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Khlibprom increases net revenues 35% yoy in 1H10

Khlibprom increases net revenues 35% yoy in 1H10

4 August 2010

Khlibprom (UX: HLPR UK) posted net revenues of UAH 31.5 mln in 1H10, an increase of 35% y-o-y, according to consolidated UAS financial results released this morning. Net income over the period was UAH 4.83 mln, up 53% y-o-y; and gross revenues were UAH 366.1 mln, up 30% y-o-y. In 1H10, the company produced 64.5 ths mt of baked goods. Ruslan Patlavskyy: Based on our conversation with company management, the key reasons behind strong improvements in Khlibprom’s 1H10 financials were: (1) unification of packaging & product mix in the five regions where the company is active; (2) carryover of energy saving programs; and (3) optimization of the logistics chain. The financials are consistent with our earlier targets of UAH 603 mln (+11% yoy) for the company’s revenues and UAH 12.4 mln (vs. UAH 6.7 mln loss) for its net profit in 2010. We believe Khlibprom’s frozen bakery segment, forecast to begin operation in 2H10, should contribute an additional UAH 92 mln or ~15% to our forecast of 2010 EBITDA of UAH 92.3 mln (+19% y-o-y; EBITDA margin: 15.3% (+1.1 pp y-o-y)).

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