Astarta's revenues rise 6% yoy in 9M09

Astarta (AST PW) reported yesterday in a statement that its consolidated revenues rose 6% yoy to EUR 75.3 mln, EBITDA by 8% yoy to EUR 35.4 mln (margin of 47%), and net income by 5% yoy to EUR 21.1 mln (margin of 28%). Astarta reported that in-house beets accounted for 90% of the total used in sugar production, up from 84% last year. Astarta said that its crop yields were down yoy due to unfavorable weather, but remained 30-50% above the Ukrainian averages. The company completed its winter sowing campaign for 2010 harvest, seeding 37.5 ths ha (up 8% yoy). Andriy Gostik: Astarta’s 9M09 financials are clearly positive, yet largely expected by the market thanks to previous guidance from the company. The interim sales figure is in line with our full-year projection of EUR 135.5 mln. At the same time, a significant component of Astarta’s reported  EBITDA and net income figures is a non-cash item – changes in the fair value of biological assets (43% of 9M09 EBITDA), which we think should be excluded from our estimate of EBITDA from the company’s operations. Without this item, Astarta’s EBITDA margin is 27% vs. the reported 47%, still higher than our full-year projection of 18%. We will be revising our profit projections for the company upward.