Mriya starts harvesting campaign

Mriya starts harvesting campaign



6 липня 2015 года
Конкорд Капитал

Among Ukraine’s biggest farmers, Mriya Agroholding (MRIYA), has launched its harvesting campaign for its 126,000 ha land bank as it has all the necessary funds to accomplish the campaign within the agronomic timeframe, the company announced on July 2. The company received in mid-June a USD 25 mln, six-month credit facility for working capital financing in order to fund its harvesting and autumn sowing campaigns. Mriya has also agreed to outsource farming on a separate land plot of 49,000 ha during the 2015 harvest, keeping these land leases under its control.

Mriya’s management sees the company will generate USD 80 mln in revenue, USD 40 mln in EBITDA and negative operating cash flow of USD 12 mln from July 2015 to June 2016, according to projections that it published in mid-June. Between July 2016 and June 2017, Mriya projects revenue to more than double yoy to USD 169 mln, EBITDA to grow 60% yoy to USD 64 mln, and operating cash flow to turn positive to USD 30 mln.

Roman Topolyuk: Mriya is on track to stabilize operations after securing a working capital facility with its creditors, who seem to have preliminarily agreed that an operating company is worth more than a liquidated one. However, a challenging milestone – the approval of Mriya’s USD 1.24 bln debt restructuring – is still ahead, as it’s expected to take place by early September.

Источник: Конкорд Капитал

Аналитик: Роман Тополюк
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