Mriya released 1H 2012 financial results, making several operational updates as well. Mriya focused on expanding of storage facilities and purchasing new machinery. Optimal weather conditions enabled agronomists to take care of all crops, applying necessary fertilizers and crop protection products. Later on company started preparations to the harvesting campaign, which started earlier because of the weather and crop conditions. By the end of the reporting period, company managed to collect first harvest of rapeseed from 12 K hectares.

Mykola Guta, Chief Executive Officer, commented on the results: “Optimal weather conditions allowed carrying all necessary operations in time and currently we are continuing operational activities in line with our plans. Besides, first half of the year was a very good time for the producers of commodities. Tremendous growth in commodity prices this season will support our financial strength and future growth.”

Key financial results:

•    Revenues arrived at USD 54.5 M compared to USD 45.3 M in 1H 2011 due to the sales of agricultural products from 2011 harvest;
•    Total revenues (including net gain on change in fair value of biological assets) reached USD 209.2 M compared to USD 176.9 M in 1H 2011
•    EBITDA increased to USD 165.9 M compared to USD 140.3 M in 1H 2011
•    LTM EBITDA rose 21% yoy to USD 213.0 M
•    Total assets surged by 39% yoy to USD 1,249.8 M

AgroInvest comment: company indicated growth and improvement due to increasing prices for agricultural products as well as successful management of the company.

For more detail please refer to the UAIndex Daily (September  25 issue).

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