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25 April 2012

Ukrproduct Group Limited (“Ukrproduct” or the “Group”) (AIM: UKR), one of the leading producers and distributors of branded dairy products in Ukraine, announces its audited consolidated IFRS results for the twelve months ending 31 December, 2011. 

Financial Highlights:

• Revenue increased by 12% to GBP 50.5 m (2010: GBP 45.0 m)
• Gross profit decreased by 5% to GBP 6.8 m ( 2010: GBP 7.2 m)
• EBITDA declined by 29% to GBP 1.86 m (2010: GBP 2.6 m)
• Tax increased to GBP 431 k (2010: GBP 103 k)
• Profit after Tax declined to GBP 400 k (2010: GBP 1.094 m)
• Dividend withheld in view of a major cost saving capital expenditure program
• Year end cash balance stood at GBP 512 k (2010: GBP 676 k), sufficient to meet current obligations in the short and medium term

Operational Highlights:

• Branded products showed a good performance with revenue increasing by 9% to GBP 34.7 m (2010: 31.8 m) and gross profit increasing by 4% to GBP 6.3 m (2010: GBP 6.0 m)
• Strengthened the market leading position in packaged butter increasing the market share to 23% (22% in 2010)
• Recovered leadership in processed cheese achieving market share of 16.3% (15.5% in 2010)
• Distribution Services improved in terms of revenue and gross profit by 155% and 125% respectively. Especially driven by kvass sales
• Profitability undermined by substantial energy costs increase and a 25% increase in raw milk prices mostly due to the changes in the milk subsidy regime
• SMP remained subdued with the world trading environment and high input costs negating profit making opportunities reversing last year’s profitability (revenue declined by 24.6% to GBP 7.5 m and the gross profit declined by 166% to minus GBP 457 k)
• Tax charge increased substantially owing to new Tax Code
• Launched the reconstruction of the plant in Starokostiantyniv under a loan facility provided by European Bank for Reconstruction and Development. A major cost saving project
• Acquired LLC “Zhyvyi Kvass” a producer of “Arsenievsky” branded kvass, a traditional fermented beverage of which Ukrproduct was the exclusive distributor since September 2010

Sergey Evlanchik, CEO of Ukrproduct, commented:

 “The trading environment has remained challenging with unemployment accentuating the squeeze on consumer disposable incomes. Nevertheless, within this Ukrproduct succeeded in building its market positions and thereby sales and aggregate gross profit in core business – branded products, distribution services, export. However on the downside margins were severely curtailed by raw milk price/fuel inflation. SMP reversed profitability. The Tax Code change led to very sizeable increase in the charge.
Going forward there are robust plans to recover profitability. In the core business we plan to build on our momentum and further sales growth is planned. Margins will be key to this end, milk prices are stabilizing at a lower level and a major cost saving capital expenditure program is underway at Starokostiantyniv manufacturing plant. The kvass acquisition is an exciting opportunity. We now have total control over the manufacturing and marketing of this product and will lead to further enhancement of profitability. Meanwhile the financial year to date is showing good progress”

Conference call information
Ukrproduct management will host a conference call today at 10.30 am (London time) / 11.30 pm (CET) / 12.30 pm (Kiev Time) to present and discuss the audited FY 2011 results.

The dial-in numbers for the conference call are:
Standard International:  +44 (0) 203 003 2666
UK Toll Free: 0808 109 0700

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Shota Rustaveli St.,
Kyiv 01033 Ukraine
Tel/fax +380 44 232 9602

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