OJSC Cherkizovo Group will not pay dividends for 2011, the company announced after its Annual General Meeting held on June 29.
The shareholders approved the company’s financial and economic results for the 2011 fiscal year. Igor Babayev, Musheg Mamikonyan, Yevgeny Mikhailov, Sergey Mikhailov, Marcus James Rhodes, Vitaly Podolskiy, Samuel B. Lipman were elected members of the Board of Directors.
Cherkizovo Group (tax number: 7718560636) is a leading Russian manufacturer of meat and meat goods. The company’s operations are structured into three operating divisions: poultry (four integrated poultry-farming complexes), pork (seven large integrated pig-breeding complexes) and meat processing (seven meat processing plants). In addition to meat, the Group produces feed-stuffs (3 mixed feed factories) and sells its goods through its own three trading houses. The company is among the leaders in the Russian market and the brand portfolio includes goods with leading trade marks such as Petelinka, Kurinoye Tsarstvo, Cherkizovskiy, Pyat' Zvezd.
US GAAP net profit of Cherkizovo for Q1 2012 rose 2.1-fold to $39.3 million from $18.4 million for Q1 2011. Consolidated revenue increased by 16% to $357.8 million against $308.2 million for Q1 2011. Adjusted EBITDA increased by 74% to $60.8 million against $34.9 million for Q1 2011. Adjusted EBITDA margin increased to 17% from 11% in Q1 2011. In Q1 2011, net debt amounted to $775 million.
Petelinka, one of Cherkizovo Group’s flagship brands and the best-selling chicken product, has entered into partnership with the iconic GUM Ice Rink, which opens annually on Red Square. This year, visitors will have an opportunity to take a break in the cozy Petelinka cottage and take photos next to a Christmas tree standing on chicken legs.
Cherkizovo Group employees have held a volunteer event supported by the Ray Foundation for Helping Homeless Animals. They brought food, medicines and other useful supplies to two Moscow shelters and helped with dog walking.
Cherkizovo Group’s chicken and turkey products have once again been awarded the annual Product of the Year title, with flagship brands Petelinka and Pava-Pava winning two categories of the award.
Cherkizovo Group, Russia's largest meat producer, is taking part in Our Brand, an international food festival in Ufa. The Company showcased its products during a tasting session at its stand.