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Economy and politics
July 8, 2010Third Month CPI Deflation

CPI deflation in Ukraine in June 2010 slowed down by 0.4% mom, which equals 6.9% YoY, compared to 8.5% YoY in May. PPI reduced by 0.5% mom, or 25.5% YoY.

Metals and Mining
July 6, 2010Ukraine decreased June coke output by 15.3% MoM

According to Ukrainian news, domestic coke output in June declined by 15.3% MoM or by 0.25 million tons to 1.36 million tons.

Machinery
July 6, 2010Bohdan increased its output of buses and trolleybuses by 175%

The Bohdan Corporation (represented on the stock market by its production division, Bohdan Motors [LUAZ UZ, U/R]), a leading Ukrainian auto producer, reported the production of 413 buses and trolleybuses in 6M2010, vs. 150 in 6M2009; thus its YoY growth was 175%.

Machinery
July 5, 2010Azovmash increased sales by 120% in 1H2010

Azovmash, the leading Ukrainian machinery holding, which specializes in freight railcars and metallurgical production equipment, reported sales of about UAH 2 bln during 1H2010, implying growth of 120% YoY. In particular, the company produced 5319 freight railcars (4509 of which are tanks and 770 are gondolas).

Agriculture
July 2, 2010MHP permitted to Export to Russia; Acquires two Agro Companies

Beginning on July 01, 2010 Russia has lifted restrictions for imports of livestock production (particularly poultry) from a variety of Ukrainian livestock producers. This permission specifically affects Myronivsky Hliboproduct (MHP) [MHPC LI, HOLD], a major Ukrainian poultry producer. With this move Russia re-opens its livestock import market after an almost five-year ban.

Metals and Mining
July 2, 2010Metinvest to own 75% shares in MMKI and invest USD 2 bln

According to Interfax, at their AGM on July 1, the shareholders of Mariupol Illich ISW approved a 3.7 times statutory fund increase to UAH 3.93 bln. The shareholders decided to include Metinvest B.V. (Netherlands), affiliated to SCM Group, on the list of investors who can buy additionally issued shares.

Machinery
July 2, 2010KRAZ quintuples YoY output in 1H2010

AvtoKrAZ [KRAZ UZ, U/R], a Ukrainian producer of heavy trucks, reported 400% growth in output during 1H 2010. The company produced 432 trucks during this period and 13% of sales was domestically-driven; 26% came from CIS and 61% from other countries.

Metals and Mining
July 1, 2010Ferrexpo reports 1Q10 financial results

Ferrexpo [FXPO LN], Ukraine’s second-largest iron ore producer, which controls Poltava GOK [PGOK UK], has released its financial results for 1Q10. The company’s net sales are up 34% YoY, to USD 188.9 mln; EBITDA increased by 30% YoY, to USD 46 mln; and net income dropped dramatically, by 46% YoY, to 11.6 mln. FXPO did step up its output of pellets by 24%, to 2.3 mln tonnes.

Agriculture
July 1, 2010MHP plans SPO in 2011

Myronivsky Hliboproduct (MHP) [MHPC LI, HOLD], a major Ukrainian poultry producer, has announced that it is considering the opportunity for a secondary public offering (SPO) in 2011. Management considers that this may improve the stock’s liquidity; however, the holding doesn’t reveal any exact plans concerning the volume, date or the SPO type.

Machinery
June 30, 2010Ukrainian Railways to purchase LTPL’s rolling stock

Ukrainian Railways (UR) plans to purchase rolling stock at UAH 2.8 bln. According to UR, it will purchase some of LTPL’s locomotives at UAH 1.2 bln, 58 passenger cars at UAH 0.53 bln and 2.3 thsd of freight railcars at UAH 964 mln. The major part of these investments will involve funds raised via loans.

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