MHP increases poultry production 9% yoy in 3Q14

MHP increases poultry production 9% yoy in 3Q14



14 жовтня 2014 года
Конкорд Капитал

Мироновский хлебопродукт (МХП) (MHPC)


Ukraine’s largest poultry producer MHP (MHPC LI) reported poultry output of 133.7 kt in 3Q14 (+9% yoy) on Oct.14. Poultry production increased 16% yoy to 403 kt and poultry sales increased 22% yoy to 397 kt during 9M14. The growth was attributed to a gradual ramping up of its Vinnytsa production complex, which will reach full capacity load by the end of 2014. The average selling price of poultry grew 37% qoq in 3Q14 to UAH 22.08/kg, and reached UAH 18.61/kg (+15% yoy) in 9M14.



MHP reported that its harvesting campaign is still on track, with crop yields in line with the company’s expectations and higher than the national average. Its autumn sowing campaign is almost complete, the company said. Meat processing products output fell 6% qoq in 3Q14 to 8.8 kt and dwindled 6% yoy in 9M14 to 24 kt, while selling prices experienced a 19% qoq jump to UAH 28.65/kg in 3Q14 and averaged UAH 26.61/kg in 9M14 (+14% yoy).



Roman Topolyuk: The operating result of the company’s key segment, poultry output, came in line with MHP’s target of 550 kt in poultry production in 2014. Having increased its selling price, the company managed to pass onto its clients a significant part of the hryvnia devaluation effect.



We expect that the dollar selling price will average USD 1.7/kg in 2014 (-14% yoy) while complete price recovery towards a steady level of of USD 2.0/kg (observed in 2011-2013) will take another two-three years. The strong operating results in 3Q14 will contribute to the company’s solid financial performance in 9M14, to be reported in mid-November. We project EBITDA of USD 485 mln in 2014, or a 24% yoy increase

Источник: Конкорд Капитал

Аналитик: Роман Тополюк
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