Astarta : presentation 1Q23

1Q23 operating and financial results

17th May, 2023

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1Q23 HIGHLIGHTS

Summary P&L

EURk	1Q22	1Q23
Revenues, incl.	119 321	163 553
Agriculture	62 543	80 097
Sugar Production	19 752	36 694
Soybean Processing	25 915	31 074
Cattle Farming	9 895	10 705

Cost of sales, incl.	(96 012)	(103 435)
Effect of FV remeasurement of AP*	(13 687)	(22 379)
Changes in FV of BA and AP*	3 389	(411)
Gross profit	26 698	59 707
Gross margin	22%	37%
EBIT	10 627	25 923
Depreciation & Amortisation, incl.	12 559	11 982
Charge of right-of-use assets	5 268	4 717
EBITDA, incl.	23 186	37 905
Agriculture	12 735	10 500
Sugar Production	4 335	11 662
Soybean Processing	4 242	10 224
Cattle Farming	2 670	5 064
EBITDA margin	19%	23%
Interest expense on lease liability	(5 879)	(5 855)
Other finance costs	(388)	(1 333)
Forex gain/(loss)	(1 257)	802
Net profit	2 616	16 128
Net profit margin	2%	10%

• Astarta's consolidated revenues increased by 37% y-o-y to EUR164m in 1Q23 following better performance in all business segments
• Agricultural segment was the best performer and generated EUR80m of revenues in 1Q23, up by 28% y-o-y, with 49% of the total consolidated revenues. Revenues of the Sugar Production segment increased by 86% y-o-y to EUR37m. Revenues of the Soybean Processing segment were EUR31m, up by 20% y-o-y. The Cattle Farming segment generated EUR11m of revenues vs EUR10m in 1Q22
• Export revenue increased by 39% y-o-y to EUR98m representing 60% of total revenue
• Gross profit more than doubled to EUR60m vs EUR27m in 1Q22 with gross margin widening from 22% to 37% in 1Q23
• EBITDA increased by 63% y-o-y to EUR38m in 1Q23, with EBITDA margin up by 4pp y-o-y to 23% in 1Q23
• Excluding the impact of IAS41, the Gross margin grew from 31% to 50%. EBITDA increased from 28% to 37% in 1Q23

EURk	1Q22	1Q23
Gross Profit, ex BA & AP remeasurement	36 996	82 497
Gross Margin, ex BA & AP remeasurement	31%	50%
EBITDA, ex BA & AP remeasurement	33 484	60 695
EBITDA margin, ex BA & AP remeasurement	28%	37%
*FV - Fair Value, BA - Biological Assets, AP - Agricultural Produce
Note: Hereinafter differences between totals and sums of the parts are due to rounding	3

1Q23 HIGHLIGHTS

Summary Сash Flows

EURk	1Q22	1Q23
Pre-tax income	3 112	19 563
Depreciation and amortisation	12 559	11 982
Financial interest expenses, net	333	1 143
Interest on lease liability	5 879	5 855
Changes in FV of BA and AP*	(3 389)	411
Forex gain/loss	1 257	(802)
Disposal of revaluation of AP in COR*	13 687	22 379
Income taxes paid	-	(4 084)
Working Capital changes	(10 446)	(11 939)
Other	346	591
Operating Cash Flows	23 338	45 099
Investing Cash Flows	(4 843)	(3 250)
Debt (repayment)/proceeds, Net	2 824	(22 920)
Finance interest paid	(463)	(1 767)
Lease repayment (mainly land)	(9 226)	(14 821)
Financing Cash Flows	(6 865)	(39 508)

*FV - Fair Value, BA - Biological Assets, AP - Agricultural Produce, COR - cost of revenue

• In 1Q23 Operating Cash Flows nearly doubled y-o-y to EUR45m following higher pre-tax income. Operating Cash flows before Working Capital changes increased to EUR57m vs EUR34m in 1Q22
• Investing Cash Flows stood at the maintenance CAPEX levels of EUR3m in 1Q23
• Net Financial Debt (excl. lease liabilities) down from EUR43m as of YE22 to EUR17m in 1Q23 as a result of repayment of bank debt. Net Debt down to EUR130m from EUR152m as of YE22

Summary Balance Sheet

EURk	1Q22	YE22	1Q23
Right-of-use asset (mainly land)	117 316	97 539	106 807
Biological assets (non-current)	26 238	29 962	31 173
PP&E and other non-current assets	187 880	196 087	188 537
Inventories, including RMI*	201 888	244 156	234 245
Biological assets (current)	56 641	32 969	30 547
AR and other current assets	63 810	80 632	69 898
Cash and equivalents	22 164	26 248	27 827
Total Assets	675 937	707 593	689 034
Equity	471 979	489 239	494 844
Long-term loans	20 728	16 630	13 854
Lease liability (mainly land)	93 207	79 848	86 530
Other	4 218	8 205	7 766
Non-current liabilities	118 153	104 683	108 150
Short-term debt and similar	20 812	52 759	31 171
Current lease liability (mainly land)	33 465	29 294	26 548
Other	31 528	31 618	28 321
Current liabilities	85 805	113 671	86 040
Total equity and liabilities	675 937	707 593	689 034
		154 771	169 490
EBITDA LTM	205 228
RMI*	119 894	183 529	134 328
Net debt total**	146 048	152 283	130 276
ND total/EBITDA (х)	0.7	1.0	0.8
Adjusted net debt = (ND-RMI)	26 154	(31 246)	(4 052)
Adj ND/EBITDA (х)	0.1	(0.2)	(0.02)
*RMI (Readily Marketable Inventories) = Finished Goods		4
**Net Debt = Lt and ST debt + Lease Liabilities - Cash

AGRICULTURE

Sales volumes of key crops

kt	2020	2021	2022	1Q22	1Q23
Corn	630	483	366	200	227
Wheat	265	290	201	10	41
Sunseeds	83	45	56	22	32
Rapeseeds	12	28	15	0.1	3

Realized prices

EUR/t	2020	2021	2022	1Q22	1Q23
Corn	150	176	236	232	253
Wheat	169	206	264	258	177
Sunseeds	325	469	501	585	406
Rapeseeds	369	503	660	540	555

Key financial highlights

• Revenues increased by 28% y-o-y to EUR80m mainly on higher sales volumes. Exports contributed 84% of the segment revenues
• In 1Q23 Gross profit stood at EUR29m vs EUR13m in 1Q22 and Gross margin up from 21% to 36% mainly on higher corn price as a result of change in corn delivery terms towards longer delivery distances
• EBITDA fell by 18% y-o-y to EUR11m and EBITDA margin narrowed to 13% reflecting higher S&D expenses

Financial results

EURk	2020	2021	2022	1Q22	1Q23
Revenues, incl.	175 137	185 049	180 292	62 543	80 097
Corn	94 440	85 125	86 316	46 460	57 444
Wheat	44 726	59 763	52 955	2 609	7 228
Sunseeds	26 914	21 324	28 137	12 627	12 821
Rapeseeds	4 515	14 257	9 916	38	1 687
Cost of sales, incl.	(155 787)	(177 531)	(144 762)	(53 434)	(50 271)
Land lease depreciation	(17 740)	(17 729)	(19 051)	(5 133)	(4 566)
Changes in FV of BA and AP*	52 721	145 262	70 207	3 901	(1 258)
Gross profit	72 071	152 780	105 737	13 010	28 568
Gross margin	41%	83%	59%	21%	36%
G&A expense	(12 772)	(16 648)	(13 083)	(3 708)	(2 915)
S&D expense	(18 129)	(19 962)	(48 121)	(5 878)	(22 611)
Other operating expense	(2 882)	(1 462)	(3 451)	(377)	(1 175)
EBIT	38 288	114 708	41 082	3 047	1 867
EBITDA	80 190	153 966	75 974	12 735	10 500
EBITDA margin	46%	83%	42%	20%	13%
Interest on lease liability	(20 132)	(19 220)	(19 379)	(5 478)	(5 269)
CAPEX	(10 182)	(11 465)	(9 176)	(3 447)	(2 430)
Cash outflow on land lease	(31 494)	(29 228)	(26 808)	(8 860)	(14 524)
liability

*FV - Fair Value, BA - Biological Assets, AP - Agricultural Produce

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