Black Earth Farming Ltd.
Black Earth Farming Ltd Q3 Report 2014

DGAP-News: Black Earth Farming Ltd.

14.11.2014 / 08:00

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St Helier, Jersey, 2014-11-14 08:00 CET (GLOBE NEWSWIRE) -- 
      Harvest close to completion. Nine month operating profit from stonger
        operational performance but dryness affects yield of corn crops.

Average realised 3Q14 sales price up 36% y-o-y due to crop mix and market price
improvement since harvest lows. Improved 2014 average blended crop yield. 9M
2014 operating profit of USD 4.9 mn (-14.7). 3Q14 operating cash flow reduced
as inventory built on lower volume sales through the harvest price trough . 

Q3 2014 Highlights (vs. Q3 2013)

-    Sales volumes of 66.9 thousand tons (220.5) at an average price of USD 214
per ton (158) 

-    Sales revenue of USD 15.4mn (34.2)

-    USD 11.3mn (-13.9) gain on revaluation of biological assets

-    Operating result of USD 10.4mn (-22.2)

-    Net result of USD 4.7mn (-26.9)

-    Net result per share of USD 0.02 (-0.13)



9M 2014 Highlights (vs. 9M 2013)

-    Total revenue & gains of USD 63.7mn (81.2)

-    Operating result of USD 4.9mn (-14.7)

-    Loss on FX translation of USD -7.3mn (-4.9)

-     Net result of USD -9.0mn (-27.4)

-     Net result per share of USD -0.04 (-0.13)



Events after the Reporting Period

-   Fire at potato storage site destroys buildings and crop inventory. Loss
estimated at up to USD 7mn 

-   Continued ruble depreciation since reporting date



CEO Comment Highlights (p.2 in report)

-     2014 Operational Progress

-     Sales & Marketing

-     Financial Review

-     2015 Crop

-     Summary & Outlook



Financial Overview (p. 4 in report)



USD million                Q3 '14  Q3 '13  9M '14  9M '13
---------------------------------------------------------
                          -------------------------------
Crop Volumes Sold           66.9    220.5   245.0   345.0
--------------------------                               
Av. Sales Price             214     158     204     210  
--------------------------                               
Total Revenue & Gains   26.7    20.4    63.7    81.2 
--------------------------                               
Gross Result                16.4   (11.2)   19.7    5.2  
--------------------------                               
EBITDA                      19.7    4.3     14.0    (4.3)
--------------------------                               
Net Result                  4.7    (26.9)   (9.0)  (27.4)
---------------------------------------------------------



Please see attachment for complete report.



Webcasted Telephone Conference Details:



Date:                         Friday 14 November 2014

Time:                        09:00 CET

Hosts:                       Black Earth Farming  CEO - Richard Warburton

                                                                     CFO - Erik
Danemar 

                                                                      IR
Director - Avto Makharoblishvili 



Dial-in details:                     Sweden  +46(0)8 5065 3937 or 0200 883 440

                                             UK           + 44(0)20 3427 1904
or 0800 279 4841 

                                             US (NY)  + 1646 254 3367    or 
1877 280 2296 

                                             Russia    + 7 495 705 9451   or  
8 800 500 9311 

Conference Title:          Black Earth Farming Q3 Report 2014

Conference ID:                  3890119

Webcast link:

http://event.on24.com/r.htm?e=884224&s=1&k=04C27947D117FD08E8AEC61A136A0DD6

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 (8) 916 598 1619 



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 perhaps is the world's most fertile soil. In 2014 Black Earth
Farming intends to harvest approximately 184,000 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, rapeseed and
potatoes. 

Corporate website: www.blackearthfarming.com
News Source: NASDAQ OMX



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Language:    English                   
Company:     Black Earth Farming Ltd.  
 
 
             Sweden                    
ISIN:        SE0001882291              
 
 
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