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MHP reports strong 1H12 on favorable poultry prices

MHP reports strong 1H12 on favorable poultry prices

29 August 2012

MHP (MHPC LI), Ukraine’s leading poultry producer, reported 24% yoy growth in net revenue to USD 654 mln in 1H12, driven by 28% yoy growth in poultry prices and a significant increase in grain sales volumes. Chicken revenues increased 28% yoy (on flat volumes), sunflower oil sales fell 5% yoy (on a 15% yoy decline in prices), while grain segment sales increased 3.6x yoy. EBITDA and net income (including IAS 41 gains) doubled yoy to USD 321 mln and USD 170 mln, respectively. The company also said its yields for early crops remained broadly in line with last year’s results, despite adverse weather conditions prevailing in Ukraine. MHP confirmed its plan to commission its Vinnitsa factory in late 2012. MHP will hold a conference call to discuss its results today at 14:00 London time.

Alexander Paraschiy: The posted results were above our expectations for MHP’s poultry price growth and crop yields, and thus suggest upside risk to our full-year 2012 financial forecasts for the company. This adds even more grounds for our bullish outlook on MHP shares and supports our BUY recommendation.

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