Astarta wheat yield rises 9% yoy in 2019

Ukraine’s leading sugar producer and farmer Astarta
(AST PW) has completed its winter wheat harvesting campaign with yield growth
of 8.5% yoy to 5.1 t/ha, according to the company’s press release published on
Aug. 6. The company produced 255 kt of winter wheat this season, about 5% more
yoy.

Andriy Perederey: The strong harvest results will be supportive for the company’s P&L
in late 2019 and early 2020. However, we are keeping unchanged our estimate for
the company’s 1H19 EBITDA being slightly weaker yoy because the prices for all its key products (sugar, corn, soybeans)
remain weak.