Agricultural Investments

April 25, 19:00 Source: APK-Inform Views: 79

Mriya announced financial results for 2013 and updates on operations. Net income totaled USD 88.5 mln

Kyiv, April 25, 2013 – Mriya Agro Holding (MAYA GR), supporting the practices of regular reporting and transparency, announced its audited financial and operational results for the full year ended December 31, 2013. 

Key financial results:

•Operational revenues for the 2013 arrived at USD 498.7 mln vs USD 347.9 in 2012

•Total revenues for 2013 (including net gain on change in fair value of biological assets) reached USD 662.6 mln vs USD 563.0 mln in 2012

•EBITDA for 2013 totaled USD 226.8 mln 

•Net income for the 2013 totaled USD 88.5 mln 

•Total assets expanded by 31% y/y to USD 1,755.5 mln, cash and cash equivalents totaled USD 185.8 mln

Andriy Buryak, Chief Financial Officer, commenting the results, noticed: “We saw good production results, while prices in the third and especially fourth quarter headed downwards. Thus, higher than expected grain harvest balanced low prices.”

Key operational results:

During the reporting period Mriya significantly increased its production volumes compared to the previous year due to the expansion of cultivated land and higher yields. In 2013 Mriya produced the following net yields for the harvested crops: winter wheat — 5.8 t/ha, winter rapeseed — 2.9 t/ha, corn — 9.9 t/ha, potatoes — 26.6 t/ha, sugar beet — 26.9 t/ha. Thus, total volume of produced grains and oilseeds reached c.1.9 mln tonnes, increase of c. 73% y/y.

Simultaneously, the Company has sown three different winter crops: winter wheat at 110 thd ha, winter rapeseed at 45 thd ha and winter barley at 25 thd ha. As of today winter crops are in good condition, necessary treatment is carried out in the fields to support crops’ growth and to protect them from diseases and insects.  

Today Mriya is committed to fulfilling its plans and now performs spring sowing campaign. The Company targets c. 110 thd ha to be cultivated in spring. This will bring the harvested land for 2014 to a minimum of c. 290 thd ha.

In the course of business Company expanded its storage facilities for grains and oilseeds by c. 265 thd tons to 1,085 thd tons, for potatoes – by c. 30 thd tons to 146 thd tons. At the same time Mriya added c. 800 units of various machinery and equipment to reach c. 2,500 units.

Mykola Guta, Chief Executive Officer, commented on the results: “We are very much delighted with the production results of the past year. We fulfilled in full our plans, achieved excellent results and managed to do the groundwork for 2014 harvest with sowing winter crops. Currently we work hard to fulfill our core goal – spring sowing campaign that plays an important role in Mriya’s operations and financial results.”




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