Latest Financial Reports

AGROMINO A/S: 1Q 2020 INTERIM REPORT

Опубликовано: Травень 29, 2020 в 8:00 am

Автор:

Категории: Latest Financial Reports,Press Releases

1Q 2020 Highlights

  • EBITDA profit of EUR 0.4 million in 1Q 2020 compared to EBITDA profit of EUR 0.3 million in 1Q 2019.
  • Net loss of EUR 6.6 million in 1Q 2020 compared to net loss of EUR 1.6 million in 1Q 2019.
  • Net loss in 1Q 2020 includes losses from exchange rate differences in amount EUR 3.2 million. In 1Q 2019 there was a gain from exchange rate differences in amount EUR 0.1 million.
  • In 1Q 2020 Ukrainian hryvna as well as Russian ruble devaluated significantly. The official exchange rate of Ukrainian hryvna as of 31 March 2020 against euro was UAH 30.96 per EUR, compared to UAH 26.42 per EUR as at 31 December 2019. The official exchange rate of Russian ruble as of 31 March 2020 against euro was UAH 85.94 per EUR, compared to UAH 69.96 per EUR as at 31 December 2019.
  • In the end of 2019 Agromino acquired Resilient a.s. The financials for 3 months 2020 include Resilient a.s. results.
  • Total land under control was 55.3 thousand hectares as of March 31, 2020 (47.0 thousand hectares as of March 31, 2019). Increase in land under control was due to the acquisition of Resilient a.s in the end of 2019.
  • On 28 April 2020 the President of Ukraine signed new land law which will lead to discrimination of foreign investors in Ukrainian agriculture. The new land law shall come into force in July 2021. Agromino is analyzing the impacts on its operation.

Agromino 1Q 2020 Interim Report

Investor enquiries

Mr. Petr Toman, CEO of Agromino A/S

Tel: +38 044 586 4445, e-mail:  mail@agromino.com

About Agromino

Agromino is an integrated soft commodities production, storage and trading company with operations in Ukraine, Russia and Estonia. Agromino shares are traded on the main market of Nasdaq Stockholm.

For subscription to Agromino A/S announcements please contact us: mail@agromino.com

If you do not want to receive Agromino A/S press releases automatically in the future please send an e-mail to the following address: unsubscribe@agromino.com.

This information is information that Agromino A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 29 May 2020.

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AGROMINO PUBLISHES ITS ANNUAL REPORT 2019

Опубликовано: Березень 31, 2020 в 5:00 pm

Автор:

Категории: Latest Financial Reports,Press Releases

With the following Agromino A/S announces that it has published the Annual Report 2019.
The Annual Report 2019 is enclosed to the current announcement below and available on the website of Agromino A/S: www.agromino.com.

Agromino 2019 Annual Report

About Agromino

Agromino is an integrated soft commodities production, storage and trading company with operations in Ukraine, Russia and Estonia. Agromino´s shares are traded on the main market of Nasdaq Stockholm.

For subscription to Company announcements please contact us: mail@agromino.com

If you do not want to receive Agromino press releases automatically in the future please send an e-mail to the following address: unsubscribe@agromino.com.

This information was submitted for publication at 17:00 CEST on 31 March 2020.

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AGROMINO A/S: YEAR-END 2019 INTERIM REPORT

Опубликовано: Лютий 28, 2020 в 8:00 am

Автор:

Категории: Latest Financial Reports,Press Releases

2019 Year-end highlights

• EBITDA profit of EUR 9.9 million in 12m 2019 compared to EBITDA loss of EUR 7.6 million in 12m 2018.
• Net profit of EUR 2.6 million in 12m 2019 compared to net loss of EUR 9.6 million in 12m 2018.
• A significant change in net loss in 12m 2019 in comparison with 12m 2018 was due to absence of currency translation losses from disposal of subsidiaries (EUR 10 million loss in 12m 2018).
• Both assets and liabilities were expanded as of December 31, 2019 because of IFRS 16 adoption by the Group. Assets were increased by land right-of-use assets, liabilities by lease liabilities.
• Total storage capacity increased to 121,000 tonnes due to setting up new elevator capacities in the Group (85,000 tonnes as of 31 December 2018) to solve urgent storage need after divesting 237,000 tonnes storage capacities in 2018 and 2017.
• Crop harvest in 2019 completed with satisfactory results, mainly due to 31% increase in average net yield to 3,54 t/ha (2,70 t/ha in 2018).
• Winter crops of harvest 2020 were established on time.
• On September 2 the general meeting of Agromino approved to acquire Resilient a.s. for an acquisition value of EUR 12,935,040 in shares, i.e. consideration of 7,473,810 newly issued ordinary shares in Agromino at a subscription price of SEK 18.6 per share. Transaction was completed on October 17 and is included in the financials for 12m 2019 since October 17 till December 31, 2019.
• Combined harvest of the group including Resilient has reached 198 thousand tonnes brutto Agromino itself harvested 156 thousand brutto tonnes compared to 124 thousand brutto tonnes in 2018.

Agromino 2019 Year-end Report

Investor enquiries

Mr. Petr Toman, CEO of Agromino A/S

Tel: +38 044 586 4445, e-mail:  mail@agromino.com

About Agromino

We are farmers and agribusiness managers, with operations in Ukraine, Russia and Estonia. Agromino A/S shares are traded on the main market of Nasdaq Stockholm.

For subscription to Agromino A/S announcements please contact us: mail@agromino.com

If you do not want to receive Agromino A/S press releases automatically in the future please send an e-mail to the following address: unsubscribe@agromino.com.

This information is information that Agromino A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 28 February 2020.

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AGROMINO A/S: 1H 2019 INTERIM REPORT

Опубликовано: Серпень 30, 2019 в 8:00 am

Автор:

Категории: Latest Financial Reports,Press Releases

1H 2019 Highlights 

  • 1H 2019 net profit amounted to EUR 6.6 million (loss of EUR 2.8 million in 1H 2018)
  • EBITDA profit of EUR 10.2 million in 1H 2019 compared to EBITDA loss of EUR 1.8 million in 1H 2018.
  • A significant change in net profit/loss in 1H 2019 in comparison with 1H 2018 was mainly due to absence of currency translation losses from disposal of subsidiaries in 1H 2019 (EUR 10 million loss in 1H 2018).
  • IFRS 16 adoption improved EBITDA in 1H 2019, since operating lease expenses in the amount of EUR 1.9 million were not recorded within OPEX, depreciation of right-of-use assets and financial costs were recognized instead.
  • Both assets and liabilities were expanded as of June 30, 2019 because of IFRS 16 adoption by the Group. Assets were increased by land right-of-use assets, liabilities by lease liabilities.
  • Total storage capacity increased to 101,000 tonnes due to setting up new elevator capacity in the Group (85,000 tonnes as of 31 December 2018) to solve urgent storage need after divesting 237,000 tonnes storage capacities in 2018 and 2017.
  • Cultivated land as of June 30, 2019 decreased to 44 thousand hectares (44.5 thousand hectares at June 30, 2018). The Group faces repeated raider attacks against its leased land.
  • Early crop harvest completed with the net yields (t/ha) roughly corresponding to 5 year average and the sowing of year 2020 winter crops underway.
  • The Group result for wheat on 16,124 ha is 3.87 brutto t/ha.
  • Harvest of oilseed rape (2,137 ha) was also finished and the Group result is 1.65 t/ha brutto.

 

Agromino 1H 2019 Interim Report 

 

Investor enquiries 

Mr. Petr Toman, CEO of Agromino A/S 

Tel: +38 044 586 4445, e-mail:  mail@agromino.com 

 

About Agromino 

Agromino is an integrated soft commodities production, storage and trading company with operations in Ukraine, Russia and Estonia. Agromino shares are traded on the main market of Nasdaq Stockholm. 

For subscription to Agromino A/S announcements please contact us: mail@agromino.com 

If you do not want to receive Agromino A/S press releases automatically in the future please send an e-mail to the following address: unsubscribe@agromino.com

This information is information that Trigon Agri A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CEST on 30 August 2019. 

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AGROMINO A/S: 1Q 2019 INTERIM REPORT

Опубликовано: Травень 31, 2019 в 8:24 am

Автор:

Категории: Latest Financial Reports,Press Releases

1Q 2019 Highlights

  • 1Q 2019 net loss amounted to EUR 3.2 million (loss of EUR 11.0 million in 1Q 2018)
  • EBITDA loss of EUR 1.3 million in 1Q 2019 compared to EBITDA loss of EUR 10.7 million in 1Q 2018.
  • A significant change in net loss in 1Q 2019 in comparison with 1Q 2018 was mainly due to absence of currency translation losses from disposal of subsidiaries in 1Q 2019 (EUR 10 million loss in 1Q 2018).
  • Direct costs for fertilizers increased in 1Q 2019 in comparison with 1Q 2018 for EUR 1,1 million due to earlier start of soil fertilizing in 2019 because of weather (fertilizers for wheat were used already in March 2019, in year 2018 – in April). Prices of fertilizers have risen too.
  • The total storage capacity stayed at 85,000 tonnes in 1Q 2019 (the same in 1Q 2018).
  • Total land under control was 47 thousand hectares as of March 31, 2019 (47 thousand hectares at December 31, 2018). The Group faces repeated raider attacks against its leased land.
  • Share of loss EUR 0.2 million from investments in shares of Trigon Dairy Farming Estonia Ltd. (loss of EUR 0.06 million in 1Q 2018).
  • The EBITDA of Milk production segment in Russia amounted to a loss of EUR 0.08 million (loss of EUR 1.6 million in 1Q 2018) and milk production decreased by 25 %.
  • Both assets and liabilities were expanded as of March 31, 2019 because of IFRS 16 adoption by the Group. Assets were increased by land right-of-use assets, liabilities by lease liabilities.

Agromino 1Q 2019 Interim Report

Investor enquiries

Mr. Petr Toman, CEO of Agromino A/S

Tel: +38 044 586 4445, e-mail:  mail@agromino.com

About Agromino

Agromino is an integrated soft commodities production, storage and trading company with operations in Ukraine, Russia and Estonia. Agromino shares are traded on the main market of Nasdaq Stockholm.

For subscription to Agromino A/S announcements please contact us: mail@agromino.com

If you do not want to receive Agromino A/S press releases automatically in the future please send an e-mail to the following address: unsubscribe@agromino.com.

This information is information that Trigon Agri A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 31 May 2019.

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AGROMINO PUBLISHES ITS ANNUAL REPORT 2018 (QUALIFIED OPINION)

Опубликовано: Березень 25, 2019 в 6:00 pm

Автор:

Категории: Latest Financial Reports,Press Releases

With the following Agromino A/S announces that it has published the Annual Report 2018. A qualified opinion was issued by auditor.
The Annual Report 2018 is enclosed to the current announcement below and available on the website of Agromino A/S: www.agromino.com.

Agromino 2018 Annual Report

About Agromino

Agromino is an integrated soft commodities production, storage and trading company with operations in Ukraine, Russia and Estonia. Agromino´s shares are traded on the main market of Nasdaq Stockholm.

For subscription to Company announcements please contact us: mail@agromino.com

If you do not want to receive Agromino press releases automatically in the future please send an e-mail to the following address: unsubscribe@agromino.com.

This information was submitted for publication at 18:00 CET on 25 March 2019.

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AGROMINO A/S: 4Q 2018 INTERIM REPORT

Опубликовано: Лютий 28, 2019 в 8:00 am

Автор:

Категории: Latest Financial Reports,Press Releases

4Q 2018 Highlights

  • 2018 net loss amounted to EUR 10.3 million (profit of EUR 3.5 million in 2017)
  • EBITDA loss of EUR 8.4 million in 2018 compared to EBITDA profit of EUR 5.5 million in 2017
  • Currency translation losses from disposal of subsidiaries amounting to EUR 10.0 million recycled from Other Comprehensive Income to Income Statement in the year 2018.
  • Disposal of part of elevator business for USD 2.6 million, EUR 0.3 million gain from disposal recorded in the year 2018. The total storage capacity decreased to 85,000 tonnes (195,000 tonnes in 2017).
  • Disposal of 10 thousand ha Russian land plots for EUR 171 thousand (17 EUR/ha). Total land under control as of December 31, 2018, declined to 47 thousand hectares (58 thousand hectares at December 31, 2017).
  • Lower financial costs by EUR 0.25 million in comparison with the year 2017
  • Share of profit EUR 0.8 million from investments in shares of Trigon Dairy Farming Estonia Ltd. in comparison with a profit of EUR 1.5 million in 2017
  • The spring crops were not as disappointing as the winter crops, but anyway Agromino finished the year with the lowest net yield in five years.
  • Winter crops of harvest 2019 were established on time.
  • Wheat on 16 thousand ha and oilseed rape on 4 thousand ha as of December 31, 2018 are in reasonable condition.
  • Impairment losses for property, plant and equipment in Russian segment were recognised in Income Statement for 2018 for EUR 0.8 million.

Agromino 2018 4Q Interim Report

Investor enquiries

Mr. Petr Toman, CEO of Agromino A/S

Tel: +38 044 586 4445, e-mail:  mail@agromino.com

About Agromino

We are farmers and agribusiness managers, with operations in Ukraine, Russia and Estonia. Agromino A/S shares are traded on the main market of Nasdaq Stockholm.

For subscription to Agromino A/S announcements please contact us: mail@agromino.com

If you do not want to receive Agromino A/S press releases automatically in the future please send an e-mail to the following address: unsubscribe@agromino.com.

This information is information that Agromino A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 28 February 2019.

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AGROMINO A/S: 3Q 2018 INTERIM REPORT

Опубликовано: Листопад 30, 2018 в 8:00 am

Автор:

Категории: Latest Financial Reports,Press Releases

3Q 2018 Highlights

  • 9m 2018 net loss amounted to EUR 6.3 million (profit of EUR 6.6 million in 9m 2017)
  • EBITDA loss of EUR 4.3 million in 9m 2018 compared to EBITDA profit of EUR 7.2 million in 9m 2017
  • Currency translation losses from disposal of subsidiaries amounting to EUR 10.0 million recycled from Other Comprehensive Income to Income Statement in 9m 2018
  • Disposal of part of elevator business for USD 2.6 million, EUR 0.3 million gain from disposal recorded in 9m 2018. The total storage capacity decreased to 85,000 tonnes (195,000 tonnes at 9m 2017).  
  • Disposal of 10 thousand ha Russian land plots for EUR 171 thousand (17 EUR/ha). Total land under control as of September 30, 2018, declined to 47.5 thousand hectares (58 thousand hectares at December 31, 2017).
  • Lower financial costs by EUR 0.2 million in comparison with 9m 2017
  • Crop harvest completed.
  • The spring crops were not as disappointing as the winter crops, but anyway Agromino will finish the year with the lowest net yield in five years.
  • Winter crops were established on time.
  • Wheat (16 thousand ha) is in reasonable condition while 6,363 ha out of 8,879 ha of oilseed rape shall be re-sown.
  • The group corrects the expectation for its Russian milk sector EBITDA from EUR 1 million to EUR 240 thousand. Both amounts do not comprise currency translation losses of EUR 1.7 million.

CEO Comment

Following the weak results of the harvest, Agromino continues its program of cutting costs to cover its cash flow needs during the first half of 2019.

Crop Production of 2018

Agromino completed the harvest of 2018 crops. The spring crops were not as disappointing as the winter crops, but anyway Agromino will finish the year with the lowest net yield in five years.

  • The group result for wheat on 20,987 ha is 3.17 brutto t/ha which is 72.6 % of the planned budget (4.36 t/ha).
  • Harvest of oilseed rape (1,822 ha) was finished with the group result at 1.17 t/ha brutto which is 58 % of the planned budget (2.00 t/ha).
  • Harvest of peas (1,947 ha) finished with the group result 2.68 t/ha brutto which is 85 % of the planned budget (3.16 t/ha).
  • Harvest of linseed (1,069 ha) finished with the group result 0.67 t/ha brutto which is 49 % of the planned budget (1.37 t/ha).
  • The group result for sunflower on 14,745 ha is 2.48 t/ha brutto which is 101 % of the planned budget (2.45 t/ha).
  • Soya was harvested on 2,537 ha with the group result 2.01 t/ha brutto which is 96.6 % of the planned budget (2.08 t/ha).
  • Corn was harvested on 1 013 ha with the group result 6.65 t/ha brutto which is 82 % of the planned budget (8.09 t/ha).
  • Harvest of millet (431 ha) finished with the group result 2.56 t/ha (not budgeted)

Soil compaction will be one of the major issues to solve in the coming years. Unsuitable machinery will have to be replaced and new agrotechnical procedures will have to be applied.

Milk production

Russian milk production struggles with two problems – health condition of the cattle and cash flow problems.

With regard to the difficult financial situation in cash flow on the Russian farm, some supplies of concentrated fodder were delayed and had to be decreased in the feed. The ration being less energy rich resulted in decline of daily milk yield and the total amount of milk sold.

Sowing the winter crops for 2019

Winter crops were established on time. Wheat (16 thousand ha) is in reasonable condition while 6,363 ha out of 8,879 ha oilseed rape shall be re-sown. The main reason for that was the drought in August/September and unsuitable agro-technical operation.

Consultancy agreement with Resilient

Resilient a.s. began providing services in regards of consultations in the area of agronomy and telematic services to the Group under the agreement concluded.

The Interim Report will be available on www.agromino.com   before the telephone conference starts.

Agromino 3Q 2018 Interim Report

Investor enquiries

Mr. Petr Toman, CEO of Agromino A/S

Tel: +38 044 586 4445, e-mail:  mail@agromino.com

About Agromino

Agromino is an integrated soft commodities production, storage and trading company with operations in Ukraine, Russia and Estonia. Agromino shares are traded on the main market of Nasdaq Stockholm.

For subscription to Agromino A/S announcements please contact us: mail@agromino.com

If you do not want to receive Agromino A/S press releases automatically in the future please send an e-mail to the following address: unsubscribe@agromino.com.

This information is information that Trigon Agri A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 30 November 2018.

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AGROMINO A/S: 1H 2018 INTERIM REPORT

Опубликовано: Серпень 31, 2018 в 8:00 am

Автор:

Категории: Latest Financial Reports,Press Releases

1H 2018 Highlights

  • 1H 2018 net loss amounted to EUR 2.8 million (profit of EUR 9.5 million in 1H 2017)
  • EBITDA loss of EUR 1.8 million in 1H 2018 compared to EBITDA profit of EUR 9.4 million in 1H 2017
  • Currency translation losses from disposal of subsidiaries amounting to EUR 10.0 million recycled from Other Comprehensive Income to Income Statement in 1H 2018
  • Disposal of part of elevator business for USD 2.6 million, EUR 0.3 million gain from disposal recorded in 1H 2018. The total storage capacity decreased to 85,000 tonnes (195,000 tonnes at 1H 2017).             
  • Disposal of 10 thousand ha Russian land plots for EUR 171 thousand (17 EUR/ha). Total land under control as of June 30, 2018, declined to 48 thousand hectares (58 thousand hectares at December 31, 2017).
  • Lower financial costs by EUR 0.2 million in comparison with 1H 2017
  • Early crop harvest completed and the sowing of 2019 winter crops underway. Due to lack of precipitation, early crops yields are lower than 5Y average.
  • The group result for wheat on 20,987 ha is 3.17 brutto t/ha which is 72.6 % of the planned budget (4.36 t/ha). Recent rains have postponed the wheat harvest in both Kharkiv clusters and negatively influenced the quality of grain.
  • Harvest of oilseed rape (1,822 ha) was also finished and the group result is 1.17 t/ha brutto which is 58 % of the planned budget (2.00 t/ha).
  • Harvest of peas (1,947 ha) finished with the group result 2.68 t/ha brutto which is 85 % of the planned budget (3.16 t/ha).
  • Harvest of linseed (1,069 ha) finished with the group result 0.67 t/ha brutto which is 49 % of the planned budget (1.37 t/ha).
  • All four mentioned commodities accounted for 62.8 % of budgeted crop revenues.

CEO Comment

The year so far is looking weaker than last year. Our end results will almost certainly be affected by spring drought across all of our Ukrainian clusters and problems caused by former management which start to accumulate and we anticipate additional legal and consultancy costs.

Crop Production

Last five years of Agromino A/S are characterized by continuous loss of land and dropping net yields, combination of which results in steady fall of overall net production. Net production decreased steadily from 168 thousand tonnes in 2014 to 114 thousand tonnes forecasted for 2018.

Reasons can be found in bad weather, unsuitable machinery, lack of knowhow and lack of capital restricting necessary investments and expenditures on seeds and fertilizing.

After the drought of 2017, which decreased the production value by 16 % in the last year, the company´s winter crops suffered even more this year. Yields were significantly lower than planned (wheat: 72 % of the budget, oil seed rape: 58 %, peas: 85 %, linseed: 49 %).

All four mentioned commodities accounted for 62.8 % of budgeted crop revenues. Their results of minus 28 to minus 51 % below the budget were significantly worse than the expectations made in May (minus 6 to minus 27 %).

Rainfall during the harvest delayed its completion and the wet conditions led to significantly lower wheat quality, e. g. due to pre-harvest sprouting. Part of harvested wheat cannot even be sold as the worst class 6, i.e. feed grain.

Crop prices show positive signals which could compensate smaller part of the yield losses. However, the quality is in question.

Unfortunately, no additional rains followed for the rest of July and whole August. This limited sowing of 2019 crops and there is a risk that already sown oil seed rape might be lost in dry areas.

Milk production

After short time of better prices Agromino experienced 22 % average price decrease during 1H 2018 compared to 1H 2017. Milk yield in Russia is rising by 15 % seasonally but the price we are paying for that is too high. Operational expenditures per kg are far above the selling price. Our subsidiary investment in Trigon Dairy Farming Estonia is showing a negative contribution too.

Land bank

The land ownership of Agromino has fallen sharply from 13 thousand to 3 thousand hectares after the sale of 10 thousand owned hectares in Russia by the former management for almost zero consideration.

The rental land base in Ukraine is more stable with a 2 % loss of its land bank year on year.

Agromino increased rental payments and hired more employees to take care of the landbank in order to slow down the landbank decrease.

Telephone conference details

A telephone conference will be held today, on 31 August, 2017 at 9:00 CEST

Program

Petr Toman, CEO will present and comment upon the results. There will also be an opportunity to ask questions.

To participate in the telephone conference, please call one of the following numbers:

CZ: +420 225 850 284
DK: +45 7 8768490
EE: +372 63 46101
LU: +352 20 301626
RU: +7 499 6091200
SE: +46 8 1241 0952
UA: +380 94 7101299
UK: +44 203 7696819

Conference code is: 665756

The Interim Report will be available on www.agromino.com   before the telephone conference starts.

Agromino 1H 2018 Interim Report

Investor enquiries

Mr. Petr Toman, CEO of Agromino A/S

Tel: +38 044 586 4445, e-mail:  mail@agromino.com

About Agromino

Agromino is an integrated soft commodities production, storage and trading company with operations in Ukraine, Russia and Estonia. Agromino shares are traded on the main market of Nasdaq Stockholm.

For subscription to Agromino A/S announcements please contact us: mail@agromino.com

If you do not want to receive Agromino A/S press releases automatically in the future please send an e-mail to the following address: unsubscribe@agromino.com.

This information is information that Trigon Agri A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CEST on 31 August 2018.

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