OREANDA-NEWS. May 20, 2010. Mriya Agroholding (FSE: MAYA GR) published its consolidated IFRS financial statements for 2009, audited by Ernst & Young, on its website: revenues were UAH 148.9 mln, up 64% yoy; EBITDA was UAH 92.9 mln, up 34% yoy (EBITDA margin decreased 14 pp yoy to 63%); and profit was UAH 82.3 mln, up 10% yoy (profit margin dropped 27 pp yoy to 55%.

Concorde Capital: We believe that one of the reasons behind the 14 pp yoy decrease in company’s EBITDA is direct operating cost growth (in particular, fertilizer and crop protection products), stemming from less favorable weather conditions last year, compared to 2008. We expect Mriya to at least retain last year’s fertilizer’s usage in 2010 due to poor weather conditions in winter-spring 2010, which might have a negative effect on Mriya’s margins this year as well.