops of corn and beet yielded below expectations with higher costs due to difficult harvesting conditions.

Full year operating loss of USD* -29.8 million vs. USD* 18.5million profit in 2012

2013 crop prices on average 23% lower than 2012. Blended yields ex sugar beet & potato up 14% and total cost per ton down -11%

 

Q4 2013 Highlights (vs. Q4 2012)

-     Sales volumes of 370.0 thousand tons (279.6) at an average price of USD* 160  per ton  (191) 

-     Sales revenue of USD* 60.2 million (53.6)

-     USD* 4.1 million (48.2) gain on revaluation of biological assets

-     Operating loss of USD* -15.5 million (+6.5)

-     Net result of USD* -18.2 million (+7.0)

-     Net result per share of USD* -0.09 (+0.05)  

 -  Completion of SEK 750mn refinancing of bond at 9.4% coupon rate

12M 2013 Highlights  (vs. 12M 2012)

-     Total revenue & gains of USD* 144.6 million (208.0)

-     Operating loss of USD* -29.8 million (+18.5)

-     Net result of USD* -44.7 million (+6.6)

-     Net result per share of USD* -0.22 (0.05)

-    Operating cash flows after working capital of USD* 12.6mn (8.6)

-   Net debt of USD* 34.5mn (21.3mn)

-   No dividend policy proposed for 2013

CEO Comment Highlights (p.2 in report)

-      2013 Performance

-     2013 Sales & Marketing

-     FY Results

-     2014 Crop

-     2014 Plan

-     Summary & Outlook

Financial Overview (p. 4 in report)

USD* million                                                 Q4 2013            Q4 2012           12 M 2013          12 M 2012

Total Revenues & Gains                                           66.0                      103.7             144.6                   208.0

Gross Result                                                               0.9                      21.1                 6.0                      51.3

EBITDA                                                                      (7.1)                    14.7               (11.5)                    36.7

EBIT                                                                           (15.5)                     6.5              (29.8)                    18.5

Net Income                                                                 (18.2)                     7.0              (44.7)                     6.6

  * The USD equivalent figures are provided for information purposes only and do not form part of the interim consolidated financial statements – refer to note 2 (d).

Please see attachment for complete report.

Webcasted Telephone Conference Details:

Date:                          Friday 21 February 2013

Time:                         09:00 CET

Hosts:                        Black Earth Farming  CEO – Richard Warburton

                                                                CFO  – Erik Danemar

                                                                IR Director – Avto Makharoblishvili

Conference Title:               Black Earth Farming year-end report 2013

Conference ID :                    4669575

Webcast link:

http://event.on24.com/r.htm?e=752682&s=1&...9EB3EC8FBD

Please quote the Conference ID or Conference title to access the call.

Please call in 5 minutes before the conference starts

For additional information, please contact:

Avto Makharoblishvili, Director of Investor Relations, Black Earth Farming Ltd., tel: +7 (916) 5981619

Notes to Editor:

Black Earth Farming Ltd. is a leading farming company, publicly listed on Nasdaq OMX Stockholm and operating in Russia. It acquires, develops and farms agricultural land assets primarily in the fertile Black Earth region in southwest Russia. Black Earth Farming has gained a strong market position in the Kursk, Tambov, Lipetsk and Voronezh areas, controlling some 308,000 hectares of what perhaps is the world's most fertile soil. In 2013 Black Earth Farming intends to harvest approximately 224,000 hectares, effectively making it one of the world's largest public farming companies by cropped area. The Company's main products are wheat, barley, corn, sunflower, soya and rapeseeds. Corporate website: www.blackearthfarming.com

Corporate website: www.blackearthfarming.com

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