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28/03/2014
18:10
M&A: Cherkizovo Group buys LISKO Broiler

Cherkizovo Group has announced the acquisition of LISKO Broiler, a poultry producer in Russia's Voronezh region.

APK Mikhailovsky LLC, which is a part of the Cherkizovo Group, acted as a buyer. The deal was approved by Russia's Federal Antimonopoly Service.

LISKO's full-cycle production assets that will be integrated to Cherkizovo Group include 7 poultry production facilities, 4 parent flock sites with a slaughtering facility of 4000 heads per hour, 2 reproduction flock sites, a slaughtering complex with a capacity of 9000 heads per hour, a hatchery with a capacity of 80 million eggs per year, a feed mill capable of producing 40 tonnes per hour, a grain silo with a capacity of 100,000 tonnes, two recycling sites including a meat / bone meal production facility and a rendering facility.

For the purpose of the transaction, LISKO's business was estimated at ca. approximately RUR 5 billion including the amount of debt. Cherkizovo Group will assume the acquired company's debt; equity will be financed through the company's own funds.

Sberbank CIB acted as the financial advisor for Cherkizovo Group for the purpose of this acuqisition. Financial due diligence was carried out by Ernst & Young, while Hannes Snellman provided the legal evaluation services and support of the deal.

LISKO Broiler is a major chicken meat producer in Voronezh region. Its production capacity is approximately 95,000 tonnes (live weight) per year.

OJSC Cherkizovo Group (tax number: 7718560636) is an agricultural producer with a full sequence of production operations from feed-stuffs to ready meat products. The group comprises seven integrated poultry farms with a total capacity of 400 thousand tonnes p.a. of live poultry, 14 pork production facilities (180,000 tonnes live weight p.a.), six meat processing plants (190,000 tonnes p.a.), as well as six feed mills (about 1.4 million tonnes p.a.), grain silos with the total storage capacity exceeding 500 thousand tonnes, and more than 100 thousand ha of farmland. 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.

RAS net profit of OJSC Cherkizovo Group for January-September 2013 dropped 2.5-fold to RUB 199.59 million from RUB 510.371 million the year before. Revenue increased by 54.14% to RUB 238.693 million from RUB 154.857 million, sales profit decreased 2.59-fold to RUB 4.296 million from RUB 11.126 million, pre-tax profit 2.45-fold to RUB 178.850 million from RUB 483.864 million.

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.


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