OREANDA-NEWS. September 15, 2011. Cherkizovo Group (LSE: CHE), one of Russia’s leading integrated and diversified meat producers, announces second quarter and first half unaudited financial results for the period ended 30 June 2011, reported the press-centre of Cherkizovo Group.

Highlights
Strong organic volume growth and solid financial performance
Revenues increased 20% to USD 689.1 million from USD 572.8 million for the first half of 2010, and increased 15% on a rouble currency basis. Revenues increased 24% to USD 382.5 million in the second quarter of 2011 from USD 307.6 million for the second quarter of 2010, and increased 15% on a rouble currency basis for the same period

Adjusted EBITDA decreased 6% to USD 105.7 million from USD 113.0 million for the first half of 2010, and decreased 11% on a rouble currency basis. Adjusted EBITDA increased 12% to USD 71.6 million from USD 63.4 million in the second quarter of 2010, and increased 4% on a rouble currency basis

Adjusted EBITDA margin was 15%, down from 20% for the first half of 2010. Adjusted EBITDA margin in the second quarter was 19% as compared to 21% in the second quarter of 2010, reflecting a strong improvement from the first quarter of 2011 and a healthy profitability level.

Gross profit increased 4% to USD 169.7 million from USD 163.6 million for the first half of 2010, and decreased 1% on a rouble currency basis. Gross profit in the second quarter increased 18% to USD 106.1 million from USD 90.0 million, and increased 9% on a rouble currency basis.

Group gross margin was a robust 25% for the half-year and 28% for the second quarter.

Net income decreased 11% to USD 66.0 million from USD 74.1 million for the first half of 2010, and decreased 15% on a rouble currency basis. Net income in the second quarter increased 15% to USD 48.3 million from USD 42.1 million, and increased 6% on a rouble currency basis.

As of 30 June 2011 Net debt was \\$835.6 million.

The effective cost of debt decreased to 2% from 3% for the first half of 2010.

Net income per share decreased 11% to USD 1.53.

Full reports see here:
http://www.cherkizovo-group.com/en/press-center/company-news.aspx?news=2416