ASTARTA N : presentation 9M22

9M22 operating and financial results

November 9th, 2022

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9M22 HIGHLIGHTS

Summary P&L

EURk	9M21	9M22
Revenues, including	300 939	341 343
Agriculture	94 613	103 844
Sugar Production	112 990	107 802
Soybean Processing	63 040	92 266
Cattle Farming	27 402	28 572
Cost of sales, including	(247 066)	(259 928)
Effect of FV remeasurement of AP*	(35 493)	(50 509)
Changes in FV of BA and AP*	105 274	68 582
Gross profit	159 147	149 997
Gross profit margin	53%	44%
EBIT	121 405	95 005
D&A, including	37 097	35 797
Charge of right-of-use assets	12 944	15 203
EBITDA, including	158 502	130 802
Agriculture	120 861	80 797
Sugar Production	30 384	25 573
Soybean Processing	2 980	18 584
Cattle Farming	5 007	6 795
EBITDA margin	53%	38%
Interest expense on lease liability	(15 470)	(16 729)
Other finance costs	(3 882)	(3 844)
Forex gain/loss	2 152	(6 752)
Net profit (loss)	102 195	62 070
Net profit (loss) margin	34%	18%

*FV - Fair Value, BA - Biological Assets, AP - Agricultural Produce

• Astarta's consolidated revenues for the 9M22 amounted to EUR341m, an increase of 13% y-o-y. The Sugar Production segment was the biggest contributor, having generated 32% of those
• The Agriculture segment revenue (30% of the total) up by 10% y-o-y to EUR104m. Sugar Production registered a 5% y-o-y decline to EUR108m
• The Soybean Processing revenue came in at EUR92m, at robust growth of 46% compared to the previous year (EUR63m in 9M21)
• The Cattle Farming segment generated EUR29m of revenues versus EUR27m in the 9M21
• Gross profit declined by 6% y-o-y to EUR150m, and the Gross margin from 53% to 44% as the changes in biological assets per IAS41 recognised at EUR69m versus EUR105m on lower expected commodity prices and higher costs
• 9M22 EBITDA totaled EUR131m (down by 17% y-o-y), corresponding to the EBITDA margin change from 53% to 38% and reflecting higher S&D expenses
• Excluding the impact of IAS41, the Gross margin was up from 30% to 39% translating into EBITDA margin increase from 29% to 33% for the 9M22 period on higher contribution of the Soybean Segment and solid sales of the previous year's harvest

EURk	9M21	9M22
Gross Profit, ex BA & AP remeasurement	89 366	131 924
Gross margin, ex BA & AP remeasurement	30%	39%
EBITDA, ex BA & AP remeasurement	88 721	112 729
EBITDA margin, ex BA & AP remeasurement	29%	33%

Note: Hereinafter differences between totals and sums of the parts are possible due to rounding

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9M22 HIGHLIGHTS

Summary Сash Flows				Summary Balance Sheet
EURk	9M21	9M22		EURk	9M21	YE21	9M22
Pre-tax income	105 799	67 446		Right-of-use asset (mainly land)	118 367	117 058	109 628
Depreciation and amortisation	37 097	35 797		Biological assets (non-current)	26 604	27 703	25 173
Financial interest expenses, net	3 911	3 652		PP&E and other non-current assets	204 761	200 531	167 213
Interest on lease liability	15 470	16 729		Inventories, including RMI*	104 593	227 040	196 333
Changes in FV of BA and AP*	(105 274)	(68 582)		Biological assets (current)	146 035	41 438	133 789
Disposal of revaluation in AP in the COR*	35 493	50 509		AR and other current assets	54 141	65 024	79 481
Forex gain/loss	(2 152)	6 752		Cash and equivalents	10 814	11 763	47 849
Income taxes paid	(3 721)	(4 773)		Total Assets	665 315	690 557	759 466
Working Capital changes	(44 392)	(107 714)		Equity	474 658	495 142	488 883
Other	(834)	3 459		Long-term loans	21 381	20 855	19 746
Operating Cash Flows	41 397	3 275
Investing Cash Flows	967**	(12 286)		Lease liability (mainly land)	90 884	92 182	89 205
Debt proceeds/(repayment)	(15 525)	77 139		Other	5 246	4 668	3 321
Dividends paid	(12 155)	-		Non-current liabilities	117 511	117 705	112 272
Finance interest paid	(2 759)	(3 640)		Short-term debt and similar	18 588	17 630	98 508
Lease repayment (mainly land)	(25 767)	(24 515)		Current lease liability (mainly land)	31 974	33 080	29 255
Financing Cash Flows	(56 358)	48 984		Other	22 584	27 000	30 548
*FV - Fair Value, BA - Biological Assets, AP - Agricultural Produce, COR - cost of revenue	Current liabilities	73 146	77 710	158 311
**incl. EUR8m from disposal of subsidiaries				Total equity and liabilities	665 315	690 557	759 466
• Astarta reported lower Operating Cash Flows of EUR3m in 9M22 vs.
EBITDA LTM	190 100	201 459	173 759
EUR41m in 9M21 on a higher increase in inventories. Operating Cash
RMI*	47 371	170 670	93 192
Flows before Working Capital changes were 29% y-o-y higher at
EUR111m in the 9M22				Net debt total**	152 013	151 984	188 865
• CAPEX remained at maintenance levels				ND total/EBITDA (х)	0.8	0.8	1.1
• As of the end of 9M22 Net Debt increased to EUR189m vs. EUR152m at	Adjusted net debt = (ND-RMI)	104 642	(18 686)	95 673
Adj ND/EBITDA (х)	0.6	(0.1)	0.6
YE21 on growth in bank loans. End 9M22 Net Financial Debt stood at

EUR70m vs. EUR29m a year earlier

*RMI (Readily Marketable Inventories) = Finished Goods
**Net Debt = LT and ST debt + Lease Liabilities - Cash	4

AGRICULTURE

Sales volumes of key crops

kt	2019	2020	2021	9M21	9M22
Corn	714	630	483	151	284
Wheat	266	265	290	243	66
Sunseeds	103	83	45	20	33
Rapeseeds	5	12	28	24	3
Realized prices
EUR/t	2019	2020	2021	9M21	9M22
Corn	154	150	176	161	233
Wheat	151	169	206	196	255
Sunseeds	294	325	469	369	551
Rapeseeds	346	369	503	484	702

Astarta yields (gross basis) vs average Ukrainian

t/ha	2020		2021		2022
AST	UKR	AST	UKR	AST	UKR
Corn			8.6	7.5 In progress	data,
6.9	5.6	5.5*

Wheat	4.8	3.8	5.8	4.6	4.8	4.1
Soybeans	2.3	2.1	3.0	2.7	2.9	2.4*Company
Sunseeds	2.2	2.1	2.7	2.5	3.0	2.2*
Rapeseeds			3.2	2.9		Source:
2.6	2.2	3.1	2.9
Sugar beets	43	42	47	47 In progress	49*
Output of key crops (gross basis)	* harvesting is in progress
kt		2020		2021		2022
Corn		418		508	In progress
Wheat		230		268		264
Sunseeds		89		76		92
Soybeans		63		94		115
Rapeseeds		4		23		19
Sugar beets		1 483		1 584	In progress

Financial results

	EURk	2019	2020	2021	9M21	9M22
	Revenues, including	205 712	175 137	185 049	94 613	103 844
	Corn	109 973	94 439	85 126	24 446	66 121
	Wheat	40 250	44 726	59 764	47 552	16 726
	Sunseeds	30 221	26 913	21 324	7 368	18 061
	Rapeseeds	1 778	4 515	14 257	11 677	1 847
	Cost of sales, including	(188 847)	(155 787)	(177 531)	(89 110)	(87 577)
	Land lease depreciation	(19 929)	(17 740)	(17 729)	(12 559) (14 758)
	Changes in FV of BA & AP*	34 259	52 721	145 262	107 029	68 906
	Gross profit	51 124	72 071	152 780 112 532	85 173
	Gross profit margin	25%	41%	83%	119%	82%
	G&A expenses	(13 965)	(12 772)	(16 648)	(10 179)	(9 253)
	S&D expenses	(27 626)	(18 129)	(19 962)	(8 765) (18 718)
Agriculture	Other operating expenses	(1 016)	(2 882)	(1 462)	(1 093)	(4 246)
EBITDA	53 335	80 190	153 966	120 861	80 797
	EBIT	8 517	38 288	114 708	92 495	52 956
of	EBITDA margin	26%	46%	83%	128%	78%
Ministry
CAPEX	(21 284)	(10 182)	(11 465)	(8 807)	(8 554)
	Cash outflow on land lease liability	(33 829)	(32 421)	(31 494)	(24 503)	(23 341)

*FV - Fair Value, BA - Biological Assets, AP - Agricultural Produce

• Revenues increased by 10% y-o-y to EUR104m in the 9M22, on higher volumes and sales prices of corn sold. Exports contributed 82% of the revenues
• Gross margin fell to 82% in 9M22 as changes in biological assets per IAS41 were based on lower expected commodity prices but higher costs
• With additional impact of higher S&D expenses EBITDA reduced by 33% y-o-y to

EUR81m and EBITDA margin came at 78% in 9M22

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