1 June 2010
Ukrzernoprom Agro (FSE: 4GW1 GR), a production asset of Frankfurt-listed MCB Agricole, has increased its planted spring crops acreage 2.3x yoy to 30.2 ths ha (sunflower: 15.0 ths ha, corn: 5.1 ths ha, barley: 4.7 ths ha, mustard: 3.2 ths ha, other crops: 2.2 ths ha). Ruslan Patlavskyy: The actual spring campaign acreage outperformed management forecasts of 25 ths ha by 21%, as the total planted area grew 8.7% yoy to 78.1 ths ha in 2010. Based on this, as well as on our vision for agricultural commodities prices for 2010 and MCB’s historical yields, we reiterate our 2010 sales forecast for MCB Agricole of USD 45.7 mln (+117% yoy).