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Landkom sells rapeseed forward at 17% price increase

Landkom sells rapeseed forward at 17% price increase

30 June 2010

Landkom International (AIM: LKI LN) announced on Monday that it sold 35 ths mt of rapeseed forward at USD 328/mt ex works (USD 382 including VAT) after deducting delivery costs. Landkom said the contracts represent a 17% increase in price over the average rapeseed sales price in 2009. Landkom said remaining rapeseed in excess of the 35 ths mt sold forward will be sold on the spot market once the harvest is completed. Landkom said it expects to publish harvest results in the second half of August. Ruslan Patlavskyy: We estimate the said 35 ths mt of rapeseed sold to comprise ~85% of the company’s rapeseed harvest for this year, while the proceeds from its sales (at the price of USD 405 per mt before distribution costs and including VAT) should total USD 14.2 mln. Given the management’s plans to reduce operating costs for rapeseed planted by 35% yoy to USD 749/ha or to USD 278/mt in 2010, this implies a hefty 32% gross margin for rapeseed sold, which would be positive for the first time since the company’s inception.

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