Daily monitor

The Astarta agro-holding [AST PW, BUY], a major Ukrainian sugar producer, has released its preliminary consolidated 2009 financial results. Its consolidated revenue grew 40% YoY to UAH 1 358 mln (down 8% in USD terms to USD 170 mln). Its gross profit increased 75% to UAH 443 mln, while its gross margin was 33% vs. 26% in 2008. Its EBITDA was up 148% to UAH 555 mln (in USD terms, EBITDA rose 62% to USD 69.4 mln). The EBITDA margin constituted 41% vs. 23% in 2008.

In 2M2010, Pivnichnyi GOK managed to boost its pellets output by 33% YoY to reach 1,7 mln tonnes, while its output of sinter feed grew by 20.4% to 2.3 mln tonnes.

The Zaporizhia Auto Plant, a leading Ukrainian automobile producer, reported a net loss of UAH 158.8 mln (approx. USD 19.9 mln) in 2009. This compares to the UAH 390.6 mln net loss posted by the Plant in 2008.

According to Metal-Courier, at the beginning of March, Ukraine’s largest coke producer Metinvest increased its coke price by 10% to UAH 2280 (USD 285) per tonne, excluding VAT.

Odesaoblenergo (ODEN UZ) posted a UAH 25 thsd (USD 3 thsd) net income for 2009, which is even less that the modest UAH 5.6 mln (USd 1.1 mln) income recorded in 2008. At the same time, the Company’s net sales grew by 14% YoY in 2009 to UAH 2.2 bln (USD 0.28 bln).

The Ukrros sugar union [UROS UZ, BUY], a major agroholding with a focust on sugar production, has announced plans to increase beet sugar production in the 2010/11 season by 31.5% from 130 thsd tonnes to 171 thsd tonnes this season. In comparison, in the 2008/09 season, Ukrros produced 199 thsd tonnes of beet sugar.

The French agricultural group AgroGeneration [ALAGR GR, N/R], a producer of crops and oilseeds in Ukraine, has held a private placement for a 25% stake on the NYSE Euronext platform, through which it generated EUR 12.6m. The shares were valued at EUR 1.80, which corresponds to a MCap of EUR 47.6.

Bohdan Motors [LUAZ UZ, U/R] reported that 1104 cars were produced in February 2010, a level that is 14.3 times higher than in January 2010. However, it is still 60.8% lower than in January 2009.

Azovmash, one of the largest Ukrainian machinery holdings, increased sales by 30% YoY in February-January 2010 to UAH 699 mln. The biggest growth was seen in the freight railcar segment (+40% YoY).

Dniprovagonmash [DNVM UZ, BUY], a Ukrainian railcar producer, reported a net loss of UAH 137 mln (about USD 17 mln) in 2009. In comparison, the Company posted a UAH 163.3 net income in 2008.