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05 April 2011

Ukrproduct Group Limited (“Ukrproduct” or the “Group”) (AIM: UKR), one of the leading producers and distributors of branded dairy products in Ukraine, announces its audited consolidated IFRS results for the twelve months ending 31 December, 2010.

Financial Highlights:

  • Revenue of £45.0m, up 4.3% (2009 £43.2m) and Gross Profit of £7.7m, up 10.7% (2009 £6.9m)
  • Net Profit of £1.094m, up 5.1% (2009 £1.04m)
  • Basic Earnings per share of 2.69p versus 2.50p last year (up 7.6%)
  • Proposed Dividend per share of 0.50p per share versus 0.40p per share last year (up 25.0%)
  • Year end net cash of £0.676m versus £0.236m last year sufficient to meet current debt obligations in the short and medium term and access to additional banking facilities if required.

Operational Highlights:

  • Ukrainian economy beginning to recover with real GDP rising 4.2% (according to official statistics from GfK) in 2010 (2009 down 15%), consumer disposable incomes continuing to be squeezed
  • H2 2010 was particularly strong compared to H1 2010 which bodes well for a sustained recovery in 2011, with gross profit up 40.9% in the second half
  • Profitability improved significantly, from 15.4% in H1 2010 to 18.4% in H2 2010, with gross profit in Branded Goods – which accounts for over 70% of Group revenues – up 92% in H2
  • Branded Products – maintained market leadership in packaged butter, with marketing initiatives supporting a strong sales drive in middle and premium processed cheese markets
  • Skimmed Milk Powder – recorded better profits although later, rising EU exports and raw material prices were a challenge
  • Distribution services - network being leveraged for third party products, namely Kvass (fermented beverage) and imported frozen fish
  • Senior management team strengthened with new appointments of CFO, Director of Sales and Director of Marketing.

Sergey Evlanchik, CEO of Ukrproduct, commented:

“Despite a challenging economic environment in Ukraine, Ukrproduct achieved positive revenue and net profit growth in 2010. Our core strategic focus of adjusting the product mix to match changing consumer purchasing power, backed by strong sales and marketing initiatives, is beginning to pay off. Restoring profit margins will be helped by improving production efficiency and capital investment.

Thus although we expect the current pressure on Ukrainian consumer finances to be maintained we see plenty of potential for sales and profit growth through improving efficiency gains looking forwards. Also we are leveraging our existing business by expanding exports as well as our distribution services. I have every confidence that the new team will assist me in driving forward Ukrproduct’s strategy of increasing sales and improving profitability.”

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10th Floor, 39-41
Shota Rustaveli St.,
Kyiv 01033 Ukraine
Tel/fax +380 44 232 9602

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