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MHP to grow its land bank 2.3x to 500,000 ha by 2014

MHP to grow its land bank 2.3x to 500,000 ha by 2014

20 September 2010

Myronivsky Hliboproduct (LSE: MHPC LI) is planning to increase its land bank 2.3x to 500,000 mt by 2014, Dmitriy Borodavka, deputy chairman of the board said last week according to Interfax. Ruslan Patlavskyy: According to our estimates, the company’s forecasted 17% yoy growth in poultry output to 395 ths mt in 2013F will require 325,000-350,000 ha of land to keep the company’s crop sufficiency at the current level (100% sufficient in corn, 17% in sunflower), as the first phase of its Vinnitsa factory will be launched. Our model suggests that the subsequent launch of next three stages of Vinnitsa facility over 2015-19F necessitates up to 500 ths mt of land to produce sufficient fodder in the long-term. Therefore, we believe the company is actively expanding its land back now due to the current low cost from historic perspective (approximately 50% discount to historical maximum) to support its long-term production targets and strong cash supply, secured by the USD 330 mln bonds placement this past May.

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