IMC about results of 6 months 2015:
- Return to the Net profit – USD 27.0 mln
- Strong Net cash flows from operating activities – USD 20.2 mln
- Debt reduction by USD 18.7 mln in the first half of 2015
After a year of receiving of non-cash foreign currency exchange losses caused by the devaluation of the Ukrainian currency (hryvnia), in H1 2015 IMC again reported Net profit of USD 27.0 mln (USD 0.102 mln in H1 2014). The significant reduction of debt (for the period from 30 June 2014 till 30 June 2015 IMC decreased the debt by USD 30.9 mln up to USD 108.7 mln as of 30 June 2015), amid less devaluated hryvnia in the first half of 2015 than a year ago, was the main contributor to the achievement of this result.
IMC’s revenue for the 6 months of 2015 amounted to USD 73.9 mln (-10% y-o-y). The revenue decrease was caused mainly by the decline of grain prices in the global market.
At the same time devaluation of the hryvnia has led to a decrease in cost of sales in dollar terms by 40%, resulting in increase of Gross profit and Operating profit of the company by 5% in H1 2015 compared to the same period of 2014.
EBITDA of the company for 6 months of 2015 amounted to USD 57.9 mln (-1% y-o-y). Net cash flow from operating activities in the first half of 2015 amounted to USD 20.2 mln. 97% of the Revenue was obtained in crop farming segment; 3% - in dairy farming segment.
Export revenue in the first half of 2015 amounted to 90% of the total revenue for the period.
"During the first half of 2015 IMC conducted its standard operations: we conducted a sowing campaign of spring crops, we sold stocks of grains and potatoes and we produced and sold milk. Good operating results, systematic work on reduction of the company's debt, amid the stabilization of the hryvnia in the second quarter of 2015, allowed IMC to earn USD 27 mln
of net profit for the 6 months of 2015", - noted Alex Lissitsa, CEO of IMC.