OJSC Cherkizovo Group has terminated control over three companies, the company informed.
In particular, Cherkizovo has terminated control over CJSC Agroresource-Voronezh, CJSC Lipetskmyaso, CJSC Oryolselprom. The corresponding entries have been made the Unified State Register of Legal Entities to officially register the closedown of the said legal entities as a result of restructuring. Cherkizovo had more than 50% of the voting power in the supreme management body of the issuer's above-mentioned subsidiary companies.
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 integrated poultry farms, pork production facilities, meat processing plants, feed mills 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 H1 2014 grew 12.8 times to $115.2 million from $9 million the year before. Sales revenue went up 12% to $872.3 million from $779.6 million, GP increased by 69% to $255.1 million from $150.6 million Gross margin was 29% against 19% the year before. Operating profit soared 5 times to $130.8 million from $25.1 million. Operating profit margin was 15% against 3%. Adjusted EBITDA increased 2.5-fold to 176.3 million from 69.3 million.
According to the DataCapital information retrieval system, RAS net profit of OJSC Cherkizovo Group for H1 2014 fell 132 times to RUB 2.062 million from RUB 272.459 million the year before. Revenue grew 3-fold to RUB 464.472 million from RUB 155.963 million, GP 5 times to RUB 344.053 million from RUB 68.538 million. Pre-tax profit fell 10-fold to RUB 24.841 million from RUB 251.271 million.