OREANDA-NEWS. On 28 August 2009 Astarta (AST PW) released its semiannual 1H09 report. The company reported revenues during the period of UAH 499.0 mln, up 52.8% yoy (in Euros, EUR 46.4 mln, up 8.8% yoy); EBITDA of UAH 269.2 mln, up 68.0% yoy) (EUR 25.1 mln, up 20.2% yoy); and net profit of UAH 200.6 mln, up 51.9% yoy (EUR 18.7 mln, up 9.1% yoy). Astarta increased its area planted with sugar beets by 14% in 2009 to over 34 ths ha, and boosted its sugar sales 1.6% yoy to 41.6 ths mt.

Concorde Capital: The company’s reported high EBITDA margin of 54.1% in 1H09 is explained by the non-cash item ‘Changes in fair value of biological assets’, which contributed 78% to EBITDA. For the same period last year, this item comprised only 56% of the sugar maker’s EBITDA. Gross margin in 1H09 was 17.7% vs. 24.9% in 1H08. Overall, Astarta’s financial results for 1H09 are quite positive in the current environment, in our view, though the stock does not look cheap.

Concorde Capital is a full service investment bank operating on the Ukrainian, Russian and CIS markets. In 2007 Concorde Capital’s analytical team was recognized as the Top Team covering Ukraine by Thomson Extel's Pan European Survey. Senior Analyst Alexander Paraschiy was recognized as the Leading Pan-European Investment Analyst – European Emerging Markets. Concorde Capital is a leader when it comes to private placements and M&A deals. Concorde Capital’s sale of a stake in Electron Bank to Volksbank International AG was named the Best Ukrainian M&A deal of the year 2007 by the Adam Smith Institute.