Brief: Ukraine's MHP Q4 Net Result Turns To Profit At USD 16 Mln

MHP SE

05/05/2022 11:09

May 5 (Reuters) - MHP SE  MHPC.PFT  says:
    * Q4 NET GAIN FOR PERIOD WAS USD 16 MILLION VS LOSS OF USD
24
MILLION LAST YEAR
    * Q4 REVENUE ROSE 46% TO USD 725 MILLION 
    * Q4 ADJUSTED EBITDA MARGIN (NET OF IFRS 16) INCREASED TO
18%;
ADJUSTED EBITDA (NET OF IFRS 16) OF USD 129 MILLION WAS UP 239%
Y/Y
    * Q4 REVENUE OF USD 725 MILLION, AN INCREASE OF 46% Y/Y(Q4
2020:
USD 497 MILLION)
    * Q4 OPERATING PROFIT INCREASED TO USD 90 MILLION FROM USD 7
MILLION; OPERATING MARGIN INCREASED FROM 1% TO 12%
    * THERE REMAINS EXTREME UNCERTAINTY ABOUT HOW WAR IN UKRAINE
WILL
PROGRESS AND EFFECTS THIS COULD HAVE ON MHP'S OPERATIONS OVER
COMING MONTHS
    * WITH RECENT STRONG SUPPORT OF HOLDERS OF OUR EUROBONDS AND
OUR
BANKERS, GROUP IS CURRENTLY ADEQUATELY FUNDED TO MAINTAIN
OPERATIONS AND BUSINESS CONTINUITY
    * AS A RESULT AND IN SPITE OF GROUP'S SUCCESS IN MAINTAINING
OPERATIONS THUS FAR, AT THIS STAGE IT IS NOT POSSIBLE TO PROVIDE
GUIDANCE AS TO HOW YEAR MAY TURN OUT
    * DUE TO GLOBAL SHORTAGES, WHICH ARE EXPECTED TO CONTINUE
INTO
2023, PRICES OF BOTH POULTRY AND GRAIN ARE EXPECTED TO REMAIN AT
HIGH LEVELS AT LEAST FOR REST OF 2022
    * POSITIVE EFFECT OF HIGHER PRICES WILL BE PARTLY OFFSET BY
STRONG
COST INFLATION, FOR EXAMPLE IN UTILITIES, ENERGY AND ESSENTIAL
COMMODITIES, IN ADDITION TO MORE COSTLY LOGISTICS SOLUTIONS
    * WE EXPECT SHORTLY TO RECOMMENCE PRODUCTION AND EXPORT OF
VEGETABLE OILS AND IF CURRENT LOGISTICS TRIALS ARE SUCCESSFUL,
TO AT LEAST PARTIALLY RESTORE POULTRY EXPORTS
    * WE HOPE TO HARVEST GRAIN CROPS FROM 90% OF OUR LAND WHERE
SOWING
IS NOW IN PROGRESS, WITH EXCELLENT EARLY GROWING CONDITIONS
    * POULTRY PRODUCTION HAS ALREADY RECOVERED TO ABOUT 85% OF
NORMAL
CAPACITY
    * BOARD OF MHP SE HAS DECIDED THAT NO FINAL DIVIDEND WILL BE
PAID

Further company coverage:  MHPC.PFT 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))