Mriya released financial data for the year ended December 31, 2011 reporting sales growth of 31% and 16% growth of the profit to the level of USD 177 M. The main reason for such discrepancy between sales growth and profit growth is increase of non-cash COGS, resulting from re-evaluation of value of biological assets. Company’s EBTIDA grew 17% to the level of USD 188 M.

AgroInvest comment: Mriya provides brief reports that usually lack explanation in the form of the notes to financial statements. Therefore, stunning company performance is put under doubt, especially when it comes to transfer pricing methods that are actively used by the company. One major evidence to such unfair practices is derived from the fact that company constantly reports sales of the sugar beet at higher-than-market prices.

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