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UKRPRODUCT ANNOUNCES UNAUDITED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2012: Latest news

13 September 2012

Kyiv, Ukraine – 13 September 2012 – Ukrproduct Group Limited (“Ukrproduct” or the “Group”) (AIM: UKR), one of the leading Ukrainian producers and distributors of branded dairy products and now in addition beverages (kvass), today announces its unaudited interim consolidated IFRS financial results for the six months ended 30 June 2012.

FINANCIAL HIGHLIGHTS – MAJOR IMPROVEMENT IN PROFITABILITY
(Figures in brackets are for the six months ended or as at 30 June 2011)

• Revenues similar to 2011 but improved sales product mix grew margins
• Gross profit increased by 27% to GBP 4.3 m (GBP 3.4 m), with increase in gross profit margin to 16.9% (13.5%)
• Dairy branded/own label products performed strongly, with gross profit growth by 32% year-on-year
• Kvass grew significantly both in revenue and gross profit by 46.8% and 254% respectively year-on-year following the incorporation of the kvass producing company into the Group and growth of sales
• Skimmed Milk Powder (SMP) saw an increase in revenue by 6% but a significant decline in gross profit as a result of low prices on the world market and a weak global economy
• EBITDA increased by 27% to GBP 1.47 m (GBP 1.15 m) year-on-year
• Tax management reduced the effective tax rate to 29% (41%)
• Profit after tax up 106% year-on-year to GBP 0.636m (GBP 0.309 m)
• Cash Flow from operating activities was GBP 1.775 m (GBP 0.5833 m)
• Cash at the end of the 6 months was GBP 0.8 m (GBP 0.4 m)
• Major cost saving capital expenditure at Starokostiantyniv Plant completed successfully
• No interim dividend is proposed in view of this major capital expenditure program
• Earnings per share increased to 1.6 pence (0.8 pence)

Sergey Evlanchik, CEO of Ukrproduct, commented: “In the first half of 2012 the Group focused on recovering the margins thus, whilst the sales remained in line with the previous year, the Group achieved a substantial improvement in profitability. Branded dairy products accounted for the lion’s share of the Group’s sales and gross profit. The newly acquired business of kvass also proved to be a success. The SMP sector remained challenging, with the market conditions severely undermining the profitability. A focus on efficient tax planning helped to mitigate the negative effect of the new stringent Tax Code.”

Conference call information
Ukrproduct management will host a conference call today at 10.30 am (London time) / 11.30 am (CET) / 12.30 pm (Kiev Time) to present and discuss the unaudited interim results.

UK dial-in (toll-free): 0808 109 0700
Ukraine (toll-free): 0 800 50 20590
International dial-in: +44 (0) 20 3003 2666

The participant password is: Ukrproduct

A replay will then be available for 30 days after the conference call on Ukrproduct Group web-site.

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