MHP

LSE-listed MHP, Ukraine’s largest poultry producer, held a conference call after publishing its 2023 results. The company confirmed its intention to repay the outstanding $211m of 2024 Eurobonds due on May 10 using the remaining IFI financing of $160m (out of initially raised $400m) and own liquidity. MHP reported its current cash balance at $316m, with $160m held offshore, down from $436m as of end-2023 due to seasonal working capital investments made in 1Q24 and expenses on a recent tender offer to repurchase 2024 bonds. The IFI loans, to be utilized in full with the redemption of the 2024 bond, will be repaid in semiannual instalments over five years. MHP confirmed its ability to service the IFI debt using its local liquidity.

LSE-listed MHP, Ukraine’s largest poultry producer, reported 2023 sales of $3,021m (+14% y-o-y), EBITDA of $508m (+15%; incl. IFRS 16 effect) and net income of $142m (vs. net loss of $231m in 2022). Full-year EBITDA before IFRS 16 stood at $445m, up 16% y‑o-y. Export sales came in at $1,807m or 60% of total revenue (vs. 61% in 2022). The reported full-year results imply 4Q23 sales of $727m (-5% y-o-y), EBITDA of $141m (+2%; incl. IFRS 16) and net income of $20m (-47%), for an EBITDA margin of 19% (+1pp y-o-y). End-2023 net debt (before IFRS 16) stood at $1,101m, for a Net Debt to EBITDA ratio of 2.47x (vs. 3.22x at end-2022). End-2023 cash totaled $436m, down from $446m at end-9M23 but up from $300m as of end-2022.