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2010-06-14 08:00:00 CEST 2010-06-14 08:00:01 CEST REGULATED INFORMATION Linas Agro Group AB - Notification on material eventLinas Agro Group, AB takes over control of Ukraine-based producer and trader of fertilisers for EUR 3.7 millionLinas Agro Group, AB and Arvi ir ko, UAB have signed a preliminary agreement, according to which Linas Agro Group, AB is buying 50% stake of Ukraine-based company CJ-SC UKRAGRO NPK from Arvi ir ko, UAB. The value of the agreement totals EUR 3.7 million (LTL 12,775 million). The agreement is expected to be completed in the beginning of July, after it Linas Agro Group, AB will control 63.38% of SJ-SC UKRAGRO NPK shares. The remaining shares are owned by Danish Akola ApS, which is also the largest shareholder of Linas Agro Group, AB. Kiev-based public limited liability company CJ-SC UKRAGRO NPK is a fertilisers production and trading company, owning the network of 13 fertiliser distribution warehouses and selling nitrogen, potassium, phosphorus and complex fertilisers as well as producing blended NPK fertilisers. “Acquisition of the UKRAGRO NPK stake is important to our company because we have plans to grow in fertiliser sales and have already acquired additional fertiliser warehouses in Lithuania. This step will enable us to take over the control of the company and strengthen our group's positions in the Ukraine. Although sales of fertilisers in the Ukraine have not reached the pre-crisis level of 2007-2008 yet, this spring UKRAGRO NPK sold twice as much as it did in the same period last year. We are planning not only to strengthen our trade in fertilisers but also to expand grain and rapeseed export from the Ukraine through the Baltic and the Black Sea ports. The payment for fertilisers in grain is a common practice in the Ukraine. Therefore, we plan to exploit such exchange of goods and increase the market share both in fertilizers sales and grain export from the Ukraine”, Darius Zubas, Chairman of Linas Agro Group, AB says. In 2009 the company sold 152 thousand tons of fertilisers, while in 2010 UKRAGRO NPK plans to sell 200 thousand tons, i. e. 32% more as compared to the last year. The company trades fertilisers both of its own production and those imported from Russia, Belarus, Germany, Belgium, Israel and Poland. The company's trade results were heavily influenced by the worldwide crisis in 2009. However, the company has finished the year profitably. The trade of fertilisers is recovering in 2010, and CJ-SC UKRAGRO NPK is expected to show improved results. The company plans to reach the turnover of LTL 180 million in the same year. The average company's EBITDA was LTL 12.4 million in 2007-2009. After consolidation of CJ-SC UKRAGRO NPK into Linas Agro Group, AB financial report, the group's turnover should grow by LTL 173 million and EBITDA - by LTL 9.5 million in the financial year of 2010-2011. About CJ-SC UKRAGRO NPK Founded in Kiev, a capital city of the Ukraine, in 2002, the company is engaged in wholesale and retail trade of fertilisers and production of blended NPK fertilisers. The company has 183 employees. Thirteen fertiliser distribution warehouses run by CJ-SC UKRAGRO NPK are located in the most important Ukraine's agricultural regions and in total can store about 50 thousand tons of fertilisers. Three of them (west, central and east Ukraine) have blended NPK fertilizer production units. Turnover 2008 - 204 LTL million, 2009 - 147 LTL million, 2010 forecast - 180 LTL million. In 2009 the company had over 6% of Ukraine's market of all types of fertilisers. According to the data of 2009, the company had 10% market share in complex fertilizers being No. 4 player in the field. In the first quarter of 2010 the company sold 56 thousand tons of fertilisers exceeding its budget by 52%. Its share in Ukraine's fertiliser market reached 6.8%. About Linas Agro Group, AB Linas Agro Group, AB is an integrated agribusiness company engaged in international agricultural business, production and trade in agricultural produce and raw materials. It controls companies in Lithuania, Latvia and Denmark. The Group consists of the following companies: Linas Agro, AB, a Lithuanian company engaged in international trade in agricultural plant produce; Linas Agro, UAB controlling grain storages; Grūdų centras, KŪB (controlling grain storages in Kėdainiai, Kupiškis, Joniškis, Šiauliai and Vilkaviškis), grain trade company in Latvia - Linas Agro, SIA; international trade company in Denmark - Rosenkrantz A/S; Landvesta, ŽŪB, a group of companies controlling agricultural land; and Linas Agro Konsultacijos, UAB controlling agricultural companies. Financial year of the companies starts on the 1st of July. As of February 17, 2010 Linas Agro Group, AB is listed on NASDAQ OMX Vilnius stock exchange. More information: Arūnas Jarmolavičius Linas Agro, AB Project Director, Linas Agro Group, AB Board Member Ph. +370 698 27855 E-mail a.jarmolavicius@linasagro.lt |
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