Astarta Holding PLC (ASTPF)2026年第二季度财报电话会议纪要

一、AI总结内容 一、核心要点 1. 二季度集团合并表现：营收受农业板块销量提升支撑保持稳定，其他板块营收下降；毛利率达20%，EBITDA利润率降至15%；汇兑损失400万欧元影响净利润；经营现金流因出售谷物、油菜籽加快回笼营运资本，仅维持必要投资（含SPCC项目少量余投），杠杆率升至3倍（以EBITDA衡量）。 2. 农业板块情况：玉米、小麦、葵花籽销量提升，但平均售价低于往期；冬小麦、冬油菜籽单产分别为5.4吨/公顷、3.1吨/公顷，晚季作物仍在收获中；国内国际价差扩大，当前超100欧元/吨，黑海港因袭击未达满负荷，当前替代运输能力约250万吨/月，而乌克兰年度出口需求为500万吨/年。 3. 各细分板块：①糖业：生产季未启动，仍有上年库存，销量、出口量保持合理水平；受高物流成本影响盈利能力低于去年，部分经多瑙河替代路线出口；明年或受益于欧洲糖短缺（巴西天气因素影响），有望扩大欧盟出口配额。②畜牧业务：生物资产公允价值因牲畜售价下跌25%产生550万欧元重估收益，对应EBITDA为负；国内销售肉粕，副产品肉类出口为乌克兰主要出口商，占牧业务收入8%。 4. SPCC项目：今年正推进最后产品投产，预计近期启动，因乌克兰安全情况暂不披露具体日期；此前因市场环境推迟收购计划。 二、投资线索 1. 乌克兰谷物/油菜籽出口：依托早期入侵时的过境路线、欧盟港口及铁路对接欧盟油料加工商，维持稳定但增速放缓的月度出口量，罗马尼亚对乌克兰谷物过境态度友好，康斯坦察港优先处理乌货物，或提升替代运力。 2. 糖业明年预期：欧洲因巴西天气或出现糖短缺，乌克兰或借此增加欧盟出口配额，提升糖业盈利潜力。 三、风险与关注 1. 物流制约：黑海港口运力不足，乌克兰年度出口需求（500万吨/年）与当前替代运力（约250万吨/月）存在缺口，需欧盟各国协调合作挖掘替代路线潜力。 2. 安全影响：乌克兰安全局势不确定，项目投产（如SPCC设施）、产能恢复等时间点难控，部分业务需军方规划相关时间线。 3. 市场波动：农产品价格受国际供需、汇率等因素影响，板块盈利能力（如畜牧）受原材料及副产品价格波动冲击明显。 二、音频原文（转写） Actually we are right now in the process of pumping up our volumes as soon as we see these logistics estainable we are willing to help our ecosystem of farmers also to explore these grains sodepending on the base how weour own base of expert we will try to take some volumes also parties how it will affect agriculture results um i think i mentioned that the price defensition betweenglobal and domestic pricess is now just over ahundred euros for the market in generaland thatcan be an estimate of the post of logistics at the moment if we look at the picture for twenty three twenty four.Ah we hope that this price anddefensial will narrow and converge again with uh.As ukraine is working, towards is union its, maritime, chrism.Our next question from kara vodamski where are we with soybin crush of facility construction we are in the last year of a three year program of cates.In our project we hope to launch the facility this year but we would not commit or comment on particular date given the security situation in ukraine.Ah, please bear withus that.呃unfortunately visitation we are nowis astarted sport product outside of euroyou a company are using needle broker or company the takeproduct from a start storage directly.Thank youvery much for the question we are using mainly or direct consumers and buyers or a b c d name so.We postpone this acquisition given the currentmarket environmentnext question from march againwhat is the expected time needed to restore terminal capacity has colonel provided any time line.We cannot unfortunately comment on something which we are not in control of嗯so these questionsshould be directed as colonel unfortunatelyum idon't see aha.I don't see any other.Our questions comingahi'll just wait for another ten seconds and if there are no more questions we will.Complete the schoolah thank you for your interest and for your support.And we'll talk again after the ninemonth result if you have any more questions you can drop us an email or we can set up oneand one course thank you bye bye from my lisnia.Fair value of biological answers in agricultural produce increased in second quarter by ten million euro versesthirty six in second forty twenty five to what extent was this driven by cause t o sell component component considered and startas an equal exports volumes are lain transport routes railway tracks are viable alternative to seefreighti'm going to pass the floor to nilimanska this year for.These fair value by logical assets er.As of the enter of june this year.Oh of course呃, courseif you mean this by cost the selfcompetent.嗯, andit is based on our estimation ofmarket price of goods at the date of harvesting.As of the date of our civilization of other financial statement to issue.Capacity wise as i mentioned the ministry of agriculture considers alternative capacities to behalf of what is required after two and a halfi supposed to five required.呃so whether this is viable of course we'll have to use all capacities required we also need cooperation from neighboring countriesof four transit of ukrainian grey and we are pleased to seethat romania is the friendliest towards ukrainian grey in transit and has been announced recently that the port of constanza takes ukrainian cargo.As a priority yeah so even this capacity requires good corporation on european level and we hope that this full potential will be realized.Novak several of them are start with the first onewhat is the start as plan towards selling twenty twenty six agriculture volumes with limited capacity of black sea terminals after recent strikesah this question is to mrslav to the commercial director.Is good as no one think very much foryour attention to our results iin reply to thisquestion i would say that we would use the roots we were using in at the beginning of the fullscale invasion and was transit roots to the portof european countries to ports of european countries and of course we would use railway logisticto direct processors of the oil seedswe are notprocessing by our own to the european continent.I would say