Page 74 - UKRRptOct21

(up 31% y-o-y) and sales volumes (up 6% y-o-y). Thanks to an increase in chicken exports to the MENA region in volume terms, the company's total export revenues amounted to $285 mln, or 53% of revenues, up from 51% a year earlier.
The gross margin of the company increased 24 pp y-o-y to 53.9% thanks to the improved profitability of the poultry segment, which saw its gross margin widen 11 pp y-o-y to 28% in 2Q21 on an increase in poultry prices and a slight decrease in production costs owing to a drop in the cost of sunflower cake for feed. The company's gross margin also received a significant boost from the revaluation of biological assets (a $146 mln impact in 2Q21) due to increased grain prices.
While SG&A expenses grew as a share of revenues, from 10.0% in 2Q20 to 10.5% in 2Q21, the improved margins of the poultry segment helped push cash EBITDA (adjusted for the revaluation of biological assets) 58% higher y-o-y to a record $131 mln. The cash EBITDA margin was up 5 pp y-o-y at 24.2%. Net income doubled y-o-y to $231 mln, while cash net income was up 23% y-o-y at $85 mln.
MHP's net debt/LTM EBITDA fell to 2.8 in 2Q21, down from 3.7 at the end of last year, and the management expects a further drop to around 2.0 by the year-end. Meanwhile, the company raised its expectations for full-year EBITDA to $600 mln, which would be a record.
● Other
Chernihiv Dairy plant shares acquired by Way Capital LLC. The Antimonopoly Committee of Ukraine (AMCU) has granted permission to Inter Way Capital LLC, a Kyiv-based company, to purchase shares in PJSC Ichnia Dairy and Canning Plant in Chernihiv Oblast. The purchase of shares will provide more than 50% of the votes in the governing body of the company. As reported by Gov.ua, milk production of all types decreased by 6% and amounted to 5.19 million tons in the first seven months of this year reported.
9.2.7 TMT corporate news
Belarus-founded tech firm PandaDoc, which moved to Ukraine in 2020 during the protests against dictator Alexander Lukashenko, has become a ‘unicorn,’ bringing its total valuation to $1bn, according to Mikita Mikado, its co-founder. The company doesn’t disclose how much money it raised during the most recent investment round. Forbes estimates that PandaDoc’s investors, Canadian OMERS Growth Equity, the US G Squared and smaller investment funds, put up to $100mn into the company.
Ukrposhta sees growth in the volume of partner deliveries. The CEO of Ukrposhta Ihor Smelyansky says cooperation with corporate clients is expanding and showing good results. For example, OLX had 500,000 parcels delivered in one and a half months. “We will soon announce another big partnership with the Rozetka [retail chain],” he added. After building a new logistics network, Ukrposhta hopes also to offer the e-commerce segment fast delivery and other services most in demand on the market.
Ukrposhta intends to sign an agreement to buy a small Ukrainian bank
within the next two quarters. KPMG is assisting the national mail provider with its search. Ukrposhta announced a tender for the selection of a bank appraiser in mid-May 2021. The CEO of Ukrposhta, Igor Smilyansky, told Forbes. "Right
74 UKRAINE Country Report October 2021 www.intellinews.com