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Agriculture
September 9, 2010
Ukrproduct Group [UKR LN, U/R] posts weak 1H10 results

Yesterday, Ukrproduct [UKR LN, U/R], one of the largest Ukrainian dairy producers, posted its financial results for 1H10. According to the Company’s data, net income decreased by 34% YoY to GBP 0.42 mln (1H09: GBP 0.63 mln). Revenue decreased by 5% YoY to GBP 20.65 mln (1H09: GBP 21.79 mln), profit from operations fell by 45% YoY to GBP 0.62 mln versus GBP 1.11 mln in 1H09. EBITDA fell by 31% YoY to GBP 1.15 mln (1H09: GBP 1.67 mln). The EBITDA margin fell by 2 p.p. to 5.5% in 1H10.

Agriculture
September 2, 2010
Early grain harvest results reached 29.5 mln tonnes

Ukrainian agricultural companies finished their early grain harvest campaign with 29.5 mln tonnes of grain, leguminous, and oil-seed crops, with an average yield of 2.47 tonnes per ha. Agricultural companies processed only 11.9 mln ha of sowing areas.

Agriculture
August 31, 2010
Kernel [KER PW, U/R] posts flat results in FY10

Yesterday, Kernel [KER PW, U/R] posted its financial results for FY10. According to Company’s data, net income increased by 16% YoY to USD 152.7 mln (FY09: USD 132.0 mln). Revenue decreased by 3% YoY to USD 1,020.5 mln (FY09: USD 1,047.1 mln), while operating profit grew by 1% YoY to USD 168.2 mln versus USD 166.6 mln in FY09. EBITDA fell by 1% YoY to USD 188.1 (FY09: USD 189.6). The EBITDA margin remained flat at 18% in FY10.

Agriculture
August 27, 2010
Astarta [AST PW, BUY] increased net income by 119% in 1H10

Yesterday Astarta [AST PW, BUY] held an analysts’ meeting, where it presented its financial and production results for the 1H10. According to the Company’s data, its net income increased by 119% YoY to EUR 41.0 mln (1H09: EUR 18.7 mln). Consolidated revenue increased by 85% YoY to EUR 86.0 mln (1H09: EUR 46.4 mln), while operating profit grew by 117% YoY to EUR 43.3 mln versus EUR 20.9 mln in 1H09. EBITDA was up 104% YoY to EUR 51.1 (1H09: EUR 25.1). The EBITDA margin grew from 54% in 1H09 to 59% in 1H10.

Agriculture
August 26, 2010
Today Government of Ukraine will not consider grain export quotas

Today, according Nikolay Prisyagnuk, the Minister of agriculture of Ukraine, the Cabinet of Ministers will not consider the imposition of quotas on grain exports. Viktor Slauta, the vice-prime-minister, confirmed this fact.

Agriculture
August 26, 2010
Avangard [AVGR LI, U/R] increased net income by 86% in 1H10

Yesterday Avangard [AVGR LI, U/R] posted strong financial results for the 1H10. According to Company’s data net income increased by 86% YoY to USD 61.9 mln (1H09: USD 33.4 mln). Revenue increased by 68% YoY to USD 165.9 mln (1H09: USD 98.6 mln), gross profit grew by 37% YoY to USD 55.4 mln versus USD 40.3 mln in 1H09. EBITDA margin remains high, however it decreased to 38% from 44% in 1H09.

Agriculture
August 20, 2010
MHP [MHPC LI, BUY] increased net income by 14%

Today MHP [MHPC LI, BUY] posted strong financial 1H10 results. Revenue increased by 39% YoY to USD 423 mln (1H09: USD 304 mln). EBITDA increased by 4% YoY to USD 133 mln (1H09: USD 127 mln). EBITDA margin remains high, however it decreased to 31% from 42% in 1H09. Net income grew by 14% YoY to USD 102 mln versus USD 90 mln in 1H09 partially due to the foreign currency gains.

Agriculture
August 19, 2010
Government of Ukraine will consider grain export quotas next week,

The Cabinet of Ministers has postponed consideration of the imposition of quotas on grain exports until its next meeting on August 25, because this issue should be coordinated with the Ministry of Economy. Quotas for export are expected to be at a level of 1 mln tonnes for barley, 1.5 mln tonnes for wheat, and 0.01 mln tonnes for rye. Additionally, 1 mln tonnes of grain that are already located in ports will be exported. It is expected that these quotas will not affect maize export.

Agriculture
August 18, 2010
Government of Ukraine intends to set quotas on grain exports until the end of 2010

Today, the Cabinet of Ministers will consider the volume of quotas agreed upon with the grain traders. Quotas for export are expected to be at a level of 1 mln tonnes for barley and 1.5 mln tonnes for wheat. Additionally, 1 mln tonnes of grain that are already located in ports will be exported. It is expected that these quotas will not affect maize export.

Agriculture
August 17, 2010
Landkom International PLC [LKI LN, U/R] announces gross profit of approximately USD2.8 mln on rapeseed crop

Landkom International PLC [LKI LN, U/R], a Ukrainian producer of agricultural commodities, announced the results of its rapeseed harvest. As of August 15, about 14.6 thsd ha were processed and approximately 39.5 thsd tonnes of rapeseed were harvested, for an average yield of 2.71 tonnes per ha. Approximately 63% of the winter and spring wheat has been harvested, so the results will be published in mid-September.

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