Landkom decreases EBITDA losses 3x y-o-y in 2010

Landkom (LSE: LKI LN) reported its unaudited financial results for 2010 yesterday: EBITDA losses decreased by 2.7x y-o-y to USD 4.4 mln (margin of -26%) thanks to higher crop prices that exceeded cost growth. In 2010-11, the company increased winter crop planting to 28.9 ths ha (up 38% y-o-y) and prepared 18.8 ths ha for its spring sowing campaign. In total, the company expects to harvest 48 ths ha in 2011 (up 38% y-o-y) from its 74 ths ha landbank. In yesterday’s release, the company announced the receipt of a USD 9 mln credit facility, which combined with its previously announced forward sale of 5 ths mt of rapeseed, should be sufficient for working capital needs, according to the company.