29 November 2011
Sintal Agriculture (SNPS GR) reported its 2010/11 harvest results (83 ths ha) and winter sowing campaign for 2011/12 this morning. With 98% of Sintal’s planted landbank harvested (not accounting for AgriCa which was acquired in September), the harvest amounted to 203.5 ths mt of crops. For winter 2011/12, the company planted 61 ths ha, up 36% y-o-y, with a focus on wheat and barley (33 and 18 ths ha, respectively). Sintal’s yields were above Ukraine`s average figures only in rapeseed last season (20% of sown land), where the company posted a 60% premium to average figures, and in barley where yields were 10% above Ukraine`s average. In other crops, yields were 10%-20% below Ukraine`s average. The results do not include figures from recently acquired AgriCa (1/3 of current landbank), which has even less efficient operations. Based on these figures, we estimate the company`s revenue from its 2010/11 harvest at USD 65 mln, 3% below our previous expectations.
Sintal’s 2010/2011 harvest results
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2010/11 2009/10
Crop Harvested, Yield, y-o-y Harvest, Harvested, Yield,
ths ha mt/ha ths mt ths ha mt/ha
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Oilseeds 46 2.1 23% 94 28 1.7
Sunflower seed 20 1.7 8% 35 15 1.6
Winter rapeseed 16 2.6 75% 43 5 1.5
Soybeans 9 1.7 -9% 15 8 1.9
Cereals 36 3.3 24% 122 59 2.7
Winter wheat 19 3.0 1% 58 39 3.0
Winter barley 8 2.7 47% 23 9 1.8
Corn* 7 5.0 20% 38 5 4.2
Other 0 1.7 307% 1 5 0.4
Total crops 82 nm nm 216 88 nm
Sugar beet 0 25.0 4% 19 1 24
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*Estimate. As of November 28, 66% of 7,532 ha planted with corn was harvested. Average yield is 5.0 t/ha.
Source: Company data