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KSG Agro early crops harvest nearly halves

KSG Agro early crops harvest nearly halves

21 August 2014

Farming company KSG Agro (KSG PW) reported it has completed its harvesting campaign for early crops, having produced 64.5 kt, a drop of 46% yoy. It harvested 11.0 kt of rapeseeds (-66% yoy), 42.0 kt of winter wheat (-36% yoy) and 11.5 kt of barley (-39% yoy).

 

KSG Agro operates 96,000 ha of agricultural land, about 20% of which is located in the Russian-occupied region of Crimea.

 

Alexander Paraschiy: The company’s early grains harvest is unexpectedly small. Theoretically, that might suggest KSG Agro has significantly decreased its sowing area under winter crops, though the data that we have on their winter sowing does not confirm this assumption. The company reportedly sowed at least 15,000 ha of winter rapeseed this season, which is flat yoy, but its rapeseed harvest fell by nearly three times yoy this season.

 

We would like to blame the company’s Crimean assets for such a poor result, but we can also infer that something has else gone wrong in the company. KSG Agro provided no details on its spring sowing campaign this year, and this lack of information – as well as the company having failed to provide its audited 2013 financial results – gives us little hope that the company’s late crops harvest will be impressive. All in all, there are too many uncertainties in KSG Agro these days to consider this company a going concern.

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