Black Earth Farming Ltd.
Black Earth Farming Ltd Q1 Report 2015
DGAP-News: Black Earth Farming Ltd. 2015-05-22 / 08:00 --------------------------------------------------------------------- Spring seeding campaign completed. Forex reverses. St Helier, Jersey, 2015-05-22 08:00 CEST (GLOBE NEWSWIRE) -- 1Q15 gross profit of USD 2.3mn (1.3) as weaker ruble y-o-y supported gross margin on sales of prior year inventory. Revenue down -45% y-o-y on lower volume sales (-35%) and lower average price (-16%) on softer market and FX. Forex gain of USD 2.8mn (-8.2) as the Russian ruble appreciated against the SEK on the close of the quarter. 4.5k Ha of winter kill estimated. Generally positive spring seeding conditions. Q1 2015 Highlights (vs. Q1 2014) · Total revenue and gains of USD 13.5mn (26.2) · Sales volume of 85kt (129) · Average sales price of USD 162 per ton (193) · Sales revenue of USD 14.1mn (25.4) · EBITDA of USD -2.4mn (-5.7) · Operating loss of USD -3.9mn (-9.3) · Net loss of USD -2.1mn (-19.6) · Net loss per share of USD -0.01 (-0.09) · Net operating cash flow of USD 5.4 (-3.5) Significant and subsequent events · On 17 March 2015, the Company announced plans to swap 36.6k Ha of controlled land in Lipetsk and Tambov for 24.9k Ha of land in Tambov. · The swap also sees the Company swap 20kt of grain storage for a 30kt elevator facility in Tambov. · The Company expects to recognize result from this swap in 2Q15. · 2015 crop: Spring seeding completed as at end of 21 May 2015. Total 2015 crop area expected at approximately 150k Ha CEO Comment Highlights (p.2 in report) · Market Development · Q1 Sales and 2015 Financials · Transactions · Spring Seeding and 2015 Crop Area · 2015 Revenue Risk Management · Summary Financial Overview (p. 4 in report) Q1 Q1 style '15 '14 ='font -famil y:Aria l, Helve tica, sans- serif; '>USD milli on -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- --------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- --------------------------------------------------------------- 84.8 129.4 style ='font -famil y:Aria l, Helve tica, sans- serif; '> Crop Volum es Sold (k tons) 162 193 style ='font -famil y:Aria l, Helve tica, sans- serif; '>Av. Sales Price 13,548 26,242 style ='font -famil y:Aria l, Helve tica, sans- serif; '>Total Reven ue & Gains 2,257 1,264 style ='font -famil y:Aria l, Helve tica, sans- serif; '>Gross Profi t (2,398) (5,678) style ='font -famil y:Aria l, Helve tica, sans- serif; '>EBITDA (3,881) (9,300) style ='font -famil y:Aria l, Helve tica, sans- serif; '>EBIT span>< /span> -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- --------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- --------------------------------------------------------------- (2,068) (19,576) style ='font -famil y:Aria l, Helve tica, sans- serif; '> Net loss< /span> Please see attachment for complete report. Webcasted Telephone Conference Details: Date: Friday, 22 May 2015 Time: 09:00 CET Hosts: Black Earth Farming CEO - Richard Warburton Black Earth Farming CFO - Erik Danemar Dial-in details: Russia 8 800 500 93 12 or +7495 705 9450 Sweden +46 (0)8 5065 3937 or 0200 883 440 UK +44 (0)20 3427 1907 or 0800 279 4977 US +1646 254 3365 or 1 877 280 2296 Conference title: Black Earth Farming, 1st Quarter 2015 results Conference ID: 7153187 Webcast link: http://event.on24.com/r.htm?e=997268&s=1&k=A0E0CA459AD258AE147D628958F22C1C 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: Erik Danemar, Chief Financial Officer, Black Earth Farming Ltd., tel.: +7(495) 664 2763, +7(910)246 7800 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 271,000 hectares of what is perhaps the world's most fertile soil. In 2015 Black Earth Farming plans to harvest approximately 150,000 hectares, effectively making it one of the world's largest public farming companies by cropped area. The Company's main products are wheat, corn, barley, sunflower, rapeseed and potatoes. Corporate website: www.blackearthfarming.com For subscription to Company Announcements, please contact us at: s.abakumova@agroinvest.com . If you do not want to receive Black Earth Farming Ltd announcements, please send an e-mail to the same address: s.abakumova@agroinvest.com News Source: NASDAQ OMX --------------------------------------------------------------------- 2015-05-22 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Black Earth Farming Ltd. Sweden ISIN: SE0001882291 End of News DGAP News-Service --------------------------------------------------------------------- 360923 2015-05-22
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