IMC is among Ukraine’s top-10 agricultural companies.
At the beginning of February, the corn harvesting was completed at IMC. In total, 574 thousand tonnes of corn were harvested from an area of 46.3 thousand hectares. The average yield of corn of 12.4 t/ha was a record for all years of the company’s activity, which is 1.3 t/ha higher than the previous record achieved in 2018 year.
"The 2023 harvesting campaign turned out to be difficult, primarily due to difficult weather conditions in autumn, which led to the extension of the harvesting period. In addition, work in the border regions of Sumy Oblast and Chernihiv Oblast of Ukraine is complicated by constant shelling from Russia. There is also a lack of personnel. But despite everything, we managed to get a record corn yield. This is the result of a successful combination of the painstaking work of the entire team, the developed highly efficient technology, as well as favorable weather conditions during the growing season", - noted Oleksandr Verzhykhovskyi, IMC Chief Operating Officer.
In early October, IMC finished sowing of winter wheat. A total of 20.3 thousand hectares were sown for the 2024 harvest.
Also, at the end of the second decade of October, harvesting of sunflower in the company was completed. A total of 92.7 thousand tonnes were harvested from an area of 32.1 thousand hectares with an average yield of 2.9 t/ha (the yield on the lands of the north of Chernihiv region, which were not cultivated last year due to the occupation and the subsequent need for examination for the presence of explosive objects, amounted to 2.2 t/ha, while on the remaining areas of Chernihiv region, Sumy region and Poltava region, the sunflower yield was 3.3 t/ha).
This year, winter wheat was harvested from an area of 33.3 thousand hectares, 236 thousand tonnes of grain were harvested, the average yield was 7.1 t/ha - the record in the entire history of the company's activity.
"The harvested area this year was more than 80% larger than the traditional area under winter crops for our company, which was caused by changes in the crop mix in favor of winter wheat instead of corn. Nevertheless, we managed to harvest the crop promptly and get an excellent result, despite last year's prolonged sowing of winter wheat, as well as the reduced amount of fertilizers used," - commented Oleksandr Verzhykhovskyi, Chief Operating Officer of IMC.
IMC signed a loan agreement with the European Bank for Reconstruction and Development (EBRD) for USD 10 million. The loan agreement is accompanied by USD 3 million from the Clean Technology Fund.
The loan funds will be used to upgrade the company's fleet of grain trucks, which will help improve operational efficiency and increase IMC's export capabilities.
Thanks to cooperation with the EBRD, IMC will finance one of the projects of its new IMC Smart Green Strategy for 2023-2033.
The signing of the loan agreement took place on June 22, 2023 in London at the Ukraine Recovery Conference, in the presence of the First Deputy Prime Minister of Ukraine - Minister of Economy of Ukraine Yuliia Svyrydenko and First Deputy Minister of Agrarian Policy and Food of Ukraine Taras Vysotskyi.
A total of 78.5 thousand hectares were sown with spring crops, including 46.3 thousand hectares with corn and 32.2 thousand hectares with sunflower in five clusters of IMC in Chernihiv region, Sumy region and Poltava region of Ukraine.
"Due to the rainy and cool March and April, the spring sowing campaign in IMC started only on April 20. However, we managed to carry out this sowing in close to optimal terms. This year, the area under spring crops in IMC is somewhat smaller than traditionally, given the almost two-fold increase of winter wheat crops in the 2023 crop mix", - commented Oleksandr Verzhykhovskyi, Chief Operating Officer of IMC.
At the beginning of March, corn harvesting was completed in all IMC clusters located in Chernihiv, Poltava and Sumy regions of Ukraine. In total, more than 532 thousand tonnes of corn were harvested from an area of more than 50.2 thousand hectares with an average yield of 10.6 t/ha, which is the second best result of corn yield in the entire 15-year history of IMC.
Helping the Armed Forces of Ukraine and the Territorial Defense in the war against the russian occupier became a priority for IMC from the first days of the full-scale invasion of the Russian Federation into Ukraine - February 24, 2022.
The Head Office of IMC immediately transferred UAH10 million to a special account of the National Bank of Ukraine, created to collect funds for the needs of the Armed Forces of Ukraine. We also transferred another UAH 5 million to the "Come Back Alive" charity foundation. The company allocated UAH 1 million to purchase food for our military personnel. We purchased 30,000 construction bags for the construction of fortifications in Kyiv, and office laptops and smartphones were handed over to the Territorial Defense of Kyiv city.
Regional enterprises of IMC also immediately joined the fight against the enemy. In 2022, IMC enterprises from Chernihiv region, Sumy region, and Poltava region handed over 37 cars, trucks, and passenger vehicles, 6 drones, 18 walkie-talkies, 11 binoculars, 13 batteries, 25 body armor, 32 field stoves, and 2 electric generators for the needs of the Armed Forces of Ukraine and the Territorial Defense. 60 metal anti-tank defense urchins and 330 defensive spike urchins were manufactured and delivered by the IMC enterprises for the arrangement of defensive installations. 120 foundation blocks and floor slabs were also purchased and delivered to the defensive locations.
IMC enterprises also constantly helped our defenders with fuel. In 2022, we transferred 110,960 liters of diesel and gasoline to the Armed Forces of Ukraine and the Territorial Defense.
Together to Victory! Glory to Ukraine!
Sunflower was harvested from an area of 19.2 thousand hectares, the yield is about 3.4 tonnes per hectare (-3% compared to 2021). Taking into account the difficult military conditions in which this season is taking place, the obtained sunflower yield is a good result - on a par with previous record years.
"Unfavorable weather conditions led to a late start of both sowing and harvesting of sunflower this year. The result was a slight decrease in yield compared to previous years. However, we are very satisfied with the grown harvest. Because on the eve of the spring sunflower sowing campaign, part of our lands were in the zone of active hostilities. In the end, thanks to the victory of the Armed Forces of Ukraine, as well as the selfless work of the IMC team, we succeeded in everything," – commented Oleksandr Verzhykhovskyi, Chief Operating Officer of IMC.
This year, winter wheat was sown on an area of almost 33,000 hectares, which is 80% more than the traditional area under winter crops at the company in previous years.
The war forced IMC to review the crop mix in 2022. The area under corn was reduced in favor of winter wheat, since corn requires more gas and electricity to dry the grain. Also, in the fall of 2022, winter wheat was sown on the areas where the spring sowing campaign was not carried out, due to the need for demining and examination of these areas for the presence of remnants of shells.
However, with the increase of the area under winter wheat, IMC also associates positive expectations. First, it is the contribution of IMC to the food security of Ukraine. Secondly, in Ukraine in 2022, the area under winter wheat has been significantly decreased, which will potentially negatively affect the supply of wheat on the world market and lead to a growth of wheat prices.
At the end of last week, IMC completed the harvesting of winter wheat. Crop was harvested from an area of 18.3 thousand hectares with an average yield of 6.7 t/ha, which is a record result for all years of the company's economic activity, and is 18% higher than wheat yield in IMC in 2021.
On May 15, 2022, the most difficult spring sowing in the entire 15-year history of IMC company was completed. 19.2 thousand hectares were sown with sunflower and 50.2 thousand hectares with corn.
From the first days of the vile invasion of the Russian Federation into the territory of Ukraine, our company provides comprehensive assistance and support in the fight against the occupier. IMC provides all available material resources of the company, which are necessary for the protection of our Motherland and the people of Ukraine. Hundreds of our employees are fighting in the Armed Forces of Ukraine and the Territorial Defense.
IMC will not cooperate with any company, organization or bank that cooperates or has any business relations with companies, organizations or banks in the Russian Federation. We consider such companies, organizations and banks to be accomplices in bloody crimes committed by the Russian Federation against Ukraine and our people.
Together to Victory! Glory to Ukraine!
Preparations for the spring sowing campaign at IMC enterprises are nearing completion. 100% of seeds, plant protection products and fertilizers have already been purchased. Currently, annual professional trainings of agronomic and engineering services are held. The repair works of the company's agricultural machinery park have been coming to an end and new seeders and tractors have been coming to IMC’s machinery stations in the regions.
Corn was harvested from an area of over 68 thousand hectares, gross harvest amounted to 718 thousand tonnes, the average yield is 10.55 t/ha, which is 42% higher than the average yield of corn in Ukraine (7.42 t / ha as of December 2, according to the Ministry of Agriculture policy and food of Ukraine) and is the second best result in the history of IMC.
Sunflower was harvested from an area of 25.7 thousand hectares, harvest amounted to 91 thousand tonnes, yield - 3.52 t/ha, which is the second best result in the history of the company, and 52% higher than the average yield of sunflower in Ukraine this year (2.31 t/ha as of October 18, 2021 according to the Ministry of Agrarian Policy and Food of Ukraine).
Also during the second half of September - the first half of October, winter wheat was sown on an area of 18.4 thousand hectares.
IMC’s Revenue for the first half of 2021 increased by 6% to USD 84.8 million compared to the first half of 2020. IMC's Net profit increased by 189% to USD 77.4 million and EBITDA increased by 93% to USD 91.9 million due to a significant increase in prices for grain and oilseeds grown by the company.
A total of 122 thousand tonnes of wheat was harvested from an area of 21.4 thousand hectares, the average yield is 5.7 t/ha, which is 25% higher than the average yield of this crop in Ukraine (4.55 t/ha).
Last week, IMC completed the spring sowing campaign of 2021. Sunflower was sown on the area of 25.8 thousand hectares and corn was sown on the area of 68.5 thousand hectares.
IMC Revenue in 2020 amounted to USD 161.4 million (-5% y-o-y). The slight decrease in revenue is due to lower sales of grain and oilseeds because of lower harvest in 2020. 98% of revenues were received from crop farming, 1% from dairy farming and 1% from grain storage services. The share of export revenue amounted to 78%.
The company's EBITDA in 2020 increased by 83% to USD 71.8 million, and Net profit increased more than 4 times to USD 31.7 million (vs. USD 7.3 million in 2019). Significant increase in prices for grain and oilseeds grown by the company was the main reason for the growth of IMC's profitability in 2020.
On 27 April 2021, the Board of Directors of IMC S.A. approved the company's strategy for 2021-2030. For the next 10 years, IMC will remain a purely agricultural company engaged in the cultivation of highly profitable, export-oriented crops. The company will focus on operational efficiency and sustainable development in relation to people, land and the environment. The company's strategy provides for the annual payment of dividends to IMC shareholders.
In early December, the harvesting of corn was completed at IMC. Corn, main crop of the company, was harvested from 69.2 thousand hectares, corn harvest amounted to 645.5 thousand tonnes, with an average yield of 9.33 t/ha, which is 77% higher than the average corn yield in Ukraine (according to official data, as of November 30, 2020, the average corn yield in the country was 5.26 t/ha).
Sunflower was harvested from an area of 25.8 thousand hectares, more than 90 thousand tonnes were harvested, the average yield was 3.5 t/ha, which is the second best result in the history of the company, and 84% higher than the average sunflower yield in Ukraine.
Winter wheat was sown on an area of 21.4 thousand hectares, which corresponds to the area planned for sowing of this crop in line with the approved crop rotation.
IMC’s revenue in the first half of 2020 decreased by 17% to USD 79.8 million, compared to the same period in 2019, due to a decrease in sales of grain and oilseeds by 19%, and primarily corn as the main crop, which is associated with lower harvest. Export revenue accounted for 93% of total revenue for the reporting period. Due to the devaluation of the national currency (hryvnia) in the first half of 2020, the profitability of the IMC increased, in particular, the company's EBITDA increased by 13% to USD 47.6 million. Total debt was reduced to USD 43.0 million as of 30 June 2020.
This week IMC has completed the harvesting of winter wheat. The harvesting campaign lasted about three weeks, grain was harvested from an area of 21.2 thousand hectares, more than 123 thousand tonnes were harvested with an average yield of 5.83 t/ha, which is 52% higher than the average yield in Ukraine (according to the Ministry of Economic Development, Trade and Agriculture of Ukraine, as of 30 July 2020 average wheat yield in Ukraine was 3.8 t/ha).
On May 19, IMC completed the spring sowing campaign of 2020. 26 thousand hectares of sunflower and 69 thousand hectares of corn were sown.
In 2019, IMC increased its Revenue by 29% to $169.6 million due to growth of grain and oilseeds sales volume by 31% since the company was selling a record 2018 crop in the first half of 2019. At the same time, corn prices in 2019 remained practically at the level of 2018 (+1% year-on-year), wheat prices increased by 4%, and prices for oilseeds (sunflower and soybean) decreased by 7% and 8% respectively. 98.5% of the revenue came from the sale of crop production, 1% from dairy farming and 0.5% from grain storage services. Export sales accounted for 80% of revenue.
On 21 November 2019, the IMC completed the corn harvesting, thus completing the harvesting campaign for the 2019 season. Corn was harvested from the area of 69.5 thousand hectares, 671.5 thousand tonnes of corn were harvested with yield of 9.7 t/ha, which is the second-highest on record for all years of the company's activity (the best result was achieved in 2018), and exceeds the average corn yield in Ukraine by 37% (according to the Ministry of Agrarian Policy and Food of Ukraine, as of the reporting date, the average corn yield in Ukraine was 7.1 t/ha).
This year the IMC has achieved a record sunflower yield of 3.7 t/ha, which is 60% higher than the average yield of this crop in Ukraine. The sunflower was harvested from an area of 22.8 thousand hectares, with a harvest of almost 84 thousand tonnes. Soybeans were harvested from an area of 10.8 thousand hectares, harvest amounted to 28.1 thousand tonnes with an average yield of 2.6 t/ha, which is 10% higher than the average yield of this crop in Ukraine. The winter wheat was sown on the area of almost 21.1 thousand hectares.
In the first half of 2019, the IMC achieved an increase in all key financial indicators compared to the same period of 2018. The company's Revenue grew by 52% to $ 96 million due to the significant increase in sales volume of corn of 2018 record harvest. EBITDA increased by 22% to $ 42.3 million. The company's Net Profit increased by 13% to $ 27.6 million.
During the first half of 2019, IMC continued its strategy of debt reduction, reducing its total debt to $ 53.8 million as of 30 June 2019, compared to $ 58.8 million as of 31 December 2018.
On 1 August the IMC completed the winter wheat harvesting. Wheat was harvested from an area of 13.1 thousand hectares, the harvest was more than 82.3 thousand tonnes with record yield of 6.3 t/ha for all 12 years of the company’s activity. The achieved yield is 11% higher than the previous best result of the company, and 55% above the average in Ukraine (according to the Ministry of Agrarian Policy and Food of Ukraine, as of 31 July 2019, the average winter wheat yield in Ukraine was 4.04 t/ha).
On 22 May, the IMC completed a spring sowing campaign of 2019 season. The sowing area under sunflower this year amounted to 22.8 thousand hectares, under soybean - 10.8 thousand hectares, under corn - 69.5 thousand hectares. Also about 1 thousand hectares were planted with fodder crops to meet the needs of the company’s dairy farming.
In 2018, the IMC increased Net profit by 55% to $27.6 million due to achieved record harvest of grains and oilseeds of 856 thousand tonnes (+27% vs. 2017) and a reduction of financial expenses by 17% compared to 2017 to $5 million per year. The IMC's Revenue in 2018 amounted to $131.6 million (+4% vs. 2017), EBITDA increased by 30% to $50.8 million.
In 2018, IMC harvested a record crop of grains and oilseeds - 856 thousand tonnes net, which is 27% more than the harvest of 2017. A record corn yield of 11.1 t/ha (+22% vs. 2017 and 44% higher than the average corn yield in Ukraine in 2018) was the main driver of the achieved result. Corn historically occupies more than 50% of the land bank of IMC.
After the trading session on December 21, 2018, the shares of IMC S.A. have been included in the sWIG80 index on the Warsaw Stock Exchange, which comprises small companies with the highest stock turnover and the highest market value of free-float. The Warsaw Stock Exchange made this decision on December 6 based on a quarterly revision of the indices. On December 27, 2018, the first trading session with the new composition of the sWIG80 index, which includes the IMC stock, was held.
On 30 November 2018, the IMC completed the harvesting of corn. Over 762 thousand tonnes of corn were harvested from 68.4 thousand hectares with gross yield of 11.1 tonnes per hectare. The achieved yield of corn is a record for all 11 years of the company's activity, and exceeds the previous best result in the IMC by 22%, as well as the average yield of corn in Ukraine by 44%.
According to the results of 9 months of 2018, the IMC increased its Net profit by 16% to USD 32.1 million compared to the same period in 2017.
On 9 October 2018, IMC completed harvesting of soybeans. In total, 32.2 thousand tonnes of soybeans were harvested from an area of more than 10.7 thousand hectares, the average gross yield was 3 t/ha, which is 20% higher than the average soybean yield in Ukraine. In addition, ten days earlier, on 29 September 2018, IMC completed harvesting of sunflower. This year, the IMC reached a record sunflower yield of 3.5 t/ha, 82.5 thousand tonnes of sunflower were harvested from an area of 23.7 thousand hectares. At the same time, the yield of sunflower in the IMC is more than one and a half times higher than the average sunflower yield in Ukraine.
On May 20, the IMC completed the sowing of spring crops. This year, 69.5 thousand hectares of corn, 23.8 thousand hectares of sunflower, 11 thousand hectares of soybean and 900 ha of fodder crops were sown.
"In the current year, weather conditions, especially excessive soil moisture due to significant precipitation in winter and in March, forced us to begin spring field work 10 days later than planned. At the same time, all the work, namely the fertilizing of winter crops, the introduction of mineral fertilizers for spring crops, the closing of moisture and sowing were started almost simultaneously. However, the well-coordinated work of all production departments, the use of highly efficient machinery (including those acquired in the current season), the expansion of the use of advanced technologies of precision farming, made it possible to sow spring crops for the period, 15% shorter than in the previous year", - summed up Oleksandr Verzhykhovskyi, Chief Operating Officer of the IMC.
IMC's revenue in 2017 amounted to $126.8 million (+2% y-o-y), including crop farming revenue increased by 4% to $124.1 million, mainly due to growth of prices for grain and oilseeds by 2-4%, and revenues from dairy farming decreased by 61% to $1.9 million due to the completion of the project on optimization of dairy farming in the company. The share of export revenue in 2017 was 73%.
On 5 February, IMC completed the harvesting of corn. Despite the difficult season, which was characterized by unfavorable weather conditions, which was the reason for the long harvesting, the result obtained in the company is more than satisfied. The company harvested almost 610 thousand tonnes of corn from the area of more than 67 thousand hectares with gross yield of 9.1 tonnes/ha, which is equal to the record yield of corn achieved by the company in 2016.
Net profit of $ 27.6 million, debt reduction of $ 12.9 million, payment of the first dividend of € 1.66 million.
On September 30, the IMC completed the harvesting of soybean, and on October 8, the harvesting of sunflower was completed. The yield of both crops in the IMC exceeds average yields both in Ukraine as a whole and in certain regions of Ukraine where the company carries out its activity.
On 28 August 2017, the Board of Directors of IMC S.A. announced a distribution of the interim dividend to the Company’s shareholders. On 27 September 2017, the IMC will pay the company's first ever dividend to all its investors as of 20 September 2017, at EUR 0.05 per share for an aggregate amount of about EUR 1.66 million.
On 28 August, the IMC issued a financial report for the first half of 2017. The company's revenue for the six months of 2017 increased by 15% compared to the same period of 2016 to $62.6 million, mainly due to increased volumes of sales of grain and oilseeds. IMC's export revenue accounted for 92% of the company's total revenue for the first half of 2017.
As part of IMC's strategy on reduction of the company’s debt and the cost of credit resources, during July-August of this year, IMC has refinanced loans from Alfa-Bank (USD 10 million) and the European Bank for Reconstruction and Development (USD 10.1 million). Due to the refinancing, the financial expenses of the IMC decreased by 850 thousand dollars a year.
It is planned that by the end of 2017 the total debt of the IMC will be about $65 million, which is 22% less than in 2016.
On August 9, the IMC completed harvesting of winter wheat. About 78.1 thousand tonnes of grain were harvested from an area of 13.7 thousand hectares. The gross yield was 5.7 t/ha, which is 19% more than in 2016 and a record for all 11 seasons of winter wheat growing in IMC.
"Despite the difficult weather conditions both during sowing of winter crops in autumn 2016, and during the growing season and at the stage of ripening of grain, production team of IMC has achieved good result on winter wheat due to the intensification of cultivation technology, namely the choice of high productivity grades of foreign selection, improved fertilization system and crop protection system", - commented on the results of winter wheat harvesting Oleksandr Verzhykhovskyi, Chief Operating Officer of the IMC.
According to the decision taken at the Extraordinary Meeting of Shareholders held on 26 April 2017, Industrial Milk Company S.A. officially changed its name to IMC S.A.
On May 15, the sowing campaign of spring crops was completed at the IMC. This year 67.4 thousand hectares of corn were planted on the fields of the company, 24.7 thousand hectares of sunflower, 11 thousand hectares of soy, 662 hectares of potatoes, and 1 thousand ha of fodder crops.
According to the company's financial report for 2016, published on April 25, IMC's Net profit for 2016 was $21.8 million (vs. $10.5 million for 2015).
Revenue of IMC for 2016 amounted to $124.7 million and EBITDA $59.0 million, while both indicators exceeded the IMC's financial forecast for 2016.
The total debt of the company as of December 31, 2016 was $83.6 million (vs. $104.3 as of 31.12.2015).
In 2016 the IMC harvested 717 ths tonnes of grain and oilseeds (+12% compared to 2015)and 21 ths tonnes of potato (+31% compared to 2015). Significant yields growth of almost all crops. Sales in the crop farming segment in 2016 amounted to 691 ths t. 80% of sales in the crop farming segment (about 556 ths. t) was exported.
On 20 December 2016 a Subsidiary of Industrial Milk Company S.A. (Burat-Agro LLC) in time and fully retired bonds of series E to the amount of UAH 115 203 400.00 (equivalent to USD 4.36 mln) using own funds of the company.
IMC’s Revenue for the nine months ended 30 September 2016 amounted to USD 80.3 million, EBITDA amounted to USD 56.3 million, and Net profit amounted to USD 16.7 million.
IMC confirmed its financial outlook for 2016 published on 8 September 2016: Revenue – USD 122 million, EBITDA – USD 55 million, Total debt at the end of 2016 – USD 100 million +/- 3 million.
The rating was formed based on expert judgments. Participants were evaluated by companies specializing in search and evaluation of senior executives: Talent Advisors, Pedersen&Partners, We Partners, investment company Dragon Capital, the bank Credit Agricole, audit company Kreston GCG, agency PR-Service, legal company Alexandrov&Partners, consulting agency AAA and UkrAgroConsult.
Top managers of the largest agrarian and food companies, including transnational corporations operating in Ukraine, took part in this rating.
Experts have evaluated top managers using the 10 point scale by three criteria:
1 .Reputation (the significance and being in demand in the market, the confidence of partners)
2. Transparency (the readiness to communicate with the media, the quality of dispersed information)
3. Business efficiency (the company's performance evaluation, efficiency of innovations, etc.).
Media activity of the participants was also analyzed in this rating (statistics of mentions in the mass media have been provided).
As a result, Alex Lissitsa, CEO of IMC, gained the lead among the 22 finalists of this rating. Congratulations!!!
See rating on the following link:
http://landlord.ua/dirijeri-izmeneniy-reyting-samyih-effektivnyih-top-menedzherov-agrarnoy-otrasli/
This year wheat was sown on the area of 13.7 thousand hectares. About 70% of the area under winter wheat was sown with high-yielding varieties of wheat of foreign selection. The use of high-end Horsch Pronto seeders has ensured the fulfillment of sowing process at high level.
On October 21 IMC completed the harvesting of oilseeds (sunflower and soybean). The yield of both crops has exceeded last year's results and targets for 2016.
Following the strategy on modernization of grain storages, in October 2016 IMC has put into operation two new grain storage silos at its grain elevator in Sumy cluster (PJSC "Vyrivske HPP"). The total capacity of two new storage silos is 15 thousand tonnes.
In September IMC plans to select 10 best students from the departments “Maintenance and repair of agricultural machinery and equipment” and “Production and processing of agricultural products” (expectant machine operators and agronomists) to undergo practical training in Pryluky cluster of IMC. During the school year trainees will participate in all production processes and if succeed in undergoing of internship they will join IMC team or will be added to IMC's staff reserve.
In addition, teachers of Berezovorudsky Technical School will participate in the Teach the teacher program initiated by IMC in 2016.
Revenue for the reporting period amounted to USD 54.4 million. Corn sales contributed 94% to the revenue in the first half of 2016. Exports accounted for 90% of total revenue. IMC's EBITDA for the first half of 2016 amounted to USD 49.6 million, and Net profit amounted to USD 18.8 million.
On 9 August IMC completed winter wheat harvesting. Wheat has been harvested from an area of 15.4 thousand hectares with achieved gross yield of 4.8 t/ha.
IMC has attracted a US $20 million loan from the European Bank for Reconstruction and Development (EBRD) to finance working capital needs of the company’s farming operations in Ukraine.
Based on the experience of the world's leading companies, in 2016 IMC has started formation of the Health, Safety and Environment (HSE) management system. HSE department was formed at IMC’s headquarter, designed to assist top-management of IMC in development and implementation of the company's strategy in these areas.
"The philosophy of IMC in Occupational Health and Safety and Environmental Protection is not limited to compliance with legal requirements, but aims at significant improvement of the overall safety culture in the workplace, creating additional mechanisms to ensure the reliability of our business", - said Alex Lissitsa, CEO of IMC.
On June 10, 2016 IMC approved a 5-year strategy of the company on Occupational Health and Safety and Environmental Protection in 2016-2020, which determines the priority directions of development of the company in this area.
"IMC focuses on all aspects of safety in the workplace, including the state of the equipment. However, on the first place we put the change in the attitude of each employee to their own safety and the safety of others. The company will continue to invest financial and human resources to achieve significant improvements in the safety system. The commitment of IMC’s top- management to these issues and competence of managers are our advantages and the key to success ", - said Maxim Pugach, Head of Health, Safety & Environment (HSE) of IMC.
On 3 June 2016 IMC participated in the III International Forum of Corporate Secretaries. The event was organized by the Corporate Governance Professional Association (CGPA) and the International Finance Corporation (IFC), with whom IMC has being actively cooperated recent years.
At the forum IMC was represented by Olga Nikolenko, Chief Legal Advisor of IMC, an individual member of the Corporate Governance Professional Association, and a Certified Corporate Secretary.
At the Forum, the results of research of rating agency IBI rating agency (authorized national rating agency) were presented – “Rating of Corporate Governance in the companies of real sector”. According to the rating IMC was among top three leaders on the quality of Corporate Governance and rated with cgA(pi) 98% compliance, that under the characteristics of the rating’s scale means that IMC has an exemplary level of Corporate Governance.
On May 12 IMC completed the spring sowing campaign. The company has sown more than 71 thousand hectares of corn, about 25 thousand hectares of sunflower, 6.4 thousand hectares of soybean and 634 hectares of potato. Also, fodder crops were sown on about 5 thousand hectares.
In the past three years IMC has been focusing on the implementation of its strategy to reduce the company's total debt. Only for the first quarter of 2016 IMC has reduced total debt by $8.3 million, and in general for the 2014-2016 years, IMC has demonstrated significant progress in the implementation of this strategy, reducing the company's total debt by $49.5 million.
In addition to this IMC pays special attention to the optimization and reduction of the financial costs. To this end, on May 19, 2016 two enterprises (Burat-Agro, Ltd. and Chernihiv Industrial Milk Company, Ltd.), belonging to the IMC’s group, began advanced repayment of loans to Prominvestbank (total amount of loans is $17.9 million with a maturity of June 30, 2016).
On May 13, 2016 the Board of Directors of Industrial Milk Company (IMC) decided to hold a tender for the provision of audit services for the company.
Cost of the auditor's services and experience with agricultural companies will be the main criteria for the decision making for the winner of the tender.
Ernst & Young, KPMG, Deloitte, PwC, BDO and Baker Tilly are the major candidates whose offers are expected to be considered within the tender.
IMC plans to attract the winner of the tender for the provision of auditing services for the company’s results for the year ending December 31, 2016.
The well-known fund manager will join the team of IMC. On June 1, Kamil Gaworecki will take a position of Non-executive director of the company. Mr. Gaworecki within his responsibilities will advise the company on investor relations and will lead the Remuneration Committee.
"Operational and financial results of IMC in the first quarter of 2016 fully comply with the company's plans and budget. In February 2016, we presented an updated strategy for IMC till 2020 and plans for the current year, and we systematically pursue the declared strategy and plans", - commented the results of the first quarter of 2016 Lissitsa Alex, CEO of IMC.
IMC has reached its financial forecast for 2015 on Revenue and EBITDA (Revenue at the level of 2014 and EBITDA growth up to 10%). According to the published consolidated financial statements of IMC for 2015 Revenue amounted to $140.4 million (+2% y-o-y), EBITDA amounted to $66.5 million (+16% y-o-y).
In recent years IMC has been actively renewing and expanding own park of agricultural machinery. Application of modern agricultural machinery allows following high technological standards, increasing of yields and reduction of production costs.
“We don’t buy equipment, we buy technologies to improve the efficiency”, - said Alex Lissitsa, CEO of IMC.
In March 2016 IMC bought six tractors Fendt 936 Vario and six modern self-propelled sprayers John Deere. Total investments amounted about $ 3.5 mln.
According to Vladislav Lavrinenko, Production Director of IMC, all new machinery provides high quality technological operations, allows applying of precision farming technologies and is resource efficient.
New sprayers and tractors will be used in all clusters of IMC.
The company's sales in the crop farming segment in 2015 increased by 18% to 763 ths. tonnes. More than 82% of sales in the crop farming segment (629 ths. tonnes) were exported (+22% vs. 2014).
In 2015, IMC produced about 638 ths. tonnes of grain and oilseeds. Milk production at IMC’s dairy farms amounted to 19.2 ths. tonnes. Average milk yield in IMC increased by 2% compared to 2014 year to 5.5 tonnes per forage cow.
On the 14th of December IMC completed harvesting of corn.
The gross yield of corn amounted to 7.3 t/ha and exceeded Ukraine’s average corn yield by 28% (according to the Ministry of Agrarian Policy and Food of Ukraine, the average corn yield in Ukraine as of December 14, 2015 amounted to 5.68 t/ha on the 99% of the harvested area).
On 8 December 2015 a Subsidiary of Industrial Milk Company S.A. (Burat-Agro LLC) prematurely and fully redeemed bonds of series D to the amount of UAH 117 753 000.00 (equivalent to USD 5.02 mln) using own funds of the company.
IMC informs about timely and full repayment of interest payment on bonds, fourth coupon (bonds of series D and E), on 25 November 2015 in the following amount:
Total Interest Payment : 7 390 600,00 UAH (equivalent 308.1 ths USD)
Interest Rate (%) 13.25
Maturity Date of series D: 21-December-2015
Maturity Date of series E: 19-December-2016
Based on results of 9 months of 2015 IMC was able to achieve growth of all key financial indicators compared to the same period in 2014.
Revenue for the first 9 months of 2015 amounted to USD 100.2 mln (+2% yoy), Gross profit – USD 67.6 mln (+11% yoy), EBITDA – USD 56.9 mln (+3% yoy), Operating profit – USD 52.1 mln (+12% yoy), Net profit – USD 20.1 mln (Net loss of USD 14.3 mln for 9 months of 2014).
A subsidiary of IMC received permission to export corn to China. In addition, four silos owned by the company were certified for storage of corn for export to China.
The ability to enter the China market is not only the geographical diversification of sales, but also the opportunity to get the higher price.
Last week IMC completed sowing of winter wheat. This year winter wheat was sown on the area of 15.5 thousand hectares (+28% comparing to 2014).
On the 6th of October IMC completed harvesting of oilseeds: sunflower and soybean. Our current results have exceeded last year’s figures as well as planned results for the year 2015. The gross yield of sunflower in 2015 amounted to 2.82 t/ha, soybean – 2.56 t/ha.
- 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
IMC informs about timely and full repayment of interest payment on bonds, third coupon (bonds of series D and E), on 26 August 2015 in the following amount:
Total Interest Payment : 6 788 600,00 UAH (equivalent 308.1 ths USD)
Interest Rate (%) 13.25
Maturity Date of series D: 21-December-2015
Maturity Date of series E: 19-December-2016
On August, 6th IMC completed the harvesting of winter wheat. Wheat was harvested from an area of over 12 thousand hectares. The achieved gross yield is 5.03 t/ha, it’s 30% above than the average yield in Ukraine.
In 2014/15 marketing year, IMC sold more than 705 thousand tonnes of grain and oilseeds. About 85% of this volume (more than 600 thousand tonnes) was exported.
In accordance with the announced plans for the year 2015, during H1 2015 IMC reduced its debt by 15%, from US$127.4 million as of December 31, 2014 to US$108.7 million as of June 30, 2015.
In 2015 IMC launched the student internship program “Start with IMC”, aimed at students who study agronomy and agricultural engineering.
This year, 20 agrarian students will be invited to join the internship at IMC’s agricultural enterprises and 3 students will be invited to join the internship at IMC’s grain storage capacities.
On June 25-26, we are moving into a new office at the address: 119 Chervonozorianyi Avenue, Kyiv.
In connection with the move, on June 25-26 corporate e-mail of the Kyiv office staff will not work.
Since June 29, we are again in touch by e-mail. New fixed location phone numbers of the Kyiv office of IMC will be announced later.
IMC informs about timely and full repayment of interest payment on bonds, 2nd coupon (bonds of series D and E), on 27 May 2015 in the following amount:
Total Interest Payment 6 420 400,00 UAH (equivalent 308.1 ths USD)
Interest Rate (%) 13.25
Maturity Date of series D: 21-December-2015
Maturity Date of series E: 19-December-2016
On May, 24 IMC completed the sowing campaign of spring crops. During the spring sowing campaign corn was sown on the area of 74.6 ths. ha (with 55% share in crop mix), sunflower was sown on the area of 24.5 ths. ha (with 18% share in crop mix), soybeans were sown on the area of 6.2 ths. ha (with 5% share in crop mix) and potato was planted on the area of 591 ha (with 0.4% share in crop mix).
Increase of Gross profit of IMC by 30% in Q1 2015 compared to the same period of 2014 up to USD 13.9 mln, growth of Operating profit by 38% to USD 7.9 mln and growth of EBITDA by 5% to USD 9.8 mln.
The company achieved its updated financial forecast for 2014, reaching a Revenue growth of 20% compared with 2013 year up to USD 138.3 mln and EBITDA growth of 16% in comparison with 2013 year up to USD 57.4 mln.
On April 9, IMC started the sowing campaign of spring crops. During the spring sowing campaign it is planned to sow sunflower, soybean, corn and to plant potato, as well as to sow fodder crops for dairy farming segment of IMC.
IMC informs about timely and full repayment of interest payment on bonds, first coupon (bonds of series D and E), on 25 February 2015 in the following amount:
Total Interest Payment 8 734 600,00 UAH (equivalent 308.1 ths USD)
Interest Rate (%) 13.25
Maturity Date of series D: 21-December-2015
Maturity Date of series E: 19-December-2016
In 2014, IMC increased production of grain and oilseeds by 27% to 706 ths tonnes, due to increased land bank under processing and growth of the yield of the main crops.
The company's sales in the crop farming segment in 2014 rose by 72% to 648.7 ths tonnes. Primarily, the increase in sales was due to growth in sales of main crop of IMC - corn. In particular, sales of corn rose 2.5 times to 505.6 ths tonnes.
Milk production at IMC’s farms in 2014 amounted to 22.5 ths tonnes, which is 5% lower than in 2013. A slight decrease in milk production was due to the implementation of the project on the optimization of dairy herd and culling the least productive animals (12% of the cow livestock was culled). As a result of optimization, the average milk yield in the IMC increased by 2% compared with 2013 year to 5.4 tonnes per cow.
Milk sales in 2014 declined slightly (-3% vs. 2013) to 21.7 ths tonnes, which was a consequence of the reduction in milk production.
Chernihiv Industrial Milk Company, part of the IMC, has become one of the winners from Monsanto to the highest yield of corn hybrids DEKALB, the seeds of which are grown and produced in Ukraine.
Achieved corn yield is 13 t/ha (with moisture content of 14%).
IMC experts are invited by Monsanto to visit France, where they will be able to visit the factory which produces the parental lines of hybrids DEKALB and laboratory that performs compliance checks of seeds grown in Ukraine to standards of Monsanto.
Following the decision announced in October 2014, a Subsidiary of Industrial Milk Company S.A. (Burat-Agro LLC) placed bonds to the amount of UAH 140 mln (equivalent to USD 9.33 mln) with the following details:
On November 27 IMC completed harvesting of its main crop - corn.
Corn was harvested from the area of 82.7 ths hectares (60% of the land bank of IMC), with gross yield of 8.1 t/ha, 37% higher than the average yield of corn in Ukraine.
IMC informs about timely and full repayment of interest payment on bonds 4th coupon (bonds of series B and C) on 20 November 2014 in the following amount:
- Total Interest Payment 7 460 312.25 UAH (equivalent 488.9 ths USD)
- Interest Rate (%) 14.0
- Maturity Date of series B: 25-December-2014
- Maturity Date of series C: 24-December-2015
Brochard Constructeur set the World Record of manure spreading powered by the most powerful New Holland Agriculture T9 tractor on 31st July – 1st August 2014 in Ukraine with the cooperation of LLC «Alfagro».
The event took place in the village of Velykyy Zliyiv, Chernigiv region, Ukraine, where IMC provided the field of 300 hectares.
The Official Adjudicator, Eva Norroy (UK), from Guinness World Records Organization officially stated the record of 4217 tonnes of manure spread, 221.80 hectares, 24 hours.
IMC has attracted a loan in the amount of USD 10 mln. under the program of the International Bank for Reconstruction and Development (IBRD, a member of the World Bank Group), aimed at exports development.
Attracted loan will be used to refinance the existing debt of IMC. "The loan, received under the program of IBRD, allows IMC to reduce the cost of existing debt and extend the maturity of the debt. Debt reduction and refinancing of the current debt are the priorities for IMC in the current and next year ", - said Alex Lissitsa, CEO of IMC.
During the first 9 months of 2014 IMC achieved significant growth in key financial and operating results as compared to the same period of the last year, despite the difficult political and economic conditions in Ukraine in 2014.
Revenue increased by 35% to USD 98.0 mln, EBITDA growth is 7% to USD 55.3 mln. Net cash flow from operating activities amounted to USD 11.5 mln.
The Board of Directors of Industrial Milk Company S.A. hereinafter the Company has made a decision to place bonds of a Subsidiary of the Company – Burat-Agro LLC to the amount of UAH 140 mln (equivalent to USD 9.5 mln) with the following details:
- series D - UAH 75 mln, maturity December 2015
- series E - UAH 65 mln, maturity December 2016
On October 7 IMC completed sowing of winter wheat.
Winter wheat was sown on the area of 11.9 ths hectares, which is 40% more compared with 2013 year (8.5 ths hectares in 2013).
Sowing of wheat was carried out in the best agro-technical period, following all the necessary technological steps and with application of seeds, fertilizers and crop protection products of high quality.
On September 29 IMC completed harvesting of sunflower. The sunflower is the second crop in terms of area in crop structure of IMC (14% of the land bank). Sunflower was harvested from the area of 18.7 ths hectares. Achieved yield is 2.57 t/ha, which corresponds to the target values.
In the first half of 2014 IMC demonstrated the growth of key financial and operating results in comparison with the same period of the last year.
Revenue increased by 55% to USD 82.4 mln, EBITDA growth is 13% to USD 58.2 mln.
Net profit amounted to USD 0.102 mln (USD 41.1 mln in the same period of 2013). Net cash flow from operating activities amounted to USD 10.6 mln.
On July 31 IMC completed harvesting of winter wheat. Wheat was harvested from the area of 8.5 thousands hectares. The average yield in gross weight (before cleaning and drying) is 5.2 t/ha.
On July 4th IMC started harvesting of winter wheat. As of July 22, 55% of the area under wheat was harvested. The crop yield on harvested area was 5.09 t/ha, which corresponds to the plan on wheat yields in IMC in 2014.
This year, as in previous years, IMC's yield is above average yield in Ukraine. At the moment, the result of IMC is above than the average for Ukraine by 45%. According to the Ministry of Agrarian Policy and Food of Ukraine, the average yield of winter wheat in Ukraine as of July 22 was 3.49 t/ha.
On June 23, 2014 IMC officially opened a new silo in Sumy cluster which was built on the territory of one of its existing silos in Sumy cluster (PJSC "Vyrivske HPP").
Storage capacity of new silo is 25 thousand tonnes. The silo is equipped with modern equipment of Canadian, French, Argentine and American manufacturers. Automatic silo control system is based on the equipment of Siemens, Germany. Capacity of grain dryer is 2000 tonnes per day. The silo has all the necessary facilities for receiving and shipping grain by road and rail.
IMC informs about timely and full retirement of bonds of series A and payment of 8th coupon on bonds of series A on 25 June 2014 in the following amount:
- total payment: 93 006 762.89 UAH (equivalent to 7 827.6 thousand USD).
IMC won the contest WSE IR Leader in 2013 in the category "media communication" among foreign issuers of the Warsaw Stock Exchange.
In the first quarter of 2014 IMC demonstrated the growth of key financial and operating results in comparison with the same period of the last year.
Revenue of the company grew by 13% to USD 39.9 mln, EBITDA increased by 84% to USD 9.3 mln.
On May, 12 IMC completed sowing of spring crops.
As planned, the spring crops were planted on an area of 124 ths hectares (+18% y-o-y).
"This year, IMC completed spring crops’ sowing campaign three weeks earlier than in the previous year, and one of the first among large-scale agro-holdings in Ukraine. The campaign was carried out in the best agro-technical terms. Good start of production season gives us a reason to expect good crop yields", - said Alex Lissitsa, CEO of IMC.
On 17 April, 2014 Industrial Milk Company S.A. (hereinafter IMC) published 2013 financial results.
In 2013 the Revenue of the company increased by 53% to USD 114.8 mln, EBITDA increased by 55% to USD 49.5 mln, Net profit increased by 38% to USD 25.8 mln.
On April, 6 IMC began the sowing campaign of spring crops. In a current season spring crops will be sown on the area of 124 thousands ha (18% up on the previous year, 105.5 thousand ha under spring crops in 2013).
IMC informs about timely and full repayment of interest payment on bonds 7th coupon (bonds of series A) on 26 March 2014 in the following amount:
- Total Interest Payment 3 509 015.00 UAH (equivalent 331.8 ths USD)
- Interest Rate (%) 14.0
- Maturity Date of series A: 24-June-2014
IMC informs about timely and full repayment of interest payment on bonds 1st coupon (bonds of series B and C) on 21st of February 2014 in the following amount:
- Total Interest Payment 4 359 041.00 UAH (equivalent 488.9 ths USD)
- Interest Rate (%) 14.0
- Maturity Date of series B: 25-December-2014
- Maturity Date of series C: 24-December-2015
IMC purchased 60% stake in the Ukrainian agricultural company - AgroKIM LLC leasing 16 000 hectares of land and possessing grain and oilseed crops’ storage capacities of 195 000 tonnes. The value of the deal is USD 18 mln.
Taking into account that in August 2013 IMC purchased 40% stake in the above mentioned agricultural company, after acquisition announced in this news, IMC owns and controls 100% of assets of AgroKIM LLC.
Acquisition of agricultural company is in line with IMC’s strategy of land bank expansion and storage capacity growth. Thereby at present the farming land bank of IMC totals 136.7 ths hectares. The storage capacities of IMC total 554 ths tonnes.
IMC has attracted a $30 million long-term loan from IFC, a member of the World Bank Group.
The proceeds of the loan will be used for expansion of IMC’s agricultural operations and for increase in working capital for various subsidiaries of the company.
“IMC has been growing steadily over the past two years,” said CEO Alex Lissitsa. “With IFC’s support, our investment program – aimed at expanding our grain operations and storage – will be implemented more quickly. We are also working with IFC to increase the efficiency of our agricultural production by implementing new, innovative technologies in our operations.”
IFC investment also involves warrants to subscribe for shares of IMC for up to $20 million.
IMC informs about timely and full repayment of interest payment on bonds sixth coupon on 25th of December 2013 in the following amount:
- Total Interest Payment 7,130,000.00 UAH (equivalent 892.0 ths USD)
- Interest Rate (%) 14.0
- Maturity Date 24-June-2014
IMC, one of the most dynamically developing agricultural companies in Ukraine, during the nine months of 2013 increased all main financials as compared with the same period of 2012: revenue of the company increased by 33% to 72,5 mln USD, EBITDA increased by 69% to 51,6 mln USD, Net profit increased by 68% to 34,7 mln USD.
Bases of the company financials’ growth are:
- growth of land bank under cultivation by 46% from 82,7 ths ha in 2012 to 120,7 ths ha in 2013
- growth of main crops’ yields by 15-40% (y-o-y)
- growth of milk prices by 32% (y-o-y)
- Pilot project to increase agricultural productivity
- Bayer CropScience and IFC selected IMC to participate in advisory program
- IMC up to serve as role model on innovation and sustainability in agribusiness by exploring enormous agrarian potential of Ukraine
In the first half of 2013 IMC demonstrated the considerable growth of all financial results in comparison with the same period of the last year.
During 6 months of 2013 IMC’s revenues increased by 66% to USD 53.3mln, normalized EBITDA – by 76% to USD 51.6 mln and net profit – by 70% to USD 41.1 mln.
On the 29th of July IMC completed its winter wheat harvesting campaign. Winter wheat was harvested on 9,8 ths hectares. The achieved yield - 4,9 t/ha, it’s 9% above the planned yield by the company (4,5 t/ha) and 41% above the Ukrainian average yield (3,47 t/ha).
The share of wheat in the total crop rotation structure of IMC is 8%.
The main crops of IMC – corn and sunflower are in excellent condition. The company also expects to achieve the substantial growth of yields with regard to these crops in comparison with the last year.
On the 4th of July IMC started to harvest the winter crops. The harvest of wheat was launched in Poltava cluster and in one week the northern clusters in Chernihiv and Sumy regions (Chernihiv, Sumy and Nosivka) joined the harvesting campaign.
The first yields are higher than the planned results. As of the 12th of July 26% of the wheat planted area was harvested: the average yield is 5 t/ha when the target was 4,5 t/ha.
“The half of this year’s planned harvest of wheat we have already contracted at the prices which are higher than the last year's prices. The first good results of the harvesting campaign once again strengthen our confidence in fulfillment of our financial forecast for 2013, increase of EBITDA and revenues by 70-90%” – Alex Lissitsa, CEO of IMC.
Following its previously declared strategy of development for 2013 IMC planted 71% of its land with high profitable crops – corn and sunflower. Corn was planted on 60,8 th. hectares (51% percent up on the previous year), sunflower – on 25,5 th. hectares (41% percent up on the previous year). Also soybeans were planted on 4,5 th. hectares.
IMC informs about timely and full repayment of interest payment on bonds 3rd coupon on 26th of March 2013 in the following amount:
- Total Interest Payment 7,028,000.00 UAH (equivalent 879.3 ths USD)
- Interest Rate (%) 14.0
- Maturity Date 24-June-2014
IMC informs about timely and full repayment of interest payment on bonds 2nd coupon on 25th of December 2012 in the following amount:
- Total Interest Payment 6,980,000.00 UAH (equivalent 873.3 ths USD)
- Interest Rate (%) 14.0
- Maturity Date 24-June-2014
IMC, one of the most dynamic agrarian companies in Ukraine, during the nine months of 2012 increased revenues by 268% to 54,29 mln USD.
IMC informs about timely and full repayment of interest payment on bonds 1st coupon on 25th of September 2012 in the following amount:
- Total Interest Payment 7,028,000.00 UAH (equivalent 879.3 ths USD)
- Interest Rate (%) 14.0
- Maturity Date 24-June-2014
IMC demonstrated the existing business model, assets and technologies in its production cluster in Chernihiv region.
The group of companies of IMC S.A. (the Company) reports that the Company has completed its winter wheat and rye harvest.
Agricultural Group IMC will enter the index sWIG80 after the session on June 29. The extraordinary revision conducted by Warsaw Stock Exchange has decided about the company’s entering to this index.
In the beginning of June the group of companies of IMC S.A. (the Company) successfully completed the spring sowing campaign on nearly 83 thousand hectares, up 120% year on year.
In the first 3 months of 2012 normalized net profit of Industrial Milk Company went up 160% to 436 ths. USD.
IMC is in process of acquiring two agricultural companies, which lease in total 18,500 hectares land bank.
The subsidiary of IMC is acquiring of Ukrainian company, which lease 4,5 thousand ha.
The Board of Directors of Industrial Milk Company S.A. informs that a Subsidiary of Industrial Milk Company S.A. entered into the preliminary deal to acquire 6 Ukrainian companies which are leasing 9 500 hectares of land in the northeastern part of Ukraine (Bilopilsky district of Sumy region) with 5-10 years lease terms and a grain elevator.
The Board of Directors of Industrial Milk Company S.A. (the Company) is pleased to report that the Company has completed its winter wheat harvest. 7,490 hectares were harvested, representing 18% of the total area to be harvested by the Company in 2011.
The Board of Directors of Industrial Milk Company S.A. (the Company) informs that the Company has completed its spring 2011 sowing campaign on more than 37 948 hectares, up 7% year on year.
The Board of Directors of Industrial Milk Company S.A. informs that a Subsidiary of Industrial Milk Company S.A. entered into the deal to acquire three Ukrainian companies leasing 7 500 hectares of land in the central and northern parts of Ukraine (with 5 years lease term).
On 4 May 2011 the WSE Main List saw the arrival of INDUSTRIAL MILK COMPANY SA.
IMC SA is the 16th new entrant on the WSE Main List in 2011 and the 408th issuer on that market.
IMC SA is also the 30th foreign and 6th Ukrainian company listed on the Warsaw’s main floor.