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17 April 2013

Ukrproduct Group Limited (AIM: UKR), one of the leading producers and distributors of branded dairy products and beverages (kvass) in Ukraine announces its audited consolidated IFRS results for the twelve months ending 31 December, 2012. 

Financial Highlights:

• Revenue increased by 19% to GBP 60.2 m (2011: GBP 50.5 m)
• Gross profit increased by 33% to GBP 9.0 m ( 2011: GBP 6.8 m)
• EBITDA increased by 68% to GBP 3.2 m (2011: GBP 1.86 m)
• Tax decreased with effective rate reduced through improved tax planning
• Profit after Tax more than doubled to GBP 0.85 m in 2012 (2011: GBP 0.4 m)
• Dividend withheld in view of a major cost saving capital expenditure program
• Year end cash balance stood at GBP 0.42 m (2011: GBP 0.51 m) and the Group’s cash resources and facilities are sufficient to meet current obligations in the short and medium term

Operational Highlights:

• Dairy products showed a good performance with revenue increasing by 2.6% to GBP 35.6 m (2011: 34.7  m) and gross profit increasing by 21% to GBP 7.6 m (2011: GBP 6.3 m)
• Increased the market leadership in processed cheese achieving market share of 22.6% (16.3% in 2011)
• Confirmed the market leading position in packaged butter maintaining the market share at 22.6% (23% in 2011)
• SMP (Skimmed Milk Powder) revenues increased by 18.5% to GBP 8.9 m (2011: GBP 7.5 m), while gross profitability showed a gradual recovery trend compared to 2011 although still below the break-even point minus GBP 0.25 m (2011: minus GBP 0.46 m)
• Beverages (recently acquired kvass business) showed the revenue GBP 2.4 m or 4% of total sale and a gross profit of GBP 1.2 m. This was previously accounted in the distribution services
• Distribution Services: revenues increase by 60% to GBP 13.4 m (2011: GBP 6.7 m) but gross profit declined by 50.7% to GBP 0.48 m (2011: GBP 0.61 m) due to the acquisition of kvass business
• Completed the first stage of the reconstruction project at the plant in Starokostiantyniv under a loan facility provided by European Bank for Reconstruction and Development.

The full text of the 2012 Annual Report, incorporating the 2012 Audited Financial Statements, is available on the Company’s website www.ukrproduct.com.

Sergey Evlanchik, CEO of Ukrproduct, commented:

 “The Company was able to deliver a strong recovery in profitability within the trading environment that continued challenging. In dairy the Russian ban on imports led to higher milk volumes availability and lower prices until September 2012. This together with the Company holding its strong market position in butter and expanding that in processed cheese provided the much improved performance. In beverages the now acquired kvass business was further developed leading to a major stride forward in sales with encouraging margins. The cost improvement program gained further momentum. This was aided especially by the major capital project at the plant in Starokostintyniv.
The Company can now be seen as branded dairy foods and beverages business with a wider base for profitable growth.”

Conference call information
Ukrproduct management will host a conference call today at 9.00 am (London time) / 10.00 am (CET) / 11.00 am (Kiev Time) to present and discuss the audited FY2012 results.

The dial-in numbers for the conference call are:
+44 (0) 20 3003 2666 - Standard International Access
0808 109 0700 - UK Toll Free
0 800 50 2059 - Ukraine Toll Free

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Contact information

Address in Ukraine:
10th Floor, 39-41
Shota Rustaveli St.,
Kyiv 01033 Ukraine
Tel/fax +380 44 232 9602

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Jersey JE2 3RA Channel Islands
Tel/fax +44 1534 814 814



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