OREANDA-NEWS. On 26 August 2009 was announced, that Mironivskiy Hliboproduct (MHPC LI) released its 1H09 and 2Q09 unaudited financial results: it posted net revenue of UAH 2,337 mln, up 23% yoy (in US dollars, USD 304 mln, down 20% yoy), EBITDA of UAH 976 mln, up 22% yoy (USD 127 mln, down 21% yoy), and net income of UAH 689 mln, up 23% yoy (USD 90 mln, down 20% yoy). The company's consolidated EBITDA margin remained stable at 42%. MHP was able to increase all its key financial indicators in 2Q09 from 1Q09 and 2Q08 in local currency. As reported earlier, MHP's volume of poultry meat sales in 2Q09 increased 20% yoy. MHP harvested 38.3 ths mt of rapeseed from 14.4 ths ha. It had an average rape yield of 2.7 mt/ha, 66% higher than the Ukrainian average. MHP also finished wheat harvesting, achieving a current average yield of 5.7 mt/ha.

Concorde Capital: MHP’s results confirm that the company is doing well in the difficult environment and that management is proving adept at delivering on their plans. It looks like the company’s 2009 full-year results should beat our previous USD 600 mln projection for sales and USD 234 mln projection for EBITDA.

Concorde Capital is a full service investment bank operating on the Ukrainian, Russian and CIS markets. In 2007 Concorde Capital’s analytical team was recognized as the Top Team covering Ukraine by Thomson Extel's Pan European Survey. Senior Analyst Alexander Paraschiy was recognized as the Leading Pan-European Investment Analyst – European Emerging Markets. Concorde Capital is a leader when it comes to private placements and M&A deals. Concorde Capital’s sale of a stake in Electron Bank to Volksbank International AG was named the Best Ukrainian M&A deal of the year 2007 by the Adam Smith Institute.