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The Board of Directors of Agroton Public Limited publishes updated 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)
Preliminary Income Statement
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31 December 2012
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31 December 2011
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Change
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Continuing operations:
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Total revenue
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99,496
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122,080
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-18.5%
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Sales revenue
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88,055
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99,738
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-11.7%
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Gain from changes in fair value less cost to sell of biological assets and agricultural products, net
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11,441
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22,342
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-48.8%
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Cost of sales
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(82,454)
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(94,217)
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-12.5%
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Gross profit
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17,042
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27,863
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-38.8%
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Administrative expenses
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(7,612)
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(6,121)
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24.4%
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Distribution expenses
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(1,240)
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(963)
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28.8%
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Other income
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14,168
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11,616
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22.0%
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Other expenses
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(7,759)
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(26,624)
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-70.9%
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Finance income
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114
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110
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3.6%
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Finance expenses
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(7,986)
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(5,595)
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42.7%
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Net finance cost
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(7,872)
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(5,485)
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43.5%
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Profit/(loss) before taxation
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6,727
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286
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2252.1%
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Income tax expense
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(4)
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(16)
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-75.0%
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Profit/(loss) from continuing operations
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6,723
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270
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2390.0%
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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. Notice: The presented financial results for 2012 are unaudited management accounts. Similar to many other companies that operate in emerging markets, the Group’s accounting and reporting systems are not as sophisticated or robust as those of companies organized in jurisdictions with a longer history of compliance with IFRS and the production of complete monthly financial statements for management purposes. The internal audit function of the Group is not presently fully operational and the lack of established accounting and reporting systems which have been in operation for an extended period of time may make the Group’s financial information less reliable than that of companies that have implemented these systems over a longer period of time. Each of the Group’s Ukrainian subsidiaries prepares separate financial statements under Ukrainian accounting standards for statutory purposes. The preparation of IFRS consolidated financial statements involves, first, the conversion of the statutory financial statements of the Group’s subsidiaries into IFRS financial statements through accounting adjustments and, second, the consolidation of all subsidiaries’ financial statements. This process is complicated and time-consuming, and requires significant attention from the Group’s senior accounting personnel at its corporate headquarters and subsidiaries. The Group’s accounting systems and the internal controls and procedures relating to the preparation of the IFRS financial statements are not as advanced as those of companies operating in more developed countries and the preparation of financial statements and their conversion into IFRS may require more time for the Group and its subsidiaries than it does for such other companies. As a result, the Group may not be able to ensure that its consolidated financial statements are prepared and converted into IFRS in a timely manner in accordance with applicable requirements under the Group’s financing arrangements or market expectations, or that complete management accounts are produced on a timely basis. There are weaknesses in the Group’s accounting and reporting systems, accounting personnel and its internal controls and procedures relating to the preparation of IFRS financial statements. Forward-Looking Statements: This report contains forward-looking statements relating to, among other things, the expectations for 2012 financial results, including revenue, bookings, net profit. The actual audited results could differ materially from those preliminary indicative reported results and should not be considered as an indication of our future performance.
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