|By Marketwired .||
|May 28, 2014 03:50 AM EDT||
MOSCOW, RUSSIA -- (Marketwired) -- 05/28/14 --
Cherkizovo Group (LSE: CHE)
Announces Financial Results
for the First Quarter of 2014
Moscow, May 28, 2014 - Cherkizovo Group (LSE: CHE) (MICEX: GCHE), Russia's largest meat and fodder producer, announces its financial results for the First Quarter ending March 31, 2014.
- Revenue decreased by 2% to $376.6 million from $383.0 million in 1Q13 due mostly to the weakening of Russian rouble (RUB) against USD. In RUB, revenue increased by 13%;
- Gross Profit increased by 48% to $95.1 million from $64.4 million in 1Q13. In RUB, Gross Profit up 70%;
- Gross Margin increased to 25% from 17% in 1Q13;
- Adjusted EBITDA* has doubled to $56.2 million from $28.4 million in 1Q13. In RUB, Adjusted EBITDA increased by an impressive 128%;
- Adjusted EBITDA margin increased more than two times to 15% from 7% in 1Q13;
- Net Profit in 1Q14 amounted to $25.0 million vs Net Loss of ($0.6 million) in 1Q13;
- Net Margin was at 7%;
- Net Debt** was $808.9 million as of the end of 1Q14;
- The effective cost of debt was 3.2% (1Q13: 2.6%);
- EPS was at $0.57 (1Q13: loss per share of ($0.01));
- CCR (Cash Conversion Ratio) was 131%;
- Cherkizovo Group acquired LISKO Broiler in the Voronezh region, one of the country's largest poultry producers. The deal is based on the enterprise value of approximately RUR 5 billion. As a result of the acquisition, Cherkizovo increased its market share by 2 p.p. to 13%, making an important step to the poultry market leadership;
- Operational land bank of the Grain Division was increased to 58 000 hectares as compared with 40 000 hectares in 2013. The Group invested in modern high-tech agricultural equipment in order to promote the efficiency of the grain segment and expects a harvest of approximately 250 thousand tonnes of grain in 2014;
- Cherkizovo Group launched case-ready production line at Cherkizovsky Meat Processing Plant in Moscow. The line allows for 100 tonnes of ready-to-cook meat products to be produced per day;
To view the full announcement, please click on the following link.
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