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Landkom International Plc: Full year results
02.03.2010 11:55 "Agro Perspectiva" (Kyiv) —
Landkom International PLC (AIM: LKI, «Landkom» or «the Group»), the Ukrainian producer of agricultural commodities, announces its results for the 10 month period ending 31 October 2009.
Highlights
· Harvested land up 65% to 29,062 hectares (2008: 17,582 hectares)
o Yields comparable to 2008 despite the prolonged countrywide drought
o Direct operating costs per hectare down approximately 19 per cent
· 21,383 hectares of winter crop were planted during 2009 · Management and operational team substantially rationalised and enhanced
o Current year cost base now in line with peers — down 35 per cent from 2009 · Spring planting to be increased to 18,000 hectares from 8,000 hectares originally planned
o To include maize, spring wheat, soya and sunflower
· Total expected hectarage for harvest in 2010 now approximately 39,500 hectares, up 36 per cent on 2009 · Land bank of 74,220 hectares — 53,948 hectares registered, remainder to be registered in 2010
· Since the period end, the Group raised $16.1 million — funds crop management and 2010 spring planting
Vitaliy Skotsyk, Landkom Chief Executive, commented
"We have implemented a number of material operational and managerial changes over the last six months which means that our cost base is now in line with our peers and that we are able to increase significantly our spring planting programme.
"Further cost savings are expected, driven by land usage efficiencies, improving the mix of agricultural equipment and purchasing process, exploiting economies of scale and working towards precision based farming techniques. Our business has high operational gearing so any rise in crop prices will be directly reflected in our bottom line.
«I am confident that we now have the land, management team, assets and the operational experience to efficiently farm in some of the best agricultural land in world and to meet the needs of a growing world population.»
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