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Preliminary overview of indicative 2012 financial results


Current report
AGROTON PUBLIC LIMITED: Preliminary overview of indicative
2012 financial results

The Board of Directors of Agroton Public Limited is
pleased to publish management account figures for the year ended 31.12.2012,
which are not audited yet. Currently they are being audited and once the
auditors opinion is signed, Agroton Public Limited will publish the formal
annual report.

Selected
financial data (in USD thousands)


 

 


 

 

 2012


 

 

2011


 

 

change


 

 

Total revenue(1)


 

 

122,644


 

 

122,080


 

 

(1.2%)


 

 

Sales revenue


 

 

93,243


 

 

99,738


 

 

(6.5%)


 

 

Fair value change(2)


 

 

27,401


 

 

22,342


 

 

22.6%


 

 

Cost of sales


 

 

(89,319)


 

 

(94,217)


 

 

(5.2%)


 

 

Gross profit


 

 

31,325


 

 

27,863


 

 

12.4%


 

 

Gross margin


 

 

26.0%


 

 

22.8%


 

 

13.9%


 

 

EBITDA


 

 

32,460


 

 

18,630


 

 

74.2%


 

 

EBITDA margin


 

 

26.9%


 

 

15.3%


 

 

75.9%


 

 

Net profit


 

 

20,710


 

 

270


 

 

7570.4%


 

 

Net profit margin


 

 

17.2%


 

 

0.2%


 

 

8483.1%


 




  

During the reporting period, the Group performed a
revaluation of the fair value of its agricultural products at the reporting
date. In accordance with IAS 41 "Agriculture", the Group's biological
assets (comprising (i) current biological assets, being assets with a useful
life of less than one year (such as crops under cultivation) and animals (such
as cattle, pigs and poultry) in grow-out and (ii) non-current biological assets,
being assets with a useful life of over one year (such as milk-producing cattle
and pigs for breeding)) have been recognised on initial recognition and
re-measured at each reporting date at their fair value.



The gain or loss arising from the variation in fair
value of the agricultural products, after deduction of the cost of sales, is
incorporated as a separate line item in the Consolidated Statement of
Comprehensive Income for the period in which the change occurred. The extent of
such fair value gains and losses on biological assets in a given period is
affected by various factors, including price movement.

Notes:

(1)
Total revenue is the sum of Sales revenue and Fair value change.


(2)
Fair value change (IAS 41) is the gain from changes in fair value less cost to
sell of biological assets and agricultural products, net.


In 2012 sales revenue dropped by
1.2%, due to decreases in average sunflower and wheat selling prices, and decreases
in sunflower volume sales, which was partially offset by increases in wheat
volume sales.



Notice:
The presented financial results for 2012 are unaudited management accounts.