UKRAINE-FARMING AND MEAT.
Mironovsky Khleboprodukt to Increase EBITDA in 2008
Net profit of MHP S.A., a holding structure of Ukrainian Agricultural Group Mironovsky Khleboprodukt in 2008 was down more than threefold to $15m, if compared with the previous year ($50m).
As it is said in the company’s press-release, the results of the forth quarter of the current year, when the company received $165m net loss from $4m net profit a year earlier, had significantly influenced the total net profit.
The revenue of the Ukrainian agricultural holding for the last year grew 69% and totaled to $803m. EBITDA of Mironovsky Khleboprodukt for the reporting period reached $312m, up 88% from last year. The profitability under EBITDA was up to 39% from 35% in 2007. The gross profit totaled to $238m, up 92% from 2007.
In 2008 the company also increased the value of capital investments in its development by 55% to $265m. Total debt of the group as of the end of the year grew up to $517m from $467m in the year’s beginning.
Within 2008 Mironovsky Khleboprodukt received about $107.7m of state subsidies in different forms, including direct subsidies for the produced agricultural products ($46.1m).
MHP’s poultry breeding operations division revenue grew to $550m in 2008 from $318m last year.
Mironovsky Khleboprodukt is the largest poultry producer in Ukraine, and the company’s share in Ukrainian market amounts to 36%. The Group also specializes in grain, sunflower oil, beef, potato and other food production. In May 2008 the company held IPO at LSE, and pursuant to the received results it was valued at $1.66 billion. IPO value including option organized by Morgan Stanley and UBS Investment Bank totaled to $371m, and free float was 22.32%.
