ros agro presentation for investors · ros agro presentation for investors . area disclaimer •...

November 2015

ROS AGRO

Presentation for Investors

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Disclaimer

• This presentation was prepared using the information available to ROS AGRO PLC and its subsidiaries (the “Group”) at

the time of its preparation. Some of the statements in this presentation regarding the Group's business activities,

economic indicators, financial position, business and operating performance, plans, projects and expected results, as

well as price trends, costs, anticipated expenses, development prospects, industry and market forecasts, individual

projects and other factors are forward-looking statements, i.e. they are not established facts. The forward-looking

statements which the Group may make from time to time (but which are not included in this document) may also contain

planned or expected data on revenue, profits (losses), dividends and other financial indicators and ratios. The words

«intends», «aims», «projects», «expects», «estimates», «plans», «believes», «assumes», «may», «should», «will»,

«will continue» and similar expressions usually indicate forward-looking statements. However, this is not the only way to

denote the forward-looking character of information

• Due to their specific nature, forward-looking statements are associated with inherent risk and uncertainty, both general

and specific, and there is the danger that assumptions, forecasts and other forward-looking statements will not actually

come to pass. In light of these risks, uncertainties and assumptions, the Group cautions that, owing to the influence of a

wide range of material factors, actual results may differ from those indicated, directly or indirectly, in the forward-looking

statements, which are only valid as at the time of preparation of this presentation. ROS AGRO PLC neither affirms nor

guarantees that the performance results set forth in the forward-looking statements will be achieved

• The Group accepts no liability for losses which may be incurred by individuals or legal entities who act on the basis of

the forward-looking statements. In each particular case, the forward-looking statements represent only one of many

possible development scenarios, and should not be seen as the most probable. Except in those cases directly

stipulated by applicable legislation and the Listing Rules of the UK Listing Authority, the Group assumes no obligation to

publish updates and amendments to the forward-looking statements to reflect new information or subsequent events

2

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Table of Contents

3

1 Introduction to Ros Agro 4

2 Investment highlights 9

3 Strategy and business development 31

Financial performance 37 4

Appendix 5 46

Introduction to Ros Agro

Section 1

4

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Ros Agro – The leader of the Russian agricultural sector

5

Business highlights

2014 Revenue and EBITDA breakdown by segment3

2014 Key operational figures

Highly recognized customer brands

• #2 sugar producer in Russia with 15% market share1

• #2 pork producer in Russia with 6% market share1

• #1 margarine producer in Russia with 49% market share1

• 500 ths. ha land bank primarily in the Black Earth region of Russia2

• Vertically integrated business model:

‒ Ros Agro operates a leading agricultural business with crop yields

significantly higher than Russia’s average

‒ Meat business is secured by grain segment providing fodder

‒ Sugar segment’s raw material supply is secured by own sugar beet

crop

‒ Vertically-integrated business delivers best-in-class margins and a

hedge against commodity price fluctuations

Ros Agro Group – A leading vertically integrated agriculture company with exposure to highly attractive market segments in Russia and CIS

Agricultural land bank2 500 ths. ha

Vegetable oil production 188 ths. tons

Sugar production 717 ths. tons

Pork production 187 ths. tons

Margarine production 47 ths. tons

Mayonnaise production 58 ths. tons

Meal production 171 ths. tons

Brauni Chaikofsky Russkii Sakhar Mechta Khozyaiki EZHK Gotovim doma Provansal EZHK Schedroe Leto

Source: Company data

Source: Company data 1 Based on volumes in 2014; 2 As of 1H 2015, including land in Primorsky Krai (30 ths. ha); 3 Breakdown is based on figures before adjustments for other revenue and eliminations. Total Revenue and EBITDA figures converted to US$

using official average CBR exchange rate for 2014 (37.97 RUB per USD)

Mon Café

34%

27%

16%

23%

RUB 59.1bn

US$ 1.5bn

Sugar

Meat

Agriculture

Oil & Fats

24%

44%

22%

9%

Revenue EBITDA

RUB 18.1bn

US$ 0.5bn

Oil and Fats Sugar

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716 779

1,020

1,351

1,096 1,144

1,532

565 14%

21%

26%

13%

26%

19%

31% 33%

Revenue EBITDA margin

Ros Agro demonstrated a solid track record of resilient performance

6

Resilient growth trend in revenue2

Average EBITDA margin1

(2012-2014)

Revenue CAGR1

(2012-2014)

2009 2010 2011 2012 2013 2014

• Construction

of breeding

complex in

Belgorod

launched

• 2 sugar plants

in Belgorod

and Tambov

were acquired

• Construction

of breeding

complex in

Belgorod was

completed

• Construction

of breeding

complex in

Tambov began

• Land bank

increased to

380 ths. ha

• 75% stake in

Samara oil

plant was

acquired

• Samara region

plant reached

its full capacity

of 1,050 tons

per day

• Record

harvest – over

497 ths. tons

• IPO on LSE

• Construction

work at

Tambov

Bacon led to

the launch of

22 production

sites

• Shidlovsky

Plant was

launched and

reached its full

capacity in a

year

• Sugar beet

processing

capacity

expanded from

5 ths. tons to

5.5 ths. tons a

day at the

Zherdevskiy

plant

• Construction

of Tambov

Bacon was

completed

• Equipment

upgrades at

sugar plants

• Modernization

of technology

and equipment

in agriculture

division

• Modernization

of equipment

at Fats Plant

1H2015

• Launch of the

slaughterhouse

with an annual

capacity of 2m

heads in

Tambov region

• The Company

entered new

markets of

large cuts,

chilled

processed

products, meat

and bone meal

and industrial

fat

33%

25%

18%

17%

12%

7%

5%

MHP

Ros Agro

Cherkizovo

Illovo Sugar

BRF

JBS

Tyson foods

18%

15%

9%

7%

(1)%

(4)%

(4)%

Ros Agro

JBS

Tyson foods

Cherkizovo

MHP

BRF

Illovo Sugar

2008

Source: Companies data 1 Calendarized to Dec YE, except for Illovo Sugar (Mar YE), all figures converted to US$ at average exchange rates for respective periods; 2 Data for 2008-2010 converted from RUB using historical CBR average exchange rates (RUB per US$): 2008 – 24.81, 2009 – 31.68, 2010 – 30.36

US$ m

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Yekaterinburg Samara

Belgorod Tambov

Belgorod Tambov

Ros Agro’s diversified asset base

7

Ros Agro assets by business segment Location of the assets on the map of Russia

Agriculture

Oil and

Fats

Sugar

Meat

Capacities (annual)

• 6 sugar refineries with total

capacity of c. 35.1 ths. tons

per day

• 13 pig farms, 3 breeding

facilities with total

production capacity of 205

ths. tons

• Total land bank2 of c. 500

ths. ha including c. 380 ths.

ha of arable land

• Margarine: 57.9 ths. tons

• Mayonnaise: 112 ths. tons

• Sunflower seeds: c. 420 ths. tons

• Meal: c. 180 ths. tons

• Oil: c. 190 ths. tons

Source: Company data as of 1H 2015 1 Capacity breakdown for sugar and meat; arable land bank as of 1H 2015 for agriculture segment; 2014 revenue breakdown for oil and fats segment; 2 Including land in Primorsky Krai (30 ths. ha); 3 EZhK – Yekaterinburg Fats Plant,

SAPP – Samaraagroprompererabotka oil extraction plant

BELGOROD

SAMARA TAMBOV

• Oil & fats plant

(EZhK3)

• Oil extraction

plant (SAPP3)

• 3 sugar refineries

• 7 pig farms

• 2 breeding facilities

• 1 compound feed plant

• 1 slaughterhouse

• 3 sugar refineries

• 6 pig farms

• 1 breeding facility

• 1 compound feed plant

SAMARA

YEKATERINBURG

BELGOROD

TAMBOV

Moscow

R U S S I A

YEKATERINBURG

PRIMORSKY KRAI

• Pork production

complex project

• 30 ths. ha of land

bank

• Controlling stake

in soy production

Split by region1

56%

44%

56%

44%

96%

4%

Belgorod & Tambov Far East

58%

42%

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Ros Agro’s footprint across the globe

8

Russia

Denmark

Germany

Azerbaijan

Egypt

Belarus

Moldova

Turkey

Oman

UAE

Iran Afghanistan

China

Mongolia Kazakhstan

Japan

South

Korea

Hong Kong

Vietnam

Thailand

Kyrgyzstan

Tajikistan

Turkmenistan

Uzbekistan

Israel

Russian market Promising markets Existing export markets

The group’s products are sold in more than 80 regions of Russia and are exported to 14 countries


Investment highlights

Section 2

9

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

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Ros Agro – Key investment highlights

10

• Ros Agro holds market leadership positions across all its businesses…

• …operating a vertically integrated business model

Ros Agro is the most prominent integrated agribusiness company in Russia

• Russia is one of the largest consumers of sugar globally…

• …with Ros Agro being the 2nd largest sugar producer in the country...

• ...operating 6 sugar refineries strategically located near sugar beet farms…

• …and owning a strong branded product line covering different price categories

Second largest sugar producer in Russia

• Russia is the fifth largest pork consumer globally in per capita terms…

• …with Ros Agro being the 2nd largest pork producer in the country…

• …operating state-of-the-art facilities in Belgorod and Tambov regions

Second largest pork producer in Russia

• Russia is the largest consumer of mayonnaise and sunflower oil in the world…

• …with Ros Agro operating as one of the leading players in the market…

• …with a strong portfolio of brands…

• …and manufacturing footprint situated in close proximity to agricultural farmlands

Leading Russian oil and fats producer with a strong portfolio of brands

• Russia accounts for 9% of the world’s arable land…

• … with Ros Agro as one of the largest agricultural companies in the country…

• … with 500 thousand hectares of land under control…

• …providing above market yields across majority of its key crops

One of the largest agricultural companies in Russia

• Ros Agro is led by its best-in-class senior management…

• …supported by a strong management bench

Highly experienced management team

1

2

3

4

5

6

Government support 7

• Consistent government support program

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

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Ros Agro holds leading positions across all its businesses… 1

11

Sugar Meat

Ke

y h

igh

lig

hts

(2

01

4)

Key p

rod

uc

tio

n

me

tric

s (

20

14

)

• Sugar cube producer in

Russia #1

• Market share (by volume) in

sugar cube segment 43%

• Market share in sugar in

Russia 15%

• Sugar producer in Russia #2

• Commercial pork production #2

• Market share in commercial

pork production 6.3%

• Total pork capacity (ths. tons

per year) 205

• Beet sugar production:

• 497,800 tons

• Cane sugar production:

218,800 tons

• Pork production:

• 186,800 tons

• Compound feed production:

565,100 tons

Key f

ina

nc

ials

(2

01

4) RUB 22,464m

(+17.8%)

Reven

ue

(CA

GR

12A

-14A

)

EB

ITD

A

(% m

arg

in)

RUB 4,809m

(21.4%)

RUB 17,751m

(+77.6%)

RUB 8,829m

(49.7%)

Oil & Fats

• Margarine production #1

• Market share in margarine

production 49%

• Market share in mayonnaise

production 9%

• Mayonnaise production #5

• Vegetable oil production:

• 188,400 tons

• Mayonnaise production:

• 57,700 tons

• Margarine production:

• 47,100 tons

RUB 14,920m

(+27.3%)

RUB 1,882m

(12.6%)

Agriculture

• Land bank (in ths. ha) 500

• Arable land (in ths. ha) 380

Crop harvest:

• 3,197,000 tons

RUB 10,710m

(+10.1%)

RUB 4,375m

(40.8%)

• Land owned 42%

2014

1H 2015 data:

Land bank

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

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…operating a vertically integrated business model 1

12

Oil and fats

Sugar Meat

• Completed slaugterhouse in

Tambov region with a capacity

of 2mm heads per year

• Constructing pig farms with

capacity of 300 ths. tons of

pork, fodder plant and

slaughterhouse in Primorsky

Krai

• Construction of the first

phase (capacity of c.100

ths. tons) is scheduled to

start in spring 2016

• 6 sugar plants

In Belgorod and Tambov

regions

• 35.1 ths. tons/day

Maximum processing

capacity for sugar beet

• 2 pork production facilities

In Tambov and Belgorod

regions:

• 13 commercial pig farms

• 3 breeding facilities

• 2 fodder production plants

Granulated and refined sugar

brands

Chaikofsky

Russkii

Sakhar

Brauni

Mon Café

Agriculture

• 6 elevators

For sunflower seed storage (Samara

region, Orenburg region and Far East)

• SAPP oil extraction plant (Samara region) • Surplus meal and oil are exported to other

countries

• EZhK Fats Plant (Yekaterinburg)

• The ingredients are sourced from the local third party

suppliers

Oil and fats product brands

Gotovim doma! Mechta Khozyayki

Provansal Shchedroye leto

Sugar

Provides the Sugar

segment with c.

70% of its raw

material

Meat

Provides the Meat segment with majority

of the raw material used in fodder

production1

Elevators with capacity to store up to 415 ths. tons of grain and 320 ths. tons of outdoor storage 4

1 Share of in-house produced raw material used in fodder production is subject to market environment (prices)

Agriculture

Surplus grain is sold to third

parties

Agriculture

• The Company

also sells its

products in

other regions of

Russia or to

exporters

Oil and fats

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

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5.4 5.5 5.6 5.7

7.1

5.3 4.9 5.2

2011 2012 2013 2014

Total consumption Total production

13

Russia is one of the largest consumers of sugar globally…

• Russia boasts of the highest annual per capita sugar

consumption in the world (42.4 kg per capita vs. 36.5 kg for Brazil,

35.8 kg for UK and 34.0 kg for the US)

• Russian sugar market is stable with annual demand ranging from

5.5m tons to 6.0m tons

• In recent years, Russian Government policy has been aimed at

protecting and developing the domestic beet sugar industry

‒ In 2014, almost 86% of the sugar in Russia was produced from

sugar beet

• High import duties on cane sugar makes it less profitable than sugar

beet

‒ This also explains the low share of sugar produced from imported

cane sugar in the country

Market overview Russia has the highest per capita sugar consumption...

…with stable domestic consumption and production of sugar

4.4

0.7

Beet sugar Raw sugar

5.4

5.9

10.7

11.3

16.2

25.8

Indonesia

Russia

United States

Brazil

China

India

11.6

20.3

21.4

33.2

41.7

55.7

China

India

Indonesia

United States

Russia

Brazil

Annual per capita sugar consumption1, kg

Beet vs Raw sugar (2014)

Source: Rosstat, Soyuzrossakhar - January 2015, Helgilibrary

Source: BMI

42.4

36.5 35.8 34.0 30.3

28.1

6.2

Russia Brazil UK Germany South Africa USA China

2

1 Based on 2011 data

m tons

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

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14

…with Ros Agro being the 2nd largest sugar producer in the country...

Business overview Ros Agro has been consistently increasing its market share

• Ros Agro is the second largest sugar producer with a 15% market share

(2014)

‒ Ros Agro accounted for 33% of the total amount of cane sugar produced

in Russia in 2014 (compared to 23% in 2013)

• Sugar production structure has transformed significantly in the last few

years

‒ In 2011, beet sugar accounted for 41% of sugar production whereas by

2014 beet sugar’s contribution increased to 69%

‒ This transformation also facilitated to significant increase in the EBITDA

margin of sugar segment, i.e. from 5.6% in 2011 to 21.4% in 2014

Ros Agro’s sugar production structure has transformed overtime... ...with beet sugar commanding the majority share in production

2011 2014

56% 41%

3%

From raw cane sugar

From sugar beet

Under tolling agreements

31%

69%

248 270 299 216

463 547 502 498

383 359 353 478

627

57 109 219

83 52 54 62

37

10

714 681 706 756

1,127

614 611

717

2007 2008 2009 2010 2011 2012 2013 2014

From sugar beet From raw cane sugar Under tolling agreements

22%

15% 13%

9% 7%

Pro

dim

ex

Ros A

gro

Dom

inan

t

Su

cd

en

Razg

ula

y

12% 13%

15%

2012 2013 2014

Source: Soyuzrossakhar - January 2015, Company data

ths. tons

EBITDA

margin: 5.6%

EBITDA

margin: 21.4%

Market share in 2014

2

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

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15

...operating 6 sugar refineries strategically located near sugar beet farms…

Belgorod region can process 15,600 tons of sugar beet per day and Tambov region can process 19,500 tons of sugar beet per day

Belgorod

Regional center

Sugar plant

Land bank

30 km radius

60 km radius

Nika

Valuikisakhar

Chernyansky Tambov

Znamensky

Zherdevsky

Nikiforovsky Capacity

Sugar Beet 4,900 t/d

Raw Cane 720 t/d

Capacity


Raw Cane 720 t/d

Capacity


Raw Cane 750 t/d

Capacity


Raw Cane 1,100 t/d

Capacity


Raw Cane 850 t/d

Capacity


Raw Cane 720 t/d

Note: t/d refers to tons/day

2

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

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16

…and owning a strong branded product line covering different price categories

Key takeaways Russkii Sakhar and Chaikofsky lead against competitors in

customer ratings

• Product line is represented in the sugar cube and packaged sugar

segments across all of the popular package sizes

• Undisputed leader on the Russian sugar market in the B2C segment

‒ #2 sugar producer in Russia with 15% market share1

‒ Ros Agro has a 43% market share in the sugar cube segment1

Chaikofsky

Extra grade sugar:

• White sugar cubes

• White crystals

Mon Cafe

• Extra grade

• Shaped refined sugar

cubes

Russkii Sakhar

• White sugar cubes

• White sugar crystals

Brauni

• Brown granulated cane

sugar

• Brown cane cubes

Brands Spontaneous

brand recognition

Brand recognition

with prompt

Purchased at

some time

Russkii Sakhar 27 87 74

Chaikofsky 22 46 28

Competitor 1 10 39 20

Competitor 2 10 37 19

Source: Comcon Synovate, monitoring of sugar brand health conducted for Ros Agro in December 2014

2

Source: Soyuzrossakhar - January 2015, Company data

1 Based on volumes in 2014

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

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17

Russia is the fifth largest pork consumer globally in per capita terms…

Market overview Russia in the global pork market

• Russia is the fifth largest pork producer globally (2014)

‒ The country’s per capita pork consumption reaches 20.5kg, lagging

behind only Germany, Poland, Czech Republic and China

• Total pork consumption in Russia declined by 10.5% to 3.4m tons in

2014 compared to 2013 primarily due to the increase in prices in the

domestic market caused by various trade restrictions on imports

• Whereas, pork production in Russia grew on average by 7.7%

each year in 2011-2014 to 3.0m tons, narrowing the gap between

local demand and supply

• Top 20 pork producers in Russia held 59.6%2 of the market in 2014

(compared to 54.2% in 2013), indicating market movement towards

consolidation

Domestic pork consumption and production

3.6 3.8 3.8

3.4

2.4 2.6

2.8 3.0

2011 2012 2013 2014

Domestic pork consumption Production

2.5

2.8

3.1

4.4

8.8

57.0

Japan

Brazil

Russia

Germany

United States

China

Total pork consumption (2014, mm tons)

13.7

20.0

21.8

27.3

40.9

52.6

Brazil

Japan

Russia

United States

China

Germany

Per capita pork consumption (2014, kg)

Source: BMI

Source: OECD, AHDB, Rosstat 1 Based on 2014 data; 2 National Pork Producers Union

Annual per capita pork consumption1, kg

53.9 53.3

43.1

31.5

20.5

Germany Poland Czech Republic China Russia

3

m tons

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

Work

ing A

rea

18

…with Ros Agro being the 2nd largest pork producer in the country…

Ros Agro has a strong foothold in the Russian pork market… …positioned 2nd after Miratorg with a 6.3% market share…

12.7%

6.3% 6.1% 5.6%

3.1% 2.8% 1.6%

Miratorg Ros Agro Cherkizovo Agro-Belogorie

AgrarnayaGruppa

Kopitaniya ProdoManagement

• Ros Agro has been one of the top 5 companies on the Russian

pork market since 2010

‒ It is the second largest pork producer with a market share of 6.3%

(2014)

• In 2014, the Group increased pork production by 38.0% to 187 ths.

tons and compound feed production by 57.4% to 565 ths. tons

• The Group currently caters to demand from businesses and

organisations in 29 regions and plans to expand its geographic

footprint following the launch of the rendering plant and

slaughterhouse

• Group’s agriculture division supplies feed ingredients to the pork

division hence protecting from the unfavourable price changes for

a substantial portion of raw materials

…having witnessed a production CAGR (2008-14A) of 56.5%

13

39 62 64 73

135

187

2008 2009 2010 2011 2012 2013 2014

Pork production by Ros Agro

Source: National Pork Producers Union, “Rating of Largest Pork Producers in Russia in 2014”, January 2015

ths. tons

3

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

Work

ing A

rea

19

…operating state-of-the-art facilities in Belgorod and Tambov regions R

eg

ion

al p

rese

nc

e

• 6 commercial pig farms for 5,100 sows each

• 1 breeding facility for 2,500 sows

• 1 compound feed plant with capacity of 40 tons/hour

• Total sow population of 36 ths. and the overall herd exceeds 400 ths. head

• Total capacity to produce 90 ths. tons of pork per year

Co

mm

en

tary

• 7 commercial pig farms for 4,800 sows each

• 2 breeding facilities for 1,200 and 1,700 sows

• 1 compound feed plant with capacity of 50 tons/hour

• Slaughterhouse (launched in June 2015) with capacity of 1.95m head per year

• Total capacity to produce 115 ths. tons of pork per year

Belgorod region Tambov region

Belgorod

Regional center Pig farm Feed plant

3

Tambov

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

Work

ing A

rea

Russia is the largest consumer of mayonnaise and sunflower oil in the world…

20

Market overview

2.1

3.6

3.1

3.9

2.1 2.1 2.1 2.2

2011 2012 2013 2014

Production Domestic consumption

Stable demand and supply of sunflower oil in the Russian market

• Russia is the largest consumer of mayonnaise and sunflower oil

‒ Per capita consumption of mayonnaise in Russia reached c. 4.4 kg

• Although the consumption of margarine in Russia has been declining

in recent years, growing demand in Central Asia offers a good

additional market for Russian products

• Sunflower oil is the undisputed market leader in Russia followed

by soybean oil

m tons

Russian margarine producers1 (2014) Russian mayonnaise producers1 (2014) Russian sunflower oil processing (2014)

Ros Agro

49%

NMZhK

18%

Solnechniye

produkty

18%

Evdakovsky MZhK

10%

Other

5%

Essen

23%

EFKO

20%

NMZhK

22%

Solnechniye

produkty

16%

Ros Agro 9%

Unilever 4%

Irkutsky MZhK

4%

Other

2% Yug Rusi

23.8%

Solnechniye

produkty

12.6%

Aston 7.1%

EFKO 4.7%

Nefis

Cosmetics

3.1%

Other

28.2%

Bunge 5.6%

Kernel 3.8% NMZhK 7.2%

Ros Agro 3.9%

4

1 Includes only companies in the Oils and Fats Union of Russia

Source: Company data, Oils and Fats Union of Russia, Rosstat

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

Work

ing A

rea

…with Ros Agro operating as one of the leading players in the market…

21

• Ros Agro is the largest producer of margarine and fifth largest producer of mayonnaise in Russia

‒ In 2014, the company strengthened its position on the margarine market by 12% points reaching 49% market share1

‒ Ros Agro has retained a strong market position in mayonnaise (the most popular sauce product in Russia) with 9% market share1

• Ros Agro is the eighth largest processor of sunflower seeds with a market share of 3.9%

‒ In 2014, the company increased its vegetable oil production by 71.3% to 188 ths. tons

Production overview

35 36 41

47

2011 2012 2013 2014

57 55 56

58

2011 2012 2013 2014

67

152

110

188

2011 2012 2013 2014

Margarine (ths. tons)

(‘000 tons)

Vegetable oil (ths. tons)

1 Includes only companies in the Oils and Fats Union of Russia

Source: Company data, Oils and Fats Union of Russia

Business overview Production overview

35 36 41 47 57 55 56 58

67

152

110

188

2011 2012 2013 2014

Margarine

Mayonnaise

Vegetable oil

CAGR 12-14

14.3%

2.7%

11.2%

Mayonnaise (ths. tons)

4

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

Work

ing A

rea

…with a strong portfolio of brands…

22

Mustard

Ketchup

Margarine Mayonnaise Mayonnaise

Margarine Ketchup

Spreads Mayonnaise

Top 15 ketchup brand in

Russia

#1 ketchup brand in Ural

region

Top 20 position in Russian

mustard market

#1 in mustard market for Ural

region

Top 10 mayonnaise brand in

Russia

6% market share in Russia

53% market share in Ural

region

Well developed leading

distribution platform in Ural

region

Leading margarine and

spreads brand in Russia and

Ural region

>50% market share in

margarine market in

Uzbekistan and Tajikistan

Top 3 brand in CIS countries

Leading position in markets

in Azeribaijan and Moldova

Markets mayonnaise,

prepared sauces, spreads,

mustard and vegetable oil

under the brand

4

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

Work

ing A

rea

Yekaterinburg

(EZhK)

Ussuriysk (Primorskaya soya)

…and manufacturing footprint situated in close proximity to agricultural farmlands

23

• Leading plant in the processing industry

in Far East

• Plant produces vegetable oil, mayonnaise,

margarine, toilet and laundry soap, and

soybean meal

• Ros Agro owns 75% stake in Ussuriysky oil

and fat factory "Primorskaya soya"

• 1.25 ths. tons per day capacity for

processing of sunflower seeds

• Main products include unrefined sunflower

oil (pressed and extracted) and high-protein

granulated sunflower seed meal

• Only second Russian plant to receive

international GMP+2 B Good Manufacturing

Practice certificate

• One of the five largest Russian enterprises in the industry and a leader on the CIS market

• More than 50 products manufactured including margarines, mayonnaise, ketchup, mustard and

sunflower oil

• Capacity to produce 57.9 ths. tons of margarine and 112 ths. tons of mayonnaise per year

4

Samara

(SAPP)

Top10 regions by sunflower seeds production

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

Work

ing A

rea

24

Russia accounts for 9% of the world’s arable land…

Market overview

Domestic production and consumption of grains

Source: Rosstat, Food and Agriculture Organization of the United Nations 1 2013 data

• Russia’s population of c. 140m provides a vast market for

agricultural products

• Furthermore, Russia’s geographic position gives an inherent

advantage of catering to the growing demand for agricultural products

in both Asia and the Middle East

• The country’s ban on agricultural inputs from certain countries has

supported growth in the domestic market as domestic producers take

advantage of the lack of competitive imports

• For the last two years, total production of grains in Russia has been

exceeding demand in the domestic market

• Rouble devaluation incentivized exports in 2014 leading to the growth

in net exports to 29 m tons

m tons

5

World’s arable land by country1

11% 11%

9% 8%

5%

India USA Russia China Brazil

52 59 43

52 60

94 68

1 18

71 64

1 21

92 65

1 18

105

68

1 29

2010 ProductionConsumption Losses Net exports 2011 ProductionConsumption Losses Net exports 2012 ProductionConsumption Losses Net exports 2013 ProductionConsumption Losses Net exports 2014Production

Consumption

Losses

Net exports

Grain

inventory

2010YE

Production

Consumption

Losses

Net exports

Grain

inventory

2011YE

Production

Consumption

Losses

Net exports

Grain

inventory

2012YE

Production

Consumption

Losses

Net exports

Grain

inventory

2013YE

Grain

inventory

2014YE

Area harvested (in m ha) #

56.1 56.6 55.7 56.1 55.3

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

Work

ing A

rea

… with Ros Agro as one of the largest agricultural companies in the country…

25

Business overview

• Ros Agro’s farmland is located mainly in the Belgorod and

Tambov regions, in close proximity to the company’s processing

facilities

• Crops cultivated include sugar beet, wheat, barley, peas, soybean,

sunflower and corn

Top 10 holders of agricultural land in Russia1

570 550 500 495

381 353 350 350

320 286

Prodimeks Ros Agro Miratorg Krasniy Vostok Agro GK Dominant

Ros Agro's total and arable land bank

5

Source: Company data, BEFL report on the land lords as of April 2015

1 Ros Agro figure based on Company data as of 1H 2015

Arable land structure (1H 2015)

Barley

25%

Wheat

23%

Soy

19%

Sugar beet

19%

Sunflower

6%

Other

3%

ths. ha

Prodimeks Ivolga

holding Ros Agro AK Bars Miratorg

Avangard-

Agro

Krasniy

Vostok Razgulay Dominant ASB

ths. ha

379 376 412 380

73 87 83 120

452 463 495 500

2012 2013 2014 1H 2015

Arable land Other land

Corn

5%

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

Work

ing A

rea

… with 500 thousand hectares of land under control…

26

Owned

32%

Leased

68%

Owned

42%

Leased

58%

Land ownership structure (2012) Land ownership structure (1H 2015)

Overview of the assets Key regions of operations

• Ros Agro’s key assets include 500 ths. ha of land, 4 elevators with

415 ths. tons of grain capacity and 320 ths. tons of outdoor

storage in sleeves

• Crop farming in the Belgorod region is geared primarily towards

meeting the feed needs of the livestock farming sector

• Ros Agro is the market leader in this region accounting for 25% of

wheat, 21% of barley, 44% of peas and 14% of sunflower seed

production

• Crop farming in Tambov region is favored by black earth soil

• The cultivated land in Primorsky Krai in 2015 was planted with

soybean (79%) and corn (21%)

5

Regional center

Regions of Ros Agro operations

Tambov

region Belgorod

region

Voronezh

region Primorsky

Krai

Voronezh

Tambov

Belgorod

Vladivostok

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

Work

ing A

rea

…providing above market yields across majority of its key crops

27

Operating highlights

5

Source: Rosstat

4.7

3.6 3.5

1.9

1.4

2.5

4.4

2.3

1.4 1.7

Wheat Corn Barley Sunflower Peas

Ros Agro Russia's average

5.9

4.0

6.2

9.8

8.2

6.4

4.9 4.9

15.8

9.0

Wheat Corn Barley Sunflower Peas

2013 2014

Yields 2014 (tons per ha) Prices (RUB/kg)

43%

Source: Company data, Rosstat

5% 33% 8% 3%

x% Share in Ros Agro’s harvest (excluding sugar beet)

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

Work

ing A

rea

Ros Agro is led by its best-in-class senior management…

28

Vadim Moshkovich

Founder, Chairman of the Board of Directors

Vadim Moshkovich

Maxim Basov

Chief Executive Officer

Maxim Basov

• In July 2009, Mr. Basov joined Ros Agro as the General

Director

• From 2006 to 2009, he was the General Director of

Metalloinvest Group as well as the General Director of various

holding companies of the group (including Metalloinvest,

Gasmetal and CK Metalloinvest)

• From 2004 to 2006, he served as the first Deputy Chairman of

the board of directors in Interpipe Limited

• From 2000 to 2003, he held several management positions at

Severstal

• In 1999-2000, he worked at McKinsey & Company

• Mr. Basov graduated from New York University in 1996

• In May 2015, Mr. Moshkovich was appointed the Chairman of

Ros Agro’s Board of Directors

• From 2006 to 2014, he was a member of the Council of

Federation (upper chamber of the parliament of the Russian

Federation) on behalf of the Belgorod region

• In 2001, Mr. Moshkovich became Member of the Board of

Directors of Sobinbank

• In 1999, he became Director General (until 2006) and co-

owner of the group of companies consolidated into Ros Agro

in 2003

• In 1995, Mr. Moshkovich started working in the agribusiness,

first as Head of Shugarimpeks ZAO and then as Head of

Shugarimpeks Trading Company till 1999

• From 1994 to 1995, he served as a Head of Bely Orel (vodka

importing company)

• From 1991 to 1992, he worked at the Moscow Commodity

Exchange

• Mr. Moshkovich graduated from Moscow Institute of Radio

Engineering, Electronics and Automation in 1992

6

218, 231, 197

254, 231, 185

194, 217, 224

240, 190, 198

251, 207, 188

216, 216, 216

Tier: 4

231, 239, 217

254, 239, 210

209, 226, 231

246, 218, 223

253, 230, 219

226, 226, 226

Tier: 5

133, 174, 62

252,175, 23

13, 103, 133

204, 40, 65

241, 97, 34

127, 127, 127

Tier:1

176, 202, 129

253, 203, 104

97, 156, 176

222, 115, 131

246, 152, 111

172, 172, 172

Tier: 3

155, 194, 86

252, 185, 50

16, 125, 164

217, 63, 85

243, 119, 63

144, 144, 144

Tier: 2

Work

ing A

rea

…supported by a strong management bench

29

• Has served as Investment Director, Director for M&A, capital markets, investor relations since

February 2015

• Joined Ros Agro in 2009

• Previously worked at the Investment Bank Renaissance Capital in analytical department

Sergey Tribunsky Investment Director,

Director for M&A, capital

markets, investor relations

Name Title Biography

• Has served as the Chief Financial Officer since January 2015

• Vast experience as a Chief Financial Officer in various companies including Rasstal, Rusal,

Pepsi Co and Wimm Bill Dann

Nailya

Mukhamedzanova Chief Financial Officer

• Served as the Deputy CEO for Legal and Corporate Affairs

• Previously served as the head of the law departments in various companies including

Russian Alcohol Group and Danone

Sergey Koltunov Deputy CEO for Legal and

Corporate Affairs

• Has served as the Head of Human Resources since October 2012

• Previously served as HR Director in Corporation Interpipe Scientific Production Investment

Group (Ukraine)

Aurika Dmitrieva Head of Human

Resources

• Has served as the Head of Internal Audit since October 2010

• Previously served as the Head of Internal Audit in agricultural investment company AGRICO,

and AntantaPioglobal

Dmitry Brekhov Head of Internal Audit

6

Work

ing A

rea

43%

16%

14%

14%

12% Interest rate subsidies

Land development

Crop growing (indirect support)

Animal breeding

Other

RUB 193bn

USD 3.4bn1

16%

15%

14%

12%

12%

32%

Dairy cattle breeding

Finance-payment system

Animal breeding

Agriculture

Infrastructure

Other

RUB 617bn

USD 11.0bn1

Consistent government support program

30

Government support breakdown (2014) Government support by target sector (2015-2020)

Pork sector Sugar sector

Source: Ministry of Agriculture of the Russian Federation Source: Ministry of Agriculture of the Russian Federation

• Nearly all support to sugar producers in the Russian Federation is provided in

the form of market price support (MPS) through import tariff measures, as

opposed to agricultural input or outputs subsidies

• The government introduced the current tariff regime in 2004

• The system is primarily designed to support domestic producers when world

prices are low and price competition with imports is high

• However, when the prices are high and the country relies on imports, a

decrease in tariffs allows consumers to benefit from lower prices

‒ Tariffs range between USD 140 and USD 270 per ton

• The tariff on white sugar imports is set at USD 340 per ton

• Pork sector support employs two major protection mechanisms:

‒ Annual import quota (430 kt of pork)

‒ High import duties for out of quota import

• Import was banned due to veterinary rulings (2012 ban on live pigs from EU,

2013 ban on import of meat from US), and as counter-sanctions measures in

2014:

‒ Ban on pork meat

‒ Ban on processed meat products

1 Converted from RUB using official CBR exchange rate as of 31 December 2014 – 56.26

7

Strategy and business development

Section 3

31

Work

ing A

rea

Expanding

presence in all

business areas

• Ros Agro invested more than RUB 52bn in development of production in 2010-2014

• Ros Agro keeps considering acquiring new assets and investing in projects to expand

existing capacity to maintain leading positions in the Russian sugar, oil and meat

markets

Further

development of

consumer brands

• Ros Agro sees the B2C market as a promising area of the business expansion and

actively invests in the brand lines development

• As a next significant step, the Company plans to increase the level of vertical integration

of its meat segment by producing branded processed meat products and selling them to

final customers

Far East project

• Ros Agro began implementing large-scale investment projects in 2014 intended to create

a major agribusiness cluster in Primorsky Krai, in the Russian Far East

• The Primorsky Krai market has strong potential, because about 50% of the products

currently sold in the region are imported

• Primorsky Krai is also well situated geographically, on the border with China, one of the

biggest food markets in the world

Key pillars of Ros Agro’s development strategy

32 Source: Company data

1

2

3

Work

ing A

rea

36 41 47 55 57 58

2012 2013 2014

Ekaterinburg fat plant (EZhK)

Margarine Mayonnaise

Expanding presence in all business areas (1/2) 1

33

Meat production development Sugar production development1

73

135

187

2012 2013 2014

ths. tons

• In 2014 company increased production in an attempt to benefit from favourable pricing

• Ros Agro has also doubled production of cane sugar becoming the biggest importer and

refiner of raw cane sugar

Land bank development

• Expansion of the land bank is one of the most important strategic goals of Ros Agro

• Company aims to maintain the highest possible share of arable land

379 376 412

73 87 83

452 463 495

2012 2013 2014

Arable land Other land

ths. ha

Sales growth in Oil and Fats segment2

• Company has been steadily increasing sales of its Oil & Fats segment and currently it is the

largest producer of margarine in Russia

• Ros Agro holds #5 position on the Russian mayonnaise market, with Essen, EFKO and NMZhK

being the TOP 3 players

• Group has dramatically increased its pork production capacity over the last couple of years

547 502 498

57 109 219 604 611

717

2012 2013 2014

From sugar beet From raw cane sugar

ths. tons

ths.

tons

Source: Company data 1 Excluding production on tolling agreements 2 Excluding internal sales

136 121

239

99 74

199

2012 2013 2014

Samara oil plant (SAPP)

Meal Raw oil

Work

ing A

rea

Expanding presence in all business areas (2/2) 1

Source: Company data 1 Based on plans for 2015

Expansion to new export markets

Continuous expansion of land bank Introduction of a new oil plant

• The Company plans to further expand sugar beet processing capacity at the

plants in Tambov region

• Installation a pressing line at the Znamensky plant with an annual capacity

of 12 ths. tons

• Expansion of product line. With the launch of the slaughterhouse, the

company entered the new markets of large cuts, chilled processed products,

meat and bone meal and industrial fat

• Construction of pig farming complexes in Tambov Region (RUB c.17bn,

planned start of production in August 2017)

‒ Production at Tambov Bacon will increase by 148 ths. tons of pork in

live weight and slaughterhouse productivity will increase from 350 to 600

head/hour

• Ros Agro plans to produce 200 ths. tons of pork in live weight

• Further expansion land bank in Tambov Region by 30 ths. ha

• Increase in storage capacity for Company’s own products by 60 ths. tons

• The Group is working on the designs of a plant to refine, deodorize and

bottle sunflower oil with a design capacity of 49 ths. tons per year

34

Ongoing projects and plans for the future

• Constructing pig farms with

capacity of 300 ths. tons of

pork, fodder plant and

slaughterhouse in Primorsky

Krai

• Construction of the first phase

(capacity of c.100 ths. tons) is

scheduled to start in spring

2016

Construction

launch:

2016

Construction of pig farming complexes in Primorsky Krai

• Company will continue

expansion to new export

markets

• The markets Ros Agro

considers promising:

Afghanistan, Hong Kong,

Thailand, Vietnam, China,

Japan, South Korea, Iran, UAE,

Oman

Current

export

markets:

14 countries

Promising

markets:

10 countries

• Further expansion of land

bank in Tambov Region

Land bank:

+30 ths. ha1

Storage

capacity:

+60 ths. ha1

• The Group is working on

the designs of a plant to

refine, deodorize and

bottle sunflower oil

Capacity of

new oil plant:

100 ths. tons

per year

• Increase in storage capacity

for Company’s own products

Work

ing A

rea Cost:

RUB 36m

Further development of consumer brands

35

Ongoing projects and plans for the future

• Expand presence in all segments of

sugar cube and packaged sugar market

• The Company plans to begin production

of single-portion

sugar sticks under

the Chaikofsky brand

Completion

date:

December

2015

• Development of Mechta Khozyaiki into a

national brand

• Aim to increase turnover of Mechta

Khozyaiki mayonnaise per point of sale to a

target of 22.8 kg

• The Company plans to launch Mechta

Khozyaiki ketchups

Completion

date:

2016

• Following the launch of

the slaughterhouse, the

Company intends to

bring production of meat

products in the B2C

segment up to design

capacity as quickly as

possible

• Ros Agro plans to

create a brand for

chilled processed

products to ensure long-

term demand for

products in the B2C

segment

Completion

date:

2015

Source: Company data 1 Annualized based on actual figure for 1H 2015; 2 Yekaterinburg fats plant (EZhK) sales only

322 334 318 360

180

2012 2013 2014 2015E

5.0 5.6

6.8 7.1

3.6

2012 2013 2014 2015E

Branded sugar volume development Branded margarine & mayonnaise revenue

development2

Further expansion of presence in all segments of the sugar market

Further development of Mechta Khozyaiki brand Development of B2C brands in the

meat segment

ths. tons RUB bn

2

1 1

Work

ing A

rea

Far East development cluster

36

Overview Exclusive location between major export markets

Current status Medium-term goals

Agriculture

Other

Land

Meat

(Pork)

• In 2014 acquired ca. 26.5 ths.

ha of land

• Received government support

in form of interest rate

subsidy

• Design and feasibility study in

progress

Current crop mix:

• 79% - soybeans

• 21% - corn

• Plans to substantially

increase the land bank

• Begin construction of 100 ths.

tons livestock pork facility in

spring 2016

• To add 100 ths. tons of

capacity in each next 2 years

to reach 300 ths. tons capacity

• Primarily soybeans and corn

• Controlling stake in soy

production facility

• Build a feed factory

• Build a slaughter house

Pork production project in

Primorsky Krai:

• Total investments: ca. USD 1bn

• Capacity: 300 ths. tons

• Export: significant share North China:

• Population: 300 m

South Korea:


Japan:


RUSSIAN FEDERATION

Commercial production launched Projected capacity reached Pig farms open

2018

3

2019

Financial performance

Section 4

37

Work

ing A

rea

Ros Agro summary income statement

38

Income statement based on audited IFRS Commentary

RUB m 2012 2013 2014 1H 2014 1H 2015

Sales 34,064 36,490 59,112 26,645 32,589

Revaluation gain 2,983 3,489 12,244 4,608 4,179

Cost of sales1 (26,364) (31,121) (47,274) (22,195) (24,155)

Gross profit 10,682 8,858 24,082 9,058 12,612

Gross margin 31% 24% 41% 34% 39%

Distribution & selling expenses (2,785) (2,993) (4,472) (1,938) (2,271)

General & administrative expenses (2,490) (2,624) (2,991) (1,141) (2,074)

Other expenses (374) (295) 218 110 417

EBITDA 8,781 6,784 18,069 6,503 10,697

EBITDA margin 26% 19% 31% 24% 33%

D&A (2,600) (3,271) (3,497) (1,476) (1,489)

EBIT 6,182 3,513 14,572 5,027 9,209

EBIT margin 18% 10% 25% 19% 28%

Net income 4,305 3,202 20,177 6,015 7,220

Net margin 13% 9% 34% 24% 22%


1 Incl. net gain on sugar derivatives

• In 1H 2015 company significantly

increased its revenue and EBITDA

margin mainly due to increased sales

and profitability of sugar, meat and

agriculture segments

• Most prices for Ros Agro products

increased significantly YoY due to

Rouble depreciation and its effect on

import-driven prices for sugar and

pork and export driven prices for

grains and oil

• The sugar segment was the biggest

contributor to revenue and EBITDA

growth in 1H 2015 YoY, mostly due

to significantly increased sale prices

(+46%) associated with Rouble

depreciation

• Ongoing focus on cost control

provided for EBITDA margin increase

to historically high 33% in 1H 2015

despite some gross margin dilution

Work

ing A

rea

EBITDA development overview

39

2013 – 2014 EBITDA development

1H 2014 – 1H 2015 EBITDA development

6 784

3 089

7 1032 014 857 (1 778)

18 069

PPS: pull this data on the chart RUB m

RUB m

6,784

18,069

3,089

7,103 2,014 857

(1,778)

FY 2013 Sugar Meat Agriculture Oil & Fats Eliminations &Other

FY 2014

6,503

10,697

2,712 823

546 67 46

1H 2014 Sugar Meat Agriculture Oil & Fats Eliminations &Other

1H 2015

24%

- EBITDA margin

33%

31%

19%

XX%

- EBITDA margin XX%

Work

ing A

rea

611 717

226 183

2013 2014 1H 2014 1H 2015

From raw cane sugar

From sugar beet

Sugar segment performance

40


Performance highlights

Operating performance

1H 2015 vs. 1H 2014:

Sales (up RUB 3.4bn, +32%)

• The increase in sales was caused by the 46% rise in the sale prices to 39.6 RUB/kg (excl. VAT), primarily owing to

Rouble depreciation

Adjusted EBITDA (up RUB 2.7bn, +156%, margin +15%)

• Substantial growth of EBITDA and EBITDA margin was mainly driven by a surge in the sale prices, yet was partly

offset by an increase in cost per unit as a result of higher prices for raw cane sugar

2013 vs. 2014:


• Sales volumes growth was primarily driven by the doubled production from raw cane sugar (the Company became

the biggest importer and refiner of raw cane sugar with 33% market share)

• Increase in sale prices was caused by an increase in the production costs of sugar beet and sugar, a decrease in

sugar beet production after a record harvest in 2013 and Rouble depreciation


• Positive changes in sales volumes and sale prices

• While production of beet sugar has remained almost unchanged since 2013, sugar yield grew to 15.3% relatively

reducing production costs

Transformation of sugar production structure


2011 2014

17.0

22.5

10.8

14.3

1.7

4.8

1.7

4.5

10%

21% 16%

31%

2013 2014 1H 2014 1H 2015

Revenue EBITDA EBITDA margin

653 752

389 353

24.6 28.4 27.1

39.6

2013 2014 1H 2014 1H 2015

Sales volume (ths. tons)

Sales price (RUB/kg)

31%

69%

From raw cane sugar

From sugar beet

56%

41%

3%

From raw cane sugar

From sugar beet

Under tolling agreements

RUB bn

ths. tons

Production Sales volumes and price


Work

ing A

rea

135

187

89 92

2013 2014 1H 2014 1H 2015

Group pork production

Meat segment performance

41




1H 2015 vs. 1H 2014:


• The increase in sales was caused by further rise in the sale prices still impacted by ban on imports of live pigs

from Europe, United States and Canada

• Sales volumes (incl. livestock pigs and processed pork) rose by 4% to 83 ths. tons in an attempt to benefit from

the favorable pricing environment


• On the gross profit side, growth was mainly driven by surged sale prices accompanied by an increase in volumes

yet was partly offset by the increase in feed costs

• Increase in general and administrative costs was mainly driven by an increase in payroll costs associated with

slaughter house construction project

2013 vs. 2014:


• Production growth was primarily driven by the company’s aggressive expansion of production capacity and ban on

imports of live pigs. Increase in sale prices was caused by the decline in the supply of meat on the domestic

market (due to imports ban) and Rouble depreciation


• An increase in sale prices was accompanied by an increase in volumes and a decrease in feed costs

• Despite the growth of prices for feed ingredients, veterinary drugs and energy resources compared to 2013, the

Group managed to reduce production costs by about 2%. Thanks to its own agriculture division, the Group is

protected from unfavourable price changes for a substantial portion of raw materials

• The Group’s meat business is comprised of 13 pig farms and 3 breeding facilities in Central

Russia: the Belgorod and Tambov regions

Production capacity

Production Sales volumes and price

Belgorod

Tambov

Number of

farms

6

7

Production

capacity (tons pa)

90,000

115,000

Farms capacity

(sows)

30,600

33,600

Note: as of June, 2015

7.4

17.8

7.2 8.5

1.7

8.8

3.1 4.0

23%

50% 43% 47%

2013 2014 1H 2014 1H 2015


115

182

80 83

63.6

95.9 87.3

100.9

2013 2014 1H 2014 1H 2015


Sales price (RUB/kg)

RUB bn

ths. tons


Work

ing A

rea

32%

68%

Owned

Leased

Agriculture segment performance

42




1H 2015 vs. 1H 2014:


• Revenue growth was driven by a significant increase in sales volumes of wheat (+126%) and increased sale

prices of all crops

• Main negative factor was a decrease in sales volumes of barley (-6%), sunflower seeds (-97%) and corn (-62%)


• Growth was mainly driven by an increase in sale prices but was partly offset by increased transportation and

payroll costs mainly as result of transported sales volumes increase

2013 vs. 2014:


• A decline in sales volumes was primarily driven by sugar beet (-20.6% YoY) due to lower harvest volumes in

comparison with 2013

• Sales were mainly driven by an increase in prices of sugar, sunflower seeds and other products on the back of

Rouble depreciation

Adjusted EBITDA (up RUB 2.0bn, +85%, margin +13%):

• The most profitable crop in the reporting period was sunflower, which saw strong demand and a substantial

increase in prices on the domestic market. Margins were high on wheat, for which demand remains strong on the

domestic market and among exporters, as well as on sugar beet thanks to the increase in yield

• The key assets of the Group’s agriculture division are located in the Belgorod and Tambov

regions and include:

‒ Land bank: 500 ths. ha (380 ths. ha arable)2

‒ Elevators: capacity of 415 ths. tons of grain and 320 ths. tons of outdoor storage in sleeves

Land bank

Ownership structure (2012YE) Ownership structure (1H 2015)

Prices (RUB/kg)

2013 2014 1H14 1H15

Sugar

beet 1.5 2.1 1.6 -

Wheat 5.9 6.4 5.7 8.4

Barley 6.2 4.9 5.5 9.3

Sunflower

seeds 9.8 15.8 12.8 20.9

Peas 8.2 9.0 8.2 11.1

Corn 4.0 4.9 5.0 7.0

Source: Company data as of 1H 2015 1 Including land in Primorsky Krai (30 ths. ha total)

8.5

10.7

1.6 2.2 2.4 4.4

0.5 1.0

28%

41% 31%

47%

2013 2014 1H 2014 1H 2015


42% 58%

Owned

Leased

2012:

2013:

2014:

RUB bn

2013 2014 1H14 1H15

Sugar

beet 2,935 2,330 12 -

Wheat 408 299 57 129

Barley 123 249 95 89

Sunflower

seeds 35 99 32 1

Peas 19 34 6 5

Corn 42 41 16 6

Sales volumes (ths. tons)

Work

ing A

rea

1H 2015 vs. 1H 2014:


• EZhK2: sale prices of margarine increased by 29% which was partly offset by 3% sales volumes decrease, while

sale prices of mayonnaise increased by 25% on the back of 9% sales volumes growth

• SAPP2: sales volumes of sunflower oil and meal decreased by 56% and 39% respectively due to the trading

operations and tolling of sunflower seeds on the related party’s production facilities in 1H 2014 that was not the

case in 1H 2015. This was compensated by a significant increase in sale prices of all main products of the

segment and acquisition of the Far East plant (engaged in buying and processing of soya beans)

Adjusted EBITDA (up RUB 0.1bn, +7%, margin +0.5%)

• EZhK2: increase in sale prices was offset by 59% increase in cost of raw oil

• SAPP2: a significant increase in costs of sunflower seeds (+75%) was compensated by a significant increase in

sale prices

2013 vs. 2014:


• EZhK2: sales volumes of margarine and mayonnaise increased by 16% and 1% accompanied by the prices

increase of 11% and 3% respectively

• SAPP2: a significant increase in sales volumes of raw oil (+107%) and meal (+98%) was due to the trading

operations and tolling of own sunflower seeds on the related party’s production facilities


• EZhK2: an increase in sale prices and volume; cost of raw oil decreased by 19%, partly offset by increase in

advertising expenses by RUB 266m

• SAPP2: 71% growth in raw oil production volume and 61% growth in meal production volume; cost of sunflower

seeds decreased by 7%

Oil and Fats segment performance

43

Financial performance1


3.3

8.1

4.9 3.8

0.6 1.4 0.8 0.8

19% 17% 17% 21%

2013 2014 1H 2014 1H 2015


Key product sales

57 58 25 27

56.8 59.0 57.5 71.5

2013 2014 1H 2014 1H 2015


Sale price (RUB/kg)

74 199 133

58

31.5 29.5 27.9 45.1

2013 2014 1H 2014 1H 2015


Sale price (RUB/kg)

121 239 142

87

7.8 9.0 8.5 13.1

2013 2014 1H 2014 1H 2015


Sale price (RUB/kg)

Margarine

Mayonnaise

Oil3

Meal

41 47 20 20

50.8 54.5 51.1

66.2

2013 2014 1H 2014 1H 2015


Sale price (RUB/kg)

RUB bn

Source: Company data 1 In 1H 2015 and 1H 2014 intra-segment elimination adjustments allocated to Samara oil plant

2 EZhK – Yekaterinburg Fats Plant, SAPP – Samaraagroprompererabotka oil extraction plant

3 Sales to third parties

5.6 6.8

3.1 3.6

0.4 0.5 0.1 0.2

7% 7% 5%

6%

2013 2014 1H 2014 1H 2015

Samara oil plant (SAPP) Yekaterinburg fats plant (EZhK)

Work

ing A

rea

Ros Agro debt portfolio overview

44

• Gross debt increased by RUB 2.7bn (up 12%) to RUB 25bn

‒ 97% of total gross debt is subsidized

‒ Effective average interest rate of 2.6%

‒ All debt is RUB denominated

• Since 2014YE net debt has decreased further by 58% to RUB 1.5bn

• In 1H 2015 the company continued to benefit from the state agriculture subsidies program

‒ RUB 616m of subsidies received covered 37% of gross interest expense

• Net other financial income/(expenses) increased by RUB 589m compared to 1H 2014

‒ RUB 813m of financial FOREX loss in 1H 2015 compared to RUB 232m loss in 1H 2014

Total debt breakdown

Conservative leverage Cheap financing and abundant cash available

Secure coverage of interest payments

14.6

3.6 1.5

2.1x

0.2x 0.1x

2013YE 2014YE 30 June 2015

Net debt Net debt/LTM EBITDA

RUB bn

1,380 154 41 1,034

2,244

2,134

1,171

616

5x

117x 159x

10x

2013 2014 1H 2014 1H 2015

Net interest expense Interest expense reimbursed

EBITDA/Net interest expense

RUB m By Maturity By Lender

3,624

1,212

68%

32%

Short-term Long-term

RUB

25bn 54% 44%

2%

1%

Alfa-bank Sberbank Locko-bank VTB

2,288

Source: Company data as of 30 June, 2015

1,650

RUB

25bn

Note: as of 30 June 2015

Work

ing A

rea

Ros Agro working capital and CAPEX overview

45

Net working capital dynamics Commentary

4,249 5,208

2,222

3,707

11.6% 8.8% 8.3%

11.4%

2013 2014 1H 2014 1H 2015

CAPEX CAPEX/Sales

CAPEX3 development Commentary

• Net working capital changes are mainly driven by

seasonality factor of operations

• In 2014 c.53% of trade and other receivables were

denominated in US dollars and Euros while 97% of

trade and other payables were denominated in

Roubles

• In 1H 2015 CAPEX primarily comprised of:

‒ Purchases of machinery and equipment in

agricultural segment in the amount of RUB

1.4bn (+65% YoY)

‒ Modernization of sugar plants in the amount of

RUB 1.3bn (+105% YoY)

‒ Construction of a slaughter house in Tambov

region in the amount of RUB 0.7bn (-2% YoY)

RUB m 2013 2014 1H 20152

Trade and other receivables 1,771 2,348 2,815

Receivable days 17.7 14.5 15.8

+

Inventories 13,865 15,509 10,585

Inventory days 162.6 119.7 78.5

-

Trade and other payables 2,353 2,772 6,628

Payable days 27.6 21.4 49.1

Net working capital 13,284 15,084 6,772

Cash cycle days1 152.7 112.8 45.1

RUB m


Note: 1 Cash cycle days calculated as follows:

a) Receivable days calculated for each period by dividing the respective working capital item from balance sheet by total revenue and then multiplying it by number

of days in the year

b) Inventory days calculated as an inventory line item divided by COGS and then multiplied by number of days in the year

c) Payable days calculated as the respective working capital item from balance sheet divided by COGS and multiplied by number of days in the year 2 Calculated on the basis of LTM Sales & COGS

3 CAPEX figures include cash outflows for purchases of property, plant and equipment and inventories intended for construction

Appendix

Section 5

46

Work

ing A

rea

Ros Agro balance sheet and cash flow statement

47

Cash flow statement1 Balance sheet

RUB m FY13 FY14 1H 2015

Current assets 38,146 43,910 51,115

Cash and cash equivalents 2,673 10,316 5,318

Short-term investments 15,267 8,864 18,065

Trade and other receivables 1,771 2,348 2,815

Inventories 13,865 15,509 10,585

Other 4,570 6,873 14,332

Non-current assets 34,984 37,596 40,586

Property, plant and equipment 28,365 29,520 32,818

Other 6,619 8,076 7,768

Current liabilities 22,171 17,454 25,617

Short-term borrowings 18,144 12,500 16,873

Trade and other payables 2,353 2,772 6,628

Taxes 1,674 2,182 2,115

Non-current liabilities 16,394 12,233 10,152

Long-term borrowings 14,369 9,806 8,110

Government grants 1,735 1,963 1,792

Taxes 290 464 250

Equity 34,565 51,819 55,932

Share capital 11,342 11,353 11,355

Retained earnings 23,214 40,160 44,564

Non-controlling interest 8 307 14.31

RUB m FY13 FY14 1H 2014 1H 2015

Cash flows from operating activities

Profit before taxation 3,533 20,892 6,278 7,954

Depreciation and amortization 3,271 3,497 1,476 1,489

Interest expense 3,624 2,288 1,208 1,650

Government grants (2,918) (2,822) (1,420) (1,096)

Interest income (2,023) (1,011) (462) (466)

Revaluation of biological assets, net (504) (1,808) (1,721) (598)

Changes in working capital (1,042) (823) 1,643 741

Income tax paid (124) (1,054) (617) (1,213)

Other 964 (3,484) 1,072 1,302

Net cash from operating activities 4,780 15,677 7,457 9,762

Cash flows from investing activities

Purchases of property, plant and

equipment (4,233) (5,206) (2,221) (3,707)

Purchases of other intangible assets (97) (152) (58) (59)

Change in cash on bank deposits 13,999 12,464 8,805 (16,353)

Purchases of bonds - (5,244) (5,244) -

Cash from promissory notes, net 168 1,100 - -

Cash from loans, net (215) (608) (384) (587)

Interest received 2,153 1,240 599 297

Other 148 (713) (42) (59)

Net cash from investing activities 11,924 2,881 1,455 (20,468)

Cash flows from financing activities

Repayment of borrowings, net (15,733) (11,293) (7,911) 2,686

Interest paid (4,127) (2,296) (1,127) (1,427)

Dividends paid (0) (3,207) (1,000) (2,760)

Other 3,788 3,004 1,234 8,478

Net cash used in financing activities (16,072) (13,791) (8,803) 6,977

Net effect of exchange rate changes 21 2,878 (155) (1,269)

Net increase in cash and cash

equivalents 653 7,644 (46) (4,998)

Cash and cash equivalents at the

beginning of the year 2,020 2,673 2,673 10,316

Cash and cash equivalents at the end

of the year 2,673 10,316 2,627 5,318


1 Change in cash on bank deposits, purchases of bonds, interest received and cash from loans classified as cash flows from investing activities

Work

ing A

rea

Trading Multiples of Comparable Companies

48

Sector Company Country Market Cap

(US$ m)

EV / EBITDA P / E

Div. Yield1

2015E 2016E 2015E 2016E

Ros Agro Russia 1,121 3.1x 3.0x 4.1x 4.1x 7.4%2

Core peers

Cherkizovo Russia 600 4.8x 4.0x 6.1x 5.2x 12.8%

MHP Ukraine 967 4.4x 4.4x 6.1x 4.1x 5.0%

Kernel Ukraine 1,072 3.5x 3.9x 6.8x 5.0x 1.8%

Average 4.2x 4.1x 6.3x 4.7x 6.6%

Deve

lop

ing

ma

rke

ts p

ee

rs

Oil producers

KLK Berhad Malaysia 5,637 16.6x 14.4x 27.0x 22.9x 2.4%

IOI Group Malaysia 6,181 18.0x 17.4x 25.1x 25.1x 2.1%

Wilmar International Singapore 14,039 13.8x 12.4x 12.2x 11.0x 2.6%

Golden Agri-Resources Singapore 3,536 12.6x 10.4x 19.6x 14.5x 1.5%

Average 15.2x 13.7x 21.0x 18.4x 2.1%

Sugar producers

Illovo Sugar South Africa 579 5.6x 7.4x 9.4x 14.7x 5.1%

Cosan Brazil 2,471 4.9x 4.4x 26.5x 13.5x 3.2%

Average 5.2x 5.9x 17.9x 14.1x 4.1%

Meat producers

Industrias Bachoco Mexico 2,816 5.5x 7.1x 10.7x 14.3x 1.9%

Charoen Pokphand Thailand 4,489 16.4x 13.7x 31.4x 17.0x 3.6%

BRF – Brasil foods Brazil 15,000 11.8x 10.5x 21.4x 17.0x 1.6%

JBS Brazil 10,791 5.5x 4.8x 8.9x 9.4x 1.1%

Average 9.8x 9.0x 18.1x 14.5x 2.1%

Developed market

peers

Bunge USA 10,658 7.2x 6.7x 13.0x 10.8x 1.9%

Noble Group Hong Kong 2,420 7.3x 6.7x 5.9x 5.1x 9.6%

Average 7.3x 6.7x 9.5x 8.0x 5.8%

Source: Bloomberg as of 29 October 2015 1 Sum of the dividends over the last 12 months divided by current market capitalization 2 Ros Agro dividend policy assumes 25% NI payout ratio (IFRS basis) twice a year – after 1H and FY results

http://www.mhp.com.ua/ru

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