Сельское хозяйство

Yesterday Kernel [KER PW, BUY] released its unaudited financial results for 3Q 08/09 and consolidated unaudited financial results for 9M 08/09. Key highlights for 9M 08/09: net revenues increased by 75% YoY to USD 865.9 mln, EBIT expanded by 107% YoY and net income jumped by 183% YoY to USD 113.8 mln.

As of May 8, 2009 Ukraine had exported a total of 23.79 mln mt of grain during the 2009 marketing year. This includes 7.73 mln mt of mill wheat, 6.0 mln mt of forage wheat ,4.6 mln mt of corn and 5.3 mln mt of barley . Moreover, as of May 8, 2009 Ukraibe had exported 0.6 mln mt of sunflower seeds and 2.6 mln mt of rape seeds.

MCB Agricole [4GW1 GR, BUY], the holding company for Ukrzernoprom Agro, received USD 2 mln as a prepayment for the export of 12 thsd mt of winter rapeseeds to be shipped in July– August 2009. Terms of supply - SPT Black Sea port. Mr. Leng, the General Director of the company, stated, “Despite the inoperative banking system and credit crunch, our company is succeeding in attracting the funds we need via forward contracts.

Astarta [AST PW, BUY], the top sugar producer in Ukraine, with market share of 15%, posted its audited annual results for 2008. Key highlights: net revenues increased by 3.5% YoY to USD 126.1 mln (UAH970.7 mln +50% YoY); EBITDA denominated in USD decreased by 30% YoY and amounted to USD 30 mln (UAH223.5 mln +4.5% YoY). Astarta posted a net loss of USD 9.9 mln.

According to the Ministry of agriculture in Ukraine sugar beet harvest will be increased in the 2009/10 marketing year and expected at 16.5 mln mt. In the 2009 planned cultivated area with sugar beets slightly shrunk by 0.5% YoY.

Ukraine’s spring sowing campaign is gaining momentum. According to an official press release made by the Ministry of Agriculture, agrarians have sown a total 4.4 mln ha, or 96% of the planned area, with early spring crops.

As of April 1, 2009, Ukraine’s grain exports reached 21.5 mln mt. This is a record amount for Ukraine. According to Mr. Yuriy Melnik, the Minister of Agriculture, Ukraine is able to export a total 25-25.5 mln mt of grain in the 2008/09 marketing year.

According to an official press release issued by the Ministry of Agriculture, Ukrainian agrarians have sown 1.4 mln ha with spring crops. In particular, spring wheat was sown on 55 thsd ha (17% of the expected area), spring barley was sown on 1120 thsd ha (32% respectively), oats on 76 thsd ha (16%), and peas on 115 thsd ha (44%).

Land West [4K1A GR, U/R], a Ukrainian agricultural holding with 80 thsd ha of land bank in operation, is going to attract financing of USD 20 mln during second private placement. The deal’s details have not yet been disclosed.

The European Bank of Reconstruction and Development (EBRD) has provided a five-year loan of USD 20 mln to Astarta [AST PW, BUY]. Astarta is going to use the EBRD loan to increase the energy efficiency of its sugar plants, as well as for refinancing its short term bank obligations.