OREANDA-NEWS. Fitch Ratings says in a new report that Russian meat producers are unlikely to sustain the strong EBITDA growth and improvement in credit metrics seen in 2014.

In the Russian Meat Producers 2015 Dashboard Fitch says the strong performance in 2014 resulted from a combination of exceptionally low costs and from solid price increases. However, in 2015, only those companies with available production capacity to materially increase output and benefit from import substitution will be able to protect EBITDA from significant reduction, following a hike in fodder costs.

The Dashboard presents the funds from operations (FFO) of three large meat producers adjusted for interest rate subsidies and a favourable tax regime. Fitch believes the latter highlights the importance of state support to the industry.

The first edition of the 'Russian Meat Producers Dashboard - 2015' is available at 'www.fitchratings.com' or by clicking on the above link.