Half year report 2013

Agrokultura, the Russian and Ukrainian producer of agricultural commodities, announces its results for the six months ending 30 June 2013. Numbers in brackets relate to the six month period ending 30 June 2012.

Financial highlights

  • Total revenue for the period ended 30 June 2013 amounted to KSEK 192,882 (176,387).
  • The Group reported a loss before depreciation and amortization for the period of KSEK -20,839 (profit 113,442). Net loss was KSEK -76,905 (net profit 33,322).
  • Net asset value per share at 30 June 2013 was SEK 8.20 per share (SEK 10.14) and loss per share amounted to SEK -0.55 (profit SEK 0.25).
  • On June 30 2013, Group debt, incorporating lease financing and interest bearing bank borrowings, totalled KSEK 249,962 (201,727). Group cash at the same date was KSEK 11,211 (30,472).

Operational highlights

  • The planted area for harvest in 2013 is on a steady level with 134,400 hectares (133,400) including 5,500 hectares of fodder crops for the Group’s livestock operations.
  • Harvesting of winter crops materially completed, incorporating approximately 46 per cent of total expected harvest for the year or 59,300 hectares.
  • Winter crop yields up compared to last year, with in particular improvements in the winter rape in Ukraine of over 30 per cent and winter wheat in central Russia of almost 50 per cent.
  • Agreements have been made for land disposals in Ukraine of 24,800 hectares. Excluding the land area for disposal, the Group retained a total land bank of approximately 226,800 hectares (281,300) at the end of the period, whereof 158,100 hectares in Russia and 68,700 hectares in Ukraine.

In June 2013 the Company changed name from Alpcot Agro to Agrokultura.

Ulf Scholander, Managing Director, commented

“While we are seeing continuous improvements in our operations and in yields, the company’s financial results are far from satisfactory. Further work is needed to adjust our cost base in relation to the recent drop in prices of agricultural commodities.”

For additional information, contact:

Ulf Scholander, Managing Director, tel: +380 (67)370 42 51
Stephen Pickup, Group CFO, tel: +44 7825 294 352

The Half year report for 2013 will be available on the Group’s website www.agrokultura.com, and will be sent to shareholders who so request.

About Agrokultura AB (publ)
Agrokultura invests in farmland and produces agricultural commodities in Russia and Ukraine. The Group aims to generate an attractive return on invested capital by optimally utilizing its agricultural land bank through crop production, livestock and related operations. Shares in Agrokultura are listed in Sweden on the Nasdaq OMX First North exchange under the ticker AGRA and the Group’s Certified Adviser is Remium Nordic AB.

About Us

Alpcot Agro is a Swedish limited liability company and was incorporated in 2006. The company's prime objective is to generate an attractive total return on invested capital by acquiring and farming agricultural land in Russia and potentially in other CIS member states.

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