Unaudited Financial Results for the Third Quarter and Nine Months Ended 30 September 2018

14.11.2018
OPERATIONAL HIGHLIGHTS Since Q2 2018, MHP has been launching new production sites of Phase 2 of the Vinnytsia Poultry Complex: • Since the end of May until the end of September, three rearing sites (brigades) commenced operations; • Since being commissioned at the beginning of July, the slaughterhouse has been gradually increasing its capacity utilization. Q3 2018 highlights • Poultry production volume reached 150,650 tonnes, up 10% (Q3 2017: 137,005 tonnes) • The average chicken meat price increased by 7% year-on-year to UAH 40.38 per kg (Q3 2017: UAH 37.88 per kg) (excluding VAT) • Chicken meat exports totaled 80,361 tonnes, increased by 52% compared to Q3 2017 - 52,990 tonnes 9M 2018 highlights • Poultry production volume reached 458,540 tonnes, up 8% (9M 2017: 424,700 tonnes) • The average chicken meat price increased by 16% year-on-year to UAH 39.66 per kg (9M 2017: UAH 34.06 per kg) (excluding VAT) • Chicken meat exports increased by 22% to 213,925 tonnes (9M 2017: 176,015 tonnes) as a result of increased exports mainly to countries in MENA and the EU FINANCIAL HIGHLIGHTS Q3 2018 highlights • Revenue of US$ 442 million, increased by 19% year-on-year (Q3 2017: US$ 370 million) • Export revenue of US$ 275 million, 62% of total revenue (Q3 2017: US$ 212 million, 57% of total revenue) • Operating profit of US$ 71 million decreased by 17% year-on-year; operating margin was 16% • Adjusted EBITDA margin decreased to 22% from 28%; adjusted EBITDA slightly decreased to US$ 99 million from US$ 105 million • Net loss of US$ 48 million, compared to net profit of US$ 41 million for Q3 2017, including US$ 87 million of non-cash foreign exchange translation loss in Q3 2018 compared to US$ 17 million in Q3 2017 9M 2018 highlights • Revenue of US$ 1,136 million, increased by 17% year-on-year (9M 2017: US$ 970 million) • Export revenue of US$ 660 million, 58% of total revenue (9M 2017: US$ 561 million, 58% of total revenue) • Operating profit of US$ 283 million decreased by 9% year-on-year; operating margin was 25% • Adjusted EBITDA margin decreased to 32% from 38%; EBITDA slightly decreased to US$ 362 million from US$ 371 million • Net profit of US$ 142 million, down 44% compared to US$ 251 million for 9M 2017 mainly due to reduction in government grants income (US$ 41 million) and one-off transaction costs (US$ 33 million) related to new Eurobond issued in April 2018, as well as the non-cash foreign exchange translation loss. FINANCIAL OVERVIEW (in mln. US$, unless indicated otherwise) Q3 2018 Q3 2017 % change* 9M 2018 9M 2017 % change* Revenue 442 370 19% 1,136 970 17% IAS 41 standard gains (18) (23) -22% 55 45 22% Gross profit 92 86 7% 354 325 9% Gross profit margin 21% 23% -2pps 31% 34% -3 pps Operating profit 71 86 -17% 283 312 -9% Operating profit margin 16% 23% -7 pps 25% 32% -7 pps Adjusted EBITDA 99 105 -6% 362 371 -2% Adjusted EBITDA margin 22% 28% -6 pps 32% 38% -6 pps Net profit before foreign exchange differences 39 58 -33% 158 225 -30% Net profit margin before forex gain 9% 16% -7 pps 14% 23% -9 pps Foreign exchange (loss)/gain (87) (17) 412% (16) 26 -162% Net profit (48) 41 -217% 142 251 -43% Net profit margin -11% 11% -22 pps 13% 26% -13 pps * pps – percentage points Average official FX rate for Q3: UAH/US$ 27.3490 in 2018 and UAH/US$ 25.9022 in 2017 Average official FX rate for 9M: UAH/US$ 26.9494 in 2018 and UAH/US$ 26.4711 in 2017 DIVIDENDS On 6 March 2018, the Board of Directors of MHP SE approved payment of an interim dividend of US$ 0.7492 per share, equivalent to approximately US$ 80 million, on 26 April 2018 to shareholders on the register as of 20 April 2018. The Board of Directors approved that no dividend will be paid on the Company’s shares held in treasury. The Board of Directors of MHP SE also acknowledged the consent of WTI Trading Limited (the Company's major shareholder) for dividends to be paid later than on the declared dividend payment date (but not later than 1 November 2018), with no interest accrued on the amount of dividend paid later. During the nine-month period ended 30 September 2018, MHP SE paid dividends to shareholders of approximately US$ 77 million.
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