S 1H 2011 Interim Report and adjustments to the management team

Trigon Agri A/S 

25.08.2011 08:00
---------------------------------------------------------------------------

Breakthrough into strong profitability, significant planned increase in
harvested area in 2012 

Trigon Agri's Chairman of the Board, Joakim Helenius, comments:

During 1H 2011 the Group has dramatically improved the financial performance
compared to the previous periods. The management of Trigon Agri is very
satisfied with the results as EBITDA in the amount of EUR 21,042 thousand in 1H
2011 is more than ten times higher than the result achieved last year. 

The excellent result was driven by the highest average yields and lowest
production costs per tonne achieved in the history of the company. The expected
total gross harvest of the Group is expected to be around 50% higher than last
year while the total harvested area has increased by only 6% year-on-year. 

The successfully concluded bond issue in 2Q 2011 has given the Group financial
flexibility to increase the cereals production area for 2012. The Group is
currently targeting a harvested area of up to 150 thousand in 2012. 

For future periods the Group aims to further increase the yields per hectare
and lower the costs of production per tonne with the assistance of the Research
and Development department that was successfully launched in 1Q 2011 and has
already contributed valuable data which will be used by the Group to modify its
growing technology for the 2012 harvest. 

Highlights of 1H 2011

Total revenue, other income and fair value adjustments amounted to EUR 46,936
thousand (EUR 36,889 thousand in 1H 2010). 

Revenue amounted to EUR 7,113 thousand (EUR 16,608 thousand in 1H 2010), Other
income EUR 925 thousand (EUR 3,030 thousand in 1H 2010) and fair value
adjustments EUR 38,898 thousand (EUR 17,251 thousand in 1H 2010). 

Total operating expenses amounted to EUR 24,904 thousand (EUR 33,302 thousand
in 1H 2010). 

EBITDA amounted to EUR 21,042 thousand (EUR 2,026 thousand in 1H 2010).

The Net profit of the Group amounted to EUR 16,029 thousand (loss of EUR 3,240
thousand in 1H 2010). 

The consolidated assets of the Group as of June 30, 2011 amounted to EUR
210,606 thousand (EUR 148,121 thousand at December 31, 2010). 

Four-year bond issue in amount of SEK 350 million (EUR 38,152 thousand)
successfully concluded with an annual interest rate of 11%. 

The total expected gross harvest is 50% higher than last year while the total
harvested area has increased only 6% year-on-year. 

The management is reiterating its target of increasing the harvested area in
2012 up to 150 thousand hectares. 

Events after the Close of the Period

As of August 15, 2011 the Group had completed 92% of the early crops harvest:
rapeseed, wheat and barley. The harvested area of early crops stood at 40
thousand hectares and the gross harvest collected up to the date above was 139
thousand tonnes. The harvest of late crops such as soya, sunflower and corn
will start at the end of August. The total harvested area in 2011 is expected
to be 89 thousand hectares (85 thousand hectares in 2010) and the estimated
gross harvest more than 270 thousand tonnes (177 thousand tonnes in 2010). 

On July 29th, 2011 the Group started its autumn seeding process and as of
August 15th, 2011 the Group had already seeded 11 thousand hectares of winter
rapeseed. For 2012 the total targeted winter crops sowing area is 66 thousand
hectares, which is 56% higher compared to the winter crops area harvested in
2011. 

In connection with the previously announced plans to separate the milk
production business of the Group into a listed entity capable of developing
further independently of Trigon Agri, and in order to better focus on the
implementation of these plans, the Board of Directors of the Group has resolved
to make the following management changes. On the basis of the resolution taken
on August 24, 2011, Mr Raul Toomsalu, previously CEO of A/S Trigon Agri, will
take on the position of CEO of AS Trigon Dairy Farming, a 100% subsidiary of
A/S Trigon Agri, which owns all the Group's milk production assets. Mr Ülo
Adamson will in addition to his title of President of A/S Trigon Agri, also
take on the title of CEO of A/S Trigon Agri. 



Investor enquiries:
Mr. Ülo Adamson, President of Trigon Agri A/S
Tel: +372 66 79200
E-mail: mail@trigonagri.com



About Trigon Agri

Trigon Agri is a leading integrated soft commodities production, storage and
trading company with operations in Ukraine, Russia and Estonia. Trigon Agri's
shares are traded on the main market of NASDAQ OMX Stockholm. Trigon Agri is
managed under a management agreement by Trigon Capital, a leading Central and
Eastern European operational management firm with around USD 1 billion of
assets under management.
News Source: NASDAQ OMX



25.08.2011 Dissemination of a Corporate News, transmitted by DGAP - 
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

DGAP's Distribution Services include Regulatory Announcements, 
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

---------------------------------------------------------------------------
 
Language:     English
Company:      Trigon Agri A/S
              
               
              Denmark
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         DK0060083566
WKN:          
 
End of Announcement                             DGAP News-Service
 
---------------------------------------------------------------------------