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1H 2012 FINANCIAL RESULTS

Agroton Public Limited, one of the largest agricultural producers in Ukraine, announces its condensed consolidated interim financial statements for the first six months of 2012 (ending 30 June). The condensed financial statements were reviewed by KPMG.
1H 2012 FINANCIAL RESULTS – REVIEW
Selected financial data (in USD thousands)
 
1H 2012
1H 2011
Change
Total revenues(1)
72,737
94,397
(22.9%)
Cost of sales
(37,607)
(47,448)
(20.7%)
Gross profit
35,129
46,949
(25.2%)
Gross margin
48.3%
49.7%
(2.9%)
EBITDA(3)
38,801
39,880
(2.7%)
EBITDA margin
53.3%
42.2%
26.3%
Profit for the year
30,489
34,190
(10.8%)
 
Yuriy Zhuravlev, CEO of Agroton commented:
‘I am pleased to report our consolidated six-month financial results for the first half of 2012. We continued to build upon our cash position while undertaking our growth strategy, and this is demonstrated by the increase in our net cash from operating activities along with the increase in the Company’s total assets compared year-on-year. Also, we are near to closing the matter of certain outstanding trade receivables that were highlighted during our 2011 year-end financial statements.  As of 30 June, 2012 USD $23,958,000 were outstanding of such gross trade receivables, while as of today there remains only USD 11,678,000 outstanding.  We are working on closing this matter once and for all and we appreciate our investor’s patience while we complete this process. We believe that everything should be finished by end of September, and that our second half performance during 2012 will be strong. For example, our August winter wheat harvest output in 2012 (140,349 tonnes) was 16.5% higher than our 2011 harvest output (120,452 tonnes). We anticipate continued strong results this year in our other crops as we aim toward higher growth and financial performance targets.”