Mriya allocates 85,400 ha for spring crops in 2017

Ukrainian farmer Mriya (MRIYA) has launched its 2017 spring sowing campaign, the company announced on March 31.  It will sow 85,400 ha with spring crops, a 3% yoy increase. About 32,000 ha will be sown with sunflower, 20,300 ha with corn, 17,000 ha with soya, 6,000 ha with barley, 4,000 ha with rapeseed,  and 3,500 ha with sugar beet. The total company’s land bank under cultivation for marketing year 2016/2017 consists of 153,000 ha.

Igor Zholonkivskyi: Having started its spring sowing campaign, Mriya is continuing its normal operating activity after an agreement on the terms of its debt restructuring was reached in September. The company’s operating cash flow remained in the red during 2016, and it might take another two to three years before the company manages to stabilize its free cash flow. At this stage, we abstain from rating Mriya’s Eurobonds.