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Research
April 26, 2010KVBZ held AGM, distributed income and delivered one more train to Kyiv subway

Kryukiv Railcar [KVBZ UZ, BUY], the leading Ukrainian railcar producer, decided to pay UAH 9.2 mln as dividends (UAH 0.08 per share) from its net income of UAH 71.5 mln, the rest being allocated for the Company’s development. At the AGM the Company confirmed its output target for 2010 of 6 thsd freight cars, and reported that one more train (the second in this year) is being supplied to the Kyiv subway. KVBZ intends to supply three additional subway trains to the Kyiv subway in the 3Q10.

Agriculture
April 26, 2010MHP issues USD330 mln of 2015 Eurobonds: POSITIVE

MHP [MHPC LI, HOLD], a major poultry producer in the Ukraine, issued USD 330 mln of Eurobonds maturing in 2015, in addition to those issued in exchange for the company’s 2011 Eurobonds. The initially announced yield for the issue was 10.25%, while some parts were issued with a 9.75% yield as a result of excess demand for these bonds. Earlier bondholders exchanged 91% of their Eurobonds maturing in 2011, worth USD 226.5 mln, for USD 250.0 mln of the newly issued Eurobonds, for an exchange ratio of 106.25%. Another 9% of the Eurobonds may be exchanged until May 11 at an exchange ratio of 103.25%. At present, the total issuance of these Eurobonds amounts to USD 580 mln.

Agriculture
April 23, 2010MHP exchanged 91% of 2011 eurobonds for new 2015 eurobonds

MHP [MHPC LI, HOLD], a major poultry producer in Ukraine, has exchanged 91% of its eurobonds maturing in 2011 for five-year eurobonds of a new issue with maturity in 2015. The total bid accounted for USD 226.5 mln of the USD 250 mln issued. Subject to the exchange ratio this implies a new issue of USD 240.5 mln. Those who exchanged their eurobonds prior to April 21 did so at a 106.25% exchange ratio, while those who do so through May 10, will get a 103.25% exchange ratio.

Metals and Mining
April 23, 2010Yenakievo ISW reports USD 108.2 mln net loss for FY2009

According to the financial statements disclosed by Yenakievo ISW [ENMZ UK], the Company ended FY2009 with a net loss of USD 108.2 mln, compared to USD 77 mln in net income for FY2008. Yenakiewo ISW’s net sales decreased by 28% YoY to USD 773.6 mln, while its EBITDA dropped to a negative USD 87.8 mln.

Machinery
April 22, 2010AutoKrAZ intends to increase output to 5.5 thsd of units by 2015

AvtoKrAZ [KRAZ UZ, U/R], the Ukrainian heavy truck producer, intends to increase its output by 20 times through 2015, targeting an output level of 5.5 thsd of units. In 2010 the Company intends to increase its output by 9 times, to 2400 units, vs 280 units in 2009.

Agriculture
April 22, 2010The AMCU approved the sale of 50% stake in Ukrros: NEUTRAL

The Antimonopoly Committee of Ukraine (AMCU) has approved the sale of 50% stake in Sugar Union Ukrros [UROS UZ, BUY] to Sugar Holding Ltd. (Cyprus). As of December 31, 2008 Sugar Holding Ltd was the owner of a 20% stake in the Ukrros, while another 49.64% were owned by Radinvest Asset Management (Ukraine).

Research
April 21, 2010Motor Sich intends to open repair plant in Russia

Motor Sich [MSICH UZ, BUY], leading Ukrainian aviation engine producer, intends to launch a repair plant in Dubro, Russia. According to the management of the Plant, it would be produce engines within the scope of Russian military projects; the Plant opening is scheduled at December 2010.

Metals and Mining
April 21, 2010Pivnichnyi GOK to increase output since July

According to Metal-Courier, the largest domestic iron ore producer, Pivnichnyi GOK, will keep its pellet output almost flat (903 thsd tonnes, -0.3% MoM) in May. In June the Company should decrease the output to 810 thsd tonnes (-10.3% MoM) due to the scheduled repair of equipment and then step up production in June by 18% to 956 thds tonnes.

Machinery
April 20, 2010Azovmash delivered steel teeming ladle car to Novolipetsk Steel

Azovmash, one of the largest Ukrainian machinery holdings, which controls both Mariupol Heavy Machinery [MZVM UZ] and Azovzagalmash [AZGM UZ], reported about delivered 380-tonne steel teeming ladle car to Novolipetsk Steel (NLMK). The value of the contract has not yet been publicly disclosed.

Metals and Mining
April 20, 2010Azovstal posts net loss of USD 26.7 mln for FY2009

The second largest steel producer in Ukraine, Azovstal, in the agenda for the AGM, disclosed its bottom line. The company ended FY2009 with USD 26.7 mln in net loss comparing to USD 369.6 mln in net income for FY2008.

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