Black Earth Farming Ltd.
Black Earth Farming Ltd Q4 Report 2014
DGAP-News: Black Earth Farming Ltd. 2015-02-27 / 08:00 --------------------------------------------------------------------- St Helier, Jersey, 2015-02-27 08:00 CET (GLOBE NEWSWIRE) -- Black Earth Farming Ltd. Quarterly report Black Earth Farming Ltd Q4 Report 2014 Operating profit on higher yields and lower costs per ton 2014 operating profit up USD 36.8mn y-o-y from USD -30.6mn to USD 6.2mn despite low price environment. Blended yield (excl. sugar beet and potatoes) up 6% y-o-y and 38% over 3 years. Costs per ton estimated down by 16% on cost control, harvesting conditions and weaker ruble. A 72% devaluation of the Russian ruble negatively affects balance sheet and causes USD 16.5mn forex loss. 2014 net loss of USD -17.4mn. Q4 2014 Highlights (vs. Q4 2013) · Total revenue and gains of USD 80.7mn (67.1) · Sales volume of 310kt (370) at an average sales price of USD 194 per ton (164) · Sales revenue of USD 60.4mn (61.2) · USD 11.9mn (4.2) gain on revaluation of biological assets · Operating profit/(loss) of USD 1.3mn (-15.8) · Net loss of USD -8.5mn (-18.5) · Net loss per share of USD -0.04 (-0.09) · USD 5.2mn bonds repurchased in 4Q14 12M 2014 Highlights (vs. 12M 2013) · Total revenue and gains of USD 144mn (148) · Operating profit/ (loss) of USD 6.2mn (-30.6) · Forex loss of -16.5mn (-3.9) · Net loss of USD -17.4mn (-45.9) · Net loss per share of USD -0.08 (-0.22) · Operating cash flows after change in working capital of USD 10.4mn (12.9) · Net debt of USD 27.3mn (34.5) · No dividend proposed for 2014 CEO Comment Highlights (p.2 in report) · 2014 Performance · 2014 Sales & marketing · FY Results · 2015 Crop · 2015 Plan · Summary & Outlook Financial Overview (p.5 in report) < sans-serif;'>< sans-serif;'>< sans-serif;'>< span pan span span span style='font-si style='font-siz style='font-si style='font-si style='font-si ze:10pt;'>USD e:10pt;'>Q4 ze:10pt;'>Q4 ze:10pt;'>12M ze:10pt;'>12M million'14 n> an> an> an> -------------------------------------------------------------------------------- Crop e:10pt;'>310.4< ze:10pt;'>370. ze:10pt;'>555. ze:10pt;'>715. Volumes Sold /span> 4 4 4 (k tons) -------------------------------------------------------------------------------- Av. e:10pt;'>194164< ze:10pt;'>198< ze:10pt;'>186< Sales pan> /span> /span> /span> Price -------------------------------------------------------------------------------- Total e:10pt;'>80,689 ze:10pt;'>67,1 ze:10pt;'>144, ze:10pt;'>148, Revenue & 31 417 289 Gains -------------------------------------------------------------------------------- Gross e:10pt;'>18,069 ze:10pt;'>889< ze:10pt;'>37,8 ze:10pt;'>6,12 Profit /span> 11 9 -------------------------------------------------------------------------------- EBITD e:10pt;'>6,796< ze:10pt;'>(7,1 ze:10pt;'>20,7 ze:10pt;'>(11, A /span> 19) 66 416) -------------------------------------------------------------------------------- EBIT< e:10pt;'>1,275< ze:10pt;'>(15, ze:10pt;'>6,21 ze:10pt;'>(30, /span> /span> 813) 3 551) -------------------------------------------------------------------------------- Net e:10pt;'>(8,451 ze:10pt;'>(18, ze:10pt;'>(17, ze:10pt;'>(45, loss ) 459) 437) 862) -------------------------------------------------------------------------------- Please see attachment for complete report. Webcast details: Date: Friday, 27 February 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 11 or +7495 705 9451 Sweden +46 (0)8 5033 6538 or 0200 883 440 UK +44 (0)20 3427 1901 or 0800 279 4992 US +1646 254 3362 or 1 877 280 1254 Conference title: Black Earth Farming, Q4 and FY 2014 report Conference ID: 2951126 Webcast link: http://event.on24.com/r.htm?e=946958&s=1&k=4516265180EF6F261A61B0087CA8B B8C 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 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 271,000 hectares of what is perhaps the world's most fertile soil. In 2014, Black Earth Farming harvested 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 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 following address: s.abakumova@agroinvest.com News Source: NASDAQ OMX --------------------------------------------------------------------- 2015-02-27 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 --------------------------------------------------------------------- 327621 2015-02-27
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