St Helier, Jersey, 2013-05-24 08:00 CEST (GLOBE NEWSWIRE) --
Positive Operating Cash Flow as Spring Seeding Campaign Commences
Q1 operating cash flow of USD* 2.7 million as 50% of carry-in stock was sold. Average sales price of USD* 292 per ton up 67% y-o-y but declining market prices year to date resulted in a negative Q1 gross margin. Low winter kill of 1% with good general conditions for 2013 crop so far.
Q1 2013 Highlights (vs. Q1 2012)
- Sales volumes of 66 thousand tons (121) at average price per ton of USD* 292 (175)
- Sales revenue of USD* 19.5 million (21.5)
- Operating loss of USD* -10.4 million (-5.5)
- Gain/loss on FOREX of USD* -1.0 (5.2)
- Net loss of USD* -13.6 million (-3.9)
- Net loss per share of USD* -0.07 (-0.05)
- Operating cash flow of USD* 2.7 million (3.3)
Events after the Reporting Period
- 2013 Crop; Continued operational progress with spring seeding 97% complete as of 22 May. Total 2013 crop area expected at approximately 230 thousand hectares.
- New CFO; As announced on 24 April Erik Danemar was appointed Chief Financial Officer effective 8 May 2013.
CEO Comment Highlights (p.2 in report)
- Market Development
- Q1 Sales & 2013 Financials
- Spring Seeding & 2013 Crop Area
- 2013 Revenue Risk Management
Financial Overview (p. 4 in report)
USD* million Q1 2013 Q1 2012
Total Revenues & Gains 18.0 21.9
Gross Result (4.7) (1.6)
EBITDA (9.0) (3.4)
EBIT (10.4) (5.5)
Net Income (13.6) (3.9)
* The functional and presentation currency for Black Earth Farming is RUR. For the convenience of readers of this report USD amounts are also presented – see also note 2 (d).
Please see attachment for full report.
Webcasted Telephone Conference Details:
Date: Friday 24 May 2013
Time: 10:00 CET
Hosts: Black Earth Farming CEO – Richard Warburton
CFO – Erik Danemar
IR Director – Erik Lystedt
Dial-in details: Sweden +46 (0)8 5052 0189 or 0200 125 744
UK +44 (0)20 8515 2303 or 0800 358 5271
US +1 480 629 9692 or 1 877 941 8609
Conference Title: Black Earth Farming Q1 Report 2013
Conference ID: 462 15 20
Webcast link:
Please quote the Conference ID or Conference title to access the call.
Please call in 5 minutes before the conference starts
http://event.on24.com/r.htm?e=624961&s=1&k=80A0D6D99D15FB9B306C0AC4712ECC68
For additional information, please contact:
Erik Lystedt, Director of Investor Relations, Black Earth Farming Ltd., tel: +44 (0) 2071 178 100
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 308,000 hectares of what perhaps is the world's most fertile soil.
In 2013 Black Earth Farming intends to harvest over 230,000 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, rapeseed and soya.
Corporate website: www.blackearthfarming.com
