Black Earth Farming Ltd.
15.11.2013 08:00
---------------------------------------------------------------------------
St Helier, Jersey, 2013-11-15 08:00 CET (GLOBE NEWSWIRE) --
Significant price drop drives results lower despite better crop
yields
Average realised Q3 crop price down 30% y-o-y as market prices
dropped significantly since 30 June 2013. Operational progress with better 2013
average blended crop yield reducing cash cost per ton of production y-o-y. 9M
2013 operating loss of USD*-14.4 million but improved operating cash flow of
USD* 15.6 million before working capital movements affected by a late 2013
harvest.
Q3 2013 Highlights (vs. Q3 2012)
- Sales volume of 221.4 thousand tons (199.2) at an
average price of USD* 154 per ton (221)
- Sales revenue of USD* 34.3 million (44.8)
- USD* -13.1 million (13.5)
loss on revaluation of biological assets
- Operating result of USD* -21.6 million
(14.2)
- Net result of USD* -26.3
million (11.1)
- Net result per share of USD*
-0.13 (0.09)
9M 2013 Highlights (vs. 9M 2012)
- Total revenue & gains of USD* 79.5 million
(105.6)
- Operating result of USD*
-14.4 million (12.1)
- Loss on FX translation of
USD* -4.8 million (-2.3)
- Net result of USD* -26.8 million
(-0.4)
- Net result per share of USD*
-0.13 (0.00)
Events after the Reporting Period
In October 2013 the company announced that it will issue a new SEK
750 million bond loan with a 9.4% coupon rate and 4 year maturity in order to
refinance the old outstanding bond.
CEO Comment Highlights (p.2 in report)
- Market Development & BEF Sales
- 2013 Operational Progress
- 9M Results - 2014 Crop
- Summary & Outlook
Financial Overview (p. 4 in report)
USD* million Q3 2013
Q3 2012 9M 2013 9M 2012
Total Revenues & Gains 21.1
58.4 79.5 105.6
Gross Result (10.6)
23.2 5.1 30.5
EBITDA (17.4)
17.8 (9.4) 19.0
EBIT (22.4)
13.9 (19.5) 8.8
Net Income (26.3)
11.1 (26.8) (0.4)
* 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 15 November
2013
Time: 09:00 CET
Hosts: Black Earth Farming CEO - Richard
Warburton
CFO - Erik Danemar
IR
Director - Erik Lystedt
Dial-in details: Russia 810 8002 198 40
11
Sweden +46 (0)8 5052
0204 or 0200 125 762
UK +44 (0)20 8515
2313 or 0800 358 5256
US +1 480 629
9835 or 1 877 941 0844
Conference Title: Black Earth Farming Q3 Report
2013
Conference ID: 464 89 96
Webcast link:
http://event.on24.com/r.htm?e=708891&s=1&k=B421420CB8AE8F345FDE3A00
0B619A4D
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, CFO, Black Earth Farming Ltd., tel:
+7 495 664 27 63
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 over 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,
sunflower and rapeseed.
Corporate website: www.blackearthfarming.com
News Source: NASDAQ OMX
15.11.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's 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
Phone:
Fax:
E-mail:
Internet:
ISIN: SE0001882291
WKN:
End of Announcement DGAP News-Service
---------------------------------------------------------------------------