Daily monitor

On Thursday the State Property Fund (SPF) will attempt to sell a 25% stake in Chernigivoblenergo [CHEON UZ, BUY] with an initial asking price of UAH 119 mln (USD 15.5 mln). This implies a UAH 4.0 per share asking price for CHEON which is in the current market range.

The National Bank of Ukraine announced its preliminary aggregated data concerning the performance of the Ukrainian banking system in April.

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.

According to a note issued by the IMF on Friday, May 8, 2009, the IMF mission has approved the provision of the second tranche, worth USD 2.8 bln, to Ukraine within the USD 16.4 bln emergency stand-by loan program approved in November 2008. Therefore, the total volume of the loan provided thus far has grown to USD 7.3 bln.

Vinnifruit [VINIP UZ, N/R], a Ukrainian juice producer, released its financial results for 2008. Key highlights: net revenues decreased by 4.2% YoY to UAH 174.6 mln (USD 22.68 mln), EBIT shrank by 2.6 times to UAH 9.7 mln (USD 1.26 mln) and net losses amounted to UAH 104.3 mln (USD 13.55 mln).

Darnytsa [4SI1,GR] the leading Ukrainian pharmaceutical producer, increased 2008 net profit by 81% YoY up to UAH 37.8mln. Net Sales increased by 11.4% up to UAH 413.3 mln. Gross Sales increased by 32,8% to UAH 155.8 mln.

On May 8, EU leaders and the representatives of Ukraine, Georgia, Moldova, Belarus, Azerbaijan and Armenia announced in Prague the formation of the EU’s Eastern Partnership program.

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.

Yasinovatskiy Machinery Plant [YAMZ UZ, N/R], a Ukrainian maker of mining machinery equipment, produced a net loss of USD 12.5 mln in 2008. According to the company information, YAMZ ended 2007 with net profit USD 0.05 mln. Net sales in 2008 increased by 49.8% to USD 36.9 mln.

Ukrros [36U1 GR, HOLD], the number two sugar producer in Ukraine, with a market share of 12.7% in 2008, held a meeting to update analysts on its annual financial and operational results.