Report for the financial year 2008
Not for release, publication or distribution in, or into the United States, Australia, Canada, South Africa or Japan.
The report for the financial year 2008 is approved by the board. The audited annual report will be published both in Swedish and in English no later than two weeks before the annual general meeting. (Numbers within brackets refer to the previous financial year 7 September 2006 – 31 December 2007.)
• The Group’s net revenues for 2008 amounted to SEK 78 million (SEK 15 million).
• Operating loss for 2008 amounted to SEK -109 million (SEK -27 million). Operating expenses include SEK 24 million (SEK 2 million) for putting abandoned land into production. Personnel expenses amounted to SEK 22 million (SEK 5 million) and depreciation amounted to SEK 21 million (SEK 3 million).
• The Group loss for 2008 amounted to SEK -97 million (SEK -19 million). The Group’s cash position as of 31 December 2008 was SEK 106 million (SEK 187 million).
• Net loss per share is SEK -3.79. Equity per share as of 31 December 2008 was SEK 41.04. No dividend payment for the financial year 2008 is proposed by the board.
• Total investments in land acquisition during 2008 amounted to SEK 184 million and acquisition of subsidiaries and operations amounted to SEK 28 million. Investments in new machinery and equipment during the year amounted to SEK 327 million.
• The Group completed two share issues in May 2008 which in total raised SEK 524 million before issue costs.
• At the end of the year the Group had about 135,000 hectares under control in Russia, of which 84,000 hectares are directly and indirectly owned (see definition below). In addition, the Group has close to 5,000 hectares in Ukraine under control.
• The Group has completed an extensive programme to reduce costs and increase efficiency.
• During the year the Group has invested in dairy business and currently operates a number of big dairy farms with a total of about 2,400 milking cows including affiliated companies.
Comment from CEO Björn Lindström:
”2008 has been a year full of challenges. However, the company adjusted to the worsening market conditions at an early stage and has good prospects of becoming successful and to reach profitability when the markets recover. During 2009 the company will focus on continued consolidation of the operations and a listing of the company’s share is also high on the agenda.”
The Annual General Meeting will take place on Wednesday May 13, 2009 at 16:30 in Stockholm.
Stockholm, 25 March 2009
Alpcot Agro AB (publ)
The Board of Directors
For further information please contact:
Björn Lindström, Managing director +44 (0) 79798 55556
Joakim Ollén, Chairman of the board +46 (0) 70 354 24 07
Definitions of land in control and land in ownership:
Land in control is registered land and land where a subsidiary of the company, either itself or in the name of agents, has registered a lease agreement or is in the process of registering a lease agreement with local authorities.
Land in ownership is registered land and the indirect ownership of land within the Russian Pai system. The Pais can be registered either in the company’s subsidiary’s name or in the name of an agent acquiring Pais on behalf of the company’s subsidiary within the framework of legally binding contracts, or is in the process of entry into the land register with local authorities.