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Half Year Report 2011

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Alpcot Agro is showing a positive operating result of SEK 24 million before depreciation for the period. The Company has 201,700 hectares of land under control whereof 82,600 in registered ownership.  The outlook for the 2011 harvest is promising.

The interim report for Alpcot Agro AB (publ) (“the Company”) for the first six months of 2011 has been approved by the Board of Directors and is available on the Company’s website www.alpcotagro.com. The most important events and figures for the period are highlighted below. Numbers within brackets refer to the period 1 January – 30 June 2010 unless otherwise stated.

Financial highlights

  • The operating result before depreciation and amortization for the period is SEK 24 million (-55 million).
  •  Total revenue and gains for the period ended 30 June 2011 amount to SEK 263 million (208 million), of which SEK 185 million (119 million) is a gain from changes in fair value of biological assets at the end of the reporting period.
  • During the period operating loss amounted to SEK -8 million (-85 million) and total loss for the period amounted to SEK -34 million (-24 million).
  •   In April 2011 the Company completed a preferential rights issue with proceeds of SEK 322 million before transaction costs.

Operational highlights

  • At the time of writing, Alpcot Agro is in the process of harvesting about 78,600 hectares of crops for sale in Russia and 13,700 hectares in Ukraine.  The harvest of winter wheat is as good as completed with an average yield of 2.9 tons per hectare.
  • The Company has 82,600 hectares of land in Russia in registered direct ownership and 19,400 hectares are in the process of being registered. The total amount of land under control is about 201,700 hectares, including 18,500 hectares of leased land in Ukraine.

Jens Peter Aabyen, Managing Director, comments

“I am very pleased that the company is showing a positive result before depreciation for the first half year. The company is in good shape, our financial leverage is limited and we are positively optimistic about this year’s harvest.

I am also satisfied by the fact that we have a clear plan for the future and are working on a set of projects to bring Alpcot Agro to profitability.”

Stockholm 31 August 2011

For additional comments, please contact

Jens Peter Aabyen, Managing Director, tel +7 903 779 23 36

About Alpcot Agro AB (publ)
Alpcot Agro is a Swedish limited liability company incorporated in 2006. The Company's business idea is to generate an attractive return on invested capital by optimally utilizing the Company’s agricultural land bank through crop production, dairy farming and other similar operations in Russia and the other CIS states. The shares in Alpcot Agro are listed on First North under the ticker ALPA and the Company’s Certified Adviser is Remium. Additional information is available on www.alpcotagro.com.

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