ROS AGRO PLC trading update 3Q and 9M 2023
TRADING RESULTS 3Q AND 9M 2023
Rusagro's revenue structure* for 3Q 2023
million roubles | Sugar segment | In 3Q | 2023 | Rusagro's consolidated | |||||||||||||||||
Meat segment | sales | before | intersegment | ||||||||||||||||||
13,315 | |||||||||||||||||||||
+35% | +26% Y-o-Y. | 12,914 | eliminations | reached | 78,176 million | ||||||||||||||||
+16% Y-o-Y | roubles. In comparison to 3Q 2022 | ||||||||||||||||||||
78,176 | 17% | 17% | sales | increased | by | 35% | (+20,056 | ||||||||||||||
million roubles). | |||||||||||||||||||||
58,120 | 78,176 | Rusagro's revenue increased despite | |||||||||||||||||||
NMGK | 16% Agriculture segment | the negative dynamics of global | |||||||||||||||||||
19% | mln rub. | prices. | Significant | revenue | growth | ||||||||||||||||
14,971 | 12,230 | was due to the consolidation of the | |||||||||||||||||||
+103% Y-o-Y | NMGK group of companies (+14,971 | ||||||||||||||||||||
million rubles) and, to a substantial | |||||||||||||||||||||
3Q 2022 | 3Q 2023 | 32% | Маслож. бизнес | extent, to | the increase | in | sales | ||||||||||||||
volumes in the agricultural business | |||||||||||||||||||||
24,745 млн руб. | |||||||||||||||||||||
against the backdrop of the dollar's | |||||||||||||||||||||
-18%Y-o-Y | |||||||||||||||||||||
AGRICULTURE SEGMENT | appreciation | against | the | rouble. | |||||||||||||||||
Revenue growth was also influenced | |||||||||||||||||||||
by positive price dynamics in the | |||||||||||||||||||||
Sales volume of grain crops | |||||||||||||||||||||
sugar and pork markets. | |||||||||||||||||||||
thousand tonnes | Barley | Corn | Wheat | Sales volume of grain crops in 3Q 2023 | |||||||||||||||||
reached 436 thousand tonnes, which | |||||||||||||||||||||
+256% | 556 | is 3.5 times (+313 thousand tonnes) | |||||||||||||||||||
more than in Q3 2022. The main | |||||||||||||||||||||
436 | 27 5 | 436 | contribution to the growth was | ||||||||||||||||||
provided by a significant increase in | |||||||||||||||||||||
54 1 | 54 | 1 | wheat sales by 290% (+284 thousand | ||||||||||||||||||
tonnes). | |||||||||||||||||||||
180 | 524 | 198 | This | growth | is | caused | by | the | |||||||||||||
123 | 381 | 125 | 123 | 381 | postponement of sales from the | ||||||||||||||||
88 | 63 | ||||||||||||||||||||
25 | 0.1 | 101 | 0.2 | 10 0.1 | 25 | beginning of the year to Q3 due to | |||||||||||||||
0.1 | 29 135 | reasonable expectations of improved | |||||||||||||||||||
98 | 79 | 115 | 98 | 59 | |||||||||||||||||
3Q 2022 | 3Q 2023 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | market conditions. | In Q3 | 2023, a | ||||||||||
significant volume | of | corn | was sold | ||||||||||||||||||
under annual contracts.
Sales volume of oil crops
thousand tonnes | Sunflower | Soy | |||||||
+144% | 117 | 127 | 110 | ||||||
16 | 40 | ||||||||
16 | |||||||||
70 | 70 | ||||||||
3 | 3 | ||||||||
29 | 67 | 102 | 20 | 29 | 86 | 94 | 67 | ||
1 | 1 | 5 | |||||||
5 | |||||||||
28 | 15 | 28 | |||||||
4 1 | |||||||||
3Q 2022 | 3Q 2023 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 |
Sales of oil crops in 3Q 2023 in comparison to the same quarter of the previous year jumped by 144% (+41 thousand tonnes) - up to 70 thousand tonnes due to increase of soy sales by 140% (+39 thousand tonnes).
The increase in revenues in Q3 was mainly due to the shift of sales of 2022 crop to 2023 due to late harvesting and the expectation of a stronger USD/RUB exchange rate.
Sales volume of sugar beet
thousand tonnes | 2 458 | |||||||
+51% | ||||||||
1 103 | 1 103 | |||||||
730 | 730 | 494 | ||||||
59 | 0 | 0 | ||||||
3Q 2022 | 3Q 2023 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 |
In 3Q 2023 sales of sugar beet increased by 51% (+373 thousand tonnes) to 1,103 thousand tonnes compared to the same period of the previous year due to improved crop yields and early start-up of sugar mills. In Q3 2023, sugar beet delivery to sugar mills took place in accordance with the harvesting schedule in line with the crop yield growth.
* Sales before intersegment eliminations and account for other sales.
1
ROS AGRO PLC trading update 3Q and 9M 2023
MEAT SEGMENT
Production of pigs
thousand tonnes, in live weight for slaughtering
-7% | ||||||||
85 | 79 | 77 | 83 | 85 | 91 | 89 | 86 | 79 |
3Q 2022 3Q 20231Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023
Sales volume of pork products thousand tonnes
-5% | |||||||
72 | 68 | 73 | 72 | 77 | 72 | 74 | 68 |
60 | |||||||
3Q 2022 | 3Q 2023 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 |
In 3Q 2023 Rusagro produced | 79 |
thousand tonnes of pork in live weight for slaughtering, which is 7% (- 6 thousand tonnes) less than in the same quarter of the previous year.
Volumes decreased as a result of ASF in Primorsky Krai, the effects of which have been eliminated.
In 3Q 2023 in comparison to the same quarter of the previous year sales volume of pork products decreased by 5% (-4thousand tonnes) - to 68 thousand tonnes.
The reasons for the decrease in sales were due to the effect of ASF in Primorsky Krai. At the same time there was a shift from sales of live weight pork and half carcasses to the more marginal categories, as large cuts and offal.
SUGAR SEGMENT
Production of sugar
thousand tonnes
492 | ||||
+28% | ||||
174 | 224 | 174 | ||
56 | 49 | 69 | 35 | |
3Q 2022 | 3Q 2023 |
Sales volume of sugar thousand tonnes
+5% | 260 | ||||
214 | 233 | ||||
199 | 208 | 199 | |||
177 | |||||
148 | |||||
In 3Q 2023 Rusagro produced 224 thousand tonnes of sugar, which is 28% (+50 thousand tonnes) more than in the same quarter of the previous year.
This is attributed to higher sugar
224 production due to a larger amount of sugar beet in the 2023/2024 season, as well as the extension of the previous sugar beet processing season and the shift to July-August of sugar production from molasses.
In 3Q 2023 in comparison to the same quarter of the previous year Rusagro's sales volume of sugar increased by 5%
(+9 thousand tonnes) - to up to 208 thousand tonnes. Sugar sales volumes
208 were made in line with market conditions.
3Q 2022 | 3Q 2023 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 |
2
ROS AGRO PLC trading update 3Q and 9M 2023
OIL & FAT SEGMENT and NMGK SEGMENT
Production of Crude vegetable oil
thousand tonnes
+37%
169 | 176 | 181 | 159 | 140 | |
124 | 69 | 124 | 132 | ||
100 | |||||
69 | |||||
100 | |||||
3Q 2022 3Q 2023 | 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 3Q 2023 | ||||
NMGK |
Sales volume of industrial Oil & Fat and dairy products
thousand tonnes | NMGK: Industrial fats | Industrial fats | |||||||
+11% | NMGK: Bulk oil | Bulk oil | |||||||
NMGK: Meal | Meal | ||||||||
332 | 370 | 325 | Dry mixes | ||||||
17 | 324 | 332 | 303 | 305 | |||||
4 | 60 | 4 | 4 | 4 | 266 | ||||
72 | 79 | 62 | 72 | 4 | 3 | ||||
65 | 84 | 3 | 75 | 228 | |||||
84 | 4 | 92 | 108 | 84 | 76 | 4 | |||
85 | 102 | 85 | |||||||
84 | 54 | 142 | |||||||
50 | 50 | 17 | |||||||
171 | 149 | 149 | 171 | 60 | |||||
131 | 133 | 124 | |||||||
89 | 89 | 65 | |||||||
3Q 2022 3Q 2023 | 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 3Q 2023 | ||||||||
NMGK |
Sales volume of consumer Oil & Fat and dairy products | |
thousand tonnes | NMGK: Consumer Oil and Fat products |
+70% | Consumer Dairy products |
Consumer Oil & Fat products |
130 | |||||||||
55 | 98 | ||||||||
77 | 76 | 69 | 77 | 4 | 68 | 78 | 75 | ||
4 | 5 | 3 | 4 | 4 | 5 | 55 | |||
4 | 3 | ||||||||
94 | |||||||||
72 | 70 | 72 | 65 | 72 | 65 | 73 | 70 | ||
55 | |||||||||
3Q 2022 3Q 2023 | 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 3Q 2023 | ||||||||
NMGK |
In 3Q 2023 Rusagro produced 169 thousand tonnes of crude vegetable oil, which is 37% (+45 thousand tonnes) more than in the same quarter of the previous year. The dynamics was driven by the consolidation of volumes of NMGK Group, which produced 69 thousand tonnes of crude vegetable oil.
The Oil & Fat Segment's processing volumes decreased due to the suspension of the Balakovo oil extraction plant for modernization, which enables us to boost processing capacity by 30%.
Sales of industrial Oil & Fat and dairy products in Q3 2023 amounted to 370 thousand tonnes, which is 11% (+38 thousand tonnes) more than in the same quarter of the previous year. Sales of industrial fats increased by 41% (+30 thousand tonnes), sales of bulk oil increased by 30% (+25 thousand tonnes), and sales of meal decreased by 10% (-16thousand tonnes). The decrease is due to the suspension of Balakovo oil extraction plant for modernization.
In 3Q 2023, NMGK produced 142 thousand tonnes of industrial Oil & Fat products in total.
In 3Q 2023 sales of all key consumer product categories of Rusagro's Oil & Fat segment (bottled oil, margarines, spreads, mayonnaise and ready-made sauces, ketchup, cheese, butter, cream) reached 130 thousand tonnes, which is 70% (+53 thousand tonnes) more than in the same quarter of the previous year.
The growth was due to the consolidation of NMGK, which produced 55 thousand tonnes of consumer Oil & Fat products.
3
ROS AGRO PLC trading update 3Q and 9M 2023
Trading results of 3Q and 9M 2023 thousand tonnes
Item | 9M 2023 | 9M 2022 | Change, % | 3Q 2023 | 2Q 2022 | Change, % |
Total sales*, RUB million | 187 757 | 188 963 | -1% | 78 176 | 58 120 | 35% |
Oil & Fat Segment | ||||||
Production volume of crude vegetable | 372 | 482 | (23%) | 100 | 124 | (19%) |
oil | ||||||
Sales volume of consumer products, | 221 | 221 | (0,3%) | 75 | 77 | (2%) |
including: | ||||||
oil & fat products | 208 | 210 | (1%) | 70 | 72 | (3%) |
dairy products | 12 | 11 | 8% | 5 | 4 | 12% |
Sales volume of industrial products, | 799 | 980 | (19%) | 228 | 332 | (31%) |
including: | ||||||
meal | 347 | 470 | (26%) | 89 | 171 | (48%) |
bulk oil | 207 | 284 | (27%) | 50 | 84 | (41%) |
industrial fats | 236 | 213 | 11% | 85 | 72 | 18% |
dry whey mixes | 10 | 13 | (24%) | 4 | 4 | (13%) |
NMGK | ||||||
Production volume of crude vegetable | 69 | - | - | 69 | - | - |
oil | ||||||
Sales volume of consumer products, | 55 | - | - | 55 | - | - |
including oil & fat products | ||||||
Sales volume of industrial products, | 142 | - | - | 142 | - | - |
including: | ||||||
meal | 65 | - | - | 65 | - | - |
bulk oil | 60 | - | - | 60 | - | - |
industrial fats | 17 | - | - | 17 | - | - |
Meat Segment | ||||||
Production volume of pork in live | 254 | 245 | 4% | 79 | 85 | (7%) |
weight for slaughtering | ||||||
Sales volume of pork products | 214 | 205 | 4% | 68 | 72 | (5%) |
Sugar Segment | ||||||
Production volume of sugar | 327 | 278 | 18% | 224 | 174 | 28% |
Sales volume of sugar | 589 | 636 | (7%) | 208 | 199 | 5% |
Agriculture Segment | ||||||
Sales volume of grain crops, including: | 721 | 428 | 69% | 436 | 123 | 256% |
wheat | 575 | 292 | 97% | 381 | 98 | 290% |
corn | 145 | 135 | 7% | 54 | 25 | 118% |
barley | 1,0 | 0,3 | 184% | 0,9 | 0,1 | 522% |
Sales volume of oil crops, including: | 306 | 166 | 85% | 70 | 29 | 144% |
sunflower | 58 | 21 | 174% | 2,5 | 0,6 | 348% |
soybeans | 248 | 145 | 71% | 67 | 28 | 140% |
Sales volume of sugar beet | 1 597 | 788 | 103% | 1 103 | 730 | 51% |
* Sales before intersegment eliminations and account for other sales.
Comment: Since some indicators and percentages in the diagrams and texts of the press release were rounded to the nearest whole number, the sum of the | 4 |
rounded values may not fully match the totals. Further, calculations of changes were derived from the pre-rounded indicators and may therefore not fully | |
match the changes calculated with the rounded values. |
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Rusagro plc published this content on 23 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 October 2023 07:22:35 UTC.