Interim report
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INTERIM REPORT for the three-month period ended 31 March 2025
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Interim report for the three-month period ended 31 March 2025 2 Name of the issuing entity: ASTARTA HOLDING PLC. Registered office: 1 Lampousas Street, 1095 Nicosia, Cyprus Unique registration code: HE 438414 Issued share capital: EUR250,000 The regulated market on which the issued securities are traded: Warsaw Stock Exchange (Giełda Papierów Wartościowych) CONTENTS I. Interim Management Report…………………………………………………………………………..3 II. Statement by the Members of the Board of Directors and other responsible officers………………………………………………………………………………………………………………….15 III. Condensed Consolidated Financial Statements …………………………………………… 16 Condensed Consolidated Income Statement Condensed Consolidated Statement of Comprehensive Income Condensed Consolidated Statement of Cash Flows Condensed Consolidated Statement of Changes in Equity Notes to the Condensed Consolidated Financial Statements Note: These financial statements have been prepared in accordance with the international reporting standards adopted by the European Union ("IFRS"). Differences between totals and sums of the parts are possible due to rounding.
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Interim report for the three-month period ended 31 March 2025 3 INTERIM MANAGEMENT REPORT ECONOMIC PERFORMANCE AND FINANCIAL ANALYSIS In 1Q25 Astarta’s consolidated revenues declined by 25% y -o-y to EUR125m reflecting lower sales volumes. The Sugar segment was the main contributor with 33% of total or EUR41m (-5% y-o-y) followed by the Agriculture with 30% of total at EUR37m ( -49% y-o-y). Soybean Processing accounted for 23% of revenue or EUR29m (flat y-o-y), Cattle Farming - for 13% at EUR17m (+26% y-o-y). Export sales of EUR73m contributed 59% of consolidated revenue in 1Q25 vs 69% in 1Q24. Gross profit down by 38% y-o-y to EUR33m with Gross margin narrowing from 32% in 1Q24 to 27% in 1Q25 on higher cost of sales. EBITDA declined by 7% y -o-y to EUR27m with 21% of EBITDA margin compared to 17% in 1Q24 on the back of lower S&D expenses (-62% y-o-y). Excluding the impact of IAS41, the Gross margin decreased from 42% to 35%. EBITDA margin grew by 2pp y-o-y to 29%. SUMMARY P&L EURk 1Q24 1Q25 Revenues, including 165 779 124 577 Agriculture 73 267 37 169 Sugar Production 43 512 41 145 Soybean Processing 29 322 28 693 Cattle Farming 13 251 16 760 Cost of sales, including (113 670) (93 394) Effect of FV remeasurement of AP* (17 642) (12 144) Changes in FV of BA and AP* 1 371 2 174 Gross profit 53 480 33 357 Gross profit margin 32% 27% EBIT 16 070 13 610 Depreciation and Amortisation, including 12 553 13 017 Charge of right-of-use assets 5 347 5 589 EBITDA**, incl. 28 623 26 627 Agriculture 12 072 19 094 Sugar Production 4 146 6 084 Soybean Processing 7 136 4 062 Cattle Farming 5 762 (2 058) EBITDA margin 17% 21% Interest expense on lease liability (6 064) (6 849) Other finance costs (119) 99 Forex gain 442 (325) Net profit 9 015 6 421 Net profit margin 5% 5% *FV – Fair value, BA – Biological assets, AP – Agricultural produce ** Earnings before interest, tax, depreciation and amortisation EURk 1Q24 1Q25 Gross Profit, ex BA & AP remeasurement 69 751 43 327 Gross Margin, ex BA & AP remeasurement 42% 35% EBITDA, ex BA & AP remeasurement 44 894 36 597 EBITDA margin, ex BA & AP remeasurement 27% 29%
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Interim report for the three-month period ended 31 March 2025 4 SUMMARY CASH FLOWS EURk 1Q24 1Q25 Pre-tax income 10 346 6 542 Depreciation and amortisation 12 553 13 017 Financial interest expenses, net 54 (75) Interest on lease liability 6 064 6 849 Changes in FV of BA and AP* (1 371) (2 174) Disposal of revaluation of AP in COR* 17 642 12 144 Forex gain (442) 325 Income taxes paid (3 358) (1 787) Working Capital changes 27 951 (706) Other 290 81 Operating Cash Flows 69 729 34 216 Investing Cash Flows (6 219) (20 741) Debt repayment, Net (7 851) (4 044) Finance interest paid (895) (551) Lease repayment (mainly land) (11 927) (17 690) Financing Cash Flows (20 673) (22 285) *FV – Fair Value, BA – Biological Assets, AP – Agricultural Produce, COR – cost of revenue Operating Cash Flow decreased by 51% y-o-y to EUR34m amid destocking and decline in trade receivables. Operating Cash flows before Working Capital decreased to EUR35m from EUR42m in 1Q24. Investing Cash Flows grew 3.3x y -o-y to EUR21m in 1Q25. Key investments covered replacement of agriculture machinery fleet and construction of the SPC production facility. SUMMARY BALANCE SHEET EURk 1Q24 YE24 1Q25 Right-of-use asset (mainly land) 120 659 120 432 129 093 Biological assets (non-current) 37 344 47 712 39 302 PP&E and other non-current assets 190 048 215 154 228 872 Inventories, including RMI* 205 963 220 663 185 822 Biological assets (current) 35 662 19 439 48 332 AR and other current assets 71 280 76 431 70 107 Cash and equivalents 56 055 48 391 38 955 Total Assets 717 011 748 222 740 483 Equity 506 652 549 463 545 616 Long-term loans 32 084 16 241 13 794 Lease liability (mainly land) 96 495 97 640 104 422 Other 5 808 8 617 8 319 Non-current liabilities 134 387 122 498 126 535 Short-term debt and similar 13 438 10 706 8 651 Current lease liability (mainly land) 32 633 34 326 29 106 Other 29 901 31 229 30 575 Current liabilities 75 972 76 261 68 332 Total equity and liabilities 717 011 748 222 740 483 EBITDA LTM 136 086 159 353 157 357 RMI* 121 936 160 256 107 356 Net debt total** 118 595 110 522 117 018 ND total/EBITDA (х) 0.9 0.7 0.7 Adjusted net debt = (ND-RMI) (3 341) (49 734) 9 662 Adj ND/EBITDA (х) (0.02) (0.3) 0.1 *RMI = Finished Goods; **Net Debt = LT and ST debt + Lease Liabilities – Cash 1Q25 Net Financial Debt (excl. lease liabilities) was at a positive cash position of EUR 17m vs positive cash position of EUR11m in 1Q24
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Interim report for the three-month period ended 31 March 2025 5 AGRICULTURE Share in consolidated revenues: 30% Segment revenues: EUR37m Export sales (value): 71% SALES VOLUMES OF KEY CROPS AND REALIZED PRICES 1Q24 1Q25 kt EUR/t kt EUR/t Corn 215 194 111 225 Wheat 80 205 7 203 Sunseeds 19 316 16 661 Rapeseeds 19 425 0 - FINANCIAL RESULTS EURk 1Q24 1Q25 Revenues, including 73 267 37 169 Corn 41 658 25 020 Wheat 16 488 1 349 Sunseeds 6 118 10 555 Rapeseeds 8 015 0 Cost of sales, including (45 835) (28 615) Land lease depreciation (5 076) (5 335) Changes in FV of BA and AP* 1 469 10 320 Gross profit 28 901 18 874 Gross profit margin 39% 51% G&A expense (3 022) (3 103) S&D expense (22 031) (5 273) Other operating expense (538) (357) EBIT 3 310 10 141 EBITDA 12 072 19 094 EBITDA margin 16% 51% Interest on lease liability (5 626) (6 310) CAPEX (3 693) (10 124) Cash outflow on land lease liability (11 518) (17 217) *FV – Fair Value, BA – Biological Assets, AP – Agricultural Produce Revenues decreased by 49% y-o-y to EUR37m on destocking and lower sales volumes. Exports generated 71% of the segment revenues in 1Q25 (-20pp y-o-y). Grain and oilseeds sales amounted to 135kt during 1Q25 (-60% y-o-y). Gross profit decreased by 35% y-o-y to EUR19m. Gross margin improved by 12pp y-o -y to 51% on higher contribution from changes in FV of BA at EUR10m vs EUR1.5m in 1Q24 mainly reflecting higher commodity prices. EBITDA was EUR19m (+58% y-o-y) with EBITDA margin widening by 35pp y-o-y to 51% in 1Q25 reflecting lower S&D expenses.
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Interim report for the three-month period ended 31 March 2025 6 KEY CROPS PLANTING AREA , kha Source: Company’s data As of the date of this report, Astarta’s agricultural subsidiaries completed the 2025 sowing campaign. The pace of planting was affected by adverse weather conditions. Low soil moisture reserves meant that sowing was postponed waiting for better conditions for seed germination. Area under winter wheat at 46kha (previous year – 49kha). Rapeseeds at 11kha (previous year – 12kha). Corn acreage almost tripled y-o-y to 14kha. Area under sunseeds was expanded by 57% y-o-y to 29kha on surge in pricing for the crop. Record 2024 harvest and large carry -over stocks led to a 21% y -o-y reduction in soybeans acreage to 56kha. Area under sugar beets totaled 34kha, down by 12% y-o-y. The area under organic crops remained unchanged y-o-y around 2kha. Currently, works on crop care ongoing: monitoring of crop conditions, precipitation and phytosanitary situation; as well as active preparation for the start of the early grain harvesting. 19 43 28 39 55 14 5 49 18 38 70 1214 46 29 34 56 11 Corn Wheat Sunseeds Sugar beets Soybeans Rapeseeds 2023 2024 2025
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Interim report for the three-month period ended 31 March 2025 7 CROP PRICES, EUR/t Source: APK-inform The sowing campaign in Ukraine currently underway, with 13mha (flat y -o-y) planned under grains and oilseeds and works on 81% of these already completed as of March 15th. The unfavourable weather conditions in April led to delays in planting. Forecasts of future harvest will depend on precipitation during the germination period. In the 1Q25 grain and oilseeds exports from Ukraine totaled 12mt ( -36% y -o-y) on lower harvest and carryover stocks. 95% of those were handled via the Greater Odesa and Danube ports. Astarta’s share in exports was 1%. The main grain export destinations were the EU and MENA region. Domestic price environment was relatively stable during the 1Q25, and y -o-y grains price growth was mainly driven by stocks reduction. Current season’s domestic grain prices continued to converge with international ones. Price increases were driven by internal factors such as drought, high export demand, and recovery of seaborne logistics. 0 100 200 300 400 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 Corn Ukraine, EXW Wheat Ukraine, EXW Corn Euronext, FOB Wheat Euronext, CPT Average price 1Q25: Corn Ukraine – EUR214 (+77% y-o-y) Wheat Ukraine– EUR213 (+76% y-o-y) Corn Euronext – EUR214 (+18% y-o-y) Wheat Euronext – EUR227 (+10% y-o-y)
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Interim report for the three-month period ended 31 March 2025 8 SUGAR PRODUCTION Share in consolidated revenues: 33% Segment revenues: EUR41m Export sales (value): 47% SUGAR AND BY -PRODUCTS SALES VOLUMES AND REALIZED PRICES 1Q24 1Q25 Sugar, kt 70 77 Sugar-by products, kt* 25 7 Sugar prices, EUR/t 598 525 *Granulated sugar beet pulp and molasses FINANCIAL RESULTS EURk 1Q24 1Q25 Revenues 43 512 41 145 Cost of sales (33 581) (30 763) Gross profit 9 931 10 382 Gross profit margin 23% 25% G&A expense (938) (2 056) S&D expense (6 909) (5 200) Other operating expense (421) 289 EBIT 1 663 3 415 EBITDA 4 146 6 084 EBITDA margin 10% 15% CAPEX (991) (2 085) Revenues decreased by 5% y -o-y to EUR41m on 12% y -o-y lower sugar prices and lower sales volumes of by-products which was somewhat compensated by 11% y-o-y higher sales volumes of sugar. Exports of sugar made up 47% of the segment’s revenues in 1Q25 (-4pp y-o-y). Gross profit of EUR10m (+5% y -o-y ) w i t h g r o s s m a r g i n a t 2 5 % i n 1 Q 2 5 ( + 2 p p y-o-y). 1Q25 EBITDA at EUR6m (+47% y-o-y) and the EBITDA margin widened from 10% to 15% in 1Q25 on lower S&D expenses. By volume Astarta’s sugar exports accounted for 46% of total sugar sales or 36kt (+9% y -o-y). Almost half of this was exported by sea. The main export destinations in the 1Q25 were Libya, Israel and UAE.
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Interim report for the three-month period ended 31 March 2025 9 GLOBAL SUGAR PRICES, USD/t Source: Bloomberg As of the day of this report, sugar beet sowing was complete in Ukraine, with area totalling 217kha ( -16%y-o-y) according to the MinAgro. Abnormally warm March resulted in early planting start this year, though April frosts caused damage to already -germinated sugar beet in some parts of Ukraine leading to resowing of frost -affected crop. Therefore, the final acreage under sugar beet may be revised in the coming months. In 1Q25 sugar exports from Ukraine stood at 153kt ( -28% y-o-y), with 17% of which going to the EU, compared to 76% in 1Q24. Main importing countries were Libya and Turkey with 14% share each. The global market prices for sugar experienced a downward trend y -o-y in 1Q25. The white sugar price declined by 17% y-o -y to USD525/t and raw cane sugar traded at an average of USD428/t ( -14% y -o-y). The drop in prices was driven by the news on increased sugar production prospects in India and Brazil. Ukrainian sugar traded on an average of USD489/t excl. VAT during 1Q25 (-2% y-o-y). 0 100 200 300 400 500 600 700 800 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 White sugar, Ukraine White sugar, LIFFE Raw sugar, NYBOT Average sugar prices 1Q25: Ukraine – USD489 (-2% y-o-y) LIFFE – USD525 (-17% y-o-y) NYBOT – USD428 (-14% y-o-y)
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Interim report for the three-month period ended 31 March 2025 10 SOYBEAN PROCESSING Share in consolidated revenues: 23% Segment revenues: EUR29m Export sales (value): 92% PRODUCTION VOLUMES 1Q24 1Q25 Soybeans processed 61 63 Soybean meal 44 45 Soybean oil 12 13 SOYBEAN PRODUCTS SALES VOLUMES AND REALIZED PRICES 1Q24 1Q25 kt EUR/t kt EUR/t Soybean meal 43 445 44 370 Soybean oil 14 723 12 1 002 FINANCIAL RESULTS EURk 1Q24 1Q25 Revenues, including 29 322 28 693 Soybean meal 19 059 16 174 Soybean oil 9 798 11 996 Cost of sales (20 513) (23 121) Gross profit 8 809 5 572 Gross profit margin 30% 19% G&A expense (179) (246) S&D expense (1 821) (1 195) Other operating expense (92) (488) EBIT 6 717 3 643 EBITDA 7 136 4 062 EBITDA margin 24% 14% CAPEX (358) (11 391) Revenues flat y-o-y at EUR29m. Exports contributed 92% of these vs 88% in 1Q24. Gross profit declined by 37% y -o-y to EUR6m. Gross profit margin decreased by 11pp y -o-y to 19% reflecting 13% higher y -o-y cost of sales. EBITDA down by 43% y -o-y to EUR4m, EBITDA margin decreased from 24% to 14% in 1Q25. 1Q25 soybean crushing volume stood at 63kt (+3% y-o-y).
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Interim report for the three-month period ended 31 March 2025 11 UKRAINIAN PRICES FOR SOYBEANS AND SOYBEAN PRODUCTS, EUR/ t Source: APK-inform According to the MinAgro, the soybean acreage in Ukraine is forecast to decrease by 9% y -o-y to 2.4mha in 2025. As of March 15th, 72% of planned area was sowed. Soybean seedlings in the field, the Poltava region - 200 400 600 800 1 000 1 200 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 Soybean oil, EXW Soybean meal, EXW Soybeans, EXW Average prices 1Q25: Soybeans – EUR347 (-4% y-o-y) Soybean oil – EUR855 (+64% y-o-y) Soybean meal – EUR316 (-24% y-o-y
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Interim report for the three-month period ended 31 March 2025 12 CATTLE FARMING Share in consolidated revenues: 13% Segment revenues: EUR17m Export sales (value): 6% MILK PRODUCTION VOLUME, HERD AND PRODUCTIVITY * 1Q24 1Q25 Milk production, kt 32 32 Herd, k heads 27 29 Unit milk yield, kg/day 28.4 28.9 * average reporting period number MILK SALES AND REALIZED PRICES 1Q24 1Q25 Milk sales, kt 31 31 Milk price, EUR/t 404 461 FINANCIAL RESULTS EURk 1Q24 1Q25 Revenues 13 251 16 760 Cost of sales (7 577) (10 308) BA revaluation (98) (8 146) Gross profit 5 576 (1 694) Gross profit margin 42% -10% G&A expense (299) (662) S&D expense (80) (229) Other operating expense (80) (169) EBIT 5 117 (2 754) EBITDA 5 762 (2 058) EBITDA margin 43% -12% CAPEX (756) (1 708) 1Q25 Revenues grew by 26% y -o-y to EUR17m on higher sales price. Gross profit turned negative EUR2m on higher cost of sales and BA revaluation reflecting higher feed costs translating into negative 10% Gross margin vs 42% in 1Q24. EBITDA was at negative EUR2m vs EUR6m positive in 1Q24. Astarta’s average herd totaled 29k heads (+6% y-o-y). Unit milk yield averaged 29kg/day (+2% y-o-y) leading to 32kt milk output (+1% y -o-y). Astarta’s share in domestic industrial milk production was 4%. Milk sales at 31kt in 1Q25 (+1% y -o-y). Realized milk price of EUR461/t was 14% higher y -o-y and 23% above the average domestic market price in 1Q25 (EUR376/t) reflecting a quality premium. 99% of milk commanded extra quality and pricing.
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Interim report for the three-month period ended 31 March 2025 13 UKRAINIAN PREMIUM QUALITY MILK PRICE, EUR/ t Source: InfAgro In the domestic market, 1Q24 raw milk price increased by 22% y-o-y in local currency terms, to UAH15k/t excl. VAT; in EUR premium quality milk price was EUR359/t (+15% y-o-y). According to the Ministry of Agriculture, total cows' headcount stood at 1.3m heads in 1Q24 (-7% y-o-y), incl. 379k heads at industrial enterprises (-3% y-o-y). 0 100 200 300 400 500 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24 Apr 24 Jul 24 Oct 24 Jan 25 Apr 25 Milk price1Q25 average price Average price 1Q25: Milk: EUR376 (+5% y-o-y)
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Interim report for the three-month period ended 31 March 2025 14 OTHER SUBSTANTIAL INFORMATION WHICH AFFECTS OR COULD AFFECT THE ASSESSMENT OR EVALUATION REGARDING PROFITS AND LOSSES, THE PROSPECTS AND TRENDS OF THE OPERATIONS AND GAIN OR LOSS OF IMPORTANT CONTRACTS OR CO -OPERATIONS There is no other substantial information which affects or could affect the assessment or evaluation of Company’s profitability, its financial position and developing trends, except those disclosed in this Interim Management Report and in Notes to the Condensed Consolidated Interim Financial Statements. RELATED PARTIES’ TRANSACTIONS DURING THE THREE MONTHS OF THE FINANCIAL YEAR 2025 The transactions of the Company with related parties are stated under note 16 of the Non- Audited, Interim Condensed Consolidated Financial Statements.
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Interim report for the three-month period ended 31 March 2025 15 STATEMENT BY THE MEMBERS OF THE BOARD OF DIRECTORS OF ASTARTA HOLDING PLC AND OTHER RESPONSIBLE OFFICERS FOR THE PREPARATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE -MONTH PERIOD ENDED 3 1 MARCH 202 5 In accordance with Section 10, subsections (3) (c) and (7) of the Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law of 2007 as amended (the "Law"), we, the Members of the Board of Directors and other responsible officers for the preparation of the Condensed Consolidated Financial Statements for the three -month period ended 3 1 March 2025 (the ‘Condensed Consolidated Financial Statements) of ASTARTA HOLDING PLC, hereby state that to the best of our knowledge: a) the Condensed Consolidated Financial Statements of ASTARTA HOLDING PLC for the three- month period ended 31 March 2025: i. have been prepared in accordance with the applicable set of accounting standards and in accordance with the provisions of Section 10, subsection (4) of the Law, and ii. give a true and fair view of the assets, liabilities, financial position and profit or loss of ASTARTA HOLDING PLC, and the undertakings included in the consolidated accounts as a whole, and b) the Interim Management Report for the three-month period ended 31 March 2025 includes a fair review of the information required under Section 10, subsection (6) of the Law. MEMBERS OF THE BOARD OF DIRECTORS OF ASTARTA HOLDING PLC Viktor Ivanchyk Executive Director (signed) Savvas Perikleous Executive Director (signed) Viacheslav Chuk Executive Director (signed) Howard Dahl Non-Executive, Independent Director (signed) Gilles Mettetal Non-Executive, Independent Director (signed) Markiyan Markevych Non-Executive Director (signed) PERSON RESPONSIBLE FOR THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENT S OF THE COMPANY Liliia Lymanska Financial Officer of LLC Firm “Astarta-Kyiv”, main operating subsidiary of ASTARTA HOLDING PLC (signed) 20 May 2025 Nicosia, Cyprus Disclaimer regarding forecasts. Certain statements contained in this report may constitute forecasts and estimates. Such predictions are subject to a number of risks, uncertainties and other factors that could cause actual results to differ from the anticipated results expressed or implied via forward-looking statements.
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16 ASTARTA HOLDING PLC CONDENSED СONSOLIDATED FINANCIAL STATEMENTS AS AT AND FOR THE THREE MONTHS ENDED 31 MARCH 202 5
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 17 CONTENTS CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 18 CONDENSED CONSOLIDATED INCOME STATEMENT 20 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 22 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 24 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 26 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 28
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 18 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 (in thousands of Ukrainian hryvnias) Notes 31 March 2025 31 December 2024 31 March 2024 (unaudited) (audited) (unaudited) ASSETS Non-current assets Property, plant and equipment 10 170 066 9 374 543 7 976 244 Right-of-use assets 4 5 776 555 5 290 189 5 111 956 Intangible assets 24 175 30 868 18 214 Biological assets 5 1 758 618 2 095 790 1 582 140 Long-term receivables and prepayments 7 12 446 12 490 11 074 Deferred tax assets 34 687 33 079 46 228 Total non-current assets 17 776 547 16 836 959 14 745 856 Current assets Inventories 6 8 314 974 9 693 028 8 726 172 Biological assets 5 2 162 735 853 908 1 510 887 Trade accounts receivable 7 804 813 1 180 284 978 827 Other accounts receivable and prepayments 7 2 325 766 2 173 050 2 039 133 Current income tax 6 465 4 107 1 887 Short-term cash deposits 1 100 1 100 1 100 Cash and cash equivalents 1 742 024 2 124 548 2 373 777 Total current assets 15 357 877 16 030 025 15 631 783 Total assets 33 134 424 32 866 984 30 377 639 EQUITY AND LIABILITIES Equity Share capital 1 663 1 663 1 663 Additional paid-in capital 369 798 369 798 369 798 Retained earnings 21 860 868 21 509 950 18 548 807 Revaluation surplus 1 782 245 1 854 426 2 135 547 Treasury shares (63 499) (63 499) (107 790) Currency translation reserve 463 541 463 779 517 306 Total equity 24 414 616 24 136 117 21 465 331 Non-current liabilities Loans and borrowings 617 259 713 419 1 359 315 Net assets attributable to non-controlling participants 25 361 26 433 26 939 Other long-term liabilities 8 177 379 173 438 525 Lease liability 4 4 672 577 4 288 976 4 088 213 Deferred tax liabilities 169 522 178 644 218 600 Total non-current liabilities 5 662 098 5 380 910 5 693 592 Current liabilities Loans and borrowings 1 328 684 1 809 Current portion of long-term loans and borrowings 385 757 469 568 567 525 Trade accounts payable 503 539 381 222 498 128 Current portion of lease liability 4 1 302 417 1 507 810 1 382 571 Current income tax 25 246 85 919 49 972 Other liabilities and accounts payable 8 839 423 904 754 718 711 Total current liabilities 3 057 710 3 349 957 3 218 716 Total equity and liabilities 33 134 424 32 866 984 30 377 639 On 2 0 May 2025 the Board of Directors of ASTARTA HOLDING PLC and responsible officer approved and authorised these Condensed consolidated financial statements for issue. __(signed)_____ ___(signed)____ Viktor Ivanchyk Executive Director of ASTARTA HOLDING PLC Liliia Lymanska Chief Financial Officer of LLC firm “Astarta-Kyiv”, main operating subsidiary of ASTARTA HOLDING PLC The notes on pages 28 to 45 are an integral part of these condensed consolidated financial statements.
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 19 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 (in thousands of Euros) Notes 31 March 2025 31 December 2024 31 March 2024 (unaudited) (audited) (unaudited) ASSETS Non-current assets Property, plant and equipment 227 279 213 414 188 266 Right-of-use assets 4 129 093 120 432 120 659 Intangible assets 540 703 430 Biological assets 5 39 302 47 712 37 344 Long-term receivables and prepayments 7 278 284 261 Deferred tax assets 775 753 1 091 Total non-current assets 397 267 383 298 348 051 Current assets - Inventories 6 185 822 220 663 205 963 Biological assets 5 48 332 19 439 35 662 Trade accounts receivable 7 17 986 26 869 23 104 Other accounts receivable and prepayments 7 51 977 49 469 48 131 Current income tax 144 93 45 Short-term cash deposits 25 25 26 Cash and cash equivalents 38 930 48 366 56 029 Total current assets 343 216 364 924 368 960 Total assets 740 483 748 222 717 011 EQUITY AND LIABILITIES - Equity - Share capital 250 250 250 Additional paid-in capital 55 638 55 638 55 638 Retained earnings 889 405 880 492 809 800 Revaluation surplus 61 538 64 030 73 738 Treasury shares (4 310) (4 310) (5 325) Currency translation reserve (456 905) (446 637) (427 449) Total equity 545 616 549 463 506 652 Non-current liabilities - Loans and borrowings 13 794 16 241 32 084 Net assets attributable to non-controlling participants 567 602 636 Other long-term liabilities 8 3 964 3 948 12 Lease liability 4 104 422 97 640 96 495 Deferred tax liabilities 3 788 4 067 5 160 Total non-current liabilities 126 535 122 498 134 387 Current liabilities - Loans and borrowings 30 16 43 Current portion of long-term loans and borrowings 8 621 10 690 13 395 Trade accounts payable 11 253 8 679 11 757 Current portion of lease liability 4 29 106 34 326 32 633 Current income tax 564 1 956 1 180 Other liabilities and accounts payable 8 18 758 20 594 16 964 Total current liabilities 68 332 76 261 75 972 Total equity and liabilities 740 483 748 222 717 011 On 2 0 May 2025 the Board of Directors of ASTARTA HOLDING PLC and responsible officer approved and authorised these Condensed consolidated financial statements for issue. ___(signed)____ ___(signed)____ Viktor Ivanchyk Executive Director of ASTARTA HOLDING PLC Liliia Lymanska Chief Financial Officer of LLC firm “Astarta-Kyiv”, main operating subsidiary of ASTARTA HOLDING PLC The notes on pages 28 to 45 are an integral part of these condensed consolidated financial statements.
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 20 CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE THREE MONTHS ENDED 31 MARCH 2025 (in thousands of Ukrainian hryvnias) Notes 2025 2024 (unaudited) (unaudited) Revenues 9 5 407 440 6 874 323 Cost of revenues 10 (4 053 914) (4 713 530) Changes in fair value of biological assets and agricultural produce 94 369 56 855 Gross profit 1 447 895 2 217 648 Other operating income 9 285 5 526 General and administrative expense 11 (276 354) (192 019) Selling and distribution expense 12 (517 928) (1 285 419) Other operating expense 13 (72 138) (79 322) Profit from operations 590 760 666 414 Interest expense on lease liability 14 (297 292) (251 460) Other finance costs 14 (22 120) (37 588) Foreign currency exchange (loss)/gain (14 088) 18 346 Finance income 14 26 428 32 663 Other income 288 707 Profit before tax 283 976 429 082 Income tax expense (5 245) (55 185) Net profit 278 731 373 897 Net profit attributable to: Equity holders of the parent company 278 731 373 897 Weighted average basic shares outstanding (in thousands of shares) 24 417 24 272 Basic earnings per share attributable to shareholders of the company from continued operations (in Ukrainian hryvnias) 11,42 15,40 Weighted average diluted shares outstanding (in thousands of shares) 24 417 24 397 Diluted earnings per share attributable to shareholders of the company from continued operations (in Ukrainian hryvnias) 11,42 15,33 The notes on pages 28 to 45 are an integral part of these condensed consolidated financial statements.
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 21 CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE THREE MONTHS ENDED 31 MARCH 2025 (in thousands of Euros) Notes 2025 2024 (unaudited) (unaudited) Revenues 9 124 577 165 779 Cost of revenues 10 (93 394) (113 670) Changes in fair value of biological assets and agricultural produce 2 174 1 371 Gross profit 33 357 53 480 Other operating income 214 133 General and administrative expense 11 (6 367) (4 631) Selling and distribution expense 12 (11 932) (30 999) Other operating expense 13 (1 662) (1 913) Profit from operations 13 610 16 070 Interest expense on lease liability 14 (6 849) (6 064) Other finance costs 14 (508) (908) Foreign currency exchange (loss)/gain (325) 442 Finance income 14 607 789 Other income 7 17 Profit before tax 6 542 10 346 Income tax expense (121) (1 331) Net profit 6 421 9 015 Net profit attributable to: Equity holders of the parent company 6 421 9 015 Weighted average basic shares outstanding (in thousands of shares) 24 417 24 272 Basic earnings per share attributable to shareholders of the company from continued operations (in Euros) 0,26 0,37 Weighted average diluted shares outstanding (in thousands of shares) 24 417 24 397 Diluted earnings per share attributable to shareholders of the company from continued operations (in Euros) 0,26 0,37 The notes on pages 28 to 45 are an integral part of these condensed consolidated financial statements.
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 22 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED 31 MARCH 2025 (in thousands of Ukrainian hryvnias) 2025 2024 (unaudited) (unaudited) Profit for the period 278 731 373 897 Other comprehensive (loss)/income Other comprehensive (loss)/income to be reclassified to profit or loss in subsequent periods: Translation difference (238) 37 602 Net other comprehensive (loss)/income to be reclassified to profit or loss in subsequent periods (238) 37 602 Other comprehensive income not to be reclassified to profit or loss in subsequent periods: Increase of revaluation reserve 7 50 Income tax effect (1) (8) Net other comprehensive income not to be reclassified to profit or loss in subsequent periods 6 42 Total other comprehensive (loss)/income (232) 37 644 Total comprehensive income 278 499 411 541 Attributable to: Equity holders of the parent 278 499 411 541 Total comprehensive income for the three months as at 31 March 278 499 411 541 The notes on pages 28 to 45 are an integral part of these condensed consolidated financial statements .
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 23 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED 31 MARCH 2025 (in thousands of Euros) 2025 2024 (unaudited) (unaudited) Profit for the period 6 421 9 015 Other comprehensive loss Other comprehensive loss to be reclassified to profit or loss in subsequent periods: Translation difference (10 268) (1 175) Net other comprehensive loss to be reclassified to profit or loss in subsequent periods (10 268) (1 175) Other comprehensive income not to be reclassified to profit or loss in subsequent periods: Increase of revaluation reserve 0 1 Income tax effect (0) (0) Net other comprehensive income not to be reclassified to profit or loss in subsequent periods 0 1 Total other comprehensive loss (10 268) (1 174) Total comprehensive (loss)/income (3 847) 7 841 Attributable to: Equity holders of the parent (3 847) 7 841 Total comprehensive (loss)/income for the three months as at 31 March (3 847) 7 841 The notes on pages 28 to 45 are an integral part of these condensed consolidated financial statements.
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 24 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED 31 MARCH 2025 (in thousands of Ukrainian hryvnias) Notes 2025 2024 (unaudited) (unaudited) Operating activities Profit before tax 283 976 429 082 Adjustments for: Depreciation and amortization 565 003 520 530 Allowance for trade and other accounts receivable 13 (1 690) (7 122) Loss on disposal of property, plant and equipment 13 (19 142) 8 096 VAT written off 13 25 381 8 370 Interest income 14 (25 898) (30 857) Other finance income 14 (530) (1 806) Interest expense 14 16 006 31 550 Other finance costs 14 7 180 3 359 Interest expense on lease liability 14 297 292 251 460 Changes in fair value of biological assets and agricultural produce (94 369) (56 855) Disposal of revaluation in agricultural produce in the cost of revenues 10 527 125 731 553 Net profit attributable to non-controlling participants in limited liability company subsidiaries 14 (1 066) 2 679 Foreign exchange gain 14 088 (18 346) Working capital adjustments: Decrease / (increase) in inventories 892 787 1 380 980 Decrease / (increase) in trade and other receivables 185 657 807 159 Increase in biological assets due to other changes (938 224) (840 905) (Decrease) / increase in trade and other payables (170 865) (188 184) Income taxes paid (77 549) (139 258) Cash flows provided by operating activities 1 485 162 2 891 485 Investing activities Purchase of property, plant and equipment, intangible assets and other non-current assets (927 453) (289 717) Proceeds from disposal of property, plant and equipment 1 365 960 Interest received 14 25 898 30 857 Cash flows used in investing activities (900 190) (257 900) Financing activities Proceeds from loans and borrowings 218 081 41 208 Repayment of loans and borrowings (393 588) (366 791) Payment of lease liabilities 4 (470 613) (246 060) Payment of interest on lease liabilities 4 (297 239) (248 534) Interest paid (23 899) (37 132) Cash flows used in financing activities (967 258) (857 309) Net increase / (decrease) in cash and cash equivalents (382 286) 1 776 276 Cash and cash equivalents as at 1 January 2 124 548 559 899 Currency translation difference (238) 37 602 Cash and cash equivalents as at 31 March 1 742 024 2 373 777 The notes on pages 28 to 45 are an integral part of these condensed consolidated financial statements.
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 25 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED 31 MARCH 2025 (in thousands of Euros) Notes 2025 2024 (unaudited) (unaudited) Operating activities Profit before tax 6 542 10 346 Adjustments for: Depreciation and amortization 13 017 12 553 Allowance for trade and other accounts receivable 13 (39) (172) Loss on disposal of property, plant and equipment 13 (441) 195 VAT written off 13 585 202 Interest income 14 (595) (745) Other finance income 14 (12) (44) Interest expense 14 368 762 Other finance costs 14 164 81 Interest expense on lease liability 14 6 849 6 064 Changes in fair value of biological assets and agricultural produce (2 174) (1 371) Disposal of revaluation in agricultural produce in the cost of revenues 10 12 144 17 642 Net profit attributable to non-controlling participants in limited liability company subsidiaries 14 (24) 65 Foreign exchange gain 325 (442) Working capital adjustments: Decrease / (increase) in inventories 20 568 33 303 Decrease / (increase) in trade and other receivables 4 277 19 465 Increase in biological assets due to other changes (21 615) (20 279) (Decrease) / increase in trade and other payables (3 936) (4 538) Income taxes paid (1 787) (3 358) Cash flows provided by operating activities 34 216 69 729 Investing activities Purchase of property, plant and equipment, intangible assets and other non-current assets (21 367) (6 987) Proceeds from disposal of property, plant and equipment 31 23 Interest received 14 595 745 Cash flows used in investing activities (20 741) (6 219) Financing activities Proceeds from loans and borrowings 5 024 994 Repayment of loans and borrowings (9 068) (8 845) Payment of lease liabilities 4 (10 842) (6 007) Payment of interest on lease liabilities 4 (6 848) (5 920) Interest paid (551) (895) Cash flows used in financing activities (22 285) (20 673) Net increase / (decrease) in cash and cash equivalents (8 810) 42 837 Cash and cash equivalents as at 1 January 48 366 13 265 Currency translation difference (626) (73) Cash and cash equivalents as at 31 March 38 930 56 029 The notes on pages 28 to 45 are an integral part of these condensed consolidated financial statements.
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 26 CONDENSED СONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE THREE MONTHS ENDED 31 MARCH 2025 Attributable to equity holders of the parent company (in thousands of Ukrainian hryvnias) Share capital Additional paid-in capital Retained earnings Revaluation surplus Treasury shares Currency translation reserve Total equity (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) As at 31 December 2024 1 663 369 798 21 509 950 1 854 426 (63 499) 463 779 24 136 117 Net profit - - 278 731 - - - 278 731 Share of non-controlling participants in LLC in revaluation surplus, net of deferred tax - - - 6 - - 6 Translation difference - - - - - (238) (238) Total other comprehensive loss, net of tax - - - 6 - (238) (232) Total comprehensive income - - 278 731 6 - (238) 278 499 Realisation of revaluation surplus, net of tax - - 72 187 (72 187) - - - As at 31 March 2025 1 663 369 798 21 860 868 1 782 245 (63 499) 463 541 24 414 616 Attributable to equity holders of the parent company (in thousands of Euros) Share capital Additional paid-in capital Retained earnings Revaluation surplus Treasury shares Currency translation reserve Total equity (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) As at 31 December 2024 250 55 638 880 492 64 030 (4 310) (446 637) 549 463 Net profit - - 6 421 - - - 6 421 Share of non-controlling participants in LLC in revaluation surplus, net of deferred tax - - - 0 - - 0 Translation difference - - - - - (10 268) (10 268) Total other comprehensive loss, net of tax - - - 0 - (10 268) (10 268) Total comprehensive income - - 6 421 0 - (10 268) (3 847) Realisation of revaluation surplus, net of tax - - 2 492 (2 492) - - - As at 31 March 2025 250 55 638 889 405 61 538 (4 310) (456 905) 545 616 The notes on pages 28 to 45 are an integral part of these condensed consolidated financial statements.
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 27 CONDENSED СONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE THREE MONTHS ENDED 31 MARCH 2024 Attributable to equity holders of the parent company (in thousands of Ukrainian hryvnias) Share capital Additional paid-in capital Retained earnings Revaluation surplus Treasury shares Currency translation reserve Total equity (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) As at 31 December 2023 1 663 369 798 18 065 220 2 245 195 (107 790) 479 704 21 053 790 Net profit - - 373 897 - - - 373 897 Share of non-controlling participants in LLC in revaluation surplus, net of deferred tax - - - 42 - - 42 Translation difference - - - - - 37 602 37 602 Total other comprehensive income, net of tax - - - 42 - 37 602 37 644 Total comprehensive income - - 373 897 42 - 37 602 411 541 Realisation of revaluation surplus, net of tax - - 109 690 (109 690) - - - As at 31 March 2024 1 663 369 798 18 548 807 2 135 547 (107 790) 517 306 21 465 331 Attributable to equity holders of the parent company (in thousands of Euros) Share capital Additional paid-in capital Retained earnings Revaluation surplus Treasury shares Currency translation reserve Total equity (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) As at 31 December 2023 250 55 638 796 998 77 524 (5 325) (426 274) 498 811 Net profit - - 9 015 - - - 9 015 Share of non-controlling participants in LLC in revaluation surplus, net of deferred tax - - - 1 - - 1 Translation difference - - - - - (1 175) (1 175) Total other comprehensive loss, net of tax - - - 1 - (1 175) (1 174) Total comprehensive income - - 9 015 1 - (1 175) 7 841 Realisation of revaluation surplus, net of tax - - 3 787 (3 787) - - - As at 31 March 2024 250 55 638 809 800 73 738 (5 325) (427 449) 506 652 The notes on pages 28 to 45 are an integral part of these condensed consolidated financial statements.
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 28 1. BACKGROUND a) Organisation and operations These condensed consolidated financial statements are prepa red by ASTARTA HOLDING PLC (the ”Company”), the Company is a Cyprus public limited company and registered under the Cyprus Companies Law, Cap. 113 . The Company was incorporated as ASTARTA Holding N.V. in Amsterdam, the Netherlands, on 9 June 2006. On 06 April 2022 the Board of Directors of ASTARTA Holding N.V. adopted a resolution on the approval of the proposal of the Board to convert ASTARTA Holding N.V., a public limited company (naamloze vennootschap) governed by Dutch law, into ASTARTA HOLDING PLC , a public limited company governed by Cyprus Companies Law, Cap. 113 , i.e. by way of a cross-border migration of the registered office of the Company without its dissolution or liquidation followed by its subsequent reregistration in accordance with Cyprus Companies Law, Cap. 113. On 16 June 2022 conversion proposal was approved on Annual General meeting of shareholders. With effect from 16 September 2022, the Company’s registered office and corporate domicile was transferred to Cyprus and the Company is registered in the Registrar of Companies in Cyprus. On and from 16 September 2022, the Company’s legal address is Lampousas 1, 1095 , Nicosia, Cyprus. On 4 July 2006 the shareholders of the Company contributed their shares in the Cyprus based company Ancor Investments Ltd to ASTARTA HOLDING PLC . After the contribution, ASTARTA HOLDING PLC owns 100% of share capital of Ancor Investment Ltd. Ancor Investments Ltd owns 99.99% of the capital of LLC Firm ” Astarta-Kyiv” (Astarta-Kyiv) registered in Ukraine, which in turn controls a number of subsidiaries in Ukraine (hereinafter the Company and its subsidiaries are collectively referred to as the” Group” or “Astarta”). On 16 August 2006 the Company’s shares were admitted for trading on the Warsaw Stock Exchange. The first quotation of the shares on the Warsaw Stock Exchange took place on 17 August 2006. The Group specializes in sugar production, crop growing, soybean processing and cattle farming. The croplands, sugar and soybean processing plants and cattle operations are mainly located in the Poltava, Vinnytsia, Khmelnytsky, Chernihiv, Zhytomyr, Ternopil and Kharkiv oblasts (administrative regions) of Ukraine. The Group's business is vertically integrated because sugar is produced primarily using own -grown sugar beet and soybeans processed are also grown in-house. b) Ukrainian business environment The annexation of Crimea by the Russian Federation in February 2014 and the conflict in the East of Ukraine which started in spring 2014 have led to the Russian Federation full -scale military invasion of Ukraine started on 24 February 2022. Following that the Ukrainian government introduced a martial law throughout Ukraine which is still in place as of the date of authorisation of these consolidated financial statements for issue as the military actions are still ongoing. Under martial law the National Bank of Ukraine (“NBU”) introduced a range of temporary restrictions that had impact on the economic environment, such as restriction of cross -border payments in foreign currency, fixing the official exchange rate for USD for the period from 24 February 2022 till 3 October 2023 at 29,25- 36,57 UAH per 1 USD, suspending debit transactions from the accounts of residents of the state that carried out an armed aggression against Ukraine. Since 3 October 2023 the NBU has shifted to the regime of managed flexibility of the exchange rate for USD. On 7 March 2025 the NBU increased the refinancing rate from 1 4.5% to 1 5.5%. These measures were designed to preserve the stability of the Ukrainian financial system, support the Armed Forces of Ukraine and functioning of critical infrastructure. Inflation picked up ahead of the military invasion and continued to unfold after the Russian invasion of Ukraine on 24 February 2022. Food and fuel experienced the highest spikes due to surging demand and disruptions in supply chains. Disrupted logistics and higher production costs along with increase in global energy prices continues to fuel inflation in Ukraine. The Ukrainian government t ook various measures to support agricultural operations in Ukraine. The government approved a mechanism of state guarantees for the loans to small and medium-sized farmers. Ukraine’s economic growth depends upon resolving the Russia n invasion of Ukraine, successful implementation of necessary reforms the recovery strategy by the Ukrainian government and cooperation with international donors .
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 29 The long -term effects of the current economic situation are difficult to predict and management’s current expectations and estimates could differ from the actual results. The ongoing political and economic uncertainties persist due to the Russian military invasion of Ukrain e in February 2022 and they continue to affect the Ukrainian economy and the Group’s business. 2. BASIS OF PREPARATION a) Statement of compliance These condensed consolidated financial statements for the three months ended 31 March 2025 has been prepared in accordance with IAS 34 Interim Financial Reporting. These condensed consolidated interim financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s annual financial statements for the year ended 31 December 2024 which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS -EU) and the requirements of the Cyprus Companies Law Cap. 113. The material accounting policies applied in the prep aration of these condensed consolidated financial statements are set in Note 3 or in the separate Notes to these condensed consolidated financial statements. b) Going Concern On 24 February 2022 Russia initiated a full-scale military invasion of Ukraine. This was followed up by the immediate enactment of martial law by the government of Ukraine and corresponding introduction of the related temporary restrictions that impact the economic environment. Considering the above, Astarta has assessed the going concern assumption based on which the financial statements have been prepared. Geographical diversification of the Group’s assets’ location allows it to keep most of the assets apart from the regions under intense military hostilities . The assets of the Group are located in the Central part of Ukraine ( the Poltava region), the Northern part of Ukraine (the Chernihiv region), the East (the Kharkiv region) and the Western part (the Khmelnytskyi, Vinnytsya, Zhytomyr and Ternopil regions). As at the date of the issue of these condensed consolidated financial statements: • intensive military hostilities have been localized in the regions, where Astarta does not operate its key assets; • no critical assets preventing the Group from continuing operations have been damaged; • no material assets have been lost or located on uncontrolled territories. Agricultural subsidiaries of the Group perform maintenance operations and are ready for the start of spring planting. As of the date of the issue of these condensed consolidated financial statements, the soybean processing plant operated at its normal crushing capacity. The management of the Group expects to continue shipments of the goods to local buyers and to nearby EU countries. In-house agricultural and o ffice IT solutions allow Astarta to support business processes remotely under current conditions if needed. However, in case of any disruption to centralized systems, all operating subsidiaries can operate autonomously. Astarta continues to sell crops, sugar, milk and soybean crushing products on the domestic market as well as expanding export operations. During 2023, the export through the Black Sea ports was partially renewed and the Group exported grain to various countries via sea transportation routes. The Group also realises export sales via railway and using trucks for sugar and soybean products. The Group has required storage capacities to take and keep the future harvest. As of today, the main remaining issue is logistics and its cost. Export is possible for all types of commodities. Astarta is not trading with the entities on the Ukrainian, EU and US sanctions list s or entities associated with the individuals under those sanctions. As at 31 March 2025 the Group was in compliance with covenants on its loans. The Group does not foresee the breach of covenants during 2025. As at 31 March 2025 management also prepared the forecast of covenants up until and covering Q2 2026. Based on this, management expects that the Group will be able to meet the covenants for the upcoming 12 months from the date of these condensed financial statements with considerable headroom
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 30 for the contracted ratios. In management’s view, the sustainability of headroom will be ensured through the stable level of external long-term debt. Amid improvement of market conditions, Ukrainian sugar producers can trade with EU markets and Worldwide within quotas established by the EU and Cabinet of Ministers of Ukraine. Stable level of external long-term debt will be maintained through the servicing of existing debt as per initial loan schedules. As of the date of these condensed consolidated financial statements, condition and safety of the Group’s assets are not significantly affected by the military invasion by the Russian Federation and the operati ng, logistic processes were reassessed by the Group to ensure continuity of its business, as described above. Management is taking appropriate actions to continuously revise its businesses processes and practices and prepared a 12 months budget from the date of these condensed consolidated financial st atements based on the assumption that the degree of intensity of military hostilities in the regions where the Group’s assets are located and the area of the Ukrainian territory currently invaded by the Russian troops is not largely increased; the Group is able to carry out sowing and harvesting of crops; the Group is able to continue deliver its goods domestically and for export combining different means of transportation available; it will be possible to operate sugar processing plan ts after harvesting sugar beet in 2025/26; the Group will be able to obtain export licenses for some of its agricultural products. While the Group’s operations were not largely impacted so far and management prepared its 12 months budget based on the known facts and events, there is a significant uncertainty over the future development of the Russian armed intervention, its duration and short and long-term impact on the Group, its assets, employees and operations. There might be multiple scenarios of further development with unknown likelihood, and the magnitude of the impact on the Group might vary from significant to severe. This rep resents a single source of material uncertainty, which may cast significant doubt about the Group’s ability to continue as a going concern and, therefore, the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. Management is frequently assessing the current situation and making appropriate adjustments to its business operations to mitigate any affects on the Group. Based on these and other steps the Group is taking, management concluded that it is appropriate to prepare the condensed consolidated financial statements on a going concern basis. c) Basis of consolidation These condensed consolidated financial statements have been prepared on a going concern basis which assumes the Group will be able to reali se its assets and discharge its liabilities in the normal course of business for the foreseeable future. The condensed consolidated financial statements comprise the financial statements of the Group and its subsidiaries as at 31 March 2025 . Subsidiaries are those investees that are controlled by the Group. Control is achieved as the Group exercises , or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investees.
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 31 As at 31 March 2025 ASTARTA HOLDING PLC owns shares, directly and indirectly, in a number of subsidiaries with the following percentage of ownership: 31 March 2025 31 December 2024 31 March 2024 Name of Subsidiaries: Activity Place of business, country % of ownership % of ownership % of ownership Ancor Investments Ltd Trade and investment activities Cyprus 100,00% 100,00% 100,00% Astarta Trading Ltd Trade Cyprus 100,00% 100,00% 100,00% Astarta Trading GmbH Trade Switzerland 100,00% 100,00% 100,00% LLC Firm “Astarta-Kyiv” Asset management Ukraine 99,99% 99,99% 99,99% LLC "PAT-2024" *** Sugar production Ukraine 99,80% 99,80% 99,73% LLC “Agricultural company “Dovzhenko” Agricultural Ukraine 99,99% 99,99% 99,99% LLC “Astarta Agro Trade” Trade Ukraine 99,99% 99,99% 99,99% LLC “Agricultural company “Dobrobut” Agricultural Ukraine 99,99% 99,99% 99,99% LLC “Globinskiy processing factory” Soybean processing Ukraine 99,99% 99,99% 99,99% LLC “IIC “Poltavazernoproduct” Agricultural Ukraine 99,99% 99,99% 99,99% LLC “List-Ruchky” Agricultural Ukraine 74,99% 74,99% 74,99% LLC “Agropromgaz” Trade Ukraine 99,99% 99,99% 99,97% LLC “Khmilnitske” Agricultural Ukraine 99,99% 99,99% 99,99% LLC “Volochysk-Agro” Agricultural Ukraine 99,99% 99,99% 99,99% LLC “Agricultural company “Astarta Prykhorollia” Agricultural Ukraine 99,99% 99,99% 99,99% ALLC “Nika” Agricultural Ukraine 99,99% 99,99% 99,99% LLC “Zhytnytsya Podillya” Agricultural Ukraine 99,99% 99,99% 99,99% LLC “Astarta Service” * Service Ukraine 0,00% 0,00% 99,99% LLC "Tsukoragroprom" Sugar production Ukraine 99,99% 99,99% 99,99% LLC "Zerno-Agrotrade" Storage and trade Ukraine 99,99% 99,99% 99,99% LLC "Novoorzhytskiy sugar plant" Sugar production Ukraine 99,99% 99,99% 99,99% LLC "Globinskiy bioenergetichniy complex" Sugar production Ukraine 99,99% 99,99% 99,99% PE "TMG" Agricultural Ukraine 99,99% 99,99% 99,99% LLC "Eco Energy Ukraine" Agricultural Ukraine 99,99% 99,99% 99,99% LLC "Agri Chain" Research and development Ukraine 99,99% 99,99% 99,99% LLC “Narkevichy sugar plant” Sugar production Ukraine 99,99% 99,99% 99,99% PJSC "Ukrainian Agro-Insurance Company" Insurance Ukraine 99,99% 99,99% 99,99% LLC “Astarta Invest Service” Land management Ukraine 99,99% 99,99% 99,99% LLC “Astarta Agro Protein” Soybean processing Ukraine 99,99% 99,99% 99,99% LLC “Podil Agricultural Traditions” Agricultural Ukraine 99,99% 99,99% 99,99% LLC “Chernihiv Eko Plus” Agricultural Ukraine 99,99% 99,99% 99,99% LLC “Chernihiv Agricultural Traditions” ** Agricultural Ukraine 0,00% 0,00% 99,99% LLC "ASTARTA PROTEINOIL" *** Soybean processing Ukraine 99,99% 99,99% 0,00% Place of business of all subsidiaries has not changed since previous year. * As at 30 June 2024 LLC “Astarta Service” was merged with LLC Firm “Astarta-Kyiv”. ** As at 30 June 2024 LLC “Chernihiv Agricultural Traditions” was merged with LLC “Chernihiv Eko Plus”. *** In November 2024, LLC “APO “Tsukrovyk Poltavshchyny” changed its legal name to LLC "PAT -2024". **** In November 2024 a new subsidiary LLC "ASTARTA PROTEINOIL" was incorporated and registered in Ukraine.
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 32 d) Basis of accounting The condensed consolidated financial statements are prepared on a historical cost basis, except for buildings , constructions and machine ry and equipment classified as property, plant and equipment accounted under revaluation model, biological assets at fair value less estimated costs to sell and agricultural produce stated at cost which is determined as fair value less estimated costs to sell at the point of harvest. e) Transactions eliminated on consolidation Intercompany balances and transactions, and any unreali sed gains arising from intercompany transactions, are eliminated in preparing the condensed consolidated financial statements. f) Net assets attributable to non-controlling participants in limited liability companies Substantially all the Group's subsidiaries are Ukrainian limited liability companies. Under Ukrainian law, a participant in a limited liability company may unilaterally withdraw from the company. In such case, the company is obliged to pay the withdrawing participant’s a share of the net assets of the company not later than in 12 months from the date of the withdrawal. Redemption amount of participant’s a share of the net assets of the company is assessed based on market value of net assets. Since the non-controlling participants in limited liability companies did not announce their intentions to withdraw, their interest was recogni sed as a non-current liability. Limited liability company ’s non- controlling participants’ share in the net profit/loss is recorded as a finance expense. g) Functional and presentation currency Each entity in the Group determines its own functional currency and items included in the separate financial statements of each entity are measured using that functional currency. The functional currency of the Company and its Swiss and Cypriot subsidiaries is Euro (EUR). The operating subsidiaries registered in Ukraine have the Ukrainian hryvnia (UAH) as their functional currency. The condensed consolidated financial statements are presented in UAH, which is a primary presentation currency, and all values are rounded to the nearest thousands , except when otherwise indicated. For the benefit of certain users, the Group also presents all numerical information in EUR. The translation of UAH denominated assets and liabilities into EUR in these condensed consolidated financial statements does not necessarily mean that the Group could realise or settle in EUR the reported values of these a ssets and liabilities. Likewise, it does not necessarily mean that the Group could return or distribute the reported EUR value retained earnings to its shareholders. For the purpose of presenting financial information in EUR, assets and liabilities of the Ukrainian subsidiaries are translated from UAH to EUR using the official closing rates at each reporting date. Components of equity are translated at the historic rate. Annual realisation of revaluation surplus is translated at historical rate. Income and expense items are translated at the average exchange rates for the quarter, unless the exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Disclosure line items are translated using annual weighted average official exchange rate. For translation of UAH figures into EUR figures for the cash flow statement the Group uses average UAH/EUR exchange rate. For the purposes of presenting financial information in UAH, assets and liabilities of the subsidiaries for which functional currency in EUR are translated from EUR to UAH using the official closing rates at each reporting date and income and expenses are translated at the official spot rates at the date of transaction. Translation differences arising, if any, are recogni sed in other comprehensive income and accumulated in the Currency translation reserve. The principal Ukrainian Hryvnia (“UAH”) exchange rates used in the preparation of the condensed consolidated financial statements are as follows: Currency Average reporting period rate Reporting date rate 2025 2024 31 March 2025 31 December 2024 31 March 2024 EUR 43.41 41.47 44.75 43.93 42.37 USD 41.30 38.17 41.48 42.04 39.22
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 33 3. MATERIAL ACCOUNTING POLICY INFORMATION The material accounting policy information and methods of computation adopted in the preparation of these condensed consolidated financial statements are the same as those applied by the Group in its annual financial statements for the year ended 31 December 2024. a) New and amended standards and interpretations adopted Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (issued on 15 August 2023) became effective from 1 January 2025, but did not have any material impact on the Group. b) New and amended standards and interpretations not yet adopted The Group has not adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with a date of initial application of 1 January 2025: Effective for annual period beginning on or after in EU Amendments to existing standards and interpretations • IFRS 18 Presentation and Disclosure in Financial Statements (issued on 9 April 2024) Not yet endorsed by EU • IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 9 May 2024) Not yet endorsed by EU • Contracts Referencing Nature -dependent Electricity – Amendments to IFRS 9 and IFRS 7 (issued on 18 December 2024) Not yet endorsed by EU • Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 (issued on 30 May 2024) Not yet endorsed by EU • Annual Improvements Volume 11 (issued on 18 July 2024) Not yet endorsed by EU Unless otherwise described above, the new standards and interpretations are not expected to affect significantly the Group’s consolidated financial statements.
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 34 4. RIGHT-OF-USE ASSETS AND LEASE LIABILITY i. Amounts recognised in the condensed consolidated statement of financial position The balance sheet shows the following amounts relating to leases: 31 March 2025 31 December 2024 31 March 2024 (in thousands of Ukrainian hryvnias) (unaudited) (audited) (unaudited) Right-of-use assets Land 5 565 672 5 062 970 4 887 895 Office premises 189 265 203 329 210 934 Warehouse 21 618 23 890 13 127 Total right-of-use assets 5 776 555 5 290 189 5 111 956 Lease liabilities Non-current 4 672 577 4 288 976 4 088 213 Current portion 1 302 417 1 507 810 1 382 571 Total lease liabilities 5 974 994 5 796 786 5 470 784 31 March 2025 31 December 2024 31 March 2024 (in thousands of Euros) (unaudited) (audited) (unaudited) Right-of-use assets Land 124 380 115 259 115 370 Office premises 4 230 4 629 4 979 Warehouse 483 544 310 Total right-of-use assets 129 093 120 432 120 659 Lease liabilities Non-current 104 422 97 640 96 495 Current portion 29 106 34 326 32 633 Total lease liabilities 133 528 131 966 129 128 Additions to the right-of-use assets during the 3 months 2024 were UAH 763,603 thousand or EUR 17,592 thousand (3 months 2024: UAH 855,437 thousand or EUR 20,630 thousand). ii. Amounts recognised in the condensed consolidated income statement The condensed consolidated income statement shows the following amounts relating to leases: (in thousands of Ukrainian hryvnias) (in thousands of Euros) 2025 2024 2025 2024 Notes (unaudited) (unaudited) (unaudited) (unaudited) Depreciation charge of right-of-use assets Land 231 574 210 473 5 335 5 076 Office premises 6 121 5 931 141 143 Warehouse 4 902 5 319 113 128 Total depreciation charge of right-of-use assets 242 597 221 723 5 589 5 347 Interest expense on lease liabilities (cost of disposal included) 14 297 292 251 460 6 849 6 064 Expenses relating to short-term leases (included in operating expense) 1 196 6 936 28 167 Expenses relating to variable lease payments not included in the measurement of lease liabilities (included in operating expenses) 26 126 10 596 602 256 The total settlement of leases for 3 months 2025 was UAH 786,932 thousand or EUR 18,129 thousand (3 months 2024: UAH 504,959 thousand or EUR 12,177 thousand). The total amount settled in cash for 3 months 2025 was in amount of UAH 767,852 thousand or EUR 17,690 thousand (3 months 2024: UAH 494,594 thousand or EUR
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 35 11,927 thousand), including cash outflow fo r land lease in amount of UAH 747,336 thousand or EUR 17,217 thousand (3 months 2024: UAH 477,463 thousand or EUR 11,518 thousand) and is classified as finance activities in the consolidated statement of cash flows. The amount settled in kind with agricultural produce for 3 months 2025 was UAH 19,080 thousand or EUR 4 39 thousand (3 months 2024: UAH 10,365 thousand or EUR 250 thousand). Transfer of agricultural produce is accounted as sale and then the respective account receivables and lease liabilities are settled. Sales amount of agricultural produce is estimated on the basis of market price. iii. The group’s leasing activities The Group leases land, office premises and warehouses for operating activities. Land lease contracts are typically made for fixed periods of 1 to 49 years. Warehouse lease contracts are typically made for fixed periods less than 12 months, management considers usage period for some warehouses of 3 years, other premises are used by the Group for current storage of finished goods and the Group has no intention to extend the lease. Lease payment associated with a short-term lease are recognised as an expense as occurred. Lease terms are negotiated on an individual basis and contain a range of different terms and conditions. The lease agreements do not impose any covenants and leased assets may not be used as security for borrowing purposes. 5. BIOLOGICAL ASSETS Biological assets consist of current biological assets (crops) and non-current biological assets (livestock). Livestock include cattle and other livestock. Cattle consist of dairy livestock with an average yearly lactation period of nine months, immature cattle and cattle intended for sale. Other livestock mainly represent pigs, horses and sheep. The valuation of the biological assets is within level 3 of the fair value hierarchy. As at 31 March biological assets comprise the following groups: (in thousands of Ukrainian hryvnias) 31 March 2025 31 December 2024 31 March 2024 Units Amount Units Amount Units Amount (unaudited) (audited) (unaudited) Non-current biological assets: Cattle 28 187 1 758 569 28 814 2 095 740 27 599 1 582 069 Other livestock 49 50 71 1 758 618 2 095 790 1 582 140 Сurrent biological assets Crops: Hectares Hectares Hectares Sugar beet 19 561 749 630 - - 13 256 435 656 Winter wheat 46 222 1 007 626 46 267 507 602 48 787 725 609 Sunflower 483 9 925 - - - - Rapeseeds 11 370 395 554 12 036 346 306 11 936 349 622 77 636 2 162 735 58 303 853 908 73 979 1 510 887 Total biological assets 3 921 353 2 949 698 3 093 027
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 36 (in thousands of Euros) 31 March 2025 31 December 2024 31 March 2024 Units Amount Units Amount Units Amount (unaudited) (audited) (unaudited) Non-current biological assets: Cattle 28 187 39 300 28 814 47 710 27 599 37 342 Other livestock 2 2 2 39 302 47 712 37 344 Сurrent biological assets Crops: Hectares Hectares Hectares Sugar beet 19 561 16 753 - - 13 256 10 283 Winter wheat 46 222 22 518 46 267 11 555 48 787 17 127 Sunflower 483 222 - - - - Rapeseeds 11 370 8 839 12 036 7 884 11 936 8 252 77 636 48 332 58 303 19 439 73 979 35 662 Total biological assets 87 634 67 151 73 006 6. INVENTORIES Inventories as at 31 March are as follows: (in thousands of Ukrainian hryvnias) 31 March 2025 31 December 2024 31 March 2024 (unaudited) (audited) (unaudited) Finished goods: Sugar products 2 481 142 3 320 370 3 582 589 Agricultural produce 2 204 366 3 610 410 1 428 295 Soybean processing 116 168 106 440 153 290 Cattle farming 2 177 2 310 1 987 Total finished goods 4 803 853 7 039 530 5 166 161 Raw materials and consumables for: Agricultural produce 1 180 388 643 017 1 353 766 Sugar production 531 002 340 748 403 282 Cattle farming 301 109 386 550 193 126 Consumables for joint utilization 100 899 93 644 253 713 Other production 47 843 46 918 30 829 Total raw material and consumables 2 161 241 1 510 877 2 234 716 Investments into future crops 1 349 880 1 142 621 1 325 295 Total inventories 8 314 974 9 693 028 8 726 172
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 37 (in thousands of Euros) 31 March 2025 31 December 2024 31 March 2024 (unaudited) (audited) (unaudited) Finished goods: Sugar products 55 448 75 589 84 560 Agricultural produce 49 263 82 191 33 711 Soybean processing 2 596 2 423 3 618 Cattle farming 49 53 47 Total finished goods 107 356 160 256 121 936 Raw materials and consumables for: Agricultural produce 26 379 14 638 31 953 Sugar production 11 867 7 757 9 519 Cattle farming 6 729 8 800 4 558 Consumables for joint utilization 2 255 2 132 5 988 Other production 1 069 1 068 728 Total raw material and consumables 48 299 34 395 52 746 Investments into future crops 30 167 26 012 31 281 Total inventories 185 822 220 663 205 963 7. TRADE AND OTHER ACCOUNTS RECEIVABLE AND PREPAYMENTS Trade and other accounts receivable, and prepayments as at 31 March are as follows: (in thousands of Ukrainian hryvnias) 31 March 2025 31 December 2024 31 March 2024 (unaudited) (audited) (unaudited) Long-term receivables and prepayments Advances to suppliers 8 084 8 808 8 027 Other long-term receivables 4 362 3 682 3 047 Total long-term receivables and prepayments 12 446 12 490 11 074 Current accounts receivable and prepayments Trade receivables 837 483 1 214 709 1 014 245 Less credit loss allowance (32 670) (34 425) (35 418) Total trade receivable 804 813 1 180 284 978 827 Prepayments and other non-financial assets: VAT recoverable and prepaid 2 086 468 2 005 585 1 799 437 Advances to suppliers 227 163 206 064 266 660 Less allowance (16 098) (107 386) (106 125) Total prepayments and other non-financial assets 2 297 533 2 104 263 1 959 972 Other financial assets: Government bonds 17 160 50 759 68 900 Other receivables 16 517 23 673 15 790 Less credit loss allowance (5 444) (5 645) (5 529) Total other financial assets 28 233 68 787 79 161 Total current accounts receivable and prepayments 2 325 766 2 173 050 2 039 133 Total trade and other accounts receivable 3 130 579 3 353 334 3 017 960
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 38 (in thousands of Euros) 31 March 2025 31 December 2024 31 March 2024 (unaudited) (audited) (unaudited) Long-term receivables and prepayments Advances to suppliers 181 200 189 Other long-term receivables 97 84 72 Total long-term receivables and prepayments 278 284 261 Current accounts receivable and prepayments Trade receivables 18 716 27 653 23 940 Less credit loss allowance (730) (784) (836) Total trade receivable 17 986 26 869 23 104 Prepayments and other non-financial assets: VAT recoverable and prepaid 46 630 45 657 42 473 Advances to suppliers 5 077 4 691 6 294 Less allowance (360) (2 445) (2 505) Total prepayments and other non-financial assets 51 347 47 903 46 262 Other financial assets: Government bonds 383 1 156 1 626 Other receivables 369 539 374 Less credit loss allowance (122) (129) (131) Total other financial assets 630 1 566 1 869 Total current accounts receivable and prepayments 51 977 49 469 48 131 Total trade and other accounts receivable 69 963 76 338 71 235 8. OTHER LIABILITIES AND ACCOUNTS PAYABLE (in thousands of Ukrainian hryvnias) 31 March 2025 31 December 2024 31 March 2024 (unaudited) (audited) (unaudited) Other long-term liabilities Long-term portion of deferred income 134 439 131 938 - Provision for long-term incentive plan 42 415 40 975 - Other long-term liabilities 525 525 525 Total other long-term liabilities 177 379 173 438 525 Other current liabilities: Advances received from customers 91 204 62 251 147 468 VAT payable 21 446 130 238 61 634 Total other current liabilities 112 650 192 489 209 102 Other current accounts payable: Salaries payable 175 625 89 458 144 189 Accrual for unused vacations 157 440 168 590 142 623 Accounts payable for property, plant and equipment 101 504 22 215 18 457 Other taxes and charges payable 95 148 67 540 74 985 Accrual for annual bonuses 89 328 253 886 30 237 Social insurance payable 36 163 24 728 22 682 Current portion of deferred income 11 283 11 307 - Other payables* 60 282 74 541 76 436 Total other current accounts payable 726 773 712 265 509 609 Total other current liabilities and accounts payable 839 423 904 754 718 711
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 39 *As at 31 March 2025, other payables include UAH 44,206 thousand or EUR 988 thousand provision for legal claims (31 March 2024: UAH 53,519 thousand or EUR 1,263 thousand). (in thousands of Euros) 31 March 2025 31 December 2024 31 March 2024 (unaudited) (audited) (unaudited) Other long-term liabilities Long-term portion of deferred income 3 004 3 003 - Provision for long-term incentive plan 948 933 - Other long-term liabilities 12 12 12 Total other long-term liabilities 3 964 3 948 12 Other current liabilities: Advances received from customers 2 038 1 417 3 481 VAT payable 479 2 965 1 455 Total other current liabilities 2 517 4 382 4 936 Other current accounts payable: Salaries payable 3 925 2 037 3 403 Accrual for unused vacations 3 518 3 838 3 366 Accounts payable for property, plant and equipment 2 268 506 436 Other taxes and charges payable 2 126 1 538 1 770 Accrual for annual bonuses 1 996 5 780 714 Social insurance payable 808 563 535 Current portion of deferred income 252 257 - Other payables* 1 348 1 693 1 804 Total other current accounts payable 16 241 16 212 12 028 Total other current liabilities and accounts payable 18 758 20 594 16 964 9. REVENUES The Group derives revenue from the transfer of goods and services over time and at a point in time in the following major product lines. Revenues for the three months ended 31 March are as follows: (in thousands of Ukrainian hryvnias) (in thousands of Euros) 2025 2024 2025 2024 (unaudited) (unaudited) (unaudited) (unaudited) Sugar production 1 785 955 1 804 318 41 145 43 512 Crops* 1 613 379 3 038 154 37 169 73 267 Soybean processing products 1 245 478 1 215 875 28 693 29 322 Cattle farming 727 501 549 456 16 760 13 251 Other sales 35 127 266 520 810 6 427 5 407 440 6 874 323 124 577 165 779 * For the three months ended 31 March 2025 includes revenue from corn delivery services in amount of UAH 56,138 thousand or EUR 1,293 thousand, revenue from sugar delivery services in amount of UAH 9,460 thousand or EUR 218 thousand and revenue from soybean oil delivery services in amount of UAH 1,669 thousand or EUR 38 thousand (2024: corn and wheat delivery services - UAH 120,417 thousand or EUR 2,904 thousand, sugar delivery services - nil, soybean oil delivery services - nil).
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 40 10. COST OF REVENUES Cost of revenues for the three months ended 31 March by product is as follows: (in thousands of Ukrainian hryvnias) (in thousands of Euros) 2025 2024 2025 2024 (unaudited) (unaudited) (unaudited) (unaudited) Sugar production 1 335 304 1 392 483 30 763 33 581 Crops* 1 242 088 1 900 649 28 615 45 835 Soybean processing products 1 003 609 850 621 23 121 20 513 Cattle farming 447 447 314 199 10 308 7 577 Other sales 25 466 255 578 587 6 164 4 053 914 4 713 530 93 394 113 670 * For the three months ended 31 March 2025 includes cost of corn delivery services in amount of UAH 56,138 thousand or EUR 1,293 thousand, cost of sugar delivery services in amount of UAH 9,460 thousand or EUR 218 thousand and cost of soybean oil delivery services in amount of UAH 1,669 thousand or EUR 38 thousand (2024: corn and wheat delivery services - UAH 120,417 thousand or EUR 2,904 thousand, sugar delivery services - nil, soybean oil delivery services - nil). Cost of revenues include effect of fair value measurement of agricultural produce in amount of UAH 527,125 thousand or EUR 12,144 thousand (2024: UAH 731,553 thousand or EUR 17,642 thousand). 11. GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses for the three months ended 31 March are as follows: (in thousands of Ukrainian hryvnias) (in thousands of Euros) 2025 2024 2025 2024 (unaudited) (unaudited) (unaudited) (unaudited) Salary and related charges 199 139 129 211 4 588 3 116 Depreciation 24 870 19 339 573 466 Professional services 24 679 17 875 569 431 Office expenses 5 736 4 008 132 97 Fuel and other materials 5 625 4 472 130 108 Insurance 4 055 2 589 93 62 Taxes other than corporate income tax 1 678 4 103 39 99 Rent 1 275 1 486 29 36 Other 9 297 8 936 214 216 276 354 192 019 6 367 4 631 * For the three months ended 31 March 2025 includes social contribution in amount of UAH 33,914 thousand or EUR 775 thousand (2024: UAH 25,482 thousand or EUR 615 thousand). 12. SELLING AND DISTRIBUTION EXPENSES Selling and distribution expenses for the three months ended 31 March are as follows: (in thousands of Ukrainian hryvnias) (in thousands of Euros) 2025 2024 2025 2024 (unaudited) (unaudited) (unaudited) (unaudited) Transportation 289 971 923 170 6 680 22 263 Storage and logistics 141 431 285 112 3 258 6 876 Salary and related charges 29 302 18 994 675 458 Professional services 18 217 22 278 420 537 Depreciation 15 035 11 353 346 274 Fuel and other materials 6 541 7 371 151 178 Other 17 431 17 141 402 413 517 928 1 285 419 11 932 30 999
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 41 * For the three months ended 31 March 2025 includes social contribution in amount of UAH 5,365 thousand or EUR 124 thousand (2024: UAH 4,363 thousand or EUR 105 thousand). 13. OTHER OPERATING EXPENSES Other operating expenses for the three months ended 31 March are as follows: (in thousands of Ukrainian hryvnias) (in thousands of Euros) 2025 2024 2025 2024 (unaudited) (unaudited) (unaudited) (unaudited) Other salary and related charges 34 764 31 976 801 771 Charity and social expenses 21 454 18 978 494 458 VAT written off 25 381 8 370 585 202 Depreciation 6 276 9 043 145 218 Penalties paid 302 3 217 7 78 Loss on disposal of property, plant and equipment (19 142) 8 096 (441) 195 Reversal of allowance for trade and other accounts receivable (1 690) (7 122) (39) (172) Other 4 793 6 764 110 163 Total other operating expenses 72 138 79 322 1 662 1 913 * For the three months ended 31 March 2025 includes social contribution in amount of UAH 1,582 thousand or EUR 36 thousand (2024: UAH 1,323 thousand or EUR 32 thousand). 14. FINANCE COSTS AND INCOME Finance (costs)/income for the three months ended 31 March is as follows: (in thousands of Ukrainian hryvnias) (in thousands of Euros) 2025 2024 2025 2024 (unaudited) (unaudited) (unaudited) (unaudited) Finance costs Interest expense Bank loans (16 006) (30 302) (368) (732) Borrowings from non-financial institutions - (1 248) - (30) Net profit attributable to non-controlling interests of limited liability company subsidiaries 1 066 (2 679) 24 (65) Interest expense on lease liability (297 292) (251 460) (6 849) (6 064) Other finance costs (7 180) (3 359) (164) (81) Total finance costs (319 412) (289 048) (7 357) (6 972) Finance income Interest income 25 898 30 857 595 745 Other finance income 530 1 806 12 44 Total finance income 26 428 32 663 607 789 15. SEGMENT REPORTING An operating segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other operating segments. At 31 March 2025 and 2024, the group was organized into four main operating/ reportable segments: • production and wholesale distribution of sugar (sugar production); • growing and selling of grain and oilseeds crops (agriculture); • dairy cattle farming (cattle farming); • soybean processing. Other Group operations mainly comprise of the sales of natural gas, other products, and the provision of services, which are presented under Other sales. Neither of these constitutes a separately reportable operating segment. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision -maker that makes strategic decisions is the Board of Director s.
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2025 42 Operating profit and net profit are the main measures of segment ’s profit or loss that the Group uses to evaluate performance and makes decisions about the allocation of resources. All unallocated items relate to overall Group’s operating activity and may not be allocated to the identified reporting segments. Unallocated assets mainly represent assets relating to corporate function, assets jointly used by segments and certain financial assets. Liabilities not allocated to segments are items related to corporate functions and certain financial liabilities.
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2024 43 The segment information for the three months ended 31 March is as follows: (in thousands of Ukrainian hryvnias) Sugar production Agriculture Cattle farming Soybean processing Unallocated Total 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Revenues from external customers 1 785 955 1 804 318 1 613 379 3 038 154 727 501 549 456 1 245 478 1 215 875 35 127 266 520 5 407 440 6 874 323 Inter-segment revenues - - 772 465 1 058 702 - - - - - - 772 465 1 058 702 Cost of revenues (1 335 304) (1 392 483) (1 242 088) (1 900 649) (447 447) (314 199) (1 003 609) (850 621) (25 466) (255 578) (4 053 914) (4 713 530) Inter-segment cost of revenues (6 693) (336 830) - - (243 754) (184 417) (522 018) (537 455) - - (772 465) (1 058 702) Changes in fair value of biological assets and agricultural produce - - 447 991 60 928 (353 622) (4 073) - - - - 94 369 56 855 Gross profit 450 651 411 835 819 282 1 198 433 (73 568) 231 184 241 869 365 254 9 661 10 942 1 447 895 2 217 648 General and administrative expense (89 238) (38 890) (134 691) (125 320) (28 715) (12 397) (10 698) (7 438) (13 012) (7 974) (276 354) (192 019) Selling and distribution expense (225 722) (286 467) (228 894) (913 561) (9 951) (3 327) (51 866) (75 513) (1 495) (6 551) (517 928) (1 285 419) Other operating (expense) income 12 561 (17 468) (15 492) (22 338) (7 344) (3 303) (21 215) (3 787) (31 363) (26 900) (62 853) (73 796) Profit (loss) from operations 148 252 69 010 440 205 137 214 (119 578) 212 157 158 090 278 516 (36 209) (30 483) 590 760 666 414 Interest expense on lease liability (9 999) (2 793) (273 870) (233 302) - - (2) - (13 421) (15 365) (297 292) (251 460) Foreign currency exchange gain (loss) (1 988) 3 566 (14 818) 37 689 - - 6 384 (25 002) (3 666) 2 093 (14 088) 18 346 Interest expense (1 699) (1 667) (5 824) (12 585) - - (8 483) (17 298) - - (16 006) (31 550) Interest income - - - - - - - - 25 898 30 857 25 898 30 857 Other (expense) income - - - - - - - - (5 296) (3 525) (5 296) (3 525) Profit (loss) before tax 134 566 68 116 145 693 (70 984) (119 578) 212 157 155 989 236 216 (32 694) (16 423) 283 976 429 082 Taxation - - - - - - - - (5 245) (55 185) (5 245) (55 185) Net profit (loss) 134 566 68 116 145 693 (70 984) (119 578) 212 157 155 989 236 216 (37 939) (71 608) 278 731 373 897 Consolidated total assets 6 620 708 6 986 977 18 293 633 15 744 686 2 992 487 2 493 776 2 893 407 1 893 758 2 334 189 3 258 442 33 134 424 30 377 639 Consolidated total liabilities 771 618 753 379 6 565 504 6 231 138 12 212 11 145 630 123 1 198 660 740 351 717 986 8 719 808 8 912 308 Other segment information: Depreciation and amortisation 115 861 102 982 388 593 363 339 30 191 26 762 18 194 17 354 12 164 10 093 565 003 520 530 Additions to non-current assets: Property, plant and equipment 90 446 41 078 438 520 152 367 74 084 31 318 494 427 14 759 6 560 224 1 104 037 239 746 Intangible assets 51 18 873 778 58 53 - 92 15 1 531 997 2 472 Right-of-use asset 27 260 74 674 735 906 770 868 - - 51 - 386 9 895 763 603 855 437
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2024 44 The segment information for the three months ended 31 March is as follows: (in thousands of Euros) Sugar production Agriculture Cattle farming Soybean processing Unallocated Total 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Revenues from external customers 41 145 43 512 37 169 73 267 16 760 13 251 28 693 29 322 810 6 427 124 577 165 779 Inter-segment revenues - - 17 796 25 531 - - - - - - 17 796 25 531 Cost of revenues (30 763) (33 581) (28 615) (45 835) (10 308) (7 577) (23 121) (20 513) (587) (6 164) (93 394) (113 670) Inter-segment cost of revenues (154) (8 123) - - (5 616) (4 447) (12 026) (12 961) - - (17 796) (25 531) Changes in fair value of biological assets and agricultural produce - - 10 320 1 469 (8 146) (98) - - - - 2 174 1 371 Gross profit 10 382 9 931 18 874 28 901 (1 694) 5 576 5 572 8 809 223 263 33 357 53 480 General and administrative expense (2 056) (938) (3 103) (3 022) (662) (299) (246) (179) (300) (193) (6 367) (4 631) Selling and distribution expense (5 200) (6 909) (5 273) (22 031) (229) (80) (1 195) (1 821) (35) (158) (11 932) (30 999) Other operating (expense) income 289 (421) (357) (538) (169) (80) (488) (92) (723) (649) (1 448) (1 780) Profit (loss) from operations 3 415 1 663 10 141 3 310 (2 754) 5 117 3 643 6 717 (835) (737) 13 610 16 070 Interest expense on lease liability (230) (67) (6 310) (5 626) - - - - (309) (371) (6 849) (6 064) Foreign currency exchange gain (loss) (46) 86 (342) 908 - - 147 (602) (84) 50 (325) 442 Interest expense (39) (40) (134) (304) - - (195) (418) - - (368) (762) Interest income - - - - - - - - 595 745 595 745 Other (expense) income - - - - - - - - (121) (85) (121) (85) Profit (loss) before tax 3 100 1 642 3 355 (1 712) (2 754) 5 117 3 595 5 697 (754) (398) 6 542 10 346 Taxation - - - - - - - - (121) (1 331) (121) (1 331) Net profit (loss) 3 100 1 642 3 355 (1 712) (2 754) 5 117 3 595 5 697 (875) (1 729) 6 421 9 015 Consolidated total assets 147 959 164 916 408 824 371 626 66 875 58 861 64 661 44 699 52 164 76 909 740 483 717 011 Consolidated total liabilities 17 244 17 782 146 724 147 075 273 263 14 082 28 292 16 544 16 947 194 867 210 359 Other segment information: Depreciation and amortisation 2 669 2 483 8 953 8 762 696 645 419 419 280 244 13 017 12 553 Additions to non-current assets: Property, plant and equipment 2 084 991 10 103 3 674 1 707 755 11 391 356 150 6 25 435 5 782 Intangible assets 1 - 21 19 1 1 - 2 - 38 23 60 Right-of-use asset 628 1 801 16 954 18 590 - - 1 - 9 239 17 592 20 630
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2024 44 16. RELATED PARTY TRANSACTIONS The Group enters into transactions with related parties in the ordinary course of business. Related parties comprise the Group’s shareholders, companies that are under control of the Group’s shareholders, key management personnel and their close family mem bers and companies that are controlled or significantly influenced by the shareholders. Prices for related party transactions are determined on a market basis. The following table summarises transactions that ha d been entered into with the c ompanies under control of one of the shareholders with significant influence over the Group for the three months ended 31 March: (in thousands of Ukrainian hryvnias) (in thousands of Euros) 2025 2024 2025 2024 (unaudited) (unaudited) (unaudited) (unaudited) Sales to related parties 2 875 2 223 66 54 Purchases from related parties 15 581 30 599 359 738 The following tables summarise balances with the companies under control of one of the shareholders with significant influence over the Group as at 31 March: (in thousands of Ukrainian hryvnias) (in thousands of Euros) 2025 2024 2025 2024 (unaudited) (unaudited) (unaudited) (unaudited) Long-term advances to suppliers 5 990 5 990 134 141 Trade accounts receivable 764 224 17 5 Other long-term receivables 662 993 15 23 Other receivables 321 719 7 17 Advances to suppliers 39 83 1 2 Amounts owed by related parties 7 776 8 009 174 188 (in thousands of Ukrainian hryvnias) (in thousands of Euros) 2025 2024 2025 2024 (unaudited) (unaudited) (unaudited) (unaudited) Trade accounts payable 3 896 3 958 87 93 Advances received from customers 638 707 14 17 Borrowings from non-financial institutions - 109 331 - 2 581 Other payables - 6 - - Amounts owed to related parties 4 534 114 002 101 2 691 Other transactions As at 31 March 2024, the Group had a USD denominated loan from the entity under control of the same co ntrolling shareholder of UAH 109,331 thousand or EUR 2,581 thousand bearing an interest of 4.0% p.a., which was fully repaid in 2024. The Group rents office premises from related parties under control of the shareholder with significant influence over the Group and has accounted these lease agreements according IFRS 16. As at 31 March 2025 the Group had the lease liability in amount of UAH 319,678 thousand or EUR 7,144 thousand and respective right-of-use asset in amount of UAH 187,066 thousand or EUR 4,181 thousand (2024: UAH 307,122 thousand or EUR 7,249 thousand and UAH 207,479 thousand or EUR 4,897 thousand respectively) (Note 4). Dur ing three months ended 31 March 2025 the Group recognized depreciation charge of right -of-use asset in amount of UAH 5,807 thousand or EUR 134 thousand as General and administrative expenses (2024: UAH 5,617 thousand or EUR 143 thousand) (Note 4 and Note 11 ).
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ASTARTA HOLDING PLC Condensed consolidated financial statements as at and for the three months ended 31 March 2024 45 During three months ended 31 March 2025 the interest expense was charged in amount of UAH 13,291 thousand or EUR 306 thousand (2024: UAH 15 thousand or EUR 366 thousand) (Note 4 and Note 14). The Group rents land plots from related parties and has accounted these lease agreements according to IFRS 16. As at 31 March 2025 the Group had the lease liability in amount of UAH 43,076 thousand or EUR 963 thousand and respective right-of-use asset in amount of UAH 41,081 thousand or EUR 918 thousand (2024: UAH 14,148 thousand or EUR 334 thousand respectively and UAH 13,510 thousand or EUR 319 thousand) (Note 4). During three months ended 31 March 2025 the Group recognized depreciation charge of right-of-use asset in amount of UAH 788 thousand or EUR 18 thousand as Cost of sales (2024: UAH 239 thousand or EUR 6 thousand). During three months ended 31 March 2025 the interest expense was charged in amount of UAH 1,733 thousand or EUR 40 thousand (2024: UAH 481 thousand or EUR 12 thousand) (Note 4, Note 14). 17. EVENTS SUBSEQUENT TO THE REPORTING DATE There are no subsequent events to mention.