OJSC CREATIV GROUP
The Creative Group announces preliminary 2008 IFRS results and explores strategic options for further growth
OJSC CREATIV GROUP / Preliminary Results Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- The Creative Group announces preliminary 2008 IFRS results and explores strategic options for further growth Kyiv, June 11, 2009 - Creative Group, one of the leading Ukrainian vegetable oil and fat producers, has released its preliminary non-audited IFRS financial results for the business year 2008 and has announced that it evaluates its further strategic options for growth. Management of the company believes that in spite of the global market downturn, the last financial year was a very successful for the Creative Group. The company generated over USD 200 million in revenues for 2008, which implies 85.7% growth y-o-y. The company's EBITDA for 2008 is about USD 29 million according to non-audited IFRS statements, which implies 115% growth y-o-y. The company has also increased its operating profitability and EBITDA margin increased to 14.5%, which is expected to grow even higher in 2009-2010 due to the launch of two new business production lines with deeper processing levels and thus, leading to higher margins. Creative Group successfully utilised its existing oil and fat production facilities up to 95-100% in the last business year. Also, the company started the construction of two new plants, including a soybean processing plant and new oil extraction plant. The soybean plant was partially put into testing operation in 2009 and new oil extraction plant is scheduled for a launch in 2009. Newly built plants represent state of the art production facilities and are supposed to produce the highest quality output. The company will produce soybean fodder meal and soybean oil at its new soybean plant. First, the company aims to satisfy domestic demand and plans to export about 50% of its output to Russia and other CIS/neighbouring markets once the plant will be running at full capacity. Currently the company is in final stage to complete the trial operations of the plant and plans to launch the full commercial operations in the mid June 2009. Raw material (sunflower and other seeds) needs of the company have been secured up to the end of this season. On the output side, the company has already signed sale agreements with local and international traders for a significant part of its product output. The company expects that the new business lines will enable it to increase the share of export sales up to 50% in 2009 and about 60% in 2010. The company plans to increase its sales to USD 300-350 million and EBITDA to USD 45-60 million in 2009. The company considers its current debt position as manageable, successfully services its debt and sees no major difficulties related to debt service in 2009 as well as in further years. In line with this ambitious growth pattern, the company is considering attracting investors.. In this context WestLB AG, a leading German bank and Delphi Capital, a premier Kyiv based corporate finance house have been retained to explore strategic options. The published results are unaudited and preliminary and may be subject to change. This release contains forward-looking statements that reflect the current view of the company's management with respect to future events. All statements contained in this release that are not clearly historical in nature or necessarily depend on future events are forward-looking. The words 'anticipate', 'believe', 'expect', 'estimate', 'planned' and similar expressions are generally intended to identify forward-looking statements. These statements are based on current expectations, estimates and projections of the company management on currently available information. Many factors could cause the actual results, performance or achievements to be materially different from those that may be expressed or implied by such statements. We do not assume any obligation to update the forward-looking statements contained in this release. Issuer: OJSC Creative Group (Ukraine) 19, Promyslovyj ave. Kirovograd Ukraine +38 (0522) 35-71-71 (multichannel) +38 (0522) 35-71-84 (fax) investors@creativ-group.com.ua http://www.creativ-group.com.ua International Securities Identification Number (ISIN): US22526U1025 German Securities Identification No. (WKN) A0M486 Exchanges: The Issuer's Global Depository Receipts (GDRs) are traded on the Open market Freiverkehr) in Frankfurt and Berlin 18.06.2009 Financial News transmitted by DGAP ----------------------------------------------------------------------
Aktuelle News
Aktuelle Berichte
Keine Berichte gefunden
Anstehende Events
Keine Events gefunden
Webcasts
Keine Webcasts gefunden