Audited financial results ifrs for 200 6
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RAZGULAY GROUP. Audited financial results (IFRS) for 200 6. Revenue. Revenue breakdown; billion rubles. Revenue; billion rubles. The aggregate revenues of the Group companies totaled 23 billion Rubles (16% growth versus the 2005 revenues).

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Audited financial results (IFRS) for 200 6

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Audited financial results ifrs for 200 6

RAZGULAY GROUP

Audited financial results (IFRS) for 2006


Revenue

Revenue

Revenue breakdown; billion rubles

Revenue; billion rubles

  • The aggregate revenues of the Group companies totaled 23 billion Rubles (16% growth versus the 2005 revenues).

  • Revenues of Sugar division demonstrated 31% increase, revenues of Grain division – 5% increase

  • Growth drivers in Sugar divisionin 2006: beet sugar sales, sales of sugar produced from imported raw sugar

  • Growth drivers in Grain division in 2006: cereal production, grain trading

Grain

Sugar

Grain revenue breakdown;

billion rubles

Grain revenue breakdown;

billion rubles

11

Grain trading

Flour

processing

Cereal

Beet sugar

production

Sugar

trading

Raw sugar

processing


Ebitda

EBITDA

EBITDA;billion rubles

EBITDA margin

  • Consolidated EBITDA amounted to 3,2 billion rubles in 2006, implying year-on-year growth of 34%

  • Sugar division EBITDA increased by 103%; Grain division EBITDA remained on the 2005-th year level

  • ConsolidatedEBITDA margin grew from 12,2% in 2005 to 14,1% in 2006

  • Sugar division higher margins were mostly driven by higher share of own sugar beet in total volume of raw materials, increase in margin of raw sugar processing

3,2

2,4

+103%

0%

Grain

Sugar

Grain

Sugar

Consolidated

Sugar division EBITDA margin

Grain division EBITDA margin

11

Grain trading

Flour

processing

Beet sugar

production

Cereal

Sugar

trading

Raw sugar

processing


Sg a expenses

SG&A expenses

The overall SG&A expenses of the Group from 1,2 billion rubles in 2005 to 2,2 billion rubles in 2006:

SG&A expenses; billion rubles

Commercial expenses

345 billion rubles

  • Changes in the Group’s sales and distributional policy: growing percentage of output isdelivered directly to the customer, that has resulted as well in growth of gross margin from 13,3% in 2005 to 18,7% in 2006

Gross margin (rhs)

SG&A expenses

Administrative expenses

SG&A expenses breakdown; billion rubles

374 billion rubles

  • Number of companies in the Group increased from 26 to 39

Other SG&A expenses

11

274 billion rubles

  • Number of companies in the Group increased from 26 to 39

  • The Group did IPO in 2006

Other SG&A

expenses

Commercial

expenses

Administrative

expenses


Profit

Profit

  • Efficiency of operational activity in 2006 has increased:

    • Gross profit amounted 4,3 billion rubles versus 2,7 billion rubbles in 2005. Gross margin increased from 13,5% in 2005 to 18,7% in 2006,

    • EBITDA amounted 3,2 billion rubles versus 2,4 billion rubbles in 2005. EBITDA margin amounted 14,1% versus 12,2% in 2005.

  • Net profitfell from 1,4 billion rubles in 2005 to 0,9 billion rubles in 2006. Net profit decrease resulted from:

    • Depreciation growth, caused by growth of quantity of the subsidiaries and agricultural machinery purchases,

    • Efficient tax rate growth, caused by restructing ofGroup (one of the reasons for destructing was preparation for the IPO).

    • Financial expenses growth, caused by increasing of net debt

Financial results; billion rubles

Gross profit

Net profit

EBITDA

Profit margins

11

Gross profit

Net profit

EBITDA


Net debt capex

Net debt. CAPEX

Net debt, billion rubbles

  • Net debt of the Group grew from 5,0 billion rubles as of 31.12.2005 to 10,2 billion rubles as of 31.12.2006

  • Net debt growth resulted from:

    • Group’s investments that totaled 3,7 billion rubles,

    • Increase in working capital carried on to 2007

  • Interest expenses in 2006 amounted to 1,05 billion rubles

  • Amount of subsidies, received from Federal budget, was close to 100 million rubles

  • Capex: 3,7 billion rubles

  • Increase in working capital carried in to 2007

Capex 2006; млрд рублей

Acquisition of minority interest in sugar plants

0,2

Acquisition of grain farms

0,3

0,5

Modernization and purchasing of machinery

0,9

Acquisition of Slavyansky KHP

11

1,8

Purchasing of agricultural machinery


Contacts

Contacts

RAZGULAYGroup OJSC

6 2d Institutskaya Street

Building 64 Moscow 109428

Russian Federation

Tel.: (495) 232-2008

Fax: (495) 170-0575

E-mail: [email protected]

http://www.raz.ru


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