OJSC Kurinoye Tsarstvo (Lipetsk region) will be restructured through the takeover of CJSC Kurinoye Tsarstvo Plus, after the latter company is established resulting from the spin-off of the Ramonskaya poultry farm, OJSC Cherkizovo Group informed.
The restructuring decision was made by the sole shareholder of Kurinoye Tsarstvo (Cherkizovo).
OJSC Cherkizovo Group (tax number: 7718560636) is an agricultural producer with a complete value adding chain from feed-stuffs to ready meat products. The group comprises integrated pig breeding and poultry breeding farms, meat processing plants, feed producers and elevators. Cherkizovo's beneficiaries are Igor Babaev and his family. The Group's GDRs are traded on the London Stock Exchange, common shares on the Moscow Exchange.
US GAAP net profit of Cherkizovo Group for 2013 decreased by 70% in ruble terms, by 71% in US dollar terms to $64.5 million against $225.2 million in 2012. Consolidated revenue increased by 8% in ruble terms, by 5% in US dollar terms to $1.655 billion against $1.57 billion in 2012. EBITDA decreased by 41% in ruble terms, by 43% in US dollar terms to $180.6 million compared with $314.6 million in 2012. GP decreased by 19% in ruble terms, by 21% in US dollar terms to $358.4 million against $452.8 million in 2012.
According to the DataCapital information retrieval system, RAS net profit of OJSC Group of Cherkizovo for Q1 2014 was RUB 4.404 million against a loss of RUB 43.007 million the year before. Revenue grew 3-fold to RUB 233.624 million from RUB 78.446 million Pre-tax profit was RUB 12.735 million against a loss of RUB 42.427 million.