Agriculture

Agriculture
May 20, 2010MHP to buy back 5% of its GDRs on the market: NEUTRAL

Myronivsky Hliboproduсt [MHPC LI, HOLD], a major Ukrainian poultry producer, has announced its intent to buy back 5% of its GDRs on the market. The final decision should be made on the EGM scheduled for May 27. The buyback program will last for a year from the date of adoption. GDRs will be purchased at market price, but in the range of 1–18 dollars per GDR.

Agriculture
May 19, 2010Landkom has finished planting 39.9 thsd ha

Landkom International [LKI LN, BUY], the agricultural holding operating in Ukraine, has finished its planting campaign. The area sown is 39.9 thsd ha, which is 38% more than the previous season. The area planted in winter crops was 24 thsd ha: 16.5 thsd ha in winter rapeseed and 5.5 thsd in winter wheat. Spring crops were planted on 18.6 thsd ha, including corn (7.9 thsd ha), wheat (3.5 thsd ha), sunflowers (3.0 thsd ha), and other crops (4.2 thsd ha).

Agriculture
May 18, 2010Kernel announced 3Q2010 results: POSITIVE

Kernel Holding [KER PW, HOLD], a major grain trader and sunoil producer in Ukraine has announced its financial results for 3Q2010 ended on March 31, 2010. For the 3d quarter revenue increased 32.5% YoY, from USD 203.4 mln for 3Q2009 to USD 263.4 mln for 3Q2010; operating profit decreased 6.9% YoY from USD 48.8 mln to USD 45.4 mln; net profit decreased 15% YoY, from USD 47.2 mln to USD 40.0 mln.

Agriculture
May 17, 2010Astarta’s EBITDA 55% in 1Q2010: POSITIVE

Astarta [AST PW, HOLD], a major Ukrainian agro holding with an accent on sugar production, has released its consolidated 1Q2010 financial results. Its consolidated revenue grew 82% to USD 52.6 mln. Its gross profit increased 18 times to USD 24.4 mln, while its gross margin was 46% vs. 4% in 1Q2009. Its EBITDA was up 4.7 times to USD 29.0 mln. The EBITDA margin constituted 55% vs. 17% in 1Q2009. Net income increased 20 times to USD 24.8 mln, with net margin at 47.2%.

Agriculture
May 11, 2010Astarta withholds dividends; attracts USD 10 mln from EBRD

The Board of Directors of Astarta Holding [AST PW, BUY], a major sugar producer in the Ukraine, proposes to withhold dividends for the 2009 financial year. According to the 2009 results, the Group made USD 40.1 mln in net income. The final decision on the dividends payout should be made at the AGM, scheduled for May 28 in Amsterdam.

Agriculture
May 11, 2010MHP attracts USD 50 mln from EBRD: POSITIVE

MHP [MHPC LI, HOLD], a major poultry producer in the Ukraine, has attracted USD 50 mln in short-term financing from the European Bank of Reconstruction and Development (EBRD) for the replenishment of MHP’s trading capital, the purchase of sunflower seeds and other raw materials, and the improvement of energy efficiency.

Agriculture
April 29, 2010Agroton to acquire 32 thsd ha: POSITIVE

Agroton [A2TA GR, N/R], a major Ukrainian agro holding has announced its intent to acquire 32 thsd ha in addition to the current land bank of 134 thsd ha and finish the registration of that land in 4-5 months. Earlier, Agroton intended to increase by 26 thsd ha in 2010.

Agriculture
April 28, 2010Kernel conducts SPO: NEUTRAL

Kernel Holding S.A. [KER PW, HOLD], a major Ukrainian sunflower oil producer and grain trader has announced its intention to conduct SPO and raise approximately USD 65 mln. The number of shares issued will be determined by the final price however it won’t exceed 10% of the share capital.

Agriculture
April 27, 2010Astarta’s EBITDA up 60% to USD 68.2 mln: POSITIVE

Стахановский вагоностроительный завод [SVGZ UZ, ДЕРЖАТЬ], крупнейший производитель грузовых вагонов в Украине, член холдинга АвтоКрАЗ, закончил первый квартал 2010 года с чистой прибылью 79.2 млн грн. Выручка от реализации продукции вагоностроения составила 586.3 млн грн., было произведено 1 774 грузовых вагона, в частности, 1 574 люковых полувагона.

Agriculture
April 26, 2010MHP issues USD330 mln of 2015 Eurobonds: POSITIVE

MHP [MHPC LI, HOLD], a major poultry producer in the Ukraine, issued USD 330 mln of Eurobonds maturing in 2015, in addition to those issued in exchange for the company’s 2011 Eurobonds. The initially announced yield for the issue was 10.25%, while some parts were issued with a 9.75% yield as a result of excess demand for these bonds. Earlier bondholders exchanged 91% of their Eurobonds maturing in 2011, worth USD 226.5 mln, for USD 250.0 mln of the newly issued Eurobonds, for an exchange ratio of 106.25%. Another 9% of the Eurobonds may be exchanged until May 11 at an exchange ratio of 103.25%. At present, the total issuance of these Eurobonds amounts to USD 580 mln.

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