St Helier, Jersey, 2013-02-28 08:00 CET (GLOBE NEWSWIRE) --
First Full Year Net Profit of USD* 7.2 Million for 2012 (USD* -44.2 million)
Strong price development as Russian domestic crop prices rise above international.
Operational improvements to crop yields, storage logistics as well as sales & marketing.
Full year 2012 operating profit of USD* 19.9 million vs. USD* -26.8 million loss in 2011.
Q4 2012 Highlights (vs. Q4 2011)
- Sales volumes of 279.6 thousand tons (208.7) at an average price of USD* 205 per ton (159)
- Sales revenue of USD* 57.1 million (36.3)
- Operating profit of USD* 9.2 million (-12.5)
- Net profit of USD* 9.7 million (-13.9)
- Net profit per share of USD* 0.08 (-0.11)
12M 2012 Highlights (vs. 12M 2011)
- Revenue & Gains of USD* 229.3 million (82.3)
- Operating profit of USD* 19.9 million (-26.8)
- Net profit of USD* 7.2 million (-44.2)
- Net profit per share of USD* 0.06 (-0.35)
- Proposal of no dividend for 2012
CEO Comment Highlights (p.2 in report)
- 2012 Financial Result
- 2012 vs. 2011 - Key Drivers
- 2013 Plans
- 2013 Crop
- PepsiCo Agreement & Rights Issue
- Conclusion
Financial Overview (p. 5 in report)
USD* million Q4 2012 Q4 2011 12M 2012 12M 2011
Total Revenue & Gains 116.9 42.2 229.3 82.3
Gross Result 22.8 (5.8) 55.3 2.8
EBITDA 18.3 (0.9) 35.5 (13.0)
EBIT 9.2 (12.5) 19.9 (26.8)
Net Income 9.7 (13.9) 7.2 (44.2)
* The functional and presentation currency for Black Earth Farming is RUR. For the convenience of the users of this report USD amounts are also presented – see also note 2 (d).
Please see attachment for complete report.
Webcasted Telephone Conference Details:
Date: Thursday 28 February 2013
Time: 10:00 CET
Hosts: Black Earth Farming CEO – Richard Warburton
CFO – Alexander Betsky
IR Director – Erik Lystedt
Dial-in details: Sweden +46 (0)8 5052 0189 or 0200 125 744
UK +44 (0)20 8515 2313 or 0800 358 5271
US +1 480 629 9770 or 1 888 549 7750
Conference Title: Black Earth Farming 2012 Year End Report
Conference ID: 460 41 10
Webcast link:
http://event.on24.com/r.htm?e=590828&s=1&k=8D4E53B08EFD7C7426B09A4857B95A9D
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 Lystedt, Director of Investor Relations, Black Earth Farming Ltd., erik@blackearthfarming.com, +44 207 11 78 100
About the Company
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 2012 Black Earth Farming harvested approximately 222,000 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
