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27.0% y/y to $375mn, while net cash flow from operations rose 87.0% y/y to $258mn in 9M21. The company’s CapEx was $92mn, or 58.6% higher y/y.
Its net debt-to-LTM-EBITDA ratio was 2.09x at end-September, compared to 3.33x a year ago and 3.66x nine months ago.
In 3Q21, MHP’s total EBITDA jumped 2.2x y/y to $186mn (a 32.9% qoq decrease), while its poultry segment EBITDA rose 20.7% y/y to $70mn (or 35.2% lower qoq). The company’s EBITDA from its farming segment jumped 7.7x y/y (or 32.4% lower qoq) to $100mn in 3Q21. The company’s meat processing segment EBITDA plunged 83.3% y/y and qoq to $1mn, while its EU-based facilities EBITDA rose 50.0% y/y (or 10.0% lower qoq) to $18mn in 3Q21.
Also, the company’s report included information about the almost completed harvest campaign. The preliminary corn yield jumped 92.9% y/y to 11 t/ha, the wheat yield rose 15.7% y/y to 5.9 t/ha and the sunflower seed yield increased 17.2% y/y to 3.4 t/ha.
● Other
Ukrainian farmer KSG Agro (KSG PW) reported in its November 15 filling that its revenue grew 42.8% y/y to $20.9mn and its EBITDA rose 10.5% y/y to $7.4mn in 9M21. The company’s revenue from crop production increased 76.5% y/y to $12.1mn and its revenue from pig breeding inched up 9.1% y/y to $8.1mn in 9M21. The company’s net profit jumped 3.6x y/y to $17.3mn in 9M21. KSG Agro’s operating profit increased 10.7% y/y to $6.1mn in 9M21. Its operating cash flow before working capital changes dropped 80.0% y/y to $0.5mn, while its net cash flow from operating activities turned to positive $3.7mn vs. negative $0.4mn a year ago. The company’s net debt slid 0.7% YTD to $35.3mn and its net debt-to-LTM EBITDA ratio improved to 4.9x from 7.3x a year ago.
Ovostar revenue rises 40%, EBITDA slides 29% in 9M21.
Ukraine’s egg producer Ovostar Union (OVO PW) reported a 39.1% y/y increase in revenue to $94.4mn in 9M21, according to its November 16 filing. The company’s EBITDA declined 28.9% y/y to $5.4mn, with the EBITDA margin decreasing 5pp to 6% in 9M21. The company’s revenue from shell egg sales jumped 46.0% y/y to $65.1mn, while egg products sales contributed $29.3mn to the company’s revenue in 9M21, or 26.0% more y/y.
The company’s operating cash flow before working capital changes increased 12.8% y/y to $9.6mn and net cash from operations grew 16.8% y/y to $13.3mn in 9M21. Ovostar’s CapEx decreased 74.8% y/y to $0.6mn, while the company’s investments in biological assets rose 32.5% y/y to $13.8mn in 9M21.
Its net debt increased 21.0% y/y to $10.2mn and its net debt-to-LTM-EBITDA ratio reached 1.75x at the end of September 2021, from a negative 4.2x year ago.
In 3Q21, Ovostar’s net revenue rose 41.9% y/y to $32.9mn. Shell egg
75 UKRAINE Country Report December 2021 www.intellinews.com