Cherkizovo net profit on US GAAP for the third quarter of 2012 increased by 64% to 62.8 million

November 28, 2012

According to unaudited financial statement, in the third quarter of 2012 compared to the same period in 2011, net profit of  Cherkizovo Group on US GAAP, increased by 64% to 62.8 million, the company announced. In roubles this index rose by 79%, up to 2 billion to 10.5 million roubles. 

 Revenue in the reporting period amounted to $394.5 million, up 3% from a year earlier. In rouble terms, revenues increased by 11% to 12.628 billion  roubles. Gross profit increased by 22% to 121.2 million dollars. Gross profit in rouble terms increased by 32% to 3.880 billion. Operating income for the third quarter was 70.4 million, up 40% year on year. In rouble terms, it increased by 52%, up to 2.254 billion  roubles. 

 Adjusted EBITDA increased by 26% to 90.3 million and in rouble terms it reached 2.888 billion roubles, a 38% increase year on year. Adjusted EBITDA margin in the period was 23% compared to 19% last year. 

 OJSC Cherkizovo Group was created in 2005, united as the single holding of two groups of companies - AIC Cherkizovsky and AIC Mikhailovsky. Cherkizovo Group is a vertically integrated agro-industrial company with a complete cycle of supply and includes three main production units: meat processing, pork and poultry production. The group includes seven meat processing plants,  7 full cycle poultry production facilities, 10 full cycle pork production facilities, three fodder plants and three trading houses.  

 According to Russian Accounting Standards (RAS), in the first half of 2012 net profit of Cherkizovo Group was 144.131 million roubles compared with a net loss of $ 99.266 million  roubles during the same period of 2011. OJSC Cherkizovo Group net profit on US GAAP in the first  half of 2012 increased year on year  by 56% to 2.952 billion  roubles, 96.3 million in dollars, an increase of 46%. Consolidated revenues increased by 16% in roubles and 9% in dollar terms, reaching 22.956 billion  roubles. (749.3 million dollars).