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Machinery
March 24, 2010HMBZ posts higher than expected net income

The Kharkiv Machine Building Plant Svitlo Shakhtarya [HMBZ UZ, BUY] reported that it posted UAH 39.3 mln (USD 4.9 mln) in net income in 2009, which is 9% higher than we expected (we expected NI to be USD 4.5 mln). In 2009, the Company managed to decrease current liabilities by 41% to UAH 28 mln, while assets increased by 5% to UAH 408.7 mln.

Agriculture
March 23, 2010Astarta to increase area under sugar beet by 10.2%

The Astarta Holding [AST PW, BUY], a major agroholding in Ukraine with a focus on sugar production, has announced its plans to increase areas under sugar beet by 10.2% to 37.5 thsd ha compared to the previous season. The Company plans to expand its area under grain crops by 3.9% to 41.7 thsd ha, and land under oil crops by 39.3% to 38.0 thsd ha.

Electricity
March 23, 2010DNEN to re-approve 2007 share issue: NEUTRAL

Dniproenergo [DNEN UZ] plans to hold another vote on the 2007 capital increase of 2 mln ordinary shares, or 50% of the total shares outstanding. As a result of the capital increase previously approved by its shareholders, DTEK gained 45% of the Company, while the State changed its percentage of ownership in the company from 76% to 50%. All other minorities were diluted. DNEN’s 2007 share issue, however, was subsequently annulled by the Supreme Court of Ukraine in June 2009.

Machinery
March 22, 2010Kryukiv Railcar delivers train to Kyiv subway

Kryukiv Railcar [KVBZ UZ, BUY], leading Ukrainian railcar producer, reported on the successful shipment of a subway train to the Kyiv Metropolitan subway. The train consists of two main cars (model 81-7021), and three intermediate cars (model 81-7022). The value of the contract has not yet been disclosed.

Agriculture
March 22, 2010Cargill significantly reduces grain trading in Ukraine

The Cargill company, a major global soft commodities trader, has announced a significant slump in its grain trading business in Ukraine. It estimates that its total grain export from Ukraine should amount to about 300 thsd tonnes this season, a four times less than the previous season. Thus, Cargill isn’t even among top-10 grain traders in the 2009/10 marketing year. The reason for the fall is a Ukraine’s huge VAT reimbursement debt of about USD 125 mln.

Agriculture
March 19, 2010Astarta to increase storage capacity

The Astarta Holding [AST PW, BUY], a major agro holding in Ukraine with a focus on sugar production, has announced plans to construct two elevators with a storage capacity of 20-30 thsd tonnes each, by the start of harvesting campaign in 2010. As a result, the Company’s total storage capacity should increase by 14% to 250 thsd tonnes. Additionally, the Company has confirmed its plans to expand its land bank under lease to 200 thsd ha by 2010.

Banking
March 19, 2010Fitch boosts ratings for nine Ukrainian banks

The Fitch ratings agency has upgraded its ratings outlook for nine Ukrainian banks from “negative” to “positive”. The banks in question are UkrSibbank, Ukrsotsbank, Bank Forum, ProCredit Bank, Pravex-Bank, VTB Bank, Oshadbank, Ukreximbank, and Privatbank. Currently, all of these banks have B- long-term credit rating.

Strategy
March 18, 2010Fitch upgrades Ukraine’s rating outlook

The Fitch international rating agency increased the outlook rating for Ukraine from ‘negative’ to ‘stable’. At the same time, Fitch confirmed Ukraine’s long-term rating B-.

Agriculture
March 18, 2010Landkom to reach breakeven point in 2010

Landkom International [LKI LN, U/R], a leading agricultural holding operating in Ukraine, has announced plans to reach the breakeven point in EBITDA terms in 2010. Vitaliy Skotsyk, the Company’s CEO, noted that Landkom’s previous business plan was based on low yields and the price level in 2009, while the price situation has improved since then. Thus, he expressed that the results should be even better than previously expected.

Metals and Mining
March 17, 2010Arcelor Mittal Kryvyi Rih: 2009 net sales at USD 1.8 bln

According to the CEO of Arcelor Mittal Kryvyi Rih [KSTL UZ], the Company’s 2009 net sales amounted to USD 1.8 bln (UAH 14.4 bln), which is down 35% YoY.

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