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ROS AGRO Presentation for Investors ROS AGRO Presentation for Investors November 2015 Disclaimer • This presentation was prepared using the information available to ROS AGRO PLC and its subsidiaries (the “Group”) at the time of its preparation. Some of the statements in this presentation regarding the Group's business activities, economic indicators, financial position, business and operating performance, plans, projects and expected results, as well as price trends, costs, anticipated expenses, development prospects, industry and market forecasts, individual projects and other factors are forward-looking statements, i.e. they are not established facts. The forward-looking statements which the Group may make from time to time (but which are not included in this document) may also contain planned or expected data on revenue, profits (losses), dividends and other financial indicators and ratios. The words «intends», «aims», «projects», «expects», «estimates», «plans», «believes», «assumes», «may», «should», «will», «will continue» and similar expressions usually indicate forward-looking statements. However, this is not the only way to denote the forward-looking character of information • Due to their specific nature, forward-looking statements are associated with inherent risk and uncertainty, both general and specific, and there is the danger that assumptions, forecasts and other forward-looking statements will not actually come to pass. In light of these risks, uncertainties and assumptions, the Group cautions that, owing to the influence of a wide range of material factors, actual results may differ from those indicated, directly or indirectly, in the forward-looking Working Area Working statements, which are only valid as at the time of preparation of this presentation. ROS AGRO PLC neither affirms nor guarantees that the performance results set forth in the forward-looking statements will be achieved • The Group accepts no liability for losses which may be incurred by individuals or legal entities who act on the basis of the forward-looking statements. In each particular case, the forward-looking statements represent only one of many possible development scenarios, and should not be seen as the most probable. Except in those cases directly stipulated by applicable legislation and the Listing Rules of the UK Listing Authority, the Group assumes no obligation to publish updates and amendments to the forward-looking statements to reflect new information or subsequent events 2 Table of Contents 1 Introduction to Ros Agro 4 2 Investment highlights 9 3 Strategy and business development 31 4 Financial performance 37 Working Area Working 5 Appendix 46 3 Section 1 Introduction to Ros Agro 4 Ros Agro – The leader of the Russian agricultural sector Business highlights 2014 Key operational figures • #2 sugar producer in Russia with 15% market share1 Agricultural land bank2 500 ths. ha Vegetable oil production 188 ths. tons 1 • #2 pork producer in Russia with 6% market share Sugar production 717 ths. tons • #1 margarine producer in Russia with 49% market share1 Pork production 187 ths. tons Margarine production 47 ths. tons 2 • 500 ths. ha land bank primarily in the Black Earth region of Russia Mayonnaise production 58 ths. tons • Vertically integrated business model: Meal production 171 ths. tons 3 ‒ Ros Agro operates a leading agricultural business with crop yields 2014 Revenue and EBITDA breakdown by segment significantly higher than Russia’s average Revenue EBITDA ‒ Meat business is secured by grain segment providing fodder 9% 23% Sugar 24% ‒ Sugar segment’s raw material supply is secured by own sugar beet 34% 22% crop RUB 59.1bn Meat RUB 18.1bn 16% US$ 1.5bn Agriculture US$ 0.5bn ‒ Vertically-integrated business delivers best-in-class margins and a Oil & Fats hedge against commodity price fluctuations 27% 44% Working Area Working Source: Company data Highly recognized customer brands Oil and Fats Sugar Mechta Khozyaiki EZHK Gotovim doma Provansal EZHK Schedroe Leto Chaikofsky Mon Café Russkii Sakhar Brauni Ros Agro Group – A leading vertically integrated agriculture company with exposure to highly attractive market segments in Russia and CIS Source: Company data 1 Based on volumes in 2014; 2 As of 1H 2015, including land in Primorsky Krai (30 ths. ha); 3 Breakdown is based on figures before adjustments for other revenue and eliminations. Total Revenue and EBITDA figures converted to US$ 5 using official average CBR exchange rate for 2014 (37.97 RUB per USD) Ros Agro demonstrated a solid track record of resilient performance Revenue CAGR1 Resilient growth trend in revenue2 (2012-2014) US$ m Revenue EBITDA margin Ros Agro 18% JBS 15% 1,532 1,351 Tyson foods 9% 1,096 1,144 1,020 Cherkizovo 7% 31% 33% 716 779 MHP (1)% 26% 26% 21% 19% 565 BRF (4)% 14% 13% Illovo Sugar (4)% 1 Average EBITDA margin 2008 2009 2010 2011 2012 2013 2014 1H2015 (2012-2014) • Construction • 2 sugar plants • Construction • 75% stake in • Construction • Sugar beet • Construction • Launch of the MHP 33% of breeding in Belgorod of breeding Samara oil work at processing of Tambov slaughterhouse complex in and Tambov complex in plant was Tambov capacity Bacon was with an annual Ros Agro 25% Belgorod were acquired Tambov began acquired Bacon led to expanded from completed capacity of 2m Working Area Working launched • Construction • Land bank • Samara region the launch of 5 ths. tons to • Equipment heads in Cherkizovo 18% of breeding increased to plant reached 22 production 5.5 ths. tons a upgrades at Tambov region complex in 380 ths. ha its full capacity sites day at the sugar plants • The Company Zherdevskiy Belgorod was of 1,050 tons • Shidlovsky • Modernization entered new Illovo Sugar 17% plant completed per day Plant was of technology markets of • Record launched and and equipment large cuts, BRF 12% harvest – over reached its full in agriculture chilled 497 ths. tons capacity in a division processed year products, meat JBS 7% • IPO on LSE • Modernization and bone meal of equipment and industrial Tyson foods 5% at Fats Plant fat Source: Companies data 1 Calendarized to Dec YE, except for Illovo Sugar (Mar YE), all figures converted to US$ at average exchange rates for respective periods; 6 2 Data for 2008-2010 converted from RUB using historical CBR average exchange rates (RUB per US$): 2008 – 24.81, 2009 – 31.68, 2010 – 30.36 Ros Agro’s diversified asset base Location of the assets on the map of Russia Ros Agro assets by business segment Capacities (annual) Split by region1 RUSSIA 44% Moscow • 6 sugar refineries with total Sugar capacity of c. 35.1 ths. tons 56% BELGOROD per day SAMARA Belgorod Tambov TAMBOV YEKATERINBURG • 13 pig farms, 3 breeding 44% facilities with total Meat 56% production capacity of 205 PRIMORSKY KRAI ths. tons • Pork production Belgorod Tambov complex project 4% • 30 ths. ha of land bank Working Area Working • Controlling stake • Total land bank2 of c. 500 in soy production Agriculture ths. ha including c. 380 ths. 96% BELGOROD YEKATERINBURG ha of arable land • 3 sugar refineries • Oil & fats plant Belgorod & Tambov Far East • 6 pig farms (EZhK3) • 1 breeding facility • Margarine: 57.9 ths. tons • 1 compound feed plant • Mayonnaise: 112 ths. tons 42% TAMBOV SAMARA Oil and • Sunflower seeds: c. 420 58% ths. tons • 3 sugar refineries • Oil extraction Fats • 7 pig farms plant (SAPP3) • Meal: c. 180 ths. tons • 2 breeding facilities Oil: c. 190 ths. tons Yekaterinburg Samara • 1 compound feed plant • • 1 slaughterhouse Source: Company data as of 1H 2015 1 Capacity breakdown for sugar and meat; arable land bank as of 1H 2015 for agriculture segment; 2014 revenue breakdown for oil and fats segment; 2 Including land in Primorsky Krai (30 ths. ha); 3 EZhK – Yekaterinburg Fats Plant, 7 SAPP – Samaraagroprompererabotka oil extraction plant Ros Agro’s footprint across the globe The group’s products are sold in more than 80 regions of Russia and are exported to 14 countries Denmark Germany Russia Belarus Moldova Japan Azerbaijan South Mongolia Kazakhstan Korea Turkey Uzbekistan Turkmenistan Egypt Israel Kyrgyzstan China Iran Afghanistan Tajikistan Working Area Working UAE Hong Kong Oman Thailand Vietnam Russian market Promising markets Existing export markets Source: Company data 8 Section 2 Investment highlights 9 Tier:1 Tier: 2 Tier: 3 133, 174, 62 155, 194, 86 176, 202, 129 Ros Agro – Key investment highlights 252,175, 23 252, 185, 50 253, 203, 104 1 Ros Agro is the most prominent integrated agribusiness company in Russia • Ros Agro holds market leadership positions across all its businesses… • …operating a vertically integrated business model 13, 103, 133 16, 125, 164 97, 156, 176 2 Second largest sugar producer in Russia • Russia is one of the largest consumers of sugar globally… 204, 40, 65 217, 63, 85 222, 115, 131 • …with Ros Agro being the 2nd largest sugar producer in the country... • ...operating 6 sugar refineries strategically located near sugar beet farms… • …and owning a strong branded product line covering different price categories 241, 97, 34 243, 119, 63 246, 152, 111 3 Second largest pork producer in Russia • Russia is the fifth largest pork consumer globally in per capita terms… • …with Ros Agro being the 2nd largest pork producer in the country… • …operating state-of-the-art facilities in Belgorod and Tambov regions 127, 127, 127 144, 144, 144 172, 172, 172 4 Leading Russian oil and fats producer with a strong portfolio of brands Tier: 4 Tier: 5 • Russia is the largest consumer of mayonnaise and sunflower oil in the world… • …with Ros Agro operating as
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