Daily monitor

Ukrproduct [UKR LN, U/R], one of the largest Ukrainian dairy producers, posted its financial results for FY10. According to the Company’s data, net income rose by 5.1% YoY to GBP 1.09 mln (FY09: GBP 1.04 mln). Revenue grew by 4.3% YoY to GBP 45.02 mln (FY09: GBP 43.17 mln), profit from operations fell by 11.4% YoY to GBP 1.57 mln versus GBP 1.77 mln in FY09. EBITDA fell by 16.9% YoY to GBP 2.64 mln (FY09: GBP 3.18 mln). The EBITDA margin fell by 1.5 p.p. to 5.9% in FY10.

Ferrexpo plc., ore mining company with assets in Ukraine, has placed five-year Eurobonds worth USD 500 mln at an annual interest rate of 7.875%.

Mriya [MAYA GR, BUY] has placed five-year Eurobonds worth USD 250 mln, with a 10.95% coupon and at a yield of 11.25%.

MHP [MHPC LI, U/R] posted strong financial results for FY10. The Company’s net sales increased by 32.8% YoY, to USD 944.2 mln (FY09: USD 711.0 mln). The EBITDA increased by 19.8% YoY, to USD 324.7 mln (FY09: USD 271.0 mln). The EBITDA margin remains high; however, it decreased to 34.4% from 38.1% in FY10. Net income grew by 34.7% YoY, to USD 215.4 mln versus USD 160.0 mln in FY09, mostly due to increases in volume sales and prices of chicken meat and sunflower oil.

Stirol has increased its net loss by two times in 2010 compared to 2009 – up to UAH 657.5 mln.

International rating agency Moody's Investors Service has assigned a preliminary rating of (P)B3 to the planned issue of five-year Eurobonds of the ore mining company Ferrexpo plc [FXPO LN, N/R]. The planned volume of the issue is USD 500 mln.

According to a preliminary report, one of the leaders in the beer industry, Slavutich [SLAV UK, N/R], has posted UAH 333.8 mln in net income in 2010, which is 50.4% more than in 2009 (UAH 222.01 mln).

The Alchevskiy metallurgical plant, which is controlled by the Industrial Union of Donbass, increased its net revenue by 5.7%, to USD 1.34 bln, in 2010, while the gross profit of the company grew by 10%, to USD 1.535 bln.

According to a preliminary report, one of the leaders in the beer industry, SUN InBev Ukraine [SUNI UK, N/R], has posted UAH 294.43 mln in net income in 2010, which is 24.2% less than in 2009 (UAH 388.67 mln).