Astarta boosts EBITDA 3x yoy in hryvnya terms in 2009

Astarta (WSE: AST PW) announced its 2009 financial results yesterday in its annual report: EBITDA rose 3x yoy to UAH 568.1 mln (in EUR terms, up 62% yoy to EUR 50.1 mln), revenues increased 40% yoy to UAH 1.4 bln (in EUR terms, down 5% yoy to EUR 117.7 mln), and gross profit grew 76% yoy to UAH 446.2 mln (in EUR terms, up 10% yoy to EUR 38.1 mln). Astarta’s net income comprised EUR 28.9 mln (net margin: 24.6%), compared to a net loss of EUR 7.59 mln in 2008. Cash on the balance sheet totaled EUR 1.93 mln (+103% yoy). Ruslan Patlavskyy: The major driver behind the company’s sales increase was 85% yoy growth in the average sugar sales price, sales of which brought in 60% of Astarta’s revenues in 2009 (vs. 57% in 2008). Approximately 90% (+6 pp yoy) of all sugar beets processed were grown in-house, as well as Astarta’s focus on cost efficiency and productivity increase last year supported a strong EBITDA margin of 42.5% (+17.5 pp yoy).