Brief: Agrogeneration H1 Net Profit Turns To Loss At Eur 27.2 Mln

Agrogeneration SA

30/11/2022 07:06

Nov 30 (Reuters) - Agrogeneration SA  ALAGR.PA :
    * FULL-SCALE WAR IN UKRAINE CAUSED SIGNIFICANT DETERIORATION
OF
THE GROUP’S FINANCIAL PERFORMANCE IN THE FIRST HALF OF 2022 ON
THE BACK OF RECOGNIZED EUR 17 MILLION LOSSES
    * RESTRAINED 2022 HARVEST EXPECTATIONS ON THE BACK OF
OPERATIONAL
CHALLENGES WITH SOWING AND HARVESTING CAMPAIGNS
    * AGROGENERATION WAS NOT ABLE TO SELL ALL ITS REMAINING
STOCKS
FROM THE 2021 SEASON BY THE END OF THE REPORTING PERIOD DUE TO
THE BLOCKADE OF UKRAINIAN SEAPORTS FROM THE BEGINNING OF WAR
    * OPERATIONALLY, THE GROUP REDUCED ITS SCOPE BY HALF,
AVOIDING
ACTIVITIES IN THE FRONTLINE ZONES OR IN THE ZONES UNDER
OCCUPATION
    * APART FROM WAR RELATED DIFFICULTIES, WEATHER CONDITIONS
DURING
AUTUMN, SPECIFICALLY HARD RAINS IN SEPTEMBER-OCTOBER, LED TO
SIGNIFICANT POSTPONEMENT OF HARVESTING COMPLETION TERMS
    * H1 2022 EBITDA SHARPLY  DECLINED, THOUGH ONE-OFF LOSSES IN
ASSETS OF €17.1M WERE NOT INCLUDED, TURNED NEGATIVE AND TOTALED
€(6.8) MILLION  (VERSUS. €7.2 MILLION IN H1 2021 RESTATED)
    * POSTED REVENUES OF €16.4 MILLION IN H1 2022, AN 18.0%
INCREASE
COMPARED TO H1 2021 ATTRIBUTED  MAINLY TO LARGER (BY 40%) SOLD
GRAIN VOLUMES VERSUS. H1 2021
    * GROUP NET LOSS AMOUNTED TO €(27.2) MILLION IN H1 2022
VERSUS.
€3.7 MILLION NET PROFIT IN H1 2021 RESTATED
    * AVOIDED ANY EXTERNAL FINANCING DURING H1 2022, WHICH LED
TO
FURTHER REDUCTION IN FINANCIAL EXPENSES (EXCLUDING. FOREX) FOR
AGROGENERATION
    * GROSS PROFIT OF THE GROUP TURNED NEGATIVE  AND TOTALLED
€(6.5)
MILLION COMPARED TO €6.5 MILLION IN H1 2021 RESTATED,
REPRESENTING A DECLINE OF €13.0 MILLION
    * AT END-H1, REDUCED ITS NET DEBT TO €20.4 MILLION COMPARED
TO
€27.8 MILLION AS OF JUNE 30, 2021 RESTATED
    * H1 OPERATING LOSSES REACHED €(25.8) MILLION COMPARED TO
€5.0
MILLION OPERATING PROFIT IN H1 2021 RESTATED, I.E. A REDUCTION
OF €30.8 MILLION
    * OUTLOOK: IN THE 2023 CROP SEASON, THE GROUP WILL MANAGE
AND
OPERATE AROUND 30K HECTARES OF FARMLANDS IN TOTAL

Source text for Eikon:  ID:nACT77423 
Further company coverage:  ALAGR.PA 
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