MHP reports 2011 EBITDA 4% above consensus

MHP (MHPC LI) reported its 2011 financials today: revenues were up 30% yoy to USD 1.23 bln (4% above consensus, 10% above our forecast), EBITDA increased by 24% yoy to USD 401 mln (4% above consensus, 2% above our forecast), and net income increased by 20% yoy to USD 259 mln in 2011 (14% above consensus, 28% above our forecast). Net Debt at end-2011 was USD 801 mln (in line with consensus, 7% above our forecast), with Net Debt to EBITDA ratio of 2.0x (vs. its Eurobonds covenant of 2.5x). The company also said that progress on its key investment project, the Vinnytsia poultry complex, is on schedule and the company expects to commence production there early in 2013, with plans for the first stage to reach full capacity of 220 kt of chicken meat in 2015. The company will host a conference call today at 13:00 GMT.