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Agria books record high BGN 14.8m consolidated pre-tax net profit in 2014 (POSITIVE)
Agria Group Holding reported Q4’14 sales revenue of BGN 46m, up 6% YoY. Subsidies and other financing revenue came in at BGN 2.3m for the quarter, up 7% YoY, on higher payment levels and larger land portfolio. Compensation expenses for the quarter improved QoQ, shaving off 28%, but remain 87% higher than those in Q4’13. Cost of hired services, traditionally highest in the last quarter of the year, grew 32.6% YoY. Interest expense was positively impacted by the lower interest rate environment - despite the slight increase in debt, it was 9% lower YoY. AGH booked a record high pre-tax profit of BGN 7.46m, 54.4% higher than the previous highest quarterly pre-tax profit of BGN 4.8m during Q4’13.
Sales revenue for the full year fell to BGN 122m, losing 16% YoY on lower crop prices. Financing revenue, reflecting mostly direct payment subsidies reached BGN 9.5m in 2014, a 21% YoY increase. Total revenue was down 14% YoY, and came in at BGN 133m. The lower crops helped improve the expense side, as book value of goods sold fell relative to sales – down to 55%, compared to 72% in 2013. Overall, pre-tax income for the year was positively impacted, jumping 48% YoY to BGN 14.8m.
On the balance sheet AGH repaid BGN 11m IB liabilities during the quarter, decreasing total debt to BGN 71.7m (-13.5% QoQ; +5% YoY). The company increased its asset base, with long term assets ending the year at BGN 76.3m (-2% QoQ; +18% YoY). The change was supported by the 23% YoY increase in the Property, Plant and Equipment account, which was BGN 63.3m at the end of 2014. Receivables decreased to BGN 36.6m in Q4’14 (-17% QoQ; -10% YoY). The company built up inventories at the end of the year, as they reached BGN 37m (29% QoQ; 2% YoY).
Source: Agria Group Holding; FFBH