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IMC’s EBITDA growth is cashless — Concorde Capital

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UkrAgroConsult

IMC’s EBITDA growth key factor in 2018 was the revaluation of biological assets, the investment analyst at Concorde Capital Andrew Perederey comments.

"The company has adhered to its strategy of reducing its debt, which is a positive development. At the same time, we are concerned about IMC’s reported net gain from changes in the fair value of biological assets and agricultural produce, which increased 17% yoy to USD 73.3 mln and is higher than company’s five-year average by 33%," he notes.

Andrew Perederey stresses that such EBITDA improvement has not been supported by the company’s cash flow statement, where key operating metrics worsened.

"All this might suggest the company was doing its best to maximize its key P&L metrics, possibly preparing for some corporate event," the analyst added.

According to the financial report, the company's EBITDA showed a 30 per cent increase yoy to USD 50.85 million.


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