Agriculture

Kernel Group [KER PW, N/R], one of the top Ukrainian sunflower oil producers, has signed a preliminary agreement with a Ukrainian company in order to acquire a 2.5 thsd ha agriculture farm under lease in central Ukraine.

Shareholders of Shostka Milk [SHMK UZ, U/R], one of the top Ukrainian dairy producers approved annual financial results for 2007 at their AGM May 21.

Veres Group, one of the top Ukrainian producers of preserved food, is considering an IPO.

Astarta Holding NV [AST PW], one of the top Ukrainian sugar mills, released its 1Q 2008 financial results, revealing net revenues increased 57% YoY to USD 29.8 mln, EBITDA surged 109% YoY to USD 12.8 mln, net income totaled USD 8.4 mln (up 80% YoY) and a 43% YoY increase in sugar sales.

Kovelmoloko [KMOL UZ, U/R] has attracted a one-year, USD 5.5 mln loan with an interest rate of 20% from UkrExim Bank, according to a contract signed May 7. KMOL is one of the top dairy producers in Ukraine and is a main production asset of the Western Milk group. The loan will be used to fulfill working capital.

Mironivsky Hliboproduct SA (MHP), one of the top poultry producers in Ukraine, raised USD 322.5 mln in an IPO on the London Stock Exchange May 9. The company’s market capitalization has reached USD 1.7 bln, according to Bloomberg. Initially, 19.41% was offered of MHP’s ordinary share capital.

Astarta [AST PW], one of the biggest sugar producers in Ukraine, is getting a long term loan of USD 20 mln from the European Bank of Reconstruction and Development (EBRD), according to an agreement slated for signing May 7th.

T&S, a holding company for Odessa Karavay [OKOR UZ, N/R] and Krymkhlib [KRHLB UZ, N/R], has released its financials for 2007, with net revenues down 18.5% YOY to USD 17.3 mln, net income surging 3.4 fold to USD 0.06 mln and EBIT expanding to USD 0.1 mln vs. USD 0.08 mln in 2006.

Ukrainian dairy company Ukrproduct Group [UKR LN] increased its net sales 37.2% YoY to USD 95.8 mln. Its net income surged to USD 6.6 mln from USD 2.2 mln and EBITDA expanded 96.0% to USD 10 mln.

Sun InBev [SUNI UZ] announced a 27% YOY growth to USD 473.3 mln in net sales at its April 21 AGM