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alt image

Moody’s: Cherkizovo Group’s Financial Indicators Will Recover in 2014 on the Market’s Improvement

17 march 2014

According to analysts at international rating agency Moody’s, after a decline last year, the financial indicators of Cherkizovo Group, one of Russia’s leading manufacturers of meat and meat products, will recover in 2014 thanks to improvement in the market situation, especially in the pork division.

According to analysts at international rating agency Moody’s, after a decline last year, the financial indicators of Cherkizovo Group, one of Russia’s leading manufacturers of meat and meat products, will recover in 2014 thanks to improvement in the market situation, especially in the pork division.

Based on US GAAP, Cherkizovo’s net profit dropped in Q4 of 2013 by 38% compared to the previous year, to $41.4 million, while the net profit for the year was $64.5 million, 3.5 times lower than the results for 2012.

This year, the group’s EBITDA margin, as expected, will be around 15%, while the debt/EBITDA ratio will fall to lower than 4. “At the same time, we’re not losing sight of the growing economic risks stemming from rising geopolitical tensions related to the situation in Ukraine,” the agency noted.

Moody’s expects that price conditions will remain favourable because pork supply is limited due to the ban on pork imports from the EU that was imposed in January. Europe accounts for around 60% of pork imports into Russia. However, the Food and Agriculture Organization (FAO) forecasts that wheat yield will be 704 million tonnes in 2014; this amount coupled with large grain stocks will keep pork prices from rising significantly.

The Ukrainian crisis may interrupt grain supplies from the country and cause price swings on the global market. In addition, it is likely that economic conditions in Russia will worsen and the value of the rouble will fall, thus creating pressure on the company’s margin and lowering its financial indicators. “At this stage, it is hard to assess the risks associated with the Ukrainian crisis. Moody’s will continue to monitor the situation and its possible influence on Cherkizovo’s credit profile,” the statement concluded.

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