OREANDA-NEWS. April 12, 2010. A new CEO was elected at the recent EGM of Sumy NVO Frunze <SMASH UK U/R>. The results of the 2009 financial performance of the Company were also announced there: during this period, SMASH sales increased by 34.48% to UAH 3 308.3mn, its net income reaching UAH 403.254mn. Assets constituted UAH 3 710.597mn, long term liabilities stood at UAH 680.064mn and short term liabilities at UAH 1,931.558mn, respectively. The management of Sumy NVO Frunze chose not to announce its sales plans for 2010 at this moment because the order book of the Company has not been completely formed yet. Currently, it amounts to about UAH 3,752mn (which is 12.3% more than in 2009).

Millennium Capital sees this news as strongly positive for the Company because of its being able to reach a high Net Margin level of 12.9%. Millennium Capital is going to update its recommendations about this share, but now Millennium Capital would like to mention that a stable demand for SMASH products keeps the Company’s Net Margin in the positive territory.