1. No category

WITH RESPECT TO PEOPLE AND LAND
IMC
INDUSTRIAL MILK COMPANY S.A.
listed on Warsaw Stock Exchange
November 2014
1
Table of contents
I. Company overview
3-15
II. Strategy update
16-20
III. Appendixes
21-33
2
IMC - integrated agricultural business
IMC operates 136,700 hectares of land
located in the prime fertile farming regions of Ukraine (Poltava, Chernihiv, Sumy)
Crop farming
• Major crops: corn, sunflower, wheat, soybeans, potato
Dairy farming
• The number of cattle – 6 922, including 3 972 cows
(as of 01.11.2014)
• Self sufficiency with storage capacities
Storage and
Processing
Company overview
•
•
for own crop farming
segment
Minor storage services for third parties
Production of compound feed for dairy farming segment
One of TOP-10 agricultural companies in Ukraine
#10
#7
by Revenue
Corn producer
#9
by Land bank
#7 Sunflower producer
#9
Grain producer
#7 Milk producer
* Source of ratings: AgriSurvey, “The largest agroholdings in Ukraine”, 2014, based on results of year 2013
4
Company overview
Business segments contribution
REVENUE contribution
2012
2013
3%
2%
10%
Crop farming
10%
Dairy farming
Storage &
87%
4%
1%
2%
Crop farming
EBITDA contribution
88%
Processing
12%
Dairy farming
Storage &
95%
Processing
86%
Selected key customers
Company overview
5
Development track record
LAND BANK, ths ha
REVENUE, mln USD
+260% since IPO in May 2011
114,8
CAGR 2010-2013 – 53%
136,7
120,7
75,2
82,7
59,6
34,0
35,8
35,7
64,2
37,9
GRAIN & OILSEEDS STORAGE CAPACITY, ths tonnes
34,8
24,9
20,2
2008
2009
2010
29,1
2011
2012
2013
EBITDA, mln USD
+222% since IPO in May 2011
CAGR 2010-2013 – 48%
49,5
554
32,0
338
172
72
172
172
211
25,7
19,5
223
9,0
4,0
2008
2009
2010
2011
2012
2013
6
Company overview
Favorable land bank location and infrastructure
Chernihiv cluster
 Land bank under processing
 Grain & Oilseeds storage capacities
 Potato storage capacities
 Cattle (as of 01.11.2014)
Chernihiv
Lutsk
Rivne
Zhytomyr
Lviv
Uzhhorod
Nosivka cluster
 Land bank under processing
 Grain & Oilseeds storage
capacities
 Cattle (as of 01.11.2014)
Nosivka
Kyiv
Pryluky Sumy
Ternopil
Poltava
Khmelnitskyi
Vinnytsya
Kharkiv
– 27,3 ths ha
– 102 ths t
– 16 ths t
– 1427 heads
– 34,2 ths ha
– 115 ths t
– 1425 heads
Cherkassy
IvanoFrankivsk
Chernivtsi
Kirovohrad
Luhansk
Dnipropetrovsk
Donetsk
Zaporizhzhya
Mykolayiv
Odesa
Kherson
Azov Sea
Black Sea
Simferopol
• Highly concentrated location of land bank within the cluster with
average distance between fields up to 20 km
Sumy cluster
Land bank under processing
Grain & Oilseeds storage
capacities
– 24,6 ths ha
– 90
ths t
Poltava cluster
 Land bank under processing
– 30,1 ths ha
 Grain & Oilseeds storage capacities – 87 ths t
 Cattle (as of 01.11.2014)
– 4070 heads
Pryluky cluster
 Land bank under processing
– 20,5 ths ha
 Grain & Oilseeds storage capacities – 160 ths t
• Developed and self-sufficient farming infrastructure:
 own storage capacities for grain & oilseeds and potato
 logistic infrastructure
 own machinery park
7
Company overview
High capacity machinery park
About 750 units of own machinery
• Seeders: John Deere, Massey Fergusson,
Great Plains, Horsch, Super Walter
• Tractors: Case, John Deere, New Holland
• Combines: Case, New Holland, John Deere,
Grimme
• Cultivators and harrows: Horsch, John Deere, Lemken
• Trucks
Company overview
Self-sufficient storage capacities for crop
farming segment
•
•
•
Strategic location of silos in key farming areas and close to IMC operations
All silos are linked to national railway network and allow grain shipments to ports by
railcar
Self-sufficiency in storage capacity allows IMC to control product quality and to
enhance its flexibility to sell its crop at a time of its preference, reducing sales at
harvest when prices are suffering from crop pressure
9
Company overview
Harvest dynamics
Ths tonnes
700,0
555,0
301,2
127,0
55,5
2007
1,9
2008
154,0
3,8
2009
116,9
171,8
5,8
2010
grain & oilseeds
25,3
15,4
2011
2012
20,8
2013
20,0
2014F
potato
10
Company overview
Crop yields
+176%
2012
+127%
2013
36,3
44,4
IMC vs.
Ukraine +42%
+18%
+64%
IMC vs.
Ukraine
-5%
+27%
+23%
+44%
-7%
16,0
16,1
6,8 4,8
Corn
2,0 1,7
1,6 1,7
Sunflower
Wheat
Soybean
IMC, gross yield, t/ha
Crop
IMC net yield,
t/ha
8,1 6,4
4,6 2,8
Corn
Potato
2,7 2,2
4,9 3,4
1,9 2,1
Sunflower
Wheat
Soybean
IMC, gross yield, t/ha
Ukraine, gross yield, t/ha
Corn
Sunflower
Wheat
Soybean
Potato
5,8
1,8
4,4
1,4
36,7
Crop
IMC net yield,
t/ha
Potato
Ukraine, gross yield, t/ha
Corn
Sunflower
Wheat
Soybean
Potato
7,1
2,5
4,8
1,8
32,0
11
Company overview
Crop mix & Yields forecast 2014
2013
potato rye
1%
fodder
fallow
crops
8%
2014
fodder
fallow
potato
crops
10%
1%
3%
0,5% 7%
soybean
soybean
4%
6%
wheat
120,7
ths ha
corn
51%
wheat
6%
136,7
ths ha
8%
corn
60%
sunflower
sunflower
14%
21%
Net Yields, t/ha
32,0 32,0
2013
2014F
7,1 7,4
2,5 2,5
Corn
Company overview
Sunflower
4,8 5,1
Wheat
1,8 1,7
Soybean
Potato
12
Dairy farming segment
Raw milk production, ths t
23,7
25,5
20,8
15,6
16,1
18,1
The number of cattle – 6 922 heads, including 3 972 cows
(as of 01.11.2014)
2009
2010
2011
2012
2013
2014F
IMC milk prices, USD/t
Annual Yields per cow, tonnes
5,0
5,1
4,1
4,0
5,2
4,2
5,3
4,4
5,3
w/o VAT and subsidy
5,4
4,4
600
IMC
400
304
354
377
2010
2011
430
321
241
Ukraine
200
0
2009
2010
2011
2012
2013
2014F
2008
2009
2012
2013
 Dairy farming segment generates stable cash flows which are less affected by seasonality and represent
natural hedge against volatile soft commodities prices
13
Company overview
Business optimization & Efficiency growth
September 2013
Launch of new project on Business optimization & Efficiency growth
Phase I
September-December 2013
Divesting of non-core assets:
 close of non-core enterprises (bread-baking plant)
 restructure of non-core enterprises for a different function (sugar plant to
grain storage capacity)
Phase II
January-December 2014
 Management & Personnel reorganization
 Development of motivation system for personnel based on KPIs
 Business processes optimization (supported by IFC, Bayer and Ernst &Young )
The first results of Phase II (Management & Personnel reorganization):
• Staff reduction
– 12% (as of 1 June 2014)
• Growth of salaries for regional agronomists by – 20% (as of 1 June 2014)
• Wages and Salaries’ fund decrease
in connection with personnel reorganization
– 10% (as of 1 June 2014)
• Cost saving on
Management & Personnel reorganization
– about USD 1,2 mln annually
Company overview
14
CAPEX 2014
CAPEX
Investments:
- completion of acquisition of the agricultural company, January 2014
- payment of debt for the investment done in 2012, January 2014
mln USD
14,97
7,64
Machinery
4,00
Silo in Sumy cluster of 25 ths t,
completion of construction
0,44
Capital repair of administrative building in new Pryluky cluster
0,05
TOTAL CAPEX 2014
27,10
15
Company overview
Strategy update
Land Bank
Storage capacity
(by the end of the period)
(by the end of the period)
ths ha
120,7
2012
ths tons
285,0
136,7
136,7
2013
2014
653
554
554
2013
2014
338
2019
2012
2019
Chernihiv
Lutsk
Nosivka
Rivne
Zhytomyr
Lviv
Kyiv
Pryluky Sumy
Ternopil
Kharkiv
Poltava
Uzhhorod
Khmelnitskyi
IvanoVinnytsya
Frankivsk
Chernivtsi
Regions of IMC current
operational activities
Regions of IMC land bank
potential increase (along
with current regions)
Cherkassy
Kirovohrad
Luhansk
Dnipropetrovsk
Donetsk
Zaporizhzhya
Mykolayiv
Odesa
Kherson
Azov Sea
Black Sea
Simferopol
16
Strategy update
Strategy update
Diversification of agricultural crops and focus on the most profitable ones
2014
Fodder crops
Fallow
3%
10%
Potato
2019
Potato
0,00%
1%
Soybean
Soybean
6%
22%
Corn
60%
Sunflower
14%
3%
3%
Corn
Wheat
6%
Fodder crops Fallow
Wheat
51%
7%
Sunflower
14%
IMC plans to keep focus on growing of limited number of high-profitable crops with gradual
shortening of corn (down to 50% in crops structure) and expansion of the area under
soybean (up to 25%)
17
Strategy update
Strategy update
Preserving existing production and storage capacities for potato with
gradual production efficiency increase and cost reduction
2014
2019
Planted area, ha
645
700
Total harvest, ths tonnes
21,0
28,0
Storage capacities, ths tonnes
16,0
16,0
18
Strategy update
Strategy update
Preserving existing amount of cattle with gradual enlargement of dairy
farms and improvement of milk quality and cows productivity
Total number of cows, heads
(as of 01.01.2014)
Number of farms
Average farm size, heads
2014
2019
4434
4700
19
6
233
783
19
Strategy update
Strategy update
Strengthening of vertical integration
through processing of own oilseeds
•
If the plan of land bank expansion and crop structure is followed, in 2019 IMC will harvest
up to 270 ths tonnes of oilseed crops (up to 173 ths tonnes of soybean and up to 97 ths
tonnes of sunflower).
•
It is planned to construct and launch own plant for soybean and sunflower processing into
meal and oil on the territory of one of IMC’ elevators.
 Plant capacity – 300 ths t of oilseeds
 Launch
– January 2019
20
Strategy update
Appendix
21
9m 2014 Financials
in mln USD
Revenue
+35%
EBITDA
98,0
55,3
51,6
+7%
72,5
9m 2013
9 m 2014
9m 2013
9m 2014
Net profit before non-cash foreign
Net profit
currency exchange loss /gain, net
34,7
9m 2013
33,4
31,6
9m 2013
9m 2014
9m 2014
-14,3
Due to the devaluation of the hryvnia during the first 9 months of 2014 IMC received net non-cash foreign currency exchange loss to
the amount of USD 45.9 mln. The resulting loss is a formal (accounting) as it relates to the revaluation of the USD-debt of Ukrainian
enterprises of IMC, which is held in accordance with the accounting requirements of IFRS. In fact IMC bears no losses associated with
the presence of USD-debt at Ukrainian enterprises of the company, as IMC has export USD-revenue from sales of its products, which
is used to repay and service the debt. During the first 9 months of 2014 the export USD-revenue of IMC was 75% of total revenue for
the period.
22
9m 2014 results
9m 2014 Sales
Crop farming sales, ths tonnes
Crop farming sales, mln USD
91,2
+45%
462,5
+90%
62,8
243,7
9m 2013
9m 2013
9m 2014
9m 2014
A significant increase in sales volume of grain and oilseeds is associated with an increase of the land bank under processing by 46% in
2013 and by 13% in 2014, as well as increased productivity of main crops. The growth of grains and oilseeds sold was partially offset
by lower prices for them by 7-20% compared with the 9 months of 2013.
Dairy farming sales, mln USD
Milk price, USD/t
500
8,5
-24%
6,4
416
324
400
300
-22%
200
100
0
9m 2013
9m 2014
9m-2013
9m-2014
The company's sales in dairy farming segment has decreased by 24% to USD 6.4 mln, mainly due to the reduction in milk prices by
22% compared with the 9 months of 2013. The decline in milk prices in dollar terms was due to the devaluation of hryvnia and the
closure of the Russian market for Ukrainian dairy products.
23
9m 2014 results
Selected Financials
Income Statement1
9m
9m
2014
2013
114.8
98.0
72.5
147.4
-----49.5
55.3
51.6
38.4
47.1
43.4
26.6
(13.9)
35.2
$m
2010
2011
2012
2013
Revenue
Total Revenue 2
Normalised EBITDA
Normalised EBIT
Normalised Net profit
Income from the exchange of property
certificates3
Write off of property, plant and
equipment (PP&E)3
34.8
33.2
19.5
16.0
16.3
29.1
52.9
25.7
20.6
18.7
75.2
84.4
32.0
24.6
19.5
0.0
0.2
0.2
0.0
0.0
0.0
(1.1)
(1.6)
(1.0)
(0.7)
(0.4)
(0.5)
Loss on revaluation of other PP&E3
(0.4)
0.0
0.0
0.0
0.0
0.0
$m
2010
2011
2012
Net Cash flows from operating activities
12.3
(9.7)
10.6
4.2
Net Cash flows from investing activities
2.1
(17.7)
(58.3)
(19.8)
(25.8)
(29.3)
(12.5)
30.3
44.8
30.3
9.1
45.7
1.9
3.0
(3.0)
14.7
(5.2)
8.8
Cash Flow Statement1
Net Cash flow from financing activities
Net change in cash
2013
9m
2014
11.5
9m
2013
(7.6)
Balance Sheet1
$m
2010
2011
2012
Total Assets
Inventories & biological assets
87.4
23.8
138.7
60.8
244.5
113.0
9m
9m
2014
2013
361.9
238.6
340.3
171.8
135.4
169.9
Total Borrowings
Cash
Net Borrowings
Equity
12.2
2.0
10.2
67.2
22.0
4.6
17.4
109.0
80.6
1.8
78.9
128.0
140.0
16.4
123.6
153.9
2013
137.2
0.8
136.4
70.4
125.1
10.5
114.6
162.8
1. Financials are audited
by Baker Tilly (2010,
2011, 2012, 2013)
2. Total Revenue is
equivalent to Total
Production of
produce and services
for the period
(calculated as
“Revenue +
Inventories of
agricultural produce
for the end of the
period - Inventories
of agricultural
produce for the start
of the period “)
3. Normalisation
adjustments to
EBITDA, EBIT and
Net Profit excludes
effects of nonrecurring expenditure
from operating
segments such as
income from the
exchange of property
certificates, write off
of PP&E, loss on
revaluation of other
PP&E resulting from
an isolated, nonrecurring event
24
Key ratios
2010
2011 2012 2013
9m
2014
Current ratio
3.4
5.1
1.7
1.3
1.2
Net Borrowings/Equity
0.2
0.2
0.6
0.8
1.9
Net Borrowings/EBITDA
0.5
0.7
2.5
2.5
2.5
Interest coverage
8.6
10.9
4.4
3.0
3.1
Equity/Assets
0.8
0.8
0.5
0.4
0.3
25
Operational and Financial Results
(in thousand USD)
CONTINUING OPERATIONS
Revenue
Gain (loss) from changes in fair value of
biological assets and agricultural produce, net
Cost of sales
GROSS PROFIT
Administrative expenses
Selling and distribution expenses
Other operating income
Other operating expenses
Write-offs of property, plant and equipment
OPERATING PROFIT
Financial expenses, net
PROFIT BEFORE TAX FROM CONTINUING
OPERATIONS
Income tax benefit (expenses)
NET PROFIT FOR THE PERIOD FROM
CONTINUING OPERATIONS
Normalised EBITDA
Normalised EBIT
Normalised Net profit
Depreciation and amortization
Write-offs of property, plant and equipment
For the nine months ended
30 September
30 September
2014
2013
Change in %
98 008
72 473
35%
43 314
59 983
-28%
(80 410)
60 912
(4 140)
(6 548)
2 099
(5 180)
(412)
46 731
(60 652)
(79 084)
53 372
(5 010)
(2 343)
3 222
(5 890)
(515)
42 836
(8 129)
2%
14%
-17%
179%
-35%
-12%
-20%
9%
646%
(13 921)
34 707
-140%
(341)
(36)
846%
(14 262)
34 671
-141%
55 332
47 143
(13 850)
51 551
43 351
35 186
7%
9%
-139%
(8 189)
(412)
(8 200)
(515)
0%
-20%
Normalisation
adjustments to
EBITDA, EBIT and Net
profit exclude effects
of non-recurring
expenditure from
operating segments
such as income from
the exchange of
property certificates
and write-offs of
property, plant and
equipment resulting
from an isolated, nonrecurring event.
26
Appendix
Balance sheet
30 September
2014
Appendix
ASSETS
Non-current assets
Property, plant and equipment
Intangible assets
Non-current biological assets
Deferred tax assets
Other non-current assets
Total non-current assets
Current assets
Inventories
Current biological assets
Trade accounts receivable, net
Prepayments and other current assets, net
Prepayments for income tax
Cash and cash equivalents
Total current assets
TOTAL ASSETS
LIABILITIES AND EQUITY
Equity attributable to the owners of
parent company
Share capital
Share premium
Revaluation reserve
Retained earnings
Effect of foreign currency translation
Total equity attributable to the owners of
parent company
Non-controlling interests
Total equity
Non-current liabilities
Share purchase warrant
Long-term loans and borrowings
Deferred tax liabilities
Total non-current liabilities
Current liabilities
Current portion of long-term borrowings
Short-term loans and borrowings
Trade accounts payable
Other current liabilities and accrued expenses
Income tax payable
Total current liabilities
TOTAL LIABILITIES AND EQUITY
75 738
14 669
7 816
12
2 546
100 781
57
70
4
5
31 December
2013
Audited
129 304
27 802
15 084
158
2 125
174 473
31 December
2012
Audited
92 149
23 264
10 879
266
1 100
127 659
61 607
3 294
9 057
120
790
74 868
210
343
155
315
71
757
137 851
238 632
139
17
2
11
050
706
296
802
111
16 431
187 396
361 869
533
598
471
460
17
1 760
116 839
244 498
637
093
447
074
4 595
63 846
138 714
56
24 387
10 207
119 878
(85 718)
56
24 387
10 732
133 537
(16 473)
56
24 387
11 820
106 165
(16 473)
56
24 387
13 862
85 123
(16 408)
68 810
152 239
125 955
107 020
1 631
70 441
1 683
153 922
2 059
128 014
1 968
108 988
1 121
52 351
2 036
55 508
48 011
3 121
51 132
45 099
2 992
48 091
14 068
3 121
17 189
39
45
20
7
39
52
25
38
4
30
8
24
591
268
022
802
112 683
238 632
881
095
943
896
156 815
361 869
63
38
2
10
31 December
2011
Audited
753
793
601
207
39
68 393
244 497
40
11
1
6
4
3
1
3
486
467
473
099
12
12 537 27
138 714
Consolidated statement of cash flows
For the nine months
ended
30 September 2014
CASH FLOWS FROM OPERATING
ACTIVITIES:
Profit before tax from continuing operations
Adjusted to reconcile profit before tax with net
cash used in operating activities:
Gain (loss) from changes in fair value of
biological assets and agricultural produce, net
Disposal of revaluation of biological assets and
agricultural produce in the cost of sales, net
Depreciation and amortization
Income from write-offs of accounts payable
Write-offs of VAT
Shortages and losses due to impairment of
inventories
Allowance for doubtful accounts receivable
Loss from VAT on export operations
Lost crops
Loss on disposal of property, plant and
equipment
Write-offs of property, plant and equipment
Accruals for unused vacations
Interest income
Interest expenses and other financial expenses
Foreign currency exchange loss/(gain)
Cash flows from operating activities before
changes in working capital
Increase in trade accounts receivable
Decrease/(increase) in prepayments and other
current assets
Decrease/(increase) in inventories
Increase in current biological assets
Increase in trade accounts payable
(Decrease)/increase in other current liabilities
and accrued expenses
Cash flows from operations
Interest paid
Income tax paid
Net cash flows from operating activities
For the nine months
ended
30 September 2013
(13 921)
34 707
(43 314)
(59 983)
37 281
18 708
8 189
(302)
38
8 200
(361)
75
203
218
465
1 589
1 310
2
3 402
474
309
18
412
(64)
(512)
15 291
47 460
515
72
(46)
9 444
(1 268)
54 434
14 177
(3 230)
(1 460)
1 300
(12 613)
11 872
(41 656)
5 004
(981)
(15 315)
11 189
(3 284)
6 468
24 440
1 465
(12 901)
(88)
11 451
(8 962)
(128)
(7 625)
28
Appendix
Consolidated statement of cash flows (cont’d)
For the nine
months ended
30 September
2014
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchase of property, plant and equipment
Purchase of non-current biological assests
Proceeds from disposal of property, plant
and equipment
Increase in other non-current assets
Repayment payables for investments
Net cash flows from investing activities
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from long-term and short-term
borrowings
Repayment of long-term and short-term
borrowings
Net cash flows from financing activities
NET CASH FLOWS
Cash and cash equivalents as at the
beginning of the period
Effect of translation into presentation
currency
Cash and cash equivalents as at the end
of the period
For the nine
months ended
30 September
2013
(2 364)
-
(16 259)
(53)
723
44
(1 572)
(22 605)
(25 818)
298
(13 363)
(29 333)
96 633
69 251
(87 493)
(23 779)
9 140
45 742
(5 227)
8 784
16 431
1 760
(10 447)
-
757
10 544
29
Appendix
Operational and Financial Results
(in thousand USD)
CONTINUING OPERATIONS
Revenue
Gain (loss) from changes in fair value of biological
assets and agricultural produce, net
Cost of sales
GROSS PROFIT
Administrative expenses
Selling and distribution expenses
Other operating income
Income from the exchange of property certificates
Other operating expenses
Write-offs of property, plant and equipment
OPERATING PROFIT
Financial expenses, net
PROFIT BEFORE TAX FROM CONTINUING
OPERATIONS
Income tax benefit (expenses)
NET PROFIT FOR THE PERIOD FROM CONTINUING
OPERATIONS
Normalised EBITDA
Normalised EBIT
Normalised Net profit
Depreciation and amortization
Income from the exchange of property certificates
Write-offs of property, plant and equipment
For the year ended
31 December
31 December
2013
2012
Change
in %
114 767
75 249
53%
55 507
33 038
68%
(116 269)
54 005
(6 667)
(4 384)
6 363
(10 918)
(748)
37 651
(11 477)
(73 480)
34 807
(4 723)
(2 002)
2 621
202
(6 153)
(1 010)
23 742
(5 112)
58%
55%
41%
119%
143%
-100%
77%
-26%
59%
125%
26 174
18 630
40%
(359)
85
-522%
25 815
18 715
38%
49 477
38 399
26 563
32 014
24 550
19 523
55%
56%
36%
(11 078)
(748)
(7 465)
202
(1 010)
48%
-100%
-26%
Normalisation
adjustments to
EBITDA, EBIT and Net
profit exclude effects
of non-recurring
expenditure from
operating segments
such as income from
the exchange of
property certificates
and write-offs of
property, plant and
equipment resulting
from an isolated, nonrecurring event.
30
Appendix
Consolidated statement of cash flows
For the year ended
31 December 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Profit before tax from continuing operations
Adjusted to reconcile profit before tax with net cash
used in operating activities:
Gain (loss) from changes in fair value of biological
assets and agricultural produce, net
Disposal of revaluation of biological assets and
agricultural produce in the cost of sales, net
Depreciation and amortization
Gain on disposal of inventories
Income from write-offs of accounts payable
For the year ended
31 December 2012
26 174
18 630
(55 507)
(33 038)
35 285
23 338
11 078
(39)
(403)
7 466
(1)
-
102
(202)
357
2 854
425
53
4 849
426
31
748
62
49
(131)
12 818
(1 210)
539
2 801
556
12
1 010
494
43
(506)
5 536
23
37 239
27 483
Decrease / increase in trade accounts receivable
Increase in prepayments and other current assets
Increase in inventories
Decrease in current biological assets
Decrease/ increase in trade accounts payable
Decrease in other current liabilities and accrued
expenses
Cash flows from operations
2 142
(4 934)
(59 891)
29 362
13 081
(469)
(749)
(14 883)
3 392
(2 367)
63
3 630
17 062
16 027
Interest paid
Income tax paid
Net cash flows from operating activities
(12 716)
(157)
4 189
(5 410)
(52)
10 565
Income from the exchange of property certificates
Write-offs of VAT
Shortages and losses due to impairment of
inventories
Allowance for doubtful accounts receivable
Loss from VAT on export operations
Lost crops
Loss on disposal of property, plant and equipment
Write-offs of property, plant and equipment
Accruals for unused vacations
Accruals for audit services
Write-offs of goodwill
Interest income
Interest expenses
Loss from exchange differences
Cash flows from operating activities before
changes in working capital
Appendix
31
Consolidated statement of cash flows (cont’d)
For the year ended
31 December 2013
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchase of property, plant and
equipment
Purchase of non-current biological assests
Purchase of intangible assets
Proceeds from disposal of property, plant
and equipment
Decrease/ increase in other non-current
assets
Cash (acquisition of the subsidiary)
Acquisition of the subsidiary
Net cash flows from investing
activities
For the year ended
31 December 2012
(18 433)
(13 104)
(66)
(56)
(943)
(112)
53
20
231
(18)
15 001
(16 531)
366
(44 506)
(19 801)
(58 297)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Issue of share capital
Proceeds from long-term and short-term
borrowings
Repayment of long-term and short-term
borrowings
Net cash flows from financing
activities
NET CASH FLOWS
Cash and cash equivalents as at the
beginning of the period
Effect of translation into presentation
currency
Cash and cash equivalents as at the
end of the period
-
-
83 154
49 491
(52 871)
(4 739)
30 283
44 752
14 671
(2 980)
1 760
4 595
-
145
16 431
1 760
32
Appendix
Our contacts
IMC
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tel/fax: +380 44 238 9689, 238 9491
www.imcagro.com.ua
33