EQS-News

Ekosem-Agrar AG plans to restructure its outstanding corporate bonds - Seite 3

The Joint Representative and the SdK will shortly invite all interested noteholders to a webcast to explain their view on the proposed measures in more detail. The details of the webcast will be announced shortly by e.Anleihe GmbH and the SdK in a press release via www.eqs-news.de.

Preliminary figures for 2023 illustrate volatile development: sales revenue in euro down significantly due to currency effects and temporarily lower milk prices, EBITDA also well below previous year due to higher production costs

Based on preliminary figures, Ekosem-Agrar generated sales revenues of between EUR 735 million and EUR 790 million in the financial year 2023. Despite a temporary sharp drop in milk prices, sales revenues in roubles remained largely stable; due to the weakening of the rouble, the decline in euro terms was between 18% and 24%. EBITDA is expected to be between EUR 160 million and EUR 195 million, which is also well below the previous year's level (in euros between 52% and 60%), primarily due to the significant increase in production costs. In a positive scenario, the management expects revenues and earnings to rise again in 2024, albeit “in euro” still below the level of 2022.

The audited consolidated financial statements for 2022 will be published shortly.

 

About Ekosem-Agrar

Ekosem-Agrar AG, Walldorf, is the German holding company of the Ekoniva Group, one of Russia's largest agricultural companies. With a herd of more than 235,000 cattle (including over 112,500 dairy cows) and a milk output of 3,440 tons of raw milk per day, the company is the country's largest milk producer. The group controls an agricultural area of around 630,000 hectares and is also one of Russia's leading seed producers. The founder and CEO of the company is Stefan Dürr, who has been active in Russian agriculture since the late 1980s and has played a decisive role in its modernization over the last three decades. He was awarded the Order of Merit of the Federal Republic of Germany in 2009 for his services to the German-Russian agricultural dialog. The Group has around 14,500 employees in nine administrative regions in Russia. Ekosem-Agrar generated total output of EUR 1,152.0 million and EBITDA of EUR 396 million in the financial year 2022.