Daily monitor

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.

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.

Sumy Frunze Machine Building [SMASH UZ, HOLD], the leading CIS manufacturer of machinery equipment for the oil and gas industry, has begun the supplement of six turborefrigerating units to Russia’s Gazprom Transgaz Yugorsk company. The equipment is designed for settlement at new gas refrigerating station at Yamburskoye gas field.

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.

Turboatom [TATM UZ, BUY], one of the largest CIS producers of turbines for all types of power plants, reported NI of UAH 87.1 million in 1Q10, implying growth of 233% YoY. The company’s net sales in 1Q10 were UAH 299.1 million, a 61.2% YoY increase.

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.

Stalhaniv Railcar [SVGZ UZ, HOLD], the leading Ukrainian producer of freight railcars and member of AvtoKrAZ holding, reported net income of about UAH 79.2 million during 1Q10. The revenue from freight cars was UAH 586.3 mln and the plant produced 1774 freight cars in 1Q10, of which 1574 are open cars.

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.

Mariupol Heavy Machinery [MZVM UZ, SELL], a Ukrainian producer of freight railcars and steel equipment, a member of the Azovmash– leading Ukrainian machine building holding, posted UAH 167 mln of net loss in 2009 vs a net loss of UAH 28.9 mln in 2008. The net sales of the Company decreased by 66.7% YoY (from UAH 2,149.9 mln in 2008 to UAH 1,071.4 mln in 2009). According to the Company, in 2009 production included 90 open cars (vs 3.06 thsd in 2008), 11 box cars (vs 447 in 2008) and 84 platforms (vs 766 in 2008). Plant capacity in freight railcars was only 4.5% utilized, while capacity in steel equipment manufacture was 25.5% utilized.

Bohdan Motors [LUAZ UZ, U/R], reported about UAH 332.2 mln of net sales and UAH 86.1 mln of net loss for 1Q10 (vs UAH 355.4 mln and UAH 42.0 mln respectively for 1Q09). The Company also reported UAH 15 mln of gross income in 1Q10 vs a gross loss of UAH 119 mln in 1Q09. The Company’s total debt increased by 10% to the UAH 3.08 bln.