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Sales volumes in the Poultry division in the first half of 2012 increased by a robust 34% to approximately 158,345 tonnes of sellable weight compared to approximately 117,990 tonnes for the first half of 2011.
Prices for poultry sales in dollar terms decreased by 4% from $2.51 per kg in the first half of 2011 to $2.40 per kg in the first half of 2012 (excluding VAT) #, due to rouble pared to the first quarter of 2012, the price in the second quarter was flat.
Prices in rouble terms increased by 3% from 71.79 RUR/kg in the first half of 2011 to 73.61 RUR/kg in the first half of 2012 (excluding VAT). Compared to the first quarter of 2012, the price in the second quarter increased by 3% from 72.50 to 74.67 RUR/kg.
Total sales in the Poultry division in the first half of 2012 increased by 24% to US$400.5 million (1H2011: US$321.8 million). Gross Profit increased to US$108.3 million (1H2011: US$75.8 million), divisional Gross Margin increased to 27% (1H2011: 24%). The segment also accounted for approximately 175.8 million RUR or US$5.7 million of direct subsidies in accordance with Penza Region Administration “ Long Term Program of Agricultural Development” which offset the cost of sales.
Operating expenses as a percentage of sales decreased to 11% as compared to 13% in the first half of 2011 as a result of the completion of Mosselprom integration and dilution of SG&A due to volumes growth. Operating income of the division increased by 76 % to US$62.3 million (1H2011: US$35.3 million), and operating margin was 16 %. Profit in the Poultry division increased by 99% to US$62.5 million (1H2011: US$31.4 million).
Adjusted EBITDA* increased 69 % to US$83.3 million (1H2011: US$49.3 million), while Adjusted EBITDA* margin in the Poultry division was 21% in the first half of 2012.
Pork Division
Sales volumes in the Pork division in the first half of 2012 increased by 14% to 46,764 tonnes of live weight, compared to 41,070 tonnes in the first half of 2011.
In dollar terms, prices for pork sales decreased by 2% from $2.70 per kg of live weight in the first half of 2011 to $2.65 per kg of live weight in the first half of 2012 (excluding VAT) #, due to rouble pared to the first quarter of 2012, the price in the second quarter was almost flat.
Prices in rouble terms increased by 5% from 77.42 RUR/kg in the first half of 2011 to 81.32 RUR/kg in the first half of 2012 (excluding VAT). Compared to the price in the first quarter of 2012 of 80.53 RUR/kg, the price in the second quarter increased by 2% to 82.06 RUR/kg.
Total sales in the Pork division increased by 4 % to US$128.8 million (1H2011: US$123.4 million). Gross Profit increased 7% to US$49.2 million (1H2011: US$46.1 million) while Gross Margin remained almost flat at 38% as compared to 37% in the first half of 2011.
Operating Expenses as a percentage of sales grew to 8% as compared to 7% in the first half of 2011, due to the implementation of new production facilities. The division generated Operating Income of US$39.3 million (1H2011: US$37.2 million), while Operating Margin was 31% (1H2011: 30 %). Profit in the Pork division remained almost flat at US$ 36.6 million (1H2011: US$35.8 million).
Adjusted EBITDA* generated by the division increased 9% to US$50.3 million (1H2011: US$46.3 million), and Adjusted EBITDA* Margin was 39% (1H2011: 38%).
Meat Processing Division
Sales volumes decreased by 11% to 62,105 tonnes from 70,097 tonnes for the first half of 2011. The decrease was predominantly due to the closure of an inefficient slaughtering facility in southern Russia and changes in the product mix.
Prices in dollar terms increased by 5% from $4.47 per kg in the first half of 2011 to $4.70 per kg in the first half of 2012 (excluding VAT) #. Compared to the first quarter of 2012, the price in the second quarter decreased by 2% from $4.75 to $4.66 per kg, due to rouble weakening.
Prices in rouble terms increased by 13% from 127.98 RUR/kg in the first half of 2011 to 144.11 RUR/kg in the first half of 2012 (excluding VAT). Compared to the price in the first quarter of 143.82 RUR/kg, the price in the second quarter of 2012 was almost flat.
Total sales in the Meat Processing division decreased 9% to US$274.9 million (1H2011: US$303.0 million). Divisional Gross Profit increased 7% to US$51.8 million (1H2011: US$48.5 million), while Gross Margin increased to 19% (1H2011: 16%). Operating expenses as a percentage of sales slightly increased to 13% as compared to 12% in the first half of 2011 with a larger portion of sales going through modern retail. Divisional profit increased 54% to US$11.4 million (1H2011: $7.4 million).
Adjusted EBITDA* for the division increased 18% to US$21.6 million (1H2011: US$18.3 million), and Adjusted EBITDA* margin increased to 8% (1H2011: $6%).
Financial Position
The Group’s Capital Expenditure on property, plant and equipment and maintenance amounted to US$97.6 million or RUR 2,989.9 million in the first half of 2012. Of that, US$47.3 million or RUR 1,448.8 million was invested into the Poultry division, mainly into the capacity increase projects at the Bryansk and Penza clusters and the development of the Elets project; US$42.7 million or RUR 1,308.0 million was invested into the Pork division, mainly into the construction of three pork complexes; and US$6.9 million or RUR 210.4 million was invested into the Meat Processing division, mainly to increase capacity at the meat processing plant in Kaliningrad.
Net Debt** at the end of the first half of 2012 was US$664.3 million or RUR 21,799.0 million. Total Debt was at US$694.3 million or RUR 22,785.5 million. Of Total Debt, long-term debt was approximately US$490.6 million, or 71% of the debt portfolio. Short-term debt was US$203.8 million, or 29% of the portfolio. Cost of Debt for the first half of 2012 was flat at 2%. The portion of subsidized debt in the portfolio was 93%. Cash and cash equivalents totaled US$30.1 million at 30 June 2012.
Subsidies
In the first half of 2012, the Group accrued direct subsidies to the amount of RUR 181.7 million (US$ 5.9 million), mostly in accordance with the Penza Regional Administration’ “ Long Term Program of Agricultural Development”. The Group accrued subsidies for interest reimbursement of RUR 930.5 million (US$30.4 million) which offset interest expense (1Н2011: US$25.9 million). The Group accrued direct subsidies on capital expenditures of RUR 86.7 million (US$2.8 million) for the development of its Poultry Division (in accordance with the Decree No 316 of the Administration of the Bryansk region from the 4th of April 2012).
Outlook
The sharp increase in grain prices between April and July 2012 raises some concerns. At present, prices are stable but high. Should grain prices remain at similarly high levels, there could be resulting pressure on profitability from Q1 2013. Despite the fact that the import duty for live pigs was decreased from 40% to 5% after WTO accession, and there is still uncertainty about long term pork prices, we expect them to remain relatively high in the short term.
In Q3 2012, pork prices remain high and poultry price has growth accelerated beyond our expectations. This, along with strong demand, will underpin our results for 2012.
Last week, the State Duma Budget and Taxes Committee proposed termless extension of zero profit tax rate for agricultural manufacturers. Should the extension be approved, that will have a positive influence on Cherkizovo’s business.
Management expects strong financial results for the full year, coming from a combination of favorable market conditions ( a strong pricing environment in pork and poultry throughout the year and low grain prices in the first half), and the continuous improvements in operational efficiency, better procurement, improved inventory management and positive shifts in sales.
*Non-GAAP financial measures. This press release includes financial information prepared in accordance with accounting principles generally accepted in the United States of America, or US GAAP, as well as other financial measures referred to as non-GAAP. The non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with US GAAP.
Adjusted Earnings before Interest, Income Tax, Depreciation and Amortization (“Adjusted EBITDA”). Adjusted EBITDA represents income before income tax and non-controlling interests adjusted for interest, depreciation and amortization and certain other items as shown in the reconciliation in Appendix 1. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of our net revenues. Our adjusted EBITDA may not be similar to adjusted EBITDA measures of other companies; is not a measurement under accounting principles generally accepted in the United States and should be considered in addition to, but not as a substitute for, the information contained in our consolidated statement of operations. We believe that adjusted EBITDA provides useful information to investors because it is an indicator of the strength and performance of our ongoing business operations, including our ability to fund discretionary spending such as capital expenditures, acquisitions and other investments and our ability to incur and service debt. While depreciation and amortization are considered operating costs under generally accepted accounting principles, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. Our adjusted EBITDA calculation is commonly used as one of the bases for investors, analysts and credit rating agencies to evaluate and compare the periodic and future operating performance and value of companies within our industry. Adjusted EBITDA is reconciled to our consolidated statements of operations in Appendix 1.
** Net debt is calculated as total debt minus cash and cash equivalents
*** Cash Conversion rate (CCR) is calculated as Total net cash from operating activities divided by Net income attributable to Group Cherkizovo
# For price calculation in dollar terms the Company used the average exchange rate for 1H2012 of 30.64 roubles per 1 US Dollar, and 31.01 roubles per 1 US Dollar in the second quarter of 2012; for 1H2011 the average rate was 28.62 roubles per 1 US Dollar.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of the Group. You can identify forward looking statements by terms such as “expect,” “believe,” “anticipate,” “estimate,” “intend,” “will,” “could,” “may” or “might” the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid market change in our industry, as well as many other risks specifically related to the Group and its operations.
APPENDIX I: KEY DATA AND FIGURES
UNAUDITED First Half 2012 Consolidated Selected Financial Data (US
Sales volumes in the Poultry division in the first half of 2012 increased by a robust 34% to approximately 158,345 tonnes of sellable weight compared to approximately 117,990 tonnes for the first half of 2011.
Prices for poultry sales in dollar terms decreased by 4% from $2.51 per kg in the first half of 2011 to $2.40 per kg in the first half of 2012 (excluding VAT) #, due to rouble pared to the first quarter of 2012, the price in the second quarter was flat.
Prices in rouble terms increased by 3% from 71.79 RUR/kg in the first half of 2011 to 73.61 RUR/kg in the first half of 2012 (excluding VAT). Compared to the first quarter of 2012, the price in the second quarter increased by 3% from 72.50 to 74.67 RUR/kg.
Total sales in the Poultry division in the first half of 2012 increased by 24% to US$400.5 million (1H2011: US$321.8 million). Gross Profit increased to US$108.3 million (1H2011: US$75.8 million), divisional Gross Margin increased to 27% (1H2011: 24%). The segment also accounted for approximately 175.8 million RUR or US$5.7 million of direct subsidies in accordance with Penza Region Administration “ Long Term Program of Agricultural Development” which offset the cost of sales.
Operating expenses as a percentage of sales decreased to 11% as compared to 13% in the first half of 2011 as a result of the completion of Mosselprom integration and dilution of SG&A due to volumes growth. Operating income of the division increased by 76 % to US$62.3 million (1H2011: US$35.3 million), and operating margin was 16 %. Profit in the Poultry division increased by 99% to US$62.5 million (1H2011: US$31.4 million).
Adjusted EBITDA* increased 69 % to US$83.3 million (1H2011: US$49.3 million), while Adjusted EBITDA* margin in the Poultry division was 21% in the first half of 2012.
Pork Division
Sales volumes in the Pork division in the first half of 2012 increased by 14% to 46,764 tonnes of live weight, compared to 41,070 tonnes in the first half of 2011.
In dollar terms, prices for pork sales decreased by 2% from $2.70 per kg of live weight in the first half of 2011 to $2.65 per kg of live weight in the first half of 2012 (excluding VAT) #, due to rouble pared to the first quarter of 2012, the price in the second quarter was almost flat.
Prices in rouble terms increased by 5% from 77.42 RUR/kg in the first half of 2011 to 81.32 RUR/kg in the first half of 2012 (excluding VAT). Compared to the price in the first quarter of 2012 of 80.53 RUR/kg, the price in the second quarter increased by 2% to 82.06 RUR/kg.
Total sales in the Pork division increased by 4 % to US$128.8 million (1H2011: US$123.4 million). Gross Profit increased 7% to US$49.2 million (1H2011: US$46.1 million) while Gross Margin remained almost flat at 38% as compared to 37% in the first half of 2011.
Operating Expenses as a percentage of sales grew to 8% as compared to 7% in the first half of 2011, due to the implementation of new production facilities. The division generated Operating Income of US$39.3 million (1H2011: US$37.2 million), while Operating Margin was 31% (1H2011: 30 %). Profit in the Pork division remained almost flat at US$ 36.6 million (1H2011: US$35.8 million).
Adjusted EBITDA* generated by the division increased 9% to US$50.3 million (1H2011: US$46.3 million), and Adjusted EBITDA* Margin was 39% (1H2011: 38%).
Meat Processing Division
Sales volumes decreased by 11% to 62,105 tonnes from 70,097 tonnes for the first half of 2011. The decrease was predominantly due to the closure of an inefficient slaughtering facility in southern Russia and changes in the product mix.
Prices in dollar terms increased by 5% from $4.47 per kg in the first half of 2011 to $4.70 per kg in the first half of 2012 (excluding VAT) #. Compared to the first quarter of 2012, the price in the second quarter decreased by 2% from $4.75 to $4.66 per kg, due to rouble weakening.
Prices in rouble terms increased by 13% from 127.98 RUR/kg in the first half of 2011 to 144.11 RUR/kg in the first half of 2012 (excluding VAT). Compared to the price in the first quarter of 143.82 RUR/kg, the price in the second quarter of 2012 was almost flat.
Total sales in the Meat Processing division decreased 9% to US$274.9 million (1H2011: US$303.0 million). Divisional Gross Profit increased 7% to US$51.8 million (1H2011: US$48.5 million), while Gross Margin increased to 19% (1H2011: 16%). Operating expenses as a percentage of sales slightly increased to 13% as compared to 12% in the first half of 2011 with a larger portion of sales going through modern retail. Divisional profit increased 54% to US$11.4 million (1H2011: $7.4 million).
Adjusted EBITDA* for the division increased 18% to US$21.6 million (1H2011: US$18.3 million), and Adjusted EBITDA* margin increased to 8% (1H2011: $6%).
Financial Position
The Group’s Capital Expenditure on property, plant and equipment and maintenance amounted to US$97.6 million or RUR 2,989.9 million in the first half of 2012. Of that, US$47.3 million or RUR 1,448.8 million was invested into the Poultry division, mainly into the capacity increase projects at the Bryansk and Penza clusters and the development of the Elets project; US$42.7 million or RUR 1,308.0 million was invested into the Pork division, mainly into the construction of three pork complexes; and US$6.9 million or RUR 210.4 million was invested into the Meat Processing division, mainly to increase capacity at the meat processing plant in Kaliningrad.
Net Debt** at the end of the first half of 2012 was US$664.3 million or RUR 21,799.0 million. Total Debt was at US$694.3 million or RUR 22,785.5 million. Of Total Debt, long-term debt was approximately US$490.6 million, or 71% of the debt portfolio. Short-term debt was US$203.8 million, or 29% of the portfolio. Cost of Debt for the first half of 2012 was flat at 2%. The portion of subsidized debt in the portfolio was 93%. Cash and cash equivalents totaled US$30.1 million at 30 June 2012.
Subsidies
In the first half of 2012, the Group accrued direct subsidies to the amount of RUR 181.7 million (US$ 5.9 million), mostly in accordance with the Penza Regional Administration’ “ Long Term Program of Agricultural Development”. The Group accrued subsidies for interest reimbursement of RUR 930.5 million (US$30.4 million) which offset interest expense (1Н2011: US$25.9 million). The Group accrued direct subsidies on capital expenditures of RUR 86.7 million (US$2.8 million) for the development of its Poultry Division (in accordance with the Decree No 316 of the Administration of the Bryansk region from the 4th of April 2012).
Outlook
The sharp increase in grain prices between April and July 2012 raises some concerns. At present, prices are stable but high. Should grain prices remain at similarly high levels, there could be resulting pressure on profitability from Q1 2013. Despite the fact that the import duty for live pigs was decreased from 40% to 5% after WTO accession, and there is still uncertainty about long term pork prices, we expect them to remain relatively high in the short term.
In Q3 2012, pork prices remain high and poultry price has growth accelerated beyond our expectations. This, along with strong demand, will underpin our results for 2012.
Last week, the State Duma Budget and Taxes Committee proposed termless extension of zero profit tax rate for agricultural manufacturers. Should the extension be approved, that will have a positive influence on Cherkizovo’s business.
Management expects strong financial results for the full year, coming from a combination of favorable market conditions ( a strong pricing environment in pork and poultry throughout the year and low grain prices in the first half), and the continuous improvements in operational efficiency, better procurement, improved inventory management and positive shifts in sales.
*Non-GAAP financial measures. This press release includes financial information prepared in accordance with accounting principles generally accepted in the United States of America, or US GAAP, as well as other financial measures referred to as non-GAAP. The non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with US GAAP.
Adjusted Earnings before Interest, Income Tax, Depreciation and Amortization (“Adjusted EBITDA”). Adjusted EBITDA represents income before income tax and non-controlling interests adjusted for interest, depreciation and amortization and certain other items as shown in the reconciliation in Appendix 1. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of our net revenues. Our adjusted EBITDA may not be similar to adjusted EBITDA measures of other companies; is not a measurement under accounting principles generally accepted in the United States and should be considered in addition to, but not as a substitute for, the information contained in our consolidated statement of operations. We believe that adjusted EBITDA provides useful information to investors because it is an indicator of the strength and performance of our ongoing business operations, including our ability to fund discretionary spending such as capital expenditures, acquisitions and other investments and our ability to incur and service debt. While depreciation and amortization are considered operating costs under generally accepted accounting principles, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. Our adjusted EBITDA calculation is commonly used as one of the bases for investors, analysts and credit rating agencies to evaluate and compare the periodic and future operating performance and value of companies within our industry. Adjusted EBITDA is reconciled to our consolidated statements of operations in Appendix 1.
** Net debt is calculated as total debt minus cash and cash equivalents
*** Cash Conversion rate (CCR) is calculated as Total net cash from operating activities divided by Net income attributable to Group Cherkizovo
# For price calculation in dollar terms the Company used the average exchange rate for 1H2012 of 30.64 roubles per 1 US Dollar, and 31.01 roubles per 1 US Dollar in the second quarter of 2012; for 1H2011 the average rate was 28.62 roubles per 1 US Dollar.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of the Group. You can identify forward looking statements by terms such as “expect,” “believe,” “anticipate,” “estimate,” “intend,” “will,” “could,” “may” or “might” the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid market change in our industry, as well as many other risks specifically related to the Group and its operations.
APPENDIX I: KEY DATA AND FIGURES
UNAUDITED First Half 2012 Consolidated Selected Financial Data (US$000)
(in thousands of US dollars) | Meat-Processing | Poultry | Pork | Grain | Corporate assets/expenditures | Inter-division | Combined |
Total Sales |
|
|
| 4 086 | 2 921 |
|
|
including other sales | 1 795 | 31 123 | 5 288 | - | - | - | 38 206 |
including sales volume discount | - | - | - | - | |||
Interdivision Sales | (523) | (1 171) | (2 908) | 61 861 | - | ||
Sales to external customers (Sales) | 88 335 | 2 915 | 13 | - | |||
% of Total sales | 36,6% | 51,2% | 11,8% | 0,4% | 0,0% | 0,0% | 100,0% |
Cost of Sales | ( | ( | (4 505) | (5) | 58 706 | ( | |
Gross profit | 51 831 |
| 49 196 | (419) | 2 916 | (3 155) |
|
Gross margin | 18,9% | 27,0% | 38,2% | -10,3% | 99,8% | 5,1% | 27,8% |
Operating expenses | (9 926) | (338) | 3 155 | ( | |||
Operating income | 15 719 | 62 288 | 39 270 | (757) | (8 726) | - | 107 794 |
Operating margin | 5,7% | 15,6% | 30,5% | -18,5% | -298,7% | 0% | 14,4% |
Other income and expenses, net | 462 | 3 007 | 148 | 20 | 5 115 | (7 984) | 768 |
Financial expenses, net | (4 782) | (2 827) | (2 800) | (28) | (4 331) | 7 984 | (6 784) |
Division profit / (loss) | 11 399 | 62 468 | 36 618 | (765) | (7 942) | - | 101 778 |
Division profit margin | 4,1% | 15,6% | 28,4% | -18,7% | -271,9% | 0% | 13,6% |
Supplemental information: | |||||||
Income Tax expense | 2 623 | (175) | (47) | 11 | (12) | - | 2 400 |
Depreciation expense | 5 850 | 20 980 | 11 047 | 326 | 303 | - | 38 506 |
Adjusted EBITDA reconciliation | |||||||
Division profit / (loss) | 11 399 | 62 468 | 36 618 | (765) | (7 942) | - | 101 778 |
Add: | |||||||
Interest expense, net | 4 782 | 2 827 | 2 800 | 28 | 4 331 | (7 984) | 6 784 |
Interest income | (129) | (2 433) | (124) | (22) | (6 212) | 7 984 | (936) |
Foreign exchange loss/gain | (285) | (567) | (21) | - | 1 098 | - | 225 |
Depreciation and amortisation | 5 850 | 20 980 | 11 047 | 326 | 303 | - | 38 506 |
Adjusted EBITDA* | 21 617 | 83 275 | 50 320 | (433) | (8 422) | - | 146 357 |
Adjusted EBITDA Margin* | 7,9% | 20,8% | 39,1% | -10,6% | 19,5% |
Reconciliation between net division profit and income attributable to Cherkizovo Group | |||
Total net division profit | 101 778 | ||
Net income attributable to non-controlling interests | (3 033) | ||
Income taxes | (2 400) | ||
Net income attributable to Cherkizovo Group | 96 345 |
UNAUDITED CONSOLIDATED INCOME STATEMENT DATA
|
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(in thousands of US dollars) | Meat-Processing | Poultry | Pork | Grain | Corporate assets/expenditures | Inter-division | Combined |
Total Sales |
|
|
| 4 086 | 2 921 |
|
|
including other sales | 1 795 | 31 123 | 5 288 | - | - | - | 38 206 |
including sales volume discount | - | - | - | - | |||
Interdivision Sales | (523) | (1 171) | (2 908) | 61 861 | - | ||
Sales to external customers (Sales) | 88 335 | 2 915 | 13 | - | |||
% of Total sales | 36,6% | 51,2% | 11,8% | 0,4% | 0,0% | 0,0% | 100,0% |
Cost of Sales | ( | ( | (4 505) | (5) | 58 706 | ( | |
Gross profit | 51 831 |
| 49 196 | (419) | 2 916 | (3 155) |
|
Gross margin | 18,9% | 27,0% | 38,2% | -10,3% | 99,8% | 5,1% | 27,8% |
Operating expenses | (9 926) | (338) | 3 155 | ( | |||
Operating income | 15 719 | 62 288 | 39 270 | (757) | (8 726) | - | 107 794 |
Operating margin | 5,7% | 15,6% | 30,5% | -18,5% | -298,7% | 0% | 14,4% |
Other income and expenses, net | 462 | 3 007 | 148 | 20 | 5 115 | (7 984) | 768 |
Financial expenses, net | (4 782) | (2 827) | (2 800) | (28) | (4 331) | 7 984 | (6 784) |
Division profit / (loss) | 11 399 | 62 468 | 36 618 | (765) | (7 942) | - | 101 778 |
Division profit margin | 4,1% | 15,6% | 28,4% | -18,7% | -271,9% | 0% | 13,6% |
Supplemental information: | |||||||
Income Tax expense | 2 623 | (175) | (47) | 11 | (12) | - | 2 400 |
Depreciation expense | 5 850 | 20 980 | 11 047 | 326 | 303 | - | 38 506 |
Adjusted EBITDA reconciliation | |||||||
Division profit / (loss) | 11 399 | 62 468 | 36 618 | (765) | (7 942) | - | 101 778 |
Add: | |||||||
Interest expense, net | 4 782 | 2 827 | 2 800 | 28 | 4 331 | (7 984) | 6 784 |
Interest income | (129) | (2 433) | (124) | (22) | (6 212) | 7 984 | (936) |
Foreign exchange loss/gain | (285) | (567) | (21) | - | 1 098 | - | 225 |
Depreciation and amortisation | 5 850 | 20 980 | 11 047 | 326 | 303 | - | 38 506 |
Adjusted EBITDA* | 21 617 | 83 275 | 50 320 | (433) | (8 422) | - | 146 357 |
Adjusted EBITDA Margin* | 7,9% | 20,8% | 39,1% | -10,6% | 19,5% |
Reconciliation between net division profit and income attributable to Cherkizovo Group | |||
Total net division profit | 101 778 | ||
Net income attributable to non-controlling interests | (3 033) | ||
Income taxes | (2 400) | ||
Net income attributable to Cherkizovo Group | 96 345 |
UNAUDITED CONSOLIDATED INCOME STATEMENT DATA
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