Business news from Ukraine

AGROMINO SEES EUR 2.7 MLN OF NET PROFIT IN 2019

The Danish agricultural company Agromino with assets in Ukraine, the Russian Federation and Estonia saw EUR 2.66 million in net profit in 2019 compared with EUR 9.55 million of net loss in 2018.
According to a company report on its website, total revenue in 2019 grew by 40.9%, to EUR 35.62 million.
Agromino in 2019 saw EUR 9.9 million of earnings before interest, taxes, depreciation and amortization (EBITDA) compared with EBITDA loss of EUR 7.6 million in 2018.
“A significant change in net loss in 12m 2019 in comparison with 12m 2018 was due to absence of currency translation losses from disposal of subsidiaries (EUR 10 million loss in 12m 2018),” the company said.
Consolidated assets as of late 2019 amounted to EUR 113.57 million (EUR 46.56 million by late 2018).
Total storage capacity increased to 121,000 tonnes due to setting up new elevator capacities in the group (85,000 tonnes as of 31 December 2018). Total land under control as at December 31, 2019 was 55,500 hectares (47,000 hectares at December 31, 2018). The increase was due to acquisition of Resilient a.s.
The company said that crop harvest in 2019 completed with satisfactory results, mainly due to 31% increase in average net yield to 3.54 t/ha (2.70 t/ha in 2018). Combined harvest of the group including Resilient has reached 198,000 tonnes brutto Agromino itself harvested 156,000 brutto tonnes compared to 124,000 brutto tonnes in 2018.
Wheat on 18,900 ha and oilseed rape on 4,900 0 ha as of December 31, 2019 are in reasonable condition.

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AGROMINO COMPLETES DEAL TO ACQUIRE RESILIENT

Agromino has finalized a deal with the owner of Resilient and the key shareholder in Agromino – Mabon – on the acquisition of 100% of shares in Resilient for a consideration of 7.474 million newly issued shares in Agromino, equivalent to a value of EUR 12.935 million.
According to a posting on the website of Agromino, Mabon subscribed for the newly issued shares at a subscription price of SEK 18.6 per share and is now controlling approximately 74.3% of the outstanding shares and votes in Agromino.
The total number of Agromino’s shares after the deal grew from 17.421 million to 24.895 million.
The final valuation made by the company’s financial adviser, BDO, confirmed that the fair market value of Resilient corresponds to EUR 13.474 million.
Agromino said that Resilient will be consolidated as part of Agromino group from October 17, 2019.
Agromino (formerly Trigon Agri) was established in 2006. It specializes in grain and dairy production, agricultural trade.
In Ukraine, the company owns three silos with a capacity of 85,000 tonnes. Its land bank is about 47,000 hectares in Kharkiv, Mykolaiv, and Kirovohrad regions.

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DANISH AGRO-COMPANY AGROMINO WITH ASSETS IN UKRAINE, RUSSIA AND ESTONIA POSTS EUR 6.6 MLN NET PROFIT

The Danish agro-company Agromino with assets in Ukraine, Russia and Estonia received EUR 6.6 million of net profit in January-June 2019 against EUR 2.8 million of net loss for the same period in 2018.
According to a company report on the website, total income, adjusted for the fair value of assets and reserves, for the first half of this year increased 10%, up to EUR 30.2 million.
Agromino’s EBITDA for the six months was positive and totaled EUR 10.2 million in comparison with negative indicator in p2018 – EUR 1.8 million.
Consolidated assets of the agricultural company at the end of June 2019 were estimated at EUR 92.9 million compared to EUR45.4 million by the end of 2018.
Agromino in the second quarter of 2019 saw 21% million rise in net profit against EUR 9.8 million of net profit for the same period last year. Total revenue for this period increased by 9.5%, to EUR 22.2 million.
Agromino (formerly Trigon Agri) was established in 2006. It specializes in grain and dairy production, agricultural trade.
In Ukraine, the company owns four silos with a capacity of 145,000 tonnes. Its land bank is about 45,000 hectares in Kharkiv, Mykolaiv, and Kirovohrad regions.

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AGROMINO BUYS KERNEL’S ELEVATOR

The Danish agricultural company Agromino with assets in Ukraine, the Russian Federation and Estonia is buying Hutiansky Elevator LLC, which belongs to Kernel, one of the largest Ukrainian agricultural groups.
According to the information on the website of the Antimonopoly Committee of Ukraine, the agency will consider this issue on June 6.
According to the AMC, Kovyahy Grain LLC (Kharkiv region) wants to acquire an integrated property complex (elevator), which is owned by Hutiansky Elevator LLC.
According to the state register of legal entities and individual entrepreneurs, Kovyahy Grain is owned by Danish-based Agromino, and the owner of Hutiansky Elevator is Kernel-Capital, Kernel-Trade and AMC Progressive Investment Strategies, the ultimate beneficiary is Andriy Verevsky.
As reported, in May 2019 the AMC allowed Verevsky to buy an elevator of Mriya in Ternopil region.
Agromino (formerly Trigon Agri) was created in 2006. It specializes in grain and dairy production, trade in crops.

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DANISH AGRO-COMPANY AGROMINO SEES EUR 2.8 MLN OF NET LOSS

The Danish agro-company Agromino (formerly Trigon Agri) with assets in Ukraine, Russia and Estonia in January-June 2018 saw EUR 2.82 million of net loss compared with EUR 9.46 million of net profit a year ago. According to a report of the company on its website, total revenue, taking into account the adjustment of the fair asset value and stocks, fell by 8.5% in H1 2018, to EUR 27.24 million.
Earnings before interest, taxes, depreciation and amortization (EBITDA) were negative, being EUR 1.8 compared with positive EUR 9.4 million a year ago.
Consolidated assets as of June 2018 were estimated at EUR 58.32 million compared with EUR 46.77 million as of late 2017. In Q2 2018, Agromino cut net profit by 20.7% year-over-year, to EUR 8.14 million and revenue – by 9.5%, to EUR 20.25 million. As reported, Agromino in 2017 posted EUR 3.48 million net profit against EUR 25.08 million net loss in 2016. Revenues decreased by 17.6%, to EUR32.83 million.
Agromino (formerly Trigon Agri) was established in 2006. It specializes in grain and dairy production, agricultural trade.

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